President’s Message

As we settle into fall, I can’t help but think about the feeling of backyard football — the crisp air and the laughter of kids running after the ball as more neighborhood kids jump in on the fun. For many of us, these moments are reminders of what home truly means. It’s a place where families grow, memories are made and communities are strengthened.

That’s exactly the role we play every day as mortgage professionals. Each loan we originate and each family we help take that step into homeownership represents more than just a transaction. It’s the foundation for a family’s story. It might be the first dinner around a new kitchen table, a football game in a new backyard or simply the peace of knowing they have a place to call their own.

As rates trend downward, we have an opportunity to serve more families than ever before. Yet, with every file on our desk, let’s remember the magnitude of our responsibility. Even though we close many loans a month, for each family, this may be the most significant financial milestone of their lives. Every client deserves our full attention, expertise and care.

As we gear up for what is looking to be an uncharacteristically busy fall, let’s not lose sight of why we do what we do. We are in the business of accessing homeownership, but more importantly, we are in the business of building lives, families and communities. Let’s take pride in each closing, not as a number, but as a new chapter in someone’s life story.

Thank you for the work you do every day and for the difference you make in the lives of Iowa families.

Association Updates

Join fellow mortgage professionals this fall for the IMA Fall Conference on Oct. 15-16 in West Des Moines. This annual event is packed with timely sessions, valuable networking opportunities and insights you can put into action right away.

Registration includes access to all sessions, meals, networking events and the IMA President’s Social. Reserve your spot.

Industry News

According to a memo authored by the U.S. Department of Housing and Urban Development (HUD) Deputy Secretary Andrew Hughes, HUD plans to implement a policy making English the only language used in its services and communications. The change is said to align the department with an executive order signed in March designating English as the official language of the U.S. In July 2024, HUD released translated versions of 19 documents which were available in five non-English languages. HUD intends to remove existing non-English flyers and digital resources while reviewing contracts for translation services. Hughes said the department will comply with federal law where language accommodations are required, including under the Americans with Disabilities Act and the Violence Against Women Act. 

The Federal Emergency Management Agency (FEMA) has published an updated version of its Standard Flood Hazard Determination Form (SFHDF). The updated form’s new expiration date is Feb. 28, 2027. The form can be downloaded on FEMA’s website. To view the actual form, it must be downloaded and opened using Adobe Reader. Neither FEMA nor the federal banking regulators have provided guidance on when the new SFHDF must be implemented. Thus, originators are encouraged to begin using the updated form as soon as practicable. 

Fannie and Freddie Adjust ROV Requirements

On Sept. 3, Fannie Mae and Freddie Mac announced changes to the Reconsideration of Value (ROV) section of the seller services guidelines. The ROV policy was revised to remove the requirement to provide an initial ROV disclosure at the time of loan application. However, a disclosure outlining the ROV process must still be provided to the borrower along with delivery of the appraisal report. Fannie Mae and Freddie Mac also simplified the documentation requirements to require only documentation related to the outcome (not initiation) of the ROV to be retained in the loan file. See the Selling Guide announcement for more details.