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Iowa Mortgage Association - Prime Times
I wish everyone could have seen the appreciation on the faces of last years' recipients at the check presentations. Actually, the Committee had a unique experience seeing firsthand what the monies were used for in that we had access to all three charities and their work. I attended those presentations and I can tell you many members of the organizing committee were very moved and quite impressed. Last year's event netted $9,000 and each charity was presented with a check for $3,000. Click here to view our list of Sponsors and Donors that helped make the event a complete success. The 2009 Charity Recipient's will be Rebuilding Together (formerly Hearts & Hammer's) and the Boys and Girls Clubs of the Mississippi Valley. Rebuilding Director, Rod Jennings, stated that his organization worked on 58 homes in the Quad-Cities last year. The Boys and Girls Clubs have six separate clubs in the Quad-Cities. Director Carol Murphy and the staff work with 300-400 kids each and every day. Both of these Charities are very deserving and wonderful organizations. If you would like to be a Sponsor or Donor for this event, opportunities are still available. Feel free to contact the committee chairs Tom Doty and Dana Goodmiller from Valley Bank. Tom can be reached at (563) 940-6003 and Dana can be reached at (563) 370-4303. If you would like to golf in this event, you can click here to view the sign-up form. But hurry! The event is so popular space is limited. I look forward to seeing many of you at this event again this year. Christy Allison, ICMP Ready to achieve a new level of professional growth and recognition? The Iowa Certified Mortgage Professional Designation (ICMP) program is designed to elevate professional standards, enhance individual performance, and designate association professionals who demonstrate the knowledge essential to the mortgage industry. Getting the ICMP isn't simply a one time thing, but an ongoing commitment to professional growth. Professionals holding the designation pledge to continually advance their knowledge and achieve higher levels of excellence in the industry. The Iowa Mortgage Association encourages you to learn more about becoming an ICMP. We invite you to learn more about becoming an Iowa Certified Mortgage Professional and take this crucial step that tells others they are working with a recognized expert in the mortgage industry. For more information about the ICMP designation process or to download an application see the IMA website or call IMA's Darcy Burnett at 800-800-2343 with questions. Current ICMP Designees The Iowa Mortgage Association would like to congratulation the mortgage professionals who have obtained the IMA's Iowa Certified Mortgage Professional Designation. These individuals have attained the highest levels of industry expertise.
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. Are you looking for visibility for your company? The IMA has several upcoming events and publications that offer great opportunities for companies that want to reach out to mortgage professionals in the state of Iowa. IMA 2009-2010 Membership Directory Advertising Iowa Mortgage Association is now offering the opportunity to advertise in the IMA Membership Directory. The IMA’s Membership Directory is a widely-used resource that includes a listing of all Iowa Mortgage Association members, contact names and more. New this year - the directory will be on the IMA website available for all mortgage professionals to print. IMA’s membership is over 5,000 mortgage professionals strong so this is your opportunity to have your message heard. The directory will be available in September 2009 for download on the IMA website. IMA 6th Annual Golf & Networking Event Sponsorship Opportunities The IMA 6th Annual Golf & Networking Event is June 18 at the Legacy Golf Club in Norwalk. There are numerous sponsorships available, including hole sponsorships, beverage carts, lunch and a hole-in-one contest. The event draws over 100 golfers and promises a great day of fun, networking and golf. Golf registration is available at the IMA website at http://www.iowama.org/calendar.cfm. Contact Darcy Burnett for details about both opportunities. If you are looking for more information on Reverse Mortgages this is a great opportunity. Join the Iowa Mortgage Association for two seminars on one day (June 16) that will provide details on transacting this extremely specialized and fast-growing mortgage product. Basic Reverse Mortgages: The morning session is designed to get basic knowledge and skills about the HECM product. It will provide a well- rounded overview of the opportunity to work with seniors. Advanced Reverse Mortgages: The afternoon session is designed for originators for a more detailed look at sales, marketing and origination