President’s Message

As we enter the second quarter, the Iowa mortgage landscape is showing obvious signs of a seasonal surge. The spring purchase market is intensifying, supported by a gradual increase in inventory. This momentum was palpable at our recent IMA Spring Conference, which hosted more than 125 industry professionals. The association extends its gratitude to our distinguished speakers for their time and insights at this year’s spring conference. From relationship-building strategies to market trends and industry updates, each session delivered timely perspective for today’s mortgage professionals. More on our speakers and their sessions is included below. Thank you to all our vendors and sponsors who helped make our conference magnificent.



While statewide home prices in Iowa saw a 3.5% year-over-year increase as of January 2026, localized data reveals significant appreciation in key metropolitan areas. Notably, Marion and Ames continue to lead the state in sales price growth.

Below is a list of the top 10 growth markets by sales price.

1. Marion: 24.2%
2. Ames: 21.4%
3. Altoona: 14.5%
4. West Des Moines: 13.9%
5. Council Bluffs: 12.5%
6. Waukee: 10.6%
7. Sioux City: 10.3%
8. Davenport: 7.3%
9. Dubuque: 4.7%
10. Ankeny: 1.6%

Current inventory levels have risen 2.1%, providing much-needed options for borrowers, even as the total number of homes sold decreased 6.1%. For professionals advising first-time buyers, Cedar Rapids continues to represent a high-value opportunity, with an overall cost of living 10% below the national average.

The trigger leads legislation is now being implemented, which is a huge win for our industry. Additionally, the IMA draws your immediate attention to Fannie Mae Lender Letter LL-2026-03, which details significant modifications to condominium project review requirements. These updates carry important implications for homeowners, associations and the mortgage professionals who serve them.

Effective Aug. 3, the “limited review” process will be discontinued, and all future transactions will require a full review. In addition, minimum reserve funding requirements will increase from 10% to 15% of annual budgets.

There is concern that many existing projects may become ineligible for conventional financing under the updated guidelines. Members are encouraged to engage in advocacy efforts through the Mortgage Bankers Association and the National Association of Mortgage Brokers to address these challenges ahead of the implementation date.

In related news, Fannie Mae has announced a relaxed policy regarding homeowner insurance requirements, offering potential relief to borrowers navigating rising insurance costs.

Association Updates

Thank you to everyone who attended the IMA Spring Conference. This year, more than 125 mortgage professionals took part in the event, which kicked off Tuesday evening with a reception featuring ’90s-themed attire.

The conference opened with Stacia Skinner of Creative Training Solutions, Ltd., who led a session on relationship selling and shared practical strategies to strengthen connections and drive consistent growth. Les Sulgrove of the Iowa Association of Realtors, known as “the stat guy,” provided an overview of Iowa real estate market trends. Jeff Platfoot of MGIC walked through upcoming changes to appraisal forms and the Uniform Appraisal Dataset 3.6, which will take effect Nov. 3.

The closing speaker was former NFL player Ray McElroy, who encouraged attendees to pursue personal growth and push past barriers. He shared insights from his journey to the NFL and lessons on leading an extraordinary life.

More than 100 mortgage loan officers were recognized for their outstanding loan production in 2025. IMA President’s Club and Winner’s Circle award recipients honorees are available on the IMA website.

Pictured above: IMA President Terry Gearhart delivered opening remarks at the conference.

Pictured below, from left: Megan Severson, Essent Guaranty, Inc.; Casey Purcell, Kind Lending; Terry Gearhart, Neighborhood Finance; Kathy Heggebo, Heartland Credit Restoration, Inc.; Jay Borbeck, Credit Bureau Mortgage Services, Inc.; Jason Hutchinson, American Bank & Trust; Jared Mueller, Halo Capital; and John Miller, Credit Bureau Mortgage Services.

Special thanks to IMA Spring Conference exhibitors and sponsors!

Industry News

The U.S. Federal Housing Finance Agency (FHFA) announced changes to the Fannie Mae and Freddie Mac homeowners’ insurance requirements. Among other changes, Fannie Mae and Freddie Mac rescinded the 2024 requirement that lenders and servicers provide replacement cost value. Now, FHFA’s policy only requires lenders and servicers to ensure the insurance policy provides coverage on a replacement cost basis. These updates also remove the requirement for roofs to be insured on a replacement cost basis. Actual cash value policies are now acceptable for roofs. For a full list of changes, review the Fannie Mae Lender Letter (LL-2026-03) and Freddie Mac Guide Bulletin 2026-C. If you have any questions related to these changes, please reach out to your investor. 

The White House recently released two executive orders (EO) urging federal regulators to roll back some regulatory restrictions with the intent of expanding access to mortgages and new housing construction. The first order, “Promoting Access to Mortgage Credit,” directs the Consumer Financial Protection Bureau (CFPB) to consider making changes to its Truth in Lending Act enforcement and its regulation of mortgage lending and servicing. Ability-to-Repay/Qualified Mortgage rules and Home Mortgage Disclosure Act were among the topics addressed. Under the second EO, “Removing Regulatory Barriers to Affordable Home Construction,” agencies such as the U.S. Department of Housing and Urban Development and the Federal Housing Finance Agency were directed to consider various channels of addressing constraints on residential development.

As a reminder, executive orders do not act as final rules and generally do not create any immediate changes for banks. These orders are directing the named agencies to consider making certain changes. If you have questions on how these orders or potential changes may affect your institution, please reach out to the CFPB. 

The Office of the Comptroller of the Currency (OCC) recently issued a final rule rescinding 12 CFR 27, “Fair Housing Home Loan Data System.” This rule was determined to be “duplicative of and inconsistent with” other legal requirements national banks are subject to regarding collection and retention of certain information on applications for home loans. This rule and its recission only apply to national banks and their subsidiaries. Impacted banks may be able to reduce regulatory burden within their lending process. Read the OCC Bulletin 2026-5.

For additional questions, please reach out to the contact included in the bulletin.