President's Message
Reflection and Thanks
I want to thank all the Iowa Mortgage Association members, exhibitors and sponsors who attended the IMA Fall Conference along with Darcy Burnett for organizing another successful event. I look forward to the conference each year and enjoy reconnecting with friends and colleagues, meeting new people, and gaining at least one nugget of information from the speakers that I can implement in my business. I am never disappointed! 
As the year is winding down and most people are feeling beat up due to the volatility in the market, I want to start my first President’s Message by acknowledging this struggle but looking to the future — positively.
The best time to invest in yourself is now. We need to go back to the basics hit the streets, pick up the phone, reach out to our realtor partners to collaborate and nurture the clients that have already done business with us. Love on them and ask for referrals. 
I feel blessed to be part of an organization that has so many amazing, humble, knowledgeable and successful people who are willing to collaborate with colleagues on ideas, suggestions and skills that have helped each become leaders of our trade. It is a time to lean on one another, and we will get through this. It is only a point in time; we will weather the storm and come out stronger on the other side.
I am looking forward to the coming year with the amazing board of directors and executive leadership team to increase membership and engage more of the current members across the state. As I had mentioned in my speech, our numbers on the western side of the state are low, and I would love everyone’s assistance to spread the message and get more companies and individuals involved. 
Have a safe and happy Thanksgiving season!

Jen Coyle
First Branch Home Loans
Association Updates
Membership Renewal Time: Watch Your Email
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. Through membership in the IMA, you will receive:
  • Monthly updates through IMA Prime Times.
  • Discounts on program registration fees on all IMA programs including the annual spring and fall conferences.
  • Legislative efforts to strengthen the industry.
  • Industry information and association updates via the IMA website.
Membership renewals will be sent via email to the IMA main contact in early December. Contact Darcy Burnett to receive a renewal invoice now.
Industry News
Credit Score and Credit Report Changes
The Federal Housing Finance Agency recently announced two important changes to Fannie Mae and Freddie Mac credit decision processes. The upcoming changes include:
  • Transitioning to FICO 10T and VantageScore 4.0 credit score models for GSE underwriting use. When fully implemented, Fannie and Freddie will require both a FICO 10T and VantageScore 4.0 credit score instead of the traditional FICO score. This change is expected to increase the accuracy of borrower’s credit scores, allow more equitable and inclusive access to mortgage credit by increasing the variety of credit history sources (i.e. utility and cell phone payments) and increase the soundness of the housing market.
  • Requiring only two consumer reporting agency credit reports in the future, instead of the current requirement for three credit reports — Equifax, Experian and TransUnion. 

The transition timeline to these new requirements is not immediate and may take multiple years.
IDOB Guidance on Remote Loan Officers
The Iowa Division of Banking published guidance for state-chartered banks regarding hiring or transitioning to fully remote positions, particularly loan officers and executive officers. The guidance provides several matters that should be taken into consideration when a board considers hiring remote staff, including the impact on a bank’s overall strategic plan, updating loan policy and regulatory considerations, including Community Reinvestment Act assessment areas, BSA compliance and, of course, information security. Read the remote employee guidance
Published by Iowa Mortgage Association.