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| Iowa Mortgage Association - Prime Times Apr 19, 2010 In this issue: President's Message Mortgage professionals chart a course for excellence at Spring Conference Way to go IMA members for raising $1500 for the IMA PAC IMA Iowa Certified Mortgage Professional Designation FFIEC Issues SAFE Act FAQs IMA QC Chapter hosts booth at Quad City Homebuilders Show USDA Rural Development Update Tax credits help boost activity in real estate market, builder confidence  President's Message President's Message  2009-10 IMA President Kathy Klahn Hello Fellow IMA Members! For those of you that made it to the IMA Spring Conference it was awesome. The Coralville Marriott is first class and the Iowa Bankers Association staff did an outstanding job of lining everything up. It makes the President's life go very smooth. One of my favorite parts (no, not falling going up the stairs to the stage) was the speaker Richard Rowe on "Are You a Puddle Or An Ocean?" Think about that for a minute. A puddle is a small pool of water, usually a few inches deep but has its limitations on the influence of it's surroundings. An ocean however is a large body of water and it's affects are limitless and has a huge affect on it's surroundings. It is good to take a few minutes to reflect on the influence we have on our surroundings and the people in our lives. The breakout sessions were great, especially the exciting news on the updates of RESPA. RESPA presenter Ronette Schlatter, senior compliance coordinator at Iowa Bankers Association, had it right when she had the crazy lady picture. Congress needs to get a life, stop messing with things that work, and start punishing the bad lenders that caused all of this. Enough said. Remember if the IMA board can help in anyway please contact us. Looking for another great way to contact and stay in touch with IMA? Follow us on Facebook and join our growing number of fans! Sincerely, Kathy Klahn Mortgage professionals chart a course for excellence at Spring Conference Mortgage professionals chart a course for excellence at Spring Conference
A special thank you to the conference sponsors. The support of these companies helps make the event possible:
Way to go IMA members for raising $1500 for the IMA PAC Way to go IMA members for raising $1500 for the IMA PAC Thank you to all who made donations to the IMA PAC during the IMA Spring Conference. During the conference, 2009 fundraising got off to a great start with over $1,000 in donations. While we still have a long ways to go to reach our goal, the Iowa Mortgage Association PAC is growing and it is thanks to your support. If you would like to make a donation to the IMA PAC remember, all contributions must be voluntary and must be in the form of a personal check. Checks can be mailed to: Thank you to all 2010 IMA PAC Contributors:
IMA Iowa Certified Mortgage Professional Designation IMA Iowa Certified Mortgage Professional DesignationReady 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.FFIEC Issues SAFE Act FAQs FFIEC Issues SAFE Act FAQsThe Federal Financial Institutions Examination Council (FFIEC) has posted several “Frequently Asked Questions” (FAQs) for the Secure and Fair Enforcement for Mortgage Licensing Act to its website. The FAQs note the draft final rule (which has been approved by the FDIC Board) is currently under review by the Office of Management and Budget (OMB). The final rule will be published in the Federal Register following the completion of OMB’s review process and final approval by each of the applicable agencies. The FAQs also reiterate that there is no action required now in connection with the Registry of any mortgage loan originator employed by, and whose origination activity is only for, a bank. The draft final rule provides for a 180-day period within which to complete initial registrations, beginning on the date that the Agencies provide in a public notice that the Registry is accepting registrations from Agency-regulated institution employees. The Agencies and CSBS are working together to ensure the Registry becomes operational as soon as possible. The Agencies will notify the institutions they supervise when the Registry becomes operational. That information will also be posted on this webpage. The FAQs can be found on the FFIEC website at http://www.ffiec.gov/safeact.htm#finalized.Mortgage Loan Originators (MLOs) who are NOT employees of federally-regulated financial institutions are subject to the State of Iowa’s licensing requirements. Information related to MLO state licensing requirements can be found at http://www.idob.state.ia.us/.IMA QC Chapter hosts booth at Quad City Homebuilders Show QC Chapter hosts booth at Quad City Homebuilders ShowThe Quad Cities Chapter had a booth at the Quad City Homebuilders Home Show in February. Pictured at the booth is Tom Doty from Valley Bank in Bettendorf.
USDA Rural Development Update USDA Rural Development Update
During the first six months of fiscal year 2010, nationwide more than $10.6 billion in guaranteed home loans have been obligated through the USDA program to help 84,000 rural households. The depletion of funds occurred despite doubling the regular funding for the program from $6 billion in 2009 to $12 billion this year. USDA Rural Development will continue assisting rural homeowners through its direct home loan program the remainder of the year and this program will remain fully funded. Households with adjusted income falling below the low limit may be eligible for a USDA Rural Development direct loan. If you have a mortgage applicant who does not meet your loan or income requirements, you may want to consider referring them to a local USDA Rural Development office. Helping families establish homeownership in rural communities can have immediate benefits for lenders as they can begin working with new customers to establish such things as checking or savings accounts. New homeowners can also have long-term benefits to their community. For more information about any of USDA Rural Development's housing loan programs in Iowa, please call (515) 284-4666 or visit www.rurdev.usda.gov/ia for the local office nearest you.Tax credits help boost activity in real estate market, builder confidence Tax credits help boost activity in real estate market, builder confidence The looming April 30 deadline for home buyers to qualify for federal tax credits is boosting activity in real estate markets in Iowa as well as builder confidence, according to reports from groups around the state. In an April 12 report, the Des Moines Area Association of REALTORS® said the tax credits "helped maintain a home-buying frenzy in the Des Moines metro." The primary area served by the group includes Dallas, Polk and Warren Counties. The report said that written contracts were up 34 percent in March while closed contracts were up almost 50 percent. The number of closings increased to 596 in March from 400 in February. The latest figure was up from 527 closings in March 2009. The average sale price for the Des Moines area market was $141,584 in March, down from $151,534 in February and $147,329 in March 2009. The Waterloo-Cedar Falls Board of REALTORS® reported that housing sales in the Cedar Valley also increased in March. The group's latest statistics showed 166 sales in March, up from 106 sales in February. The latest March figure was up slightly from 157 sales in March 2009. The average sale price was $123,993 in March 2010, down from $130,868 in 2009. First-quarter residential housing sales in the Cedar Valley increased from 348 sales in 1Q 2009 to 347 sales in 1Q 2010. The average sale price during the first quarter was $123,481 in 2010, down from $126,365 a year earlier. The extended Home Buyer Tax Credit gives up to $8,000 to first-time homebuyers until April 30, 2010, and up to $6,500 to current homeowners purchasing a new or existing home between Nov. 7, 2009 and April 30, 2010. Click here to read the report from the Des Moines Area Association of REALTORS®.Click here to view the market statistics from the Waterloo-Cedar Falls Board of REALTORS®. Click here to read the press release from the National Association of Home Builders. To remove yourself from this mailing list, click here. |
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