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| Iowa Mortgage Association - Prime Times Mar 16, 2009 In this issue: President's Message IMA Appraisal Training to cover HVCC Servicing Today: Early Intervention and Loss Mitigation 2009 IMA Spring Conference: Reaching for the Summit of the Mortgage Industry Chip Into Fun - 6th Annual IMA Golf Event Making Home Affordable plan Iowa Finance Authority FirstHome Mortgagors Now Eligible for $8,000 First-Time Homebuyer Tax Credit USDA Rural Development Accepting Guaranteed Loan Applications FHLB Des Moines to Host Member Meetings FHLB Des Moines Affordable Housing Program Goes Online in 2009 3 Steps to Get the Most From Your Database IMA Prime Times Member Spotlight: Jason Kaiman President's Message President's Message  Christy AllisonChange is a challenge…. Change is good…. Change can give you new perspective….If you haven't heard by now, I have changed employers and now work for Inlanta Mortgage. Throughout my career I have typically worked in the mortgage industry for banks. My new employer is a non-depository correspondent lender so this is a whole new world for me that I hope will benefit both my team and my customers. So far the transition has been a complete success! Working for this type of company, I am required to have the new Iowa Originators License. On January 1st of this year, the education requirement changed to 20 hours and I had to pass the new State examination and a much stricter background check. Some members of your IMA Board assisted the Iowa Department of Banking last year in getting this test up and running by January 1st. While remaining entirely confidential, they warned the rest of us on the Board that the test would be difficult. Believe me when I say it was (even though I have over 23 years of experience in our industry) but I did pass the exam and the background check with the FBI. The CampusMBA educational courses that are available to our members on the IMA website were helpful in obtaining my required education hours. In addition, our Education Committee had many of the IMA courses approved for credit with the State. My time spent in the IMA Loan Officer classes over the past three years not only helped me improve my business but they also helped me achieve my required hours. I am proud to say that I officially hold an Iowa Originators license now. The resources at the IMA were instrumental in helping me achieve this in a timely manner. There are more registration and licensing requirements coming with the National S.A.F.E Act in July of this year that will affect all lenders in one way or another. Your IMA Education Committee is working diligently to keep you prepared for these upcoming requirements. Many of our scheduled courses are already approved for education credit with the State of Iowa. Spread the word in your community to everyone, including non-members of the IMA. It is just another great reason for joining the IMA. With all of the change going on in our industry and the world, it is nice to know that the IMA continues to put our membership first. We want all of our members to be known as the leaders in today's ever changing mortgage industry. I hope to see you at the Annual Spring Conference coming up on April 2nd in Iowa City. If you haven't made your reservation, it's not too late. Log in to the IMA website at www.iowama.org and you can register online.Christy Allison IMA Appraisal Training to cover HVCC IMA Appraisal Training to cover HVCC IMA Appraisal Training: HVCC & Hotspots March 25, 2009, Johnston, Iowa Bankers Association This 3-hour seminar will focus on today’s top issues regarding appraisals including: HVCC– On May 1, 2009 the Home Valuation Code of Conduct (HVCC) will be implemented by Fannie Mae and Freddie Mac. The Code applies to lenders that sell single-family mortgage loans to the Enterprises beginning May 1, 2009 and will help assure that borrowers, homebuyers and secondary mortgage market investors receive fair and independent property valuations. Learn the main provisions of the code and how it will affect you as a lender. Appraisal Hotspots – As a lender, learn what are the major hot spots that underwriters, processors and lenders should note on an appraisal. Registration is available on the IMA website at www.iowama.org/calendar.cfm.Servicing Today: Early Intervention and Loss Mitigation Servicing Today: Early Intervention and Loss Mitigation Thursday, April 23 Iowa Bankers Association, Johnston Taught by industry experts, this one-day interactive workshop provides essential early intervention skills to loan counselors and front line servicing staff who deal with initial contact with homeowners experiencing hardship meeting their payments. This workshop also provides key loss mitigation business knowledge and practical