- Iowa Bankers Association
- 8800 NW 62nd Avenue
- Johnston, IA 50131
- Toll-Free: 800-532-1423
- Local: 515-286-4300
- Fax: 515-280-4140
News:
Featured Items
- Commercial Mortgage Delinquencies Spike
- A new Trepp report shows that delinquency rates for loans underpinning commercial mortgage-backed securities increased 21 points last month to a record 8.92 percent, from 8.71 percent in July. learn more
- Most Homebuyers Have No Regrets
- A new study from Bankrate found that 90 percent of owners do not regret buying their current home. learn more
- More Banks in Trouble, But Profits Are Rising
- The number of troubled banks rose by 54 lenders to 829 in the second quarter, but the banking industry posted a $21.6 billion profit as loan losses stabilized, according to the FDIC learn more
- Sales of Existing Homes Plummet to a 15-Year Low
- The National Association of Realtors reports that home resales fell to an annual rate of 3.83 million units in July -- the lowest level in more than a decade. The 27.2 percent decline from June is the largest monthly drop on record since 1968. learn more
- Mortgage Disclosure Quagmire Awaits CFPB
- Turf wars between the Federal Reserve and HUD have long complicated efforts to align the Truth in Lending Act with the Real Estate Settlements Procedure Act, but there is hope that granting the new Consumer Financial Protection Bureau oversight of both laws under the Dodd-Frank Act will smooth out the process. learn more
- Rural Housing Loans in a Hiatus
- After depleting its regular loan commitment authority in May, the Agriculture Department's Rural Housing Service has been offering conditional loan commitments. learn more
- Fed Finalizes Rule Restricting Loan Originator Compensation
- The Federal Reserve yesterday finalized rules that greatly restrict certain mortgage loan originator compensation practices, including the use of “yield spread premiums” -- a practice that allows for the financing of originator and other costs through the interest rate charged to the consumer. learn more
- Bank Credit May Suffer as Fed, Fannie, Guarantors Seek Mortgage Buybacks
- An Aug. 10 report from Moody's Investors Service warns that bank credit and profits could take a beating for years as Fannie Mae, the central bank and insurers increasingly pressure lenders to repurchase bad mortgages. learn more
- FHA Set to Increase Fees Paid by New Borrowers
- The FHA plans to rebuild its cash reserves by upping annual fees charged to new buyers. learn more
- Fewer Tap Into Home Equity
- Homeowners tapped $8.3 billion in equity during the second quarter -- the smallest amount of cash extracted in a decade, according to Freddie Mac. learn more
- Fannie, Freddie Overhaul Moving Ahead Gingerly
- The Obama administration will convene housing and mortgage industry representatives, academics, consumer and community groups and other stakeholders for an August 17 conference on housing reform. learn more
- USA Today Story Reviews Impact of Reform on Smaller Banks
- A USA Today story, Friday 7/16, reviewed the ways in which sweeping regulatory reform legislation, though aimed at “too big to fail” banks, will impact smaller institutions. learn more
- House Backs Update of Flood Insurance
- The House has voted to revamp the National Flood Insurance Program by increasing premiums, deductibles and coverage; and phasing out subsidies for vacation homes and for people living in flood-prone areas. learn more
- Report: Consumer Sentiment on the Rise
- In a poll of more than 1,250 consumers, the Consumer Reports National Research Center determined that 45.2 percent of respondents felt better about their financial situation in June than they did a year earlier. learn more
- Fannie Mae, Freddie Mac Debate Begins as Taxpayers' Costs Mount
- With financial regulatory reform closing in, Washington will set its sights on overhauling Fannie Mae and Freddie Mac. Despite calls from some camps to end the federally chartered firms, President Obama is more likely to pursue moderate reform -- possibly including creation of an insurance fund built on lender contributions, limits on the kind of loans that can be securitized, and clarification of the government's role in housing finance. learn more
- Mortgages Face New Rules
- Wall Street Journal; Timiraos, Nick; Hagerty, James R. While financial regulatory reform offers greater safeguards for consumers, some industry officials warn that it also may boost costs and reduce choices for them. learn more
- Interest Rates Likely to Remain Ultra-Low
