President's Message
My Favorite Time of the Year
This is my favorite time of the year. From a personal standpoint, I love the holidays and traditions and the extra time we take to spend with family and friends making lasting memories. From a professional standpoint, I love being able to celebrate the successes that happened over the past year and reflect on things I did not accomplish yet. I don’t look at unfulfilled goals as failures; I look at them as opportunities to improve. Now is the best time of the year to do this. Setting goals, whether personally or professionally, is key to growth. Stepping out of your comfort zone and striving to get better can only yield positive results, even if takes longer than you hoped to accomplish a goal.

At the IMA Fall Conference, Dr. Cindra Kamphoff, a sports psychologist, told a story of one of her most famous clients — Adam Thielen of the Minnesota Vikings. The Vikings were in a tight game, and Adam had just dropped a crucial pass which put the Vikings in a bad spot. The cameras caught him on the sideline making a motion similar to flushing a toilet. The next series, Adam went out and scored the winning touchdown. After the game, a reporter asked him about that motion and he credited Kamphoff for teaching him to flush out the bad and focus on the good. In his mind, he did not fail when he dropped the pass. He just had not accomplished his goal yet. He made the necessary adjustments until he succeeded.
My challenge to you this year is to not give up on your goals, even if you stumble. Call that top Realtor you want to work with, take the vacation you have been dreaming of, ask for that raise you feel you deserve. Whatever it is, keep working to make it happen. Once it happens, enjoy it and set your goals even higher.
I wish you all health and happiness over the Holidays. Here’s to an amazing 2022!

Chuck Simmons
Motto Mortgage
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 by contacting IMA’s Darcy Burnett.
Mark Your Calendar for 2002 IMA events
As you begin to fill out your 2022 calendars, don't forget to mark the dates for the IMA's upcoming conferences. Additional details are available on the IMA website.
  • IMA Spring Conference April 5 at the Hyatt Hotel in Coralville
  • IMA Fall Golf Outing Oct. 17 at Legacy Golf Course in Norwalk
  • IMA Fall Conference Oct. 18-19 at the West Des Moines Marriott Hotel

Watch the IMA Event Calendar for more 2022 events.
Industry News
2022 Regulatory Threshold Adjustments
Financial regulators have adjusted several remaining regulatory thresholds, all of which become effective Jan. 1, 2022.
  • The dollar threshold at which higher-priced mortgages become subject to special appraisal requirements will increase from $27,200 to $28,500 in 2022. Learn more.
  • The threshold under which consumer credit and lease transactions under Regulation Z (Truth in Lending Act) and Regulation M (Consumer Leasing Act) are exempt will increase from $58,300 to $61,000 in 2022. See the Nov. 30, 2021 Federal Register for the Reg. Z adjustment and the Reg. M adjustment.

The Federal Housing Finance Agency increased the nonconforming loan limits for Fannie Mae and Freddie Mac to $647,200 as of Jan. 1, 2022, an increase of nearly $100,000 from 2021’s previous record high. While 95% of U.S. counties will be subject to the new baseline limit of $647,200, nearly 100 counties considered “high cost” living areas will have conforming loan limits of $970,800. 

The FHA has provided a list of list of 2022 conforming loan limits for all counties and county-equivalent areas in the U.S.

View additional regulatory adjustments in the November IMA Prime Times.
Dec. 31 Deadline for NMLS Renewal Draws Near
Mortgage loan originators are reminded to renew their registry with the Nationwide Mortgage Licensing Registry by Dec. 31, 2021. Persons who fail to renew their NMLS registration are prohibited by federal law from acting in the capacity of a MLO after Jan. 1, 2022, until their registration is renewed. MLOs who are employed by federally regulated financial institutions must renew their annual registration. MLOs who are not employed by federally regulated financial institutions are also subject to state licensing requirements in addition to the NMLS registration requirement. Learn more.
Published by Iowa Mortgage Association.