solutions to those responsible for performing and monitoring loss mitigation workouts. Participants gain insight on common reasons for default, investor and insurer loss mitigation requirements, and loss mitigation options. Throughout the day, participants engage in five hands-on exercises. The workshop culminates with a final workout activity that allows participants to practice designing a loss mitigation workout plan. Workshop Objectives At the end of the Loss Mitigation Workshop, students will be able to: • Understand the role and importance of loss mitigation. • Identify retention and disposition loss mitigation measures. • Understand insurer and investor loss mitigation requirements. • Determine the suitability of loss mitigation measures. • Formulate borrower loss mitigation workouts. Who Should Attend This workshop is designed for servicing managers, counselors and other loan servicing staff responsible for performing and monitoring loss mitigation workouts. Registration IMA & MBA Members $195 Register online at www.iowama.org2009 IMA Spring Conference: Reaching for the Summit of the Mortgage Industry 2009 IMA Spring Conference: Reaching for the Summit of the Mortgage Industry  2009 IMA Spring Conference April 2, 2009 - Sheraton Iowa City Hotel The Iowa Mortgage Association is dedicated to helping mortgage professionals. IMA has discovered that the key to success is working together. By providing opportunities for education, networking and industry awareness we raise the level of everyone in the industry. IMA has designed a full-day of educational opportunities. With sessions on being an effective originator, industry updates and an inspirational message, the Spring Conference will provide you with what you need to reach the summit as a mortgage professional! We look forward to seeing you at the conference and know you will discover ideas that will foster professionalism and success in your business! Registration is available on the IMA website at www.iowama.org/calendar.cfm.Chip Into Fun - 6th Annual IMA Golf Event Chip Into Fun - 6th Annual IMA Golf Event  Join IMA for the 6th Annual Golf & Networking Event on June 18th, at the Legacy Golf Club in Norwalk. Golfers, join your fellow mortgage professionals for a great day of fun on the course. Whatever your level of golfing skill, this event is for you! The format is a four-person best shot with a shotgun start starting at 10 a.m. Lunch will be served during the event. Following golf, join us for a reception at the Legacy Golf Course. There is no charge to attend, even if you do not golf. The reception should be underway around 4:00 p.m. Registration fee is $85 for IMA members and $125 for nonmembers. A registration form is available at www.iowama.org.Making Home Affordable plan Making Home Affordable planOn March 4, the Treasury issued Uniform Guidance for two distinct and different programs under President Obama's "Making Home Affordable" plan, which is the Administration's strategy to get the housing market corrected. The two programs include: 1. Home Affordable Modification Program 2. Home Affordable Refinance Program Unfortunately Treasury made the announcement to the public at the same time it was made to the banking industry. As a result, you have the same information as your customers who are relying on you as the expert. The Iowa Bankers Association spent several hours on conference calls Friday with officials from Treasury, Fannie Mae, Freddie Mac, federal banking regulators and the ABA. While they have a great deal of information available on the program guidelines, there is virtually nothing available about how you begin the process of qualifying your borrowers. Forms and contracts needed to begin this process are expected in the next several weeks. The IBA will keep you posted as the information becomes available. The following is a brief overview of the guidelines for the two programs.1. Home Affordable Modification Program:Eligibility and Verification First-lien loans on owner-occupied properties with unpaid principal balance up to $729,750. Higher limits allowed for owner-occupied properties with 2-4 units. All borrowers must fully document income, including signed IRS 4506-T, two most recent pay stubs, and most recent tax return, and must sign an affidavit of financial hardship. Property owner occupancy status will be verified through borrower credit report and other documentation; no investor-owned, vacant, or condemned properties. Incentives to lenders and servicers to modify at risk borrowers who have not yet missed payments when the servicer determines that the borrower is at imminent risk of default. Modifications can start from now until December 31, 2012; loans can be modified only once under the program. Loan Modification Terms and Procedures