activities. It will provide those who are looking to enter the Reverse Mortgage market and those who are already in the market additional skills and knowledge about the product and working with seniors. ICMP Hours - Each seminar qualifies for 4 ICMP credit hours. State of Iowa CEC - Each seminar qualifies for 3 credit hours. Registration: You can register for one or both of these events! See the IMA website for registration details. On Friday, May 8, the Federal Reserve Board made public regulations that finalize a proposed rule issued on July 30, 2008. These new final regulations implement recent legislative changes that the Congress enacted under the Housing and Economic Recovery Act of 2008, which included amendments to TILA, known as the Mortgage Disclosure Improvement Act of 2008 (MDIA). On October 3, 2008, Congress further amended MDIA in connection with its enactment of the Emergency Economic Stabilization Act of 2008 (Stabilization Act). The Board has now revised Regulation Z to implement these new provisions of the MDIA, as amended. In summary, the final rule requires creditors to make good faith estimates of the required mortgage disclosures, and deliver or place them in the mail, no later than three business days after receiving a consumer’s application for a dwelling-secured closed-end loan. Consummation may occur on or after the seventh business day after the delivery or mailing of these disclosures. If the annual percentage rate provided in the good faith estimates changes beyond a specified tolerance for accuracy, creditors must provide consumers with corrected disclosures, which must be received on or before the third business day before consummation of the transaction. (The final rule allows consumers to expedite consummation to meet a bona fide personal financial emergency.) The MDIA also added additional disclosure requirements for variable-rate transactions. Those changes are not addressed in this rulemaking. According to the Board, those provisions will not become effective until January 30, 2011, “or any earlier compliance date ultimately established by the Board.” The Board anticipates issuing proposed amendments to Regulation Z to implement those provisions of the MDIA later during 2009. The amendments outlined in this release will become effective on July 30, 2009. The revisions will apply to all loans where the application is received on or after July 30, 2009. To access the final rule, please go to http://www.federalreserve.gov/newsevents/press/bcreg/20090508a.htm. The revisions to Regulation Z, effective October 1, 2009, to implement a new category of mortgage loan—the “Higher Priced Mortgage Loan” (HPML)—and its added consumer protections have caused quite a stir in the mortgage lending industry. This new category of loans should not be confused with the existing HOEPA loans, often referred to as “Section 32” loans. HPMLs have lower rate triggers than HOEPA loans and, therefore, are likely to encompass more loans. In addition, purchase money transactions may meet the definition of an HPML; whereas, the HOEPA rules specifically exempt purchase money transactions. But like HOEPA, the final rules for HPMLs do exclude home equity lines of credit, construction loans and reverse mortgages. Identifying HPMLs
The index, the Average Prime Offer Rate (APOR), is a new index developed by the Federal Reserve Board (the Board). Initially, the Board will base the rate on the Freddie Mac Primary Mortgage Market Survey which is updated on a weekly basis. While the APOR is based on the Freddie Mac rates, they are not one and the same. The Board has developed a very complicated formula from which it will expand Freddie Mac’s four rates posted weekly to a total of 14 mortgage products (six variable rates and eight non-variable rates). The Board will publish the APORs on a weekly basis on the Federal Financial Institutions Examination Council’s (FFIEC) web site. In order to determine whether a loan is an HPML, the lender must compare the final APR (the APR on the closing documents) to the APOR as of the date that the interest rate is set the final time before closing (also known as the rate lock date). In the event a lender sets the interest rate initially and then resets it at a different level (for example, a rate is set when the loan is approved by loan committee but rates subsequently go down and the lender lowers the borrower’s rate to match a competitor’s rate), the lender must use the date the final interest rate was set. Lenders must use the most recently available APOR as of the rate-lock date. As stated earlier, the Board will update the APORs weekly, thus, lenders will need to revise their trigger calculations on a weekly basis as well. The Board has indicated it will update the APOR tables each Friday to be effective the following Monday. Click here to read the complete article on the IMA website. Author Ronette