Year-End Is a Time to Reflect and Plan |
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Wow! Each year that goes by in this business, I swear the universe is truly removing a week to make the year shorter. It feels like it should still be summer and not year-end already!
For me, December is a time of reflection and planning —a chance to reflect on both the positive and negative things that have happened. I write them out in an old fashion T-chart (fun fact about me, all my major decisions in life are made from a T-chart of pros/cons) then I always go a step further. It is not about the win or loss of each event in your life. You need to realize what was the cause, effort and the lesson learned for both the positive and negative outcomes. Learn from it and allow yourself to grow both professionally and personally. The week prior to the Fall Conference, I had attended Todd Duncan’s 30th Anniversary Sales Mastery in Palm Desert, California. One of the sayings from Ryan Hills that had gained my attention was, “Success is not the best teacher in life, but it is the failures that are the real teachers.” Always remember, even if something doesn’t go your way, it is okay. Through reflection, you are constantly building the next best version of yourself.
I hope you can set aside time to enjoy your family, friends, colleagues and business partners. My final nugget of knowledge is from another lesson from Sales Mastery that I want to end with — PAUSE. A pause is very powerful in conversations. When you are asking a question to your loved ones this holiday season, pause and truly listen to what they are saying. Pausing and listening is a much more valuable gift to someone than anything you can buy! Wishing you the happiest of holidays in the coming month. I can’t wait to see everyone at the Spring Conference and reconnect!
Jen Coyle
First Branch Home Loans
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Reminder: Time to Renew IMA Membership |
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As the new year approaches, 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. Through membership in the IMA, you will receive:
- Monthly updates through IMA Prime Times.
- Discounts on program registration fees on all IMA programs including the annual spring and fall conferences.
- Legislative efforts to strengthen the industry.
- Industry information and association updates via the IMA website.
Membership renewals were emailed to your company's main IMA contact in early December. You can also renew your membership by contacting Darcy Burnett.
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Mark Your Calendars for 2023 Events |
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As you begin to fill out your 2023 calendars, don't forget to mark the following dates for the IMA's upcoming conferences. Additional details are available on the IMA website.
- IMA Spring Conference — April 4 at the Hyatt Hotel in Coralville
- IMA Fall Conference — Oct. 17-18 at the West Des Moines Marriott Hotel
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FHFA Raises Limits for Fannie/Freddie Loans |
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The Federal Housing Finance Agency announced they will raise the maximum conforming loan limits for mortgages Fannie Mae and Freddie Mac purchase in 2023 from $647,200 to $726,200. This is the seventh time the FHFA has increased the baseline loan limit since 2006. In high-cost areas, such as Los Angeles, New York, San Francisco and Washington, D.C., the maximum loan limit will be $1,089,300, which is 150% of the nationwide conforming loan limit. Limits will rise in all but two counties in the country.
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FHA Authorizes Use of Private Flood Insurance |
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The Department of Housing and Urban Development finalized a rule to allowing privately-written flood insurance policies on Federal Housing Authority backed loans. The final rule largely reflects HUD’s 2020 proposed rule and is effective Dec. 21, 2022. Additionally, the FHA issued a Mortgagee Letter to be incorporated into the HUD Handbook 4000.1, FHA Single Family Housing Policy Handbook. The rule allows for FHA-backed loans to accept privately written flood insurance policies, provided that the policies meet the FHA’s requirements. These requirements largely mirror the requirements in the 2019 Joint Final Rule issued by the other bank regulators.
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More Lenders Subject to HMDA Reporting in 2023 |
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In a blog issued by the Consumer Financial Protection Bureau in early December, the CFPB shared its supervisory expectations related to a recent court ruling’s impact on Home Mortgage Disclosure Act reporting. On Sept. 23, 2022, the United States District Court for the District of Columbia issued an order vacating the CFPB’s 2020 HMDA Final Rule as to the loan volume reporting threshold for closed-end mortgage loans. The decision means that the threshold for reporting data on closed-end mortgage loans reverts back to 25 loans in each of the two preceding calendar years.
In its blog, the CFPB said it recognizes that financial institutions affected by this change may need time to implement or adjust policies, procedures, systems and operations to come into compliance with their reporting obligations. In these limited circumstances, in allocating the CFPB’s enforcement and supervisory resources, the CFPB does not view action regarding these institutions’ HMDA data as a priority. Thus, the CFPB does not intend to initiate enforcement actions or cite HMDA violations for failures to report closed-end mortgage loan data collected in 2022, 2021 or 2020 for institutions subject to the CFPB’s enforcement or supervisory jurisdiction that meet Regulation C’s other coverage requirements and originated at least 25 closed-end mortgage loans in each of the two preceding calendar years but fewer than 100 closed-end mortgage loans in either or both of the two preceding calendar years.
Based on this approach, it appears that institutions that satisfied the 25-loan threshold but not the 100-loan threshold, for 2020 and 2021 may, but will not be required to, report closed-end mortgage loan data for 2022. However, institutions that satisfy the 25-loan threshold for 2021 and 2022 will need to collect and report closed-end mortgage loan HMDA data for 2023. At this point, the National Credit Union Administration, Federal Deposit Insurance Corp., Office of the Comptroller of the Currency and Federal Reserve have not issued similar statements related to their supervisory expectations.
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Published by Iowa Mortgage Association.
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