A Message From IMA President Tim Lamb
Association Updates
IMA Spring Webinars Set for March
While there will be no Iowa Mortgage Association Spring Conference this year, the IMA will offer a series of webinars with great information for mortgage lending professionals. The schedule includes:
  • March 10 29 Tech Tools to Create Cool Online Content for Social Media webinar
  • March 24 Blueprint for Success Business Planning webinar
  • April 8 3 Near and Clear Ways to Grow Your Business Using A CRM webinar
  • April 24 How to Keep Marketing and Producing in Tough Times

All webinars will last one hour and begin at 10 a.m. They will also be recorded for later replay. Learn more or register.
Free Webinar With MBA Chief Economist
Michael Fratantoni headshot
The Iowa Mortgage Association will host a free member roundtable webinar to hear an update from Mortgage Bankers Association Chief Economist Michael Fratantoni (pictured). Fratantoni is responsible for overseeing the MBA's industry surveys and benchmarking studies, economic and mortgage originations forecasts, industry technology efforts, and policy development research for both single-family and commercial/multifamily markets. He will share his thoughts on the economic recovery, the real estate finance industry and his thoughts about the upcoming administration. Register for the webinar.
Industry News
Final General QM Rule Issued
The Consumer Financial Protection issued its general QM final rule, revising the definition and criteria of a general qualified mortgage. The final rule removes the current requirement that the consumer’s debt-to-income ratio not exceed 43% and replaces it with a limit based on the loan’s pricing. Under the general QM final rule, a loan receives a conclusive presumption that the consumer had the ability to repay if the loan’s APR does not exceed the average prime offer rate for a comparable transaction by 1.5% or more as of the date the interest rate is set. A loan receives a rebuttable presumption that the consumer had the ability to repay if the loan’s APR exceeds the APOR for a comparable transaction by 1.5% or more but by less than 2.25%. The final rule provides higher pricing thresholds for loans with smaller loan amounts, for certain manufactured housing loans, and for subordinate-lien transactions.

The final rule retains the General QM loan definition’s existing product features (i.e. no balloon or interest-only payment features) underwriting requirements, and limits on points and fees. While the rule removes the requirement to use Appendix Q, measures to calculate income and debit, it does require creditors to consider a consumer’s DTI ratio or residual income, verified income or assets other than the value of the dwelling, and verified debts in making its repayment determination and provides compliance safe harbors methods for doing so. The final general QM rule becomes effective July 1, 2021, at which time the GSE QM provisions will expire (unless the GSEs exit conservatorship prior to July 1).
FHFA 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 announcement marks the fifth time the FHFA 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 announcement.
HMDA Filing Guide Update
The Consumer Financial Protection Bureau issued an update to the Home Mortgage Disclosure Act Filing Instructions Guide for data collected in 2021. The latest updates reclassified two macro quality 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.
Published by Iowa Mortgage Association