Participating loan servicers will be required to use a net present value (NPV) test on each loan that is at risk of imminent default or at least 60 days delinquent. The NPV test will compare the net present value of cash flows with modification and without modification. If the test is positive - meaning that the net present value of expected cash flow is greater in the modification scenario - the servicer must modify absent fraud or a contract prohibition. Parameters of the NPV test are spelled out in the guidelines, including acceptable discount rates, property valuation methodologies, home price appreciation assumptions, foreclosure costs and timelines, and borrower cure and redefault rate assumptions. Servicers will follow a specified sequence of steps in order to reduce the monthly payment to no more than 31% of gross monthly income (DTI). The modification sequence requires first reducing the interest rate (subject to a rate floor of 2%), then if necessary extending the term or amortization of the loan up to a maximum of 40 years, and then if necessary forbearing principal. Principal forgiveness or a Hope for Homeowners refinancing are acceptable alternatives. The monthly payment includes principal, interest, taxes, insurance, flood insurance, homeowner's association and/or condominium fees. Monthly income includes wages, salary, overtime, fees, commissions, tips, social security, pensions, and all other income. Servicers must enter into the program agreements with Treasury's financial agent on or before December 31, 2009. Payments to Servicers, Lenders, and Responsible Borrowers The program will provide one-time bonus incentive payments of $1,500 to lender/investors and $500 to servicers for modifications made while a borrower is still current on mortgage payments. The program will include incentives for extinguishing second liens on loans modified under this program. No payments will be made under the program to the lender/investor, servicer, or borrower unless and until the servicer has first entered into the program agreements with Treasury's financial agent. Similar incentives will be paid for Hope for Homeowner refinances. Transparency and Accountability Servicers will be required to collect, maintain and transmit records for verification and compliance review, including borrower eligibility, underwriting, incentive payments, property verification, and other documentation. Freddie Mac will audit compliance. The property must be owner occupied. The borrower must have sufficient income to support the new mortgage debt The first mortgage may not exceed 105% of the current market value of the property. For example if the property is worth $200,000, the borrower must owe $210,000 or less. If a borrower has a second lien and the total debt on the property exceeds 105% the borrower may still be eligible for a refinance if the first lien does not exceed 105% of the value of the property and all junior lien holders agree to subordinate to the new first mortgage. Borrow cannot be delinquent on their mortgage (if they are delinquent use the Home Modification Program) Only transaction costs may be included in the refinanced amount. Both Fannie Mae and Freddie Mac have established toll-free numbers and web submission process to determine if a customer's loan is owned or securitized by Fannie Mae or Freddie Mac. Iowa Finance Authority FirstHome Mortgagors Now Eligible for $8,000 First-Time Homebuyer Tax Credit Iowa Finance Authority FirstHome Mortgagors Now Eligible for the $8,000 First-Time Homebuyer Tax CreditThe American Recovery and Reinvestment Act of 2009 allows the $8,000 first-time homebuyer tax credit to be used in conjunction with the Iowa Finance Authority's FirstHome and FirstHome Plus Programs. FirstHome Plus mortgages offer qualified borrowers a grant of up to $2,500 for down payment or closing costs. Household income and sale price limits for the FirstHome and FirstHome Plus mortgages may be found on IFA's website. The tax credit is available to qualified first-time home buyers purchasing a principal residence on or after January 1, 2009 and before December 1, 2009. Unlike the $7,500 first-time homebuyer tax credit, the newer, larger credit does not need to be paid back. Under the new law, qualifying taxpayers who buy a home before December 1, 2009, can claim up to $8,000 (or $4,000 for married individuals filing separately) on either their 2008 or 2009 tax returns. To claim the first-time homebuyer tax credit, IRS Form 5405 must be submitted. The form, as well as details on who is eligible, income limitations and more information are available here. Please contact the IRS or your tax preparer with specific tax questions. The initial $7,500 first-time homebuyer tax credit, which was implemented as part of the Housing and Economic