- Washington Post; Irwin, Neil Federal Reserve leaders affirmed the central bank's policy of ultra-low interest rates, acknowledging new risks to the U.S. economy from the debt crisis in Europe even as they expect economic growth to continue. learn more
- Recovery Hopes Fade as Home Sales Sink
- Washington Post ; ElBoghdady, Dina Existing home sales fell 2.2 percent in May from April to a seasonally adjusted rate of 5.66 million units, reports the National Association of Realtors, while the median price rose 2.7 percent from May 2009 to $179,600. NAR chief economist Lawrence Yun said sales fell in part due to mortgage processing delays, including appraisal issues, that prevented buyers from closing on their purchases. learn more
- Foreclosure Plan Shows Slippage
- Washington Post P. A13; Merle, Renae About 340,000 homeowners have received a permanent loan modification that lowers their monthly payment for five years under the Making Home Affordable program launched last year, estimates the Treasury Department. learn more
- Bernanke Forecasts a Fitful Recovery
- New York Times; Chan, Sewell In a June 7 question-and-answer session at the Woodrow Wilson International Center for Scholars, Federal Reserve Chairman Ben Bernanke predicted a slow economic recovery, with unemployment rates in the double digits for the near term learn more
- Flood Insurance Stalls in Congress
- Tennessean (TN) (06/02/10) Snyder, Naomi Congress has again failed to reauthorize the national flood insurance program, causing a suspension of policy sales for now. learn more
- Fannie Mae and Freddie Mac Launch Joint Effort to Improve Loan and Appraisal Data Collection
- Fannie Mae and Freddie Mac announced an initiative that will allow them to obtain more complete and consistent data on loans and valuations from lenders, appraisers, servicers and other providers. learn more
- Senate Passes Finance Bill Wall Street Journal ; Hitt, Greg; Paletta, Damian
- The Senate has passed a broad measure to overhaul regulation of the financial system learn more
- Mortgage Delinquency at Record Level, but Crisis Might Be Slowing Washington Post ; Merle, Renae
- The Mortgage Bankers Association reports an increase in the seasonally adjusted delinquency rate to a record 10 percent during the first quarter from 9.1 percent in the first quarter of 2009, but chief economist Jay Brinkmann says taking seasonal adjustments out of the equation shows that delinquencies rose at a slower pace. learn more
- Mortgage Delinquency at Record Level, but Crisis Might Be Slowing Washington Post ; Merle, Renae
- The Mortgage Bankers Association reports an increase in the seasonally adjusted delinquency rate to a record 10 percent during the first quarter from 9.1 percent in the first quarter of 2009, but chief economist Jay Brinkmann says taking seasonal adjustments out of the equation shows that delinquencies rose at a slower pace. learn more
- Foreclosures Down 2 Percent From Last Year
- Boston Herald The number of households facing foreclosure fell on an annual basis for the first time in five years, reports RealtyTrac, which documented a 2 percent drop in April from a year ago. learn more
- Fed Officials Want to Begin Shrinking Central Bank's Mortgage Portfolio
- Wall Street Journal ; Hilsenrath, Jon The Federal Reserve is debating how soon and how aggressively to sell some of its $1.1 trillion of mortgage-backed securities, a move that could lower MBS prices and boost mortgage borrowing costs. learn more
- Record-Setting 'Cash-in' Refinances Plugging Equity Drains Realty Times - Perkins, Broderick
- Freddie Mac says a third of borrowers who refinanced in the 2009 fourth quarter brought a check to settlement, marking a record high rate of "cash-in" deals as cash-out refis hit a record low of 27 percent learn more
- Fed Pledges to Keep US Interest Rates Low for 'Extended Period'
- The Federal Reserve ended its latest two-day session by confirming that its benchmark interest rate would hold in the target range of 0-0.25 percent for an "extended period." learn more
- Treasury Polls Public on Housing Plan
- Washington Post; Goldfarb, Zachary A. As it moves to revamp Fannie Mae and Freddie Mac, which were brought under government control 19 months ago, the Treasury Department has released a statement listing seven broadly worded questions for the public concerning how to restructure the U.S. housing finance system. learn more
- 30-Year Mortgage Rate Back Above 5 Percent
- Los Angeles Times (04/02/10) Reckard, E. Scott Mortgage rates rose to 5.08 percent from 4.99 percent a week ago, pushing the average interest rate offered on 30-year fixed-rate mortgages to its highest level since the first week of 2010, according to Freddie Mac. learn more
