President's Message
Let's Lean on Each Other to Grow and Thrive
I hope the start to summer finds everyone doing well! 

As we all work to navigate the challenges our economy is facing, I think one of the most powerful tools we can all benefit from is the power of mentorship. We have an incredible mix of people with a lot of experience as well as people who are brand new to the business. I encourage those who are new to the industry to reach out to some of our more experienced members and develop a relationship that can help them grow and sustain their business. Many of us have been through the ebbs and flows of our business and can provide valuable insight into how to survive and thrive in a higher rate environment.

On the flip side, those who have been in the industry a long time can benefit from the fresh perspective someone newer to our business can bring. Some of us have been doing this so long that we forgot what it took to grow our business from scratch. We can all learn something from each other and that is the beauty of the Iowa Mortgage Association. I have not yet run into someone who is not willing to help another person out when asked.
If there is someone who has gone out of their way to help you succeed in this business, make sure to nominate them for the IMA Mortgage Professional or IMA Affiliate of the year. The nomination deadline is Aug. 19, and they can be submitted on the IMA website.

Chuck Simmons
Motto Mortgage
Association Updates
Register Now for IMA Fall Conference
The Iowa Mortgage Association Fall Conference will be Oct. 18-19 at the West Des Moines Marriott. 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 goal setting, mortgage compliance, sharpening sales skills, housing programs and more. The event will kick off with a golf outing Oct. 17 at Legacy Golf Course in Norwalk.
Nominees Sought for Mortgage Pro of the Year
The Iowa Mortgage Association will award the Mortgage Professional of the Year and Affiliate of the Year Awards at the 2022 IMA Fall Conference on Oct. 18. The awards recognize a distinguished mortgage professional from a financial institution and an outstanding associate member/affiliate partner.

Nominees symbolize excellence in the following categories:
  • Represents themselves, their company and the industry with the highest standards of ethics and excellence
  • Demonstrates a continued commitment to community involvement
  • Has made a significant contribution to the mortgage industry
  • Is a member in good standing of the Iowa Mortgage Association 

The deadline to submit nominations is Aug. 19.
Industry News
Iowa Homeowner Assistance Funds Available
Assistance is available for eligible Iowa homebuyers through the Iowa Homeowner Assistance Fund Program. The program provides one-time assistance of up to $25,000 to eligible homeowners who have experienced a financial hardship due to COVID-19. Subsequent applications will not be accepted. More information, including applications and eligibility criteria, can be found at
Register Now for HousingIowa Conference
The Iowa Finance Authority will host the 2022 HousingIowa Conference, a celebration of the housing industry's leading role in Iowa's communities and economy, Sept. 7-9 at the Iowa Events Center in Des Moines. The conference will feature 4-time Olympian Chaunte’ Lowe who will speak about her journey from homelessness to becoming an Olympic athlete. The event will also feature updates on Iowa’s economic forecast, the latest in the housing market, innovation in housing development and more. The annual event will feature sessions on topics such as homeownership, housing development, leadership, Iowa Title Guaranty, rental and homelessness as well as the HousingIowa Awards and networking opportunities. Learn more or register.
Algorithms and Adverse Action Notices
The Consumer Financial Protection issued Consumer Financial Protection Circular (Circular 2022-03) related to a creditor’s responsibility to provide a statement of specific reasons for denial to applicants against whom adverse action is taken when credit decisions are based on complex algorithms. The CFPB acknowledges, some creditors make credit decisions based on certain complex algorithms that make it difficult, if not impossible, to accurately identify the specific reasons for denying credit or taking other adverse action. Nonetheless, the Circular confirms the adverse action notice requirements of Reg. B apply equally to all credit decisions, regardless of the technology used to make them. Therefore, creditors who use complex algorithms, including artificial intelligence or machine learning, in any aspect of their credit decision must still provide a notice that discloses the specific principal reasons for taking an adverse action.
2021 HMDA Data Now Available
The Federal Financial Institutions Examination Council (FFIEC) has made available 2021 data related to mortgage lending transactions reported under the Home Mortgage Disclosure Act by 4,338 U.S. financial institutions. The Snapshot National Loan-Level Dataset contains the national HMDA datasets as of May 1, 2022. Observations regarding the 2021 data may be found here.
The FFIEC also released several other data products:
Published by Iowa Mortgage Association.