Recovery Act of 2008, may not be used with tax-exempt Mortgage Revenue Bonds, therefore excluding IFA's FirstHome programs. If you have questions about IFA's involvement with the $8,000 first-time homebuyer tax credit or the FirstHome programs, contact Irene Hardisty by email at: irene.hardisty@iowa.gov or by calling 1-800-432-7230.www.IowaFinanceAuthority.govUSDA Rural Development Accepting Guaranteed Loan Applications USDA Rural Development Accepting Guaranteed Loan Applications to Rehabilitate and Build Apartment Buildings in Rural Communities  USDA Rural Development is now accepting proposals for loan guarantees to help rehabilitate or build new apartment buildings in rural communities. Official notice of funds availability was published in the January 21st Federal Register and can be reviewed at www.rurdev.usda.gov/rd/nofas. Applications will be accepted for this nationwide program through September 28, 2009, or as long as funds remain available. New and rehabilitated apartment complexes must be located in communities with fewer than 20,000 people to be eligible. When repairing facilities, costs must be at least $6,500 per unit. Eligible costs include building materials, as well as professional service fees, bond fees, developer's fees, land acquisition and development and financing costs. During the past year USDA Rural Development obligated $3.4 million as guaranteed loan funds to help rehabilitate apartment buildings in Oskaloosa, Winterset, Carlisle and Belle Plaine. For more information about any of USDA Rural Development's guaranteed loan programs, please call (515) 284-4666 or visit www.rurdev.usda.gov/ia.FHLB Des Moines to Host Member Meetings FHLB Des Moines to Host Member Meetings  Join Federal Home Loan Bank of Des Moines at our Regional Member Meetings designed specifically for community financial institution directors and executive management. The meetings will cover topics relevant to today’s uncertain financial environment including increased regulatory scrutiny, member credit scoring, collateral maintenance levels and the health of the FHLBank System. This year's keynote speaker will be Karl Nelson, SVP, director of Industry and Government Relations, Silverton Bank in Atlanta, Georgia. He will share innovative ways to manage liabilities, create funding and liquidity strategies and utilize various sources of liquidity. For specific meeting dates and locations or to register, log on to www.fhlbdm.com/rmm09.htm or contact Megan Feld at 800.544.3452, ext. 1159 or mfeld@fhlbdm.com.FHLB Des Moines Affordable Housing Program Goes Online in 2009 FHLB Des Moines Affordable Housing Program Goes Online in 2009Since 1990, Federal Home Loan Bank of Des Moines has awarded over $160 million through its Affordable Housing Program (AHP) to create 35,608 safe and affordable homes. This important funding opportunity has traditionally been set up to include two competitive rounds each year. Beginning in 2009, a single competitive round will be held from May 1 through June 30 and all grant applicants will be required to complete an online application to be considered for grant funds To apply for an AHP grant, non-profit sponsors will need to register online with the Community Investment Department from April 13 through May 29, 2009 and have received support for their project from a FHLB Des Moines member financial institution. Instructions and access to the online application is available on the FHLB Des Moines website: http://www.fhlbdm.com/ci_ahp.htm.If you have questions or would like more information, please contact the Community Investment Department at 800.544.3452, ext.1173 or communityinvestment@fhlbdm.com.3 Steps to Get the Most From Your Database 3 Steps to Get the Most From Your DatabaseBy Gwen Buehler, Marketing Manager at In Touch Today 1. Segment Your Database
2. Market Appropriately Now that your database is organized into segments, you must decide on a plan of attack. Here are some suggestions for marketing to each group: Past Clients: Studies show that it takes 14 annual contacts to have 'extremely' satisfied clients. As a matter of fact, clients are only somewhat satisfied with seven contacts and they are neutral to four. You might think "holy moly, that is just too much!" Think again. The world is changing - people aren't as willing to trust just anyone anymore. They want to make sure they are giving their business to someone that is looking out for their best interest. If these folks have trusted you once, keep that relationship strong by keeping in contact with them regularly. They want to know you are still around, still care about them and could help them out again. And don't forget - everyone on this list has a group of family, friends and co-workers that often ask for referrals. Don't let them forget you!
