Newsletter

May 1 Change Effective to Loan Level Pricing Adjustments

On May 1, Fannie Mae and Freddie Mac will implement changes to their loan level pricing adjustments (LLPAs) which were announced by the Federal Housing Finance Agency (FHFA) in January. For super-prime borrowers, the fees may go up between 0 and 0.750%. For prime, near prime, and higher loan-to-value (LTV) borrowers, they may go down between 0 and 1.750%. It is important to note that all affected borrowers are all credit-worthy borrowers and that higher-scoring borrowers will continue to pay lower LLPAs in comparison to lower-scoring borrowers.

There has been a lot of media coverage of the change recently, and FHFA Director Thompson released a statement addressing some of the reporting. For the most accurate and detailed information on the changes, credit unions should consult the Fannie Mae Loan-Level Price Adjustment and Freddie Mac Bulletin 2023-1 or speak with their Fannie or Freddie representative.

Letter from SHAZAM CEO for Credit Unions

Paul Waltz, CEO of SHAZAM, has shared this letter for credit unions. The letter provides updates on a recent ACH issue and its resolution.

Financial institutions with account-related questions for SHAZAM may contact client support at 1-800-537-5427, option 4.

Action Needed: NCUA Call Report Registration Required

In order to comply with Executive Order 14028 “Executive Order on Improving the Nation’s Cybersecurity” the National Credit Union Administration (NCUA) implemented Multi-Factor Authentication (MFA) for the CUOnline application on April 1, 2023.

1. You should have received an email from [email protected] asking you to register your account (which is associated with the CUOnline user role you previously held).
2. User accounts we created are formatted like an email address and may look like [email protected]. Note: this number is not your charter number.
3. Please follow the instructions in the email you received from Okta. Registration emails from Okta expire after 7 days.

Failure to complete the registration may result in technical difficulties and interfere with regulatory filings. Note: Make sure your system time is correct for your time zone. Incorrect system clocks interfere with token behavior.

For questions or assistance with the multi-factor login, email NCUA technical support or call 1.800.827.3255.

Iowa Land Records Updating Record Search Application

Iowa Land Records is updating its record search application. A recorded tour of the new application is now available here. Please note that the application is currently in the development stage with a pending release date. Most of the features, however, are ready and the overall look of the new site is represented in this preview video.

There are no fees or charges for signing up or using the application, and the new user management system is being put in place to prevent fake accounts from being set up.

Q4 2022 Callahan & Associates Performance Reports Available

Callahan & Associates has released their latest Performance Summary Report for the state of Iowa. The report contains key performance comparisons for Iowa credit unions and U.S. credit unions. Iowa credit union results and performance data tables are also included. Credit unions have access to these bi-annual performance summaries through ICUL's strategic partnership with Callahan & Associates.

Credit unions also have access to the new Callahan & Associates Peer Express tool through ICUL's membership benefits. Peer Express is a new and improved version of the CUAnalyzer application and allows credit unions to create unique reports. The Peer Express User Guide is available to help you become comfortable with this new application.

Questions about ICUL member benefits? Contact ICUL Member Services Consultant Courtney Williams.

Legal Tip: Trustee's Role in Chapter 13 Bankruptcy

When a person files for Chapter 13 bankruptcy, an impartial trustee is appointed to administer the bankruptcy case. The trustee is responsible for the bankruptcy estate and does not represent either the creditors or the debtor. Some of the trustee’s primary duties are to:

• Serve as a distributing agent, collecting payments from the debtor and making payments to creditors
• Ensure the debtor performs the debtor’s intentions
• Investigate the debtor’s financial affairs
• Make a final report and file a final account of the administration of the estate

Questions? Contact Barker, Hodgson & Miller, P.C. attorneys Elizabeth Hodgson or Julie Buenzow. 

ICUL member credit unions have access to a variety of legal services and resources made available through ICUL's strategic partnership with Barker, Hodgson & Miller, P.C. Find more information here.

Industry News & Events

Industry News

Have news to share? Email [email protected]. You must be logged onto the members-only website in order to view submitted content.

• Iowa Credit Union Foundation Awards $23,000 to Scholarship Winners
• Community 1st Credit Union Scholarship Program Awards $50,000 to Area Students
• Telco Triad's 78th Annual Meeting
• Serve Credit Union Announces Two New Hires
• Davenport Police Department Credit Union merged with The Family Credit Union effective May 1.

Upcoming ICUL Events

• May 16 – Mortgage Loan Originator Training
• May 23 – CEO & Executive Roundtable; New Credit Union Executive Orientation
• June 6 – Exploring Why™ Workshop (Part One)
• June 7 – ICUF “Be the Light” Golf Classic
• June 15 - A Comprehensive Credit Union Board Orientation Process
• August 15 - Exploring Why™ Workshop (Part Two)
• September 13-15 – Iowa Credit Union Convention
• October 12 – Human Resources Roundtable

View the full ICUL event calendar here.