A Message From IMA President Tim Lamb
Association Updates
IMA Spring Webinars Continue Through April
The Iowa Mortgage Association's webinar series that replaced this year's annual Spring Conference kicked off this week with a seminar on 29 Tech Tools to Create Cool Online Content for Social Media. The IMA webinar series will continue through April 24 with three more seminars that have great information for mortgage lending professionals. The remaining schedule includes:
  • 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.
Hear From Mortgage Experts Every Thursday
Every Thursday, Iowa Mortgage Association President Scott Lamb interviews an industry expert on the IMA Facebook page. Each episode of Interviewing the Expert takes place at 9 a.m. live on Facebook. Past interviews can be viewed on the IMA Facebook page. When you visit, don't forget to like the IMA Facebook page so you can catch future updates. Visit the IMA Facebook page.
Industry News
CFPB Proposes Delaying QM Compliance Date
The Consumer Financial Protection Bureau issued a proposal on March 3 to delay the mandatory compliance date of the revised General QM Final Rule until Oct. 1, 2022 (nearly 15 months). Per the original publication of the final rule, the rule was effective March 1, 2021, with mandatory compliance by July 1, 2021. If such a proposed rule were finalized, creditors would be able to use either the current General QM loan definition or the revised General QM loan definition for applications received during the period from March 1, 2021, until the delayed mandatory compliance date. Furthermore, the Temporary GSE QM loan definition will remain in effect until the new revised General QM mandatory compliance date, or the exit of the GSEs from conservatorship — whichever occurs first.
The CFPB indicated it is proposing to delay the mandatory compliance date of the General QM Final Rule to help ensure access to responsible, affordable mortgage credit and to preserve flexibility for consumers, particularly those affected by the COVID-19 pandemic. This proposal would not make other changes to the General QM loan definition. The CFPB plans to evaluate the General QM Final Rule’s amendments to the General QM loan definition and will consider at a later date whether to initiate another rulemaking to reconsider other aspects of the General QM Final Rule. The comment period ends April 5, 2021. Read the Proposal.
HUD Prohibits Sexual Orientation Discrimination
On Feb. 11, 2021, the U.S. Department of Housing and Urban Development issued a memorandum in response to an executive order from President Joe Biden, titled Preventing and Combating Discrimination on the Basis of Gender Identity or Sexual Orientation. The executive order addressed the Supreme Court’s recent decision in Bostock v Clayton County, which held that the prohibitions against sex discrimination in the workplace contained in Title VII of the Civil Rights Act of 1964 extend to and include discrimination on the basis of sexual orientation and gender identity. Relying on this landmark decision, the executive order directs every federal agency to assess all agency actions taken under federal statutes that prohibit sex discrimination and to fully enforce those statutes to combat discrimination based on sexual orientation and gender identity.
HUD’s Office of General Counsel has concluded that the Fair Housing Act’s sex discrimination provisions are comparable to those of Title VII and that they likewise prohibit discrimination because of sexual orientation and gender identity. HUD’s Office of Fair Housing and Equal Opportunity will take action to administer and fully enforce the Fair Housing Act to prohibit discrimination because of sexual orientation and gender identity. Effective immediately, FHEO will accept for filing and investigate all complaints of sex discrimination, including discrimination because of gender identity or sexual orientation, that meet other jurisdictional requirements. Where reasonable cause exists to believe that discrimination because of sexual orientation or gender identity has occurred, FHEO will refer a determination of cause for charge by HUD’s Office of General Counsel. 
Fannie, Freddie Mandate Use of Revised URLA
Government-sponsored enterprises Fannie Mae and Freddie Mac are mandating the use of the redesigned Uniform Residential Loan Application for applications received on or after March 1, 2021. The GSEs fully expect that new loan applications started on or after March 1 will be submitted using the redesigned form and DU MISMO v3.4/LPA v5.0.06 file formats. To accommodate those loans that started in the legacy format prior to March 1, but were not submitted by March 1, the GSE automated underwriting systems will not return an “Out of Scope” for Fannie Mae or “critical edit” for Freddie Mac on new loans submitted in the legacy format until May 1, 2021. However, effective May 1, 2021, any new loan submitted using legacy formats will no longer be accepted. Learn more.
Published by Iowa Mortgage Association