President's Message
Happy New Year!
I hope everyone has had a safe and Happy Holidays! After coming off the last two years, I know I was glad to be able to enjoy the slowdown and get back to a more typical market where we are not working seven days a week for several hours on nights and weekends and over the holidays. I was able to enjoy everyone’s company and truly be in the moment. 

Business plans should be done by now and you have been starting to implement them. If you have not done this yet, I highly encourage you to do so. What you sow today, you will not reap the rewards for 45 to 60 days. Have you reached out to your referral partners and checked in on them? They are feeling the slowdown just as we are. It is a great time to strategize with them on goals, how you can assist them, hold them accountable and be a true partner! We are better and stronger together than doing it on our own.

As president of the Iowa Mortgage Association, one of my goals is to continue providing great content at the conferences along with having a few extra classes. The education committee has been working on putting together a few topics and getting speakers organized; there will be more to come on this. The Spring Conference will be here before we know it. If you have not signed up please take a moment to do so, we would love to see you there. We have some great speakers lined up to talk about motivation, thriving in relentless change and also how to become a superstar along with our President Club and Winner Circle awards ceremony. Now that we are passed COVID and things are starting to get back to normal, it would be great to have a high attendance count kicking the year off right! Reach out to your fellow colleagues to join you this year!

I look forward to seeing everyone in Coralville the beginning of April!

Jen Coyle
First Branch Home Loans
Association Updates
Time to Renew Your IMA Membership
Now that it is 2023, it’s time to renew your Iowa Mortgage Association membership. By addressing current issues in government relations, public relations, professional development and more, the IMA connects the mortgage community through education and resources to promote homeownership. Please join the IMA for another successful year by renewing your membership today. Through membership in the IMA, you will receive:
  • Monthly updates through IMA Prime Times.
  • Discounts on registration fees on all IMA programs including the Annual Convention and Spring Conference.
  • Legislative efforts to strengthen the industry.
  • Industry information and association updates via the IMA website.

Membership renewals were emailed to the company main contact in early December. You can also renew your membership by contacting Darcy Burnett.
Register Now for IMA Spring Conference
Mark the dates for the IMA's upcoming spring conference on April 4 in Coralville. This year’s event includes session on mortgage sales in a challenging environment, fintech and apps in the mortgage world, working through times of change, and more. The Spring Conference will also feature an exhibit hall and the popular mortgage production awards. Learn more.
Presidents Club and Winners Circle Awards
The Iowa Mortgage Association's Winner’s Circle and President’s Club is an ongoing recognition program that recognizes outstanding mortgage loan production for 2022. Entries must be submitted by March 8. All members of the 2021 Winner’s Circle and President’s Club will be honored individually with awards at the IMA Spring Conference on April 4.

Recognition Levels and Additional Awards
  • Top producers (minimum loan origination eligibility is $15 million or 100 units of residential loan volume in 2022 for Winner’s Circle and $20 million or 130 units of residential loan volume in 2022 for President’s Club.)
  • Top total volume production from lender at a bank, credit union and mortgage company.
Industry News
NFIP Extended Through September
At the end of 2022, Congress passed and President Joe Biden signed into law, a $1.7 trillion omnibus spending package to fund government through fiscal year 2023. Among the many provisions in the legislation is an extension of the National Flood Insurance Program through Sept. 30, 2023. In related NFIP news, FEMA has published an updated Standard Flood Hazard Determination Form. The SFHD form is required for all mortgage loans and is used by lenders to determine the flood risk for their building loans. The updated form reflects an expiration date of Sept. 30, 2023, and OMB Control No. 1660-0040. FEMA’s website instructs lenders to contact their regulator regarding when the use of the new form will be required. 
HMDA Filing Period Ends March 1
The period for filing Home Mortgage Disclosure Act data collected in 2022 is now open, with submissions considered timely if received on or before March 1. Submissions can be filed through an online HDMA platform, with a beta platform also available for filers who want to first test their submissions. No data submitted through the beta platform will be considered in compliance with HMDA reporting requirements.
‌
Blog Explains Mortgage Options to Consumers
The Consumer Financial Protection Bureau recently explained mortgage financing options in view of the current higher mortgage loan interest rate environment to consumers in a recent blog post. The CFPB comments on adjustable rate mortgage (ARM) loans, temporary buydowns, home equity lines of credit (HELOCs) and home equity loans, loan assumptions, and alternative financing options. While the CFPB notes the availability and features of the different financing options, it also warns consumers of potential risks.
 
The CFPB also addresses alternative financing arrangements, which the CFPB notes include contract-for-deeds or land contracts, rent-to-own arrangements and equity-sharing arrangements. The CFPB states that “[t]hese unorthodox financing arrangements often have features that can impact consumers’ finances down the road, such as a balloon payment or a requirement to share future proceeds from the sale of the house.” The CFPB also warns that many of these products “lack the protections of traditional mortgages, including the ability to build and access home equity, foreclosure protections or even basic disclosures that allow for comparison shopping.”
Published by Iowa Mortgage Association.