President's Message
The Times They Are A-Changin’
It is hard to believe this is my 12th and final message. I have been truly blessed to help do a small part in leading this tremendous organization. I looked back at my prior messages and there have been some consistent themes this past year volatility, networking and setting yourself apart from your competition just to name a few. I purposely came back to these themes because I have been fortunate to have been through markets like this before and have survived (and even thrived in many cases) once we made it to the other side. 

Getting to the other side will be scary for some but those who can successfully navigate it will reap the rewards as soon as the market turns again. For now, we need to focus on building and maintaining relationships and being prepared for the inevitable drop in rates and gain in market momentum. The more you can do now to streamline your processes (whether that be sales or operations), the bigger the payoff will be when your pipelines are full once more.
I want to thank the IMA board of directors and the executive board for the countless hours spent helping move the mission of the Iowa Mortgage Association forward. And a special thanks to Darcy Burnett for her invaluable contribution to our association. I look forward to the leadership Jennifer Coyle will bring as IMA president in 2023. I know we are in great hands.

Chuck Simmons
Motto Mortgage
Association Updates
IMA Elects New Leadership
The Iowa Mortgage Association recently elected officers and directors to serve on its 2022-23 board of directors. These leaders assumed their roles during the IMA Fall Live event on Tuesday.

Officers for the IMA executive committee include:
  • Jennifer Coyle, Flat Branch Home Loans in Council Bluffs, president (pictured with outgoing IMA president Chuck Simmons)
  • Jo Van Patten, Northwest Bank, Arnolds Park, president-elect
  • Tom Schulte, Community 1st Credit Union, Cedar Rapids, vice president
  • Travis Eagle, Ohnward Bank, Marion secretary/treasurer
  • Chuck Simmons, Motto Mortgage in West Des Moines, past president

Officers were nominated and approved by IMA member organizations from across the state. The IMA executive committee leads the board of directors, which is responsible for setting policy and overseeing the general operation of the IMA.

Also serving on the 2022-23 IMA board of directors are:
  • Nick Campos, National MI, Waukee
  • Todd Carlson, Federal Home Loan Bank of Des Moines
  • Derek Carter, Community 1st Credit Union, Centerville
  • Jeff Croskey, U.S. Bank, Des Moines
  • Meggan Jensen, American National Bank, Council Bluffs
  • John Miller, CBMC, Muscatine
  • Terry Gearhart, Neighborhood Finance Corp.
  • Val Reason, Iowa Finance Authority, Des Moines
  • Chuck Sorensen, American Bank & Trust, NA, Davenport.
  • Nicholle Thovson, Availa Bank, Carroll
Thank You for Attending the IMA Fall Conference
Thanks to everyone who attending the conference this year. With a year of no events, everyone was grateful for the opportunity to meet again. Many thanks to the sponsors who helped make this event possible.
IMA Fall Conference Sponsors
IMA Presents Two Awards at Conference
The Iowa Mortgage Association recognized two mortgage professionals at its Fall Conference with the Mortgage Professional of the Year and Affiliate of the Year Awards. IMA recognized these individuals for displaying the highest standards of ethics and excellence and their contributions to the mortgage industry.

Yvonne Silvers (above left, pictured with outgoing IMA president Chuck Simmons) from Bankers Trust was recognized as the mortgage professional of the year. According to her nomination, Silvers “is truly the Wonder Woman of the mortgage industry. How she accomplishes the production she does, while making sure her clients have a wonderful experience, is inspiring and hard to imagine for most." She helps hundreds of clients annually reach the dream of homeownership, and she does it with grace and compassion for all of her clients. She has been helping clients achieve their dreams for over 30 years.

