As we get ready for the Iowa Mortgage Association Spring Conference, I wanted to highlight one of the most impactful benefits the IMA provides. The ability to create — and grow — a network of your peers that you can reach out to for anything you need is a vital part of your career development. I have been fortunate to make a number of connections throughout my career, and there is no question that most of these have been as a result of my affiliation with the IMA. Whether it is golf outings, boot camps, conferences or other social gatherings, my career has definitely benefited from the connections and friendships I have made. In the past year, I have been able to set up lending relationships with companies that were helped greatly by introductions that were made years ago at a golf outing. I have had colleagues reach out to me for advice on their careers. I have been able to help strengthen our IMA Board of Directors based on personal connections that I have grown over the years. But, as with anything, you get out of it what you put into it. 

If you have already signed up for the Spring Conference, I look forward to seeing you there. If you have not signed up yet, or are on the fence about whether to attend, I highly encourage you to come, and to bring some colleagues. Not only do we have a great lineup of speakers and a number of successes to celebrate, we also have the chance to invest in ourselves, and that is never a bad thing. I guarantee that if you make a concerted effort to grow your professional network, what you will receive is a never-ending return on your investment.

Chuck Simmons

The Iowa Mortgage Association will host its annual Spring Conference April 4-5 at the Hyatt Hotel in Coralville. This year’s event includes session on personal leadership and productivity, an economic update, and how to be a better mortgage loan officer. Also returning are the IMA loan production awards, an exhibit hall and much more.

The Iowa Mortgage Association will host a Mortgage Bootcamp April 19 at the Iowa Bankers headquarters in Johnston. Designed for those who work in the mortgage industry, this seminar will walk attendees through the mortgage loan cycle and everything they need to be stronger mortgage loan officers. This intense session will provide advanced knowledge of each step of the mortgage process and provide you with opportunities to learn from seasoned experts.

The Consumer Financial Protection Bureau released a four-page factsheet on calculating prepaid interest on “short-reset” adjustable-rate mortgages and step-rate loans (ARM loans for which the rate may adjust during the first five years of the loan term). The price-based General Qualified Mortgage definition contains a special rule for calculating annual percentage rates on such loans where the interest rate may or will change within five years of the first regular periodic payment due date. The factsheet explains how the rule applies to the calculation of prepaid interest. Read the factsheet.

Existing home sales rose 6.7% in January to a seasonally adjusted annual rate of 6.5 million, according to the National Association of Realtors. Sales fell year-over-year, down 2.3% from January 2021. First-time buyers were responsible for 27% of sales in January, down from 30% in December and down from 33% in January 2021. The total housing inventory in January was 860,000 units, down 2.3% from December’s inventory and down 16.5% from one year ago (1.03 million). The median home price was $350,300, up 15.4% from January 2021 ($303,600), as prices rose in every region. This marks 119 straight months of year-over-year gains. Learn more.