A Message From IMA President Tim Lamb
Association Updates
Register Now for IMA Fall Conference
The Iowa Mortgage Association Fall Conference will return Oct. 12-13 at Prairie Meadows Event Center in Altoona. Attendees will have the opportunity to network with peers, explore products and services available in the exhibit hall, and gain perspective from educational speakers. Sessions include navigating the new world of mortgage lending, how to be a top producer, mortgage compliance, persuasive communication and more. The event will kick off with a fall golf outing Oct. 11 at Copper Creek Golf Course in Pleasant Hill.

Note: Per CDC guidelines, Prairie Meadows will require all guests and employees to wear a face covering effective Aug. 1. View Prairie Meadows' health and safety guidelines.
Presidents Club and Winners Circle Loan Awards
The Iowa Mortgage Association will present the Winner’s Circle and President’s Club awards at the IMA Fall Conference on Oct. 12. As an ongoing recognition program, the awards recognize outstanding mortgage loan production for 2020. Entries must be submitted with the online entry form by Sept. 9. Recognition levels and additional awards include:
  • Top Producers (minimum loan origination eligibility is $18 million or 120 units of residential loan volume in 2020 for Winner’s Circle and $25 million or 180 units of residential loan volume in 2020 for President’s Club.)
  • Five top producers by purchase volume
  • Top total volume production from lender at a bank, credit union and mortgage company. 
Industry News
HousingIowa Conference Is Sept. 7-8
The 2021 HousingIowa Conference, "Housing at the Crossroads." will be Sept. 7-8 in Cedar Rapids. The conference will host conversations on how housing can lead Iowa’s rapid economic recovery and growth for families and communities alike. Attendees will be invited to participate in national trainings and diverse sessions with a focus on timely topics, the very latest on new state and federal resources, how we can all tell the story of the need for housing in Iowa, and much more.
HUD Proposes Reinstating Disparate Impact Rule
The Department of Housing and Urban Development has proposed to recodify its 2013 discriminatory effects rule. If finalized, it would overturn HUD’s September 2020 final rule that recognized disparate impact analysis to demonstrate discrimination claims under the FHA but added key limitations to ensure the burden of proof in disparate impact cases is with the plaintiffs. The 2020 final rule never took effect because a Massachusetts federal district court judge stayed the rule pending consideration of consumer advocates’ challenge to the rule as arbitrary and capricious.

Under the 2013 rule that HUD proposes to recodify, the burden shifts back to the defendant to prove that its policy or practice is necessary to achieve a substantial, legitimate, nondiscriminatory interest, if the plaintiff first proves that the policy or practice caused or predictably will cause a disparate impact on a protected group. Comments are due Aug. 26, 2021. Read HUD’s proposal.
FEMA Risk Rating 2.0 Effective Oct. 1
The Federal Emergency Management Agency is updating the risk rating methodology for the National Flood Insurance Program through the implementation of a new pricing approach called Risk Rating 2.0. The methodology leverages industry best practices and new technology to enable FEMA to deliver rates that are actuarially sound, equitable, easier to understand and better reflect a property’s flood risk. FEMA estimates approximately 23% of policyholders will see premium decreases under Risk Rating 2.0, while an additional 66% will see an increase less than $10 per month on average. As a point of comparison, under the current rating methodology, FEMA estimates every year at renewal, ALL policyholders incur premium increases of $8 per month on average.
Risk Rating 2.0 implementation will be phased in. As of Aug. 1, current NFIP policyholders were able to contact their insurance company or insurance agent to learn more about how Risk Rating 2.0 would impact their premiums. New policies beginning Oct. 1, 2021, will be subject to the new rating methodology. Also beginning Oct. 1, existing policyholders eligible for renewal will be able to take advantage of immediate decreases in their premiums. All remaining policies renewing on or after April 1, 2022, will be subject to the new rating methodology. Learn more.
CFBP Updates Small Entity Compliance Guide
The Consumer Financial Protection Bureau has released an updated version of the Mortgage Servicing Small Entity Compliance Guide. Changes to the document incorporate the guidance on the 2021 Mortgage Servicing COVID-19 final rule and the 2020 Mortgage Servicing COVID-19 interim final rule.
CFPB Issues Juneteenth Interpretive Rule
On Aug. 5, the Consumer Financial Protection Bureau released an interpretive rule to provide guidance on certain Regulation Z timing requirements related to rescission of closed-end mortgages and the TILA-RESPA Integrated Disclosures (TRID). These timing requirements are based on a definition of “business day” that excludes days that are designated as legal public holidays under Federal law. The interpretive rule explains these timing requirements in light of recent legislation that designated “Juneteenth National Independence Day, June 19” (Juneteenth) as a Federal legal public holiday. It clarifies that, if the relevant closed-end rescission or TRID time period began on or before June 17, 2021, then June 19, 2021 was considered a business day, but nothing prohibits creditors from providing longer time periods. Therefore, it would also be compliant for creditors to have considered June 19, 2021 a Federal holiday for purposes of these provisions. Read the Interpretive Rule.
Published by Iowa Mortgage Association