President’s Message

With the recent passage of the One Big Beautiful Bill, several provisions directly affect our work in mortgage and housing. While the bill carries political weight in the headlines, the focus must remain on what it means for the clients and communities we serve. To that end, here are the most relevant provisions for mortgage professionals:

Mortgage insurance tax deduction reinstated — This deduction, which expired in 2021 but is now permanent and subject to income limits, can offer meaningful tax savings for borrowers with low down payments.

Mortgage interest deduction cap unchanged — The $750,000 cap remains in place. While not a new benefit, this provides continuity for higher-income buyers planning purchases or refinances.

No new federal homebuyer assistance — There are no new federal down payment assistance programs. This elevates the role of the Iowa Finance Authority and local programs as essential resources for affordability tools such as grants, forgivable loans, and second liens.

SALT deduction cap increased — The cap on state and local tax (SALT) deductions rises from $10,000 to $40,000 per household for the next four years. This could shift affordability discussions, especially for clients in higher-valued homes facing steep property taxes.

Section 1031 exchange remains untouched — No changes to this vital real estate investment mechanism, which helps maintain investor activity and housing supply, particularly in rental markets.

The more informed we are, the more confidently we can guide our clients, realtors and community partners. Let’s continue to lead the way through education, collaboration and service.

Association Updates

Join fellow mortgage professionals this fall for the IMA Fall Conference on Oct. 15-16 in West Des Moines. This annual event offers valuable networking opportunities, timely sessions, and insights tailored to today’s mortgage landscape.

Registration includes access to all conference sessions, meals, networking events and the IMA President’s Social. Member registration is $285; nonmember registration is $570. Reserve your spot.

Help grow the next generation of mortgage leaders through the IMA Conference Crasher program. This initiative gives new professionals free access to the IMA Fall Conference, along with valuable networking opportunities. Managers are encouraged to nominate team members who have been in the mortgage industry for less than three years, have not previously attended an IMA conference, and show strong potential to become future leaders. Let’s support and recognize rising stars in the industry. Applications are due by Sept. 12. Nominate a rising star

Industry News

During this year’s Iowa legislative session, lawmakers passed a bill related to trigger leads that was effective as of July 1, 2025. HF857 relates to solicitations by financial institutions using prescreened trigger lead information from a consumer reporting agency. Financial institutions are defined as banks, savings associations, credit unions and industrial loan companies, and include mortgage brokers licensed in Iowa, lenders of mortgage or consumer loans, and any other person engaged in the business of lending money in Iowa.

The bill intends to ensure financial institutions do not engage in unfair or deceptive practices when soliciting consumers who have applied for loans with other institutions. Key terms such as “consumer report” and “mortgage trigger lead” are defined within the bill, which also outlines specific actions that would be considered unfair practices, such as failing to disclose affiliations and changing terms after an initial offer. Violations of this legislation would be classified as unlawful practices under existing law. The goal is to protect consumers from misleading solicitations and ensure transparency in the lending process.

The Federal Financial Institutions Examination Council recently published data on 2024 mortgage lending transactions reported under the Home Mortgage Disclosure Act (HMDA). They also provided a 2024 Snapshot National Loan-Level Data Set, the HMDA Dynamic National Loan-Level Dataset, and Aggregate and Disclosure Reports. Use the Data Browser Dataset Filtering tool to download customized reports.