Prospects: Marketing to this group will take a little more persistence - and patience! While your past clients will give you the most immediate return, these people have yet to decide if they trust you or not. It is important to make a lasting impression with each point of contact. Keep in mind that it takes 12-17 times for your message to register with this segment. Don't give up if after two attempts you don't see return right away. While prospecting can be challenging, it is also very rewarding when someone who never knew you before calls you up to help them with their personal needs.
Next, send the same group of people a Recipe Postcard. Something that isn't necessarily sales related. This will begin showing that you aren't just interested in the sale but rather building a relationship with them. Then, send something that is related to what their situation is - a postcard that discusses the benefits of being first-time homebuyer right now. Offer a free consultation or free credit report to entice them to raise their hand in interest, and be sure to mention this special offer on the backs of any postcard you send. Bottom line: Mix up your messages and keep contacting this niche - even if you don't get a response right away. Referral Sources: A group of real estate agents recently stated that the number one factor driving where they refer their buyers is the consistency and level of service and follow up they receive. It is no longer about rates and products. Take that fact and run with it! This section of your database can yield high return. In fact, top professionals state that 54% of their business comes from their professional referral sources. That is over half of their business! Getting a solid list of referral source partners isn't as hard as you think it might be. Just be yourself and do the great job you always do.
- A few great success stories you have with clients you have helped. - Your goals for the next 6 months, - And most importantly, how you have been able to help other professionals build their business. Now that you have the ball rolling, let them talk to you. People love to talk about themselves so let them brag. This will help you to find out if the way they do business will fit with the way you run YOUR business. If not, it isn't worth pursuing. After the initial meeting, keep in touch. One of the best ways to send helpful information about your industry for them to pass along to their clients is through Mortgage Matters (http://www.intouchtoday.com/mortgage/mortgagematters.php). It is totally automatic and is sent every Monday morning to your database. It is only $30 a month for up to 150 email addresses. Lastly, one of the BEST ways to show these referral source prospects you are serious about working with them is to send them a referral. Hopefully you will get one in return soon thereafter. Personal Contacts: You can have a lot of fun with this group. These people know you outside of your business so you get the opportunity to not only sustain a great personal relationship with them but also educate them on what you do for a living.
Once in a while send them a Home Tips Postcard or DateKeeper Calendar. A Home Tips Postcard gives them valuable tips to use around their house to decorate, clean or prepare their home for each season. They will surely keep them around. The DateKeeper Calendar is a great gesture in efforts to help your clients keep their lives organized. It is a jumbo-sized postcard with the entire month at a glance so people can fill it in with family activities, meetings, errands or weekend fun.3. Have Fun & Stay Positive! One last thing to consider... Companies that cut back their marketing during the 1974-75 recessions barely increased their sales by 50% two years later. Companies that continued to market during the downturn saw an increase of over 200% in sales 2 years later. © 2009 by In Touch Today Corporation and its licensors. This article may be reproduced only in its entirety. In Touch Today is a marketing company based in Denver Colorado that assists professionals in increasing their repeat and referral business as well as building professional referral sources and prospecting new clients. www.intouchtoday.com/IMAIMA Prime Times Member Spotlight: Jason Kaiman IMA Prime Times Member Spotlight: Jason Kaiman  Name: Jason Kaiman Prime Times: What is your current position? Prime Times: How did you get started in the mortgage business? Prime Times: Were you an immediate success? Prime Times: When did you begin to realize that you were successful? Prime Times: What mistakes to you think new loan originators typically make? Prime Times: How about the veteran loan originators? What mistakes do they make? Prime Times: What differentiates you and your company from other originators and companies? Prime Times: What is your most successful sales tool? Prime Times: Who or what was the biggest contributor to your success? Prime Times: What is your current mix of business and business sources? Prime Times: If you could change one thing about the mortgage business, what would that be? Prime Times: What other goals in your career would you like to accomplish? Prime Times: What words of wisdom would you offer other mortgage originators? To remove yourself from this mailing list, click here. |
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