A Message From IMA President Tim Lamb
Association Updates
Join In — Renew Your IMA Membership
As the new year approaches, it’s time to renew your Iowa Mortgage Association membership. By addressing current issues in government relations, public relations, professional development and more, the IMA connects the mortgage community through education and resources to promote homeownership. Please join the IMA for another successful year by renewing your membership today. Through membership in the IMA, you will receive:
  • Monthly updates through IMA Prime Times.
  • Discounts on registration fees on all IMA programs including the Annual Convention and Spring Conference.
  • Legislative efforts to strengthen the industry.
  • Industry information and association updates via the IMA website.

Membership renewals were emailed to the company main contact in early December. You can also renew your membership on the IMA website.
Industry News
FHFA Announces New Loan Limits for 2021
The Federal Housing Finance Agency will raise the maximum conforming loan limits for mortgages Fannie Mae and Freddie Mac purchase in 2021 from $510,400 to $548,250. This marks the fifth time the Federal Housing Finance Agency has increased the baseline loan limit since 2006. In high-cost areas, such as Los Angeles, New York, San Francisco and Washington, D.C., the maximum loan limit will be $822,375, which is 150% of the nationwide conforming loan limit. Read the FHFA’s announcement.
FHFA Extends Foreclosure, Eviction Moratoriums
On Dec. 2nd the Federal Housing Finance Agency (FHFA) announced that Fannie Mae and Freddie Mac (the Enterprises) will extend the moratoriums on single-family foreclosures and real estate owned (REO) evictions until at least January 31, 2021. The foreclosure moratorium applies to Enterprise-backed, single-family mortgages only. The current moratorium was expected to expire on Dec. 31, 2020. Read FHFA’s announcement.
CFPB Updates HMDA Filing Instructions Guide
The Consumer Financial Protection Bureau has issued an update to the Home Mortgage Disclosure Act Filing Instructions Guide for data collected in 2021. The latest updates to the 2021 guide reclassified two macroquality edits as quality edits and updated Automated Underwriting System values. The guide is a technical resource to help banks file HMDA data collected in 2021 and reported in 2022. Access the guide.
NMLS Renewal Period Ends Dec. 31
The Nationwide Mortgage Licensing System and Registry’s (NMLSR) 2020 renewal period ends Dec. 31. All Mortgage Loan Originators (MLOs), as defined in Regulation G, 12 CFR 1007, who are registered with the NMLSR are required to complete the annual registration renewal prior to Dec. 31 each year. Learn more about the NMLS registration renewal process.
Published by Iowa Mortgage Association