Schlatter, CRCM is Senior Compliance Coordinator for the Iowa Bankers Association (IBA). This article was originally featured in the May 2009 issue of the IBA's Disclosure Magazine. The Home Valuation Code of Conduct, a product of a settlement agreement between FHFA and the New York Attorney General’s Office, will become effective for single family mortgage loans originated on or after May 1, 2009. In an effort to assist lenders with their compliance efforts, Fannie Mae has issued several updated Code-related materials. These items include an updated set of FAQs, a new guidance letter to supplement Fannie’s requirements under their Selling Guides, and a recorded Web seminar on the Home Valuation Code of Conduct. These and other resources can be found at: https://www.efanniemae.com/sf/guides/ssg/relatedsellinginfo/appcode/. The Office of Thrift Supervision (OTS) issued a consumer alert that advises distressed homeowners on how to avoid becoming victims of foreclosure rescue scams. The alert notes that such cases of fraud are increasing as the nation’s foreclosure rate rises. The scams target homeowners with substantial equity in their homes and often prey on the elderly, or people with low-incomes or blemished credit. Perpetrators of the fraud typically promise to help homeowners who are in financial straits but instead charge exorbitant fees for services with little or no value, strip equity out of victims’ homes, or take ownership of the homes outright. Three types of schemes are common:
Businesses that perpetrate these scams often refer to themselves as “foreclosure consultants” or “foreclosure rescue specialists.” They use high-pressure sales tactics and distribute cards or flyers with messages such as “Stop foreclosure with just one phone call,” or “I’d like to buy your house.” Homeowners in danger of foreclosure should work with their lenders to avoid foreclosure, consult a counselor approved by the U.S. Department of Housing and Urban Development (www.hud.gov), or seek advice from a government-sanctioned program, such as HOPE NOW (www.hopenow.com). USDA Rural Development is continuing to receive a record number of guaranteed home loan applications this spring to assist families in rural communities of 20,000 or fewer residents. However, plenty of guaranteed home loan funds remain thanks to additional funding sources this year. Along with regular funding, which typically helps around 1,000 Iowa families purchase homes each year, the agency is also receiving funds from the American Recovery and Reinvestment Act (ARRA), as well as special disaster assistance to help families and communities affected by last year's floods and severe weather. So far in 2009 USDA Rural Development has assisted nearly 1,100 families purchase homes in rural Iowa while obligating more than $86 million, nearly two times as much money than the same time last year. Even with this record activity, USDA Rural Development is still providing 24-hour turnaround for all guaranteed home loan applications. Please contact your local USDA Rural Development area office for more information about the agency's single family guaranteed loan program. Feel free to call the state office at (515) 284-4666 or visit www.rurdev.usda.gov/ia if you are unsure of the area office serving your community. What is a database, and why is it so important? So, why is it so important to have a database? To put it simply, if you aren't keeping in regular contact with these people, there is little chance they will remember you down the line. If they don't remember you, they won't think to contact you when they, or someone they know, need your help. Make sure you are taking advantage of your database and using it to its fullest potential. Setting up your database
Building your database
Once you get your list to a sizeable number, make sure the quality of your list is not compromised. Follow these steps to keep you on the right track:
Finally, you will want to place each contact into one or more groups within your database for easy identification. Groups could include associations, past clients, prospects, referral partners, or any other affiliation you may want to focus on in future marketing efforts. Growing your database
Your database is the bedrock of your business; building it and keeping it up-to-date is necessary to develop and grow that business. For more helpful marketing tips, see our additional special reports. © 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
Name: John Cook 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 do 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? Prime Times: You were a very early adopter, what made you decide to pursue the Iowa Certified Mortgage Professional (ICMP) designation? Prime Times: Any final thoughts? To remove yourself from this mailing list, click here. |
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