President’s Message

Happy New Year! As we embark on 2025, I am thrilled to share the IMA’s resolutions and vision for the year ahead. At the heart of the IMA’s mission remains the commitment to empowering our members with opportunities for growth, connection and success.

This year, the IMA is committed to prioritizing the following initiatives:

• Relevant educational opportunities — We understand knowledge is power in our ever-evolving industry. This year, the IMA will deliver timely and relevant educational content to help our members navigate challenges, embrace innovation, and maintain a competitive edge.
• Exceptional speakers at conferences — The IMA spring and fall conferences will continue to feature outstanding speakers who inspire and inform. We are dedicated to curating sessions that provide valuable insights and actionable takeaways for all professionals.
• Regional education and networking — Recognizing the need to better serve members in underserved regions, the IMA is launching a new initiative to bring education and networking opportunities closer to home. These localized events will reduce barriers to participation and ensure all members across Iowa have access to the resources they need to thrive.

Together, these resolutions underscore the IMA’s commitment to strengthening Iowa’s mortgage industry. By broadening access to education and fostering connections, we aim to uplift our members and, in turn, the communities they serve.

Thank you for your unwavering dedication to the IMA. Your engagement fuels our progress and inspires our vision. I look forward to working with you to make this year remarkable for our organization.

Here’s to growth, collaboration and success in the year ahead.

Association Updates

Now that it’s 2025, it’s time to renew your IMA 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 today. 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 were emailed to your company’s main contact in early December. You can also renew your membership by contacting Darcy Burnett.

Mark your calendar for the IMA Spring Conference on April 2 in Coralville. This year’s event includes sessions on originating for the next generation of consumers, an Iowa economic and housing update, hot topics on the industry and advocacy, and leadership development. Don’t miss closing speaker Kenyon Murray, CEO of Murray Legacy Management. Murray also serves as the business manager for his sons, Kris and Keegan, both professional basketball players in the NBA. Murray will share what he has learned about personal growth and becoming the best version of yourself. Also on the agenda are the IMA loan production awards, an exhibit hall and much more! Details and registration.

The popular IMA Mortgage Bootcamp is returning on April 15. Designed for those who are new to the mortgage industry, this is a full-day seminar that includes information on taking a quality application, processing, compliance, mortgage insurance, secondary market and more. Details and registration.

Join the IMA on Feb. 12 for a free webinar exploring the FICO 10 and 10 T credit scores. Introduced in 2020, these scores made waves, particularly the 10 T version, which analyzes at least 24 months of credit activity to predict future credit behavior. Learn how the 10 T can support your role as a mortgage loan officer. Details and registration.

Industry News

The Consumer Financial Protection Bureau (CFPB) issued two additional threshold adjustments for 2025:

• Under Reg. C (Home Mortgage Disclosure Act, or HMDA), the asset exemption threshold will increase from $56 million to $58 million. Institutions below this asset threshold are exempt from HMDA reporting.
• Under Reg. Z, the small creditor asset threshold will increase from $2.64 billion to $2.717 billion. Small creditors are exempt from the qualified mortgage pricing test, as well as the requirement to escrow in connection with a first lien higher priced mortgage loan.

The period for filing Home Mortgage Disclosure Act (HMDA) data collected in 2024 is now open with submissions considered timely if received on or before March 1. As a reminder, when the last day for submission falls on a Saturday or Sunday, a submission shall be considered timely if it is submitted on the next succeeding Monday. Since March 1 falls on a Saturday this year, HMDA filers will have until Monday, March 3 to submit a timely HMDA loan application register. 

The continuing resolution passed by Congress in late December 2024 provides for an extension of the National Flood Insurance Program (NFIP) until March 14. While the mortgage industry has advocated for years for a long-term authorization of the NFIP, Congress has not done so and has provided for temporary authorizations of the NFIP in short-term and end-of-year appropriations measures. On Dec. 20, 2024, the Federal Emergency Management Agency (FEMA) issued a memorandum (W-24020). The memorandum includes guidance for Write Your Own (WYO) insurance companies as well as FAQs related to the process for issuance and renewal of policies during an NFIP lapse (referred to as the expiration) of the NFIP authority. The FAQs provide information and scenarios to illustrate how a NFIP lapse impacts issuance and renewals of flood insurance policies.