IMA Prime Times: February 2024

President's Message

Changing Weather Brings Thoughts of Positivity

There’s something about flipping the calendar over to February. If you’ve lived in Iowa for any number of years, you may identify with my feeling of relief that January is in the rearview. A sort of cognitive dissonance, my conflicting thoughts about why I chose to start a family and career in this state are beginning to dissolve again. The weather will change soon!

That’s right, I’ve already mentioned the weather. It’s the Iowan way of breaking the ice and calming our passive-aggressive tendencies. Alright, back to my point about the weather.

I know we aren’t out of this cold, dark winter spell just yet, but positive thinking can be a powerful tool. As I’m writing this message, a 60-degree day is upon us, loan applications are front-of-mind and the IMA Spring Conference and business golf outing emails are hitting my inbox. Now is the time to reach out to teammates, referral partners, vendors and past clients to find ways to reconnect. It’s safe to leave your home and office again.

This month, my personal challenge to you is to fill your calendar with plans for the quickly approaching spring. Get out and make those plans about others. Who can you meet with to develop business, learn from or help? I’ve always found success from gaining valuable insight and ideas from others. But that doesn’t happen without making plans and following through with them first.

Most importantly, I’d love for you to reconnect with the IMA this year. The Spring Conference in Coralville (April 1-2) has a great agenda created specifically from past member feedback. The Mortgage Bootcamp in Johnston (March 6) is presented by top mortgage leaders in the state. Find and connect with us on your social media platforms, like Facebook and LinkedIn.

Tom Schulte

Community 1st Credit Union

Association Updates

Mortgage Bootcamp Trains New Mortgage LOs

The Iowa Mortgage Association will again offer the popular Mortgage Bootcamp Seminar on March 6 at the IBA Training Center in Johnston. Designed for those who work in the mortgage industry, this seminar will walk you through the mortgage loan cycle and everything you need to be a stronger mortgage loan officer. This intense session will give you advanced knowledge of each step of the mortgage process and provide you with opportunities to learn from seasoned experts.

Taking a great application
Processing
Underwriting
Secondary Market
Compliance
PMI

If you are new to the industry or need training for your new loan originators, don’t miss this event. Learn more.

Learn more or register

IMA Spring Conference Focuses on Your Future

Register now for IMA's upcoming spring conference on April 2 in Coralville. This year’s event includes a session on sales prospecting, challenges and opportunities in the current mortgage market, industry updates, finding success and happiness, and more. The Spring Conference will also feature an exhibit hall and the popular mortgage production awards. As rates are edging down, it is still a challenging environment. This year’s event focuses on what you need to develop your skills to be successful in the industry.

Learn more or register

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 2023. Entries must be submitted by March 7. All members of the 2023 Winner’s Circle and President’s Club will be honored individually with awards at the IMA Spring Conference on April 2.

Recognition Levels and Additional Awards

Awards will also be presented for top producers and top total volume production. The 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 2023 for President’s Club.

Download an applicatoin

Industry News

Seasoned QM Status Now Available

A reminder that as of March 1, banks may have a few loans on their books that qualify for seasoned qualified mortgage status. In December 2020, the Consumer Financial Protection Bureau issued its seasoned QM rule, applicable to loans originated on or after March 1, 2021. A loan that meets certain performance metrics during its “seasoning period” can obtain QM status, provided that the loan met certain requirements at the time of origination.

First, the performance metrics: during the seasoning period, defined as a 36-month period that begins on the date upon which the loan’s first periodic payment is due, the loan may not have more than two delinquencies of 30 days or more and no delinquencies of 60 days or more.

In addition, the following must have been true at the time of origination for the loan to later qualify for seasoned QM status:

The loan had a fixed interest rate and was secured by a first lien;
The loan was not considered a high-cost mortgage;
The financial institution considered and verified the borrower’s current or reasonably expected income or assets, debt obligations, and monthly DTI ratio or residual income; and
The loan was not subject to a forward commitment and retained in the institution’s portfolio.

More information about seasoned QM’s can be found in Section 4.4 of the CFPB’s ATR/QM small entity compliance guide.

Published by Iowa Mortgage Association.

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