- Insurance Lapse May Slow Closings
- Hampton Roads Daily Press (VA) (03/31/10) Real estate professionals expect some home closings to stall in flood zones because lawmakers allowed the National Flood Insurance Program to expire on March 28. learn more
- U.S. Urged to Keep Role in Mortgages
- Wall Street Journal Timiraos, Nick; Crittenden, Michael R. The U.S. government should maintain a role in supporting the residential-finance market but not under the public-private ownership structure of Fannie Mae and Freddie Mac, Treasury Secretary Timothy Geithner said at a hearing on the future of the companies. learn more
- Self-Employed Hitting Roadblocks With New Rules
- Fort Worth Business Press, Howe, Aleshia Changes in Fannie Mae and Freddie Mac rules governing "no doc" and "no ratio" loans mean self-employed individuals, 1099 filers and new business owners must compile two full years of tax returns before qualifying for a mortgage backed by the firms. learn more
- Fed Ends Mortgage Purchases, Keeps Rates Low
- The Federal Reserve confirmed that it will end its mortgage-backed securities purchase program by March 31. learn more
- MBA Challenges Treasury With New Option
- National Mortgage News (03/15/10) Vol. 34, No. 24, P. 17; Dymi, Amilda Treasury is open to further discussion on the Mortgage Bankers Association's proposal to offer an extended forbearance period to unemployed borrowers, reports Josh Denney, a senior public policy official at the group. learn more
- Plan to Obviate Appraisal Code
- American Banker Collins, Brian Marc Savitt of the National Association of Independent Housing Professionals has proposed a recovery fund for Fannie Mae and Freddie Mac that would cover losses tied to appraisal fraud. learn more
- IBMC Retirement
- IBMC is pleased and proud to announce the retirement of Phyllis Peterson from the servicing department after 16 loyal years of service. learn more
- Mortgage Deduction in Crosshairs Again
- The White House wants to reduce how much wealthy households can lower their tax bills on itemized deductions for mortgage interest payments and other writeoffs from 39.6 percent to 28 percent, as a way to raise $291 billion over the next decade. learn more
- Another Source of Woe in FHA: Builder-Run Lenders
- With HUD planning regular reviews of FHA loans, the financing arms of several home builders are being scrutinized because of default rates significantly higher than the national average. learn more
- Mortgage Bulls Bid Fed Fond Farewell
- While many fear that the end of the Federal Reserve's $1.25 trillion mortgage-buying spree will have dire ramifications for the U.S. housing market, a growing number of investors are confident that mortgage rates will not skyrocket when the central bank leaves the market in a couple of months. learn more
- Credit Seen Growing Slowly in 2010
- The federal funds rate will rise as high as 0.65 percent by the fourth quarter and conventional mortgage interest will jump as high as 6.15 percent, projects the 2010 economic forecast from the American Bankers Association. learn more
- 10 Important Facts about the Extended First-Time Homebuyer Credit
- If you are in the market for a new home, you may still be able to claim the First-Time Homebuyer Credit. Congress recently passed The Worker, Homeownership and Business Assistance Act Of 2009, extending the First-Time Homebuyer Credit and expanding who qualifies. learn more
- HUD Announces Restraint in RESPA Enforcement through April 2010 – First Few Months of New RESPA Rule
- HUD has announced that for the first four months of 2010, the staff of the Mortgagee Review Board (MRB) will exercise restraint in enforcing new regulatory requirements under the Real Estate Settlement Procedures Act (RESPA), due to take full effect on Jan. 1, 2010. learn more
- Obama Signs Extension, Expansion of Homebuyer Tax Credit
- President Obama signed legislation extending the $8,000 tax credit for first-time home buyers and giving additional tax breaks to certain homeowners trading up. learn more
- IBMC portfolio reaches $2 billion
- Iowa Bankers Mortgage Corporation—the mortgage affiliate of the Iowa Bankers Association—reached a milestone in mortgage servicing when its portfolio reached the $2 billion level on Wednesday, July 29th. learn more
- Home Valuation Code of Conduct
- The Home Valuation Code of Conduct is effective for loan applications dated on or after May 1, 2009. learn more
- AIB Problem Loan Workouts
- This course will explore the four major components of problem loan management. learn more
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