President’s Message

As summer draws to a close and the school year begins, our role as mortgage professionals takes on a renewed importance. Families are adjusting to new routines including school drop-offs, extracurricular schedules, and often the financial strains that come with this season. For many, it’s also a time of reevaluating housing needs, whether that’s finding a home closer to school, downsizing to better manage expenses or pursuing renovations to create spaces that fit their evolving lifestyle.

This is our opportunity to be more than loan originators. We can be trusted advisors and help families navigate affordability concerns, educate them on financing options, and provide clarity in a market that still feels uncertain to many. The conversations we start now can build relationships that last far beyond this season.

From a broader economic perspective, signs are pointing toward a potential interest rate cut by the Federal Reserve in September, likely at least 25 basis points. This expectation is supported by several key market indicators, including a weakening job market with softer employment data, tepid inflation readings that suggest price pressures are easing, and rising concerns about slowing economic growth. While nothing is guaranteed, these signals are strong enough that we should be prepared to advise clients on the potential impact — whether it’s an opportunity to refinance, expand their home search, or move forward on a purchase they’ve been delaying.

As we head into fall, let’s continue to serve with diligence, empathy and expertise. Our ability to combine market knowledge with genuine care for the families we serve will define our success not just in transactions closed, but in trust earned, which is the true currency of our profession.

Thank you for the work you do every day to strengthen communities across Iowa.

Association Updates

Join fellow mortgage professionals this fall for the IMA Fall Conference on Oct. 15-16 in West Des Moines. This annual event offers valuable networking opportunities, timely sessions, and insights you can put into action right away.

Register and join your mortgage peers for sessions that include:

• Big picture economic updates
• Insights into artificial intelligence and mortgage lending
• Takeaways to elevate your business
• Fun and informal networking events 

Register now and make the most of this premier industry event.

Help grow the next generation of mortgage leaders through the IMA Conference Crasher program. This initiative gives new professionals free access to the IMA Fall Conference, along with valuable networking opportunities. Managers are encouraged to nominate team members who have been in the mortgage industry for less than three years, have not previously attended an IMA conference, and show strong potential to become future leaders. Let’s support and recognize rising stars in the industry. Applications are due by Sept. 12. Nominate a rising star.

Industry News

On July 11, the Federal Housing Finance Agency (FHFA) announced Fannie Mae and Freddie Mac are making historical VantageScore 4.0 credit scores available to approved users to support the transition to updated credit score and credit report requirements.

The historical credit scores for each enterprise — Fannie Mae and Freddie Mac — are associated with single-family loans purchased by that respective enterprise from April 2013 to March 2023. These scores will provide market participants with the ability to better analyze and understand the new credit score models that have been validated and approved for use by the enterprises. The historical credit scores are available for download at the enterprises’ respective websites. Read more.

The FHFA also published FAQs on this change.

The U.S. Department of Housing and Urban Development (HUD) announced the Federal Housing Administration (FHA) is rescinding more than 12 sub-regulatory policies under its Single-Family mortgage insurance program. It’s important to note these guidance documents — and their recission — apply only to FHA-insured loans, not all loans sold to Fannie Mae or Freddie Mac. According to HUD’s press release, these changes aim to “cut red tape, help reduce the cost of homeownership, and eliminate financial and regulatory burdens.” The rescissions span the loan origination process from the point of mortgage application submission through FHA’s issuance of an insurance endorsement on the mortgage. Read the full announcement.