David Horak (above right, pictured with outgoing IMA president Chuck Simmons) from MGIC received the mortgage affiliate professional of the year award. As a part of the mortgage industry, David has been a tremendous resource for countless loan originators, operations staff, managers, and financial institutions. He works tirelessly on behalf of his customers and the industry as a whole. He is also a strong advocate for the Iowa Mortgage Association. As a past president of the IMA, he helped create the Mortgage Bootcamp, which helps train those newer to our industry on how to be more successful and turn their job into a career.
Industry News
IFA Names 23 as Preferred Lenders
The Iowa Finance Authority recently announced that a total of 23 lenders have earned IFA’s 2022 Preferred Lender designation. IFA Preferred Lenders serve as ambassadors for Iowa homebuyers seeking assistance with the homeownership process and are trained in IFA mortgage, down payment and closing costs assistance programs.
All IFA Participating Lenders serve as a trusted resource for homebuyers in their area. IFA Preferred Lenders have received additional in-depth training and have committed to meeting various requirements including assisting a minimum number of homebuyers through IFA programs each year.

Iowa lenders in good standing with IFA and that meet certain eligibility requirements were eligible to attend the annual Preferred Lender training at the annual HousingIowa Conference in September. View the list of 2022 Preferred Lenders.
Over 100 Partner With IFA on Assistance Fund
The Iowa Finance Authority recently announced that assistance is available for eligible homeowners at-risk of foreclosure through the Iowa Homeowner Assistance Fund. The assistance is being offered to Iowa homeowners in partnership with more than 100 mortgage servicers who have signed on to participate in the program to date. 

The program may provide one-time assistance of up to $25,000 per household to assist eligible homeowners with past due mortgage and related expenses. Lenders are invited to participate in a webinar at 10 a.m. on Nov. 1 to learn more about the program and how they may promote it. Register for the webinar.
Court Overturns HMDA Reporting Threshold
A federal district court for the District of Columbia recently vacated a portion of the Consumer Financial Protection Bureau’s 2020 HMDA rule that increased the closed-end reporting threshold from 25 to 100 originations in each of the two prior years. The court concluded that while the change did not exceed the CFPB’s statutory authority, the “CFPB failed adequately to explain or support its rationales for adoption of the closed-end reporting thresholds under the 2020 Rule, rendering this aspect of the rule arbitrary and capricious.”

The CFPB has not issued a public statement regarding whether it plans to appeal the ruling. There is concern among smaller HMDA reporters who were exempted from HMDA reporting under the 2020 rule, that the current leadership of the CFPB would favor the reduction of the closed-end loan reporting threshold back to the 25 originated loan threshold set by the original rule. If the CFPB does not appeal the ruling, it will need to determine how to re-implement the 25 closed-end loan threshold. A potential approach that the CFPB may take is to re-implement the 25 closed-end loan threshold for the 2023 reporting year, with institutions that originated at least 25 covered closed-end mortgage loans in both 2021 and 2022 being subject to HMDA requirements for closed-end loans for the 2023 reporting year. Again, at this point the CFPB has NOT issued a public statement on the matter but institutions that originated more than 25 covered, closed-end transactions in both 2021 and 2022 are advised to monitor the CFPB’s activity on this matter. 
CFPB Focuses on Appraisal Reconsideration
In a recent blog the Consumer Financial Protection Bureau warned mortgage lenders that “[l]enders that fail to have a clear and consistent method to ensure that borrowers can seek a reconsideration of value risk violating federal law.” In the blog, the CFPB states, “Accurate appraisals are essential to the integrity of mortgage lending. Overvaluation can decrease affordability, make it harder to sell a home or refinance, and increase the risk of foreclosure. Undervaluation can prevent a homeowner from accessing accumulated equity, whether through sale or a home equity loan. Both over- and under-valuation keep individuals, families and neighborhoods from building wealth through homeownership.”

The CFPB then states that responsible lenders will provide borrowers with “clear, actionable information about how to raise concerns about the accuracy of an appraisal.” The CFPB adds that a “lender’s reconsideration of value process must ensure that all borrowers have an opportunity to explain why they believe that a valuation is inaccurate and the benefit of a reconsideration to determine whether an adjustment is appropriate. While an individual lender’s reconsideration of valuation process may vary, lenders must make sure that their reconsideration of value process is nondiscriminatory and available and accessible to all.”
It is important to note the CFPB has not engaged in formal rulemaking to mandate lenders adopt policies and procedures for appraisal reconsiderations. This latest blog, however, is evidence of the regulatory focus on identifying and preventing appraisal discrimination. 
Published by Iowa Mortgage Association.