President’s Message

Let’s be honest — if we could master alchemy and turn base metals into gold, we wouldn’t be in the mortgage industry. But in a way, the greats in our industry do something nearly as magical. In today’s dynamic market, success is about mastering the ability of transforming rusty obstacles into shiny opportunities. While economic conditions may fluctuate, our role as trusted advisors remains constant. We have the unique ability to guide clients through uncertainty, provide strategic solutions, and create financial pathways that lead to homeownership and long-term wealth.

How do we do this effectively? By adopting a mortgage alchemist’s mindset:

Turning market challenges into strategic advantages — High interest rates and affordability concerns may cause hesitation among buyers, but as mortgage professionals, we have the tools to educate and empower. Whether it’s leveraging down payment assistance products, buydowns, or home equity strategies, our expertise helps clients make informed decisions that align with their financial goals.

Providing clarity in a complex landscape — With a constant stream of financial news and economic speculation, borrowers need a reliable, knowledgeable guide. By proactively sharing insights and simplifying complex information, we establish ourselves as the go-to resource for home financing.

Committing to continuous growth — The most successful professionals are those who refine their skills, adapt to market changes, and seek innovative solutions. Are we staying ahead of trends, mastering new loan products and positioning ourselves as industry leaders? Our dedication to growth directly impacts the value we bring to our clients and partners.

At its core, our profession is about more than just transactions — it’s about building relationships, fostering trust, and shaping financial futures. Let’s continue to elevate our expertise, serve our communities and embrace every challenge as an opportunity to lead.

The market may shift, but our impact remains.

Let’s keep moving forward. Happy spring!

Association Updates

There is still time to register 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. This year’s speaker lineup includes insights from industry leader Dustin Owen, creator of The Loan Officer Podcast. The closing speaker is 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. 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 April 15. Designed for those who work in the mortgage industry, this seminar will walk you through the mortgage loan cycle and everything you need to be a stronger mortgage loan officer. This intensive session provides opportunities to learn from seasoned experts and gain advanced knowledge of each step in the mortgage process, including:

• Taking a great application
• Processing
• Underwriting
• Secondary market
• Compliance
• Private mortgage insurance (PMI)

This full-day seminar is a must-attend event for new loan originators. A past seminar attendee said, “This was a great seminar, especially for someone with less than a year in the field. I found so many useful pieces of information to restructure how I approach a loan and handle my daily tasks to be more successful in this job.” Details and registration.

On May 20, IMA members can attend a free webinar featuring Todd Bookspan, creator of Win By Noon. Bookspan will help you develop a plan to map out your most important priorities. Learn how the biggest successes in sales can come from a plan that will help you win by noon. Details and registration.

Industry News

On Feb. 18, the Federal Reserve Board (FRB) issued its latest Consumer Compliance Outlook publication. This issue covers the most common compliance violations cited in exams in 2023.

For mortgage originators specifically, under Reg. B, the FRB cited creditors for failure to provide an adverse action notice within 30 days after receiving a completed application on which adverse action was taken. While under Reg. Z’s TILA-RESPA Integrated Disclosure (TRID) requirements, common violations cited were related to understated finance charges for discounted, adjustable-rate mortgages (ARM), and incorrectly listing the names of the settlement service providers on the closing disclosure (CD) and shopping list.

This issue also discusses Matters Requiring Immediate Attention (MRIAs) and Matters Requiring Attention (MRAs) related to fair lending, including a failure to gross up nontaxable income when underwriting is based on gross income. Read more.