President's Message

Thank you to everyone that attended this year’s spring IMA conference in Coralville and a final congratulations to all of the Presidents Club and Winners Circle recipients. It was nice to catch up with so many great leaders in the mortgage industry and learn from some of the best. 

When preparing for a conference, I often have this illogical expectation that a speaker is going to present some amazing, secret idea that will transform my entire life. And then, I will find guaranteed success at work by changing just ONE thing! However, the reality always falls short for me.

Last week’s IMA conference was no different. We heard from two long-time banking and mortgage experts, a panel of Iowa’s top lenders and a fitting finale from Steve Fredlund about understanding our approach to life and work and choosing our experience. Joe Micallef presented a quote about doing the “common thing, uncommonly well.” It finally dawned on me that I was “conferencing” wrong. It is implausible to find one thing that guarantees success, and the presenters were not there to offer that.

Micallef laid the groundwork for the entire conference. There is no single secret to success that industry leaders abide by. They are just more proactive, doing the common things better and with more consistency and purpose than the rest. Those same leaders had outstanding production last year even when production was at an industry low.

I hope everyone is off to a positive start this spring as production ramps up. There is business to be had and many signs still point to increased originations in 2024. Homebuyers need our expertise more than ever, so now is the time to perfect your process, be consistent, and show your value to your clients and referral sources.

Association Updates

IMA Vice President Terry Gearhart (Neighborhood Finance Corporation) moderated a panel of high-producing mortgage loan officers at the IMA Spring Conference. Panel members included Yvonne Silvers (Bankers Trust, Ankeny); Pete Johnson (GreenState Credit Union, Iowa City); Rachel Pierce (Benchmark Mortgage, Council Bluffs); and Jessica Greving (Residential Mortgage Network, Inc., Iowa City). The panel shared ideas on how to stay in communication with clients and referral sources and some of the secrets to their success that can be adopted by anyone.

Thanks to everyone who attended the Iowa Mortgage Association Spring Conference. More than 150 mortgage professionals attended the event, which included sessions with popular speakers who discussed developing referral sources and securing meetings that matter; industry updates; and how to thrive in a changing mortgage environment. Many thanks to the sponsors who helped make this event possible.

Pictured, at right: IMA President Tom Schulte, Community 1st Credit Union

The Iowa Mortgage Association recognized nearly 100 Iowa mortgage professionals during the Spring Conference with the annual President's Club and Winner's Circle Production Awards. The awards were presented to loan originators for their outstanding production in 2023. This year’s presentation awarded three top lender awards to a bank, credit union and mortgage company. Special congratulations to these winners.

• Credit Union Top Lender — Felisha Junge, GreenState Credit Union, North Liberty
• Bank Top Lender — Gary Presnall, Northwest Bank, Ankeny
• Mortgage Company Top Lender — Amber Ernst, New American Funding, Bettendorf

View the complete list of winners.

Industry News

Nearly three in four first-time homebuyers are optimistic about the current housing market, according to a new survey by TD Bank. The survey also found that nearly all respondents — roughly 97% — said they have started taking initial steps in the homebuying process. 

The survey found that with home prices dropping slightly since last year’s high, 40% of respondents said that right now is a good time to buy a home. More than three quarters (78%) of first-time homebuyers said their personal financial situations are in stable condition in 2024, with 40% of respondents planning to spend $300,000 or more on a home, up 9% from last year. Still, nearly two-thirds (63%) of respondents cited rates as a concern about their ability to afford a home in today’s market. “This is down just 1% from last year, revealing that despite optimism, interest rates remain a top concern for those looking to purchase a home,” according to TD Bank. Learn more.

The FFIEC has started to release 2023 HMDA data. The Modified LAR Data and a combined file containing all LAR records in a single file are now available. These files can be accessed via FFIEC’s Modified LAR page. A downloadable modified LAR file is available for every financial institution that has completed a HMDA data submission in the selected year. The modified LAR data represents the most current HMDA submission made by an institution.

The Federal Housing Finance Agency has announced updates to the implementation of new credit score requirements for single family loans acquired for Fannie Mae and Freddie Mac. In October 2022, FHFA announced Fannie and Freddie would begin accepting two new credit scoring models, the FICO 10T and the VantageScore 4.0, and that creditors may submit a bi-merge (instead of a tri-merge) credit report.

Following extensive stakeholder engagement and input, FHFA is aligning the implementation date of the bi-merge credit reporting requirement with the transition from the Classic FICO credit score model. This aligned transition is expected to occur in the fourth quarter of 2025.