Federal Home Loan Bank and IBMC Announce Initiative

The Federal Home Loan Bank of Des Moines (FHLB) introduced Thursday, July 19th,  Iowa Bankers Mortgage Corporation (IBMC) as a servicer for Participating Financial Institutions (PFI) that choose to sell the servicing on 1-4 family residential loans that are delivered into the Mortgage Partnership Finance® (MPF) Program. IBMC will offer a competitive servicing release premium for MPF loans and will service loans in the FHLB Des Moines District’s five-state region which includes Iowa, Minnesota, Missouri, North Dakota and South Dakota. This expanded servicing released option will be offered to all MPF Program participants in the five states.

IBMC is the mortgage banking subsidiary of the Iowa Bankers Association. Since 1979, IBMC has played a vital role in helping Iowa banks provide affordable and competitive home financing alternatives to their customers. Unlike other secondary outlets, it is IBMC’s very own culture of serving banks that makes them uniquely positioned to provide real estate solutions to their members.

Through substantial growth, IBMC has become a leading secondary lender in the state of Iowa. IBMC funds loans with over 200 banks each year and currently services $1.3 billion in mortgages for 14,000 homeowners. IBMC’s management and staff possess superb expertise in the mortgage arena coupled with longevity of service for the association.

IBMC recently has begun to expand its role outside of its initial mission with several new initiatives, and as a result IBMC has been identified as an attractive choice for a centralized servicer for the FHLB’s MPF servicing released option.

For additional information you may contact either Dan Vessely at 515-286-4355 or dvessely@iowabankers.com or Lorna Goeldner at 515-286-4216 or lgoeldner@iowabankers.com. Read the entire release online at www.iowabankers.com.

The announcement was sent to existing FHLB Participating Financial Institutions. To become a PFI, contact FHLB’s Donna Iddins at 515.281.1043 or email diddins@fhlbm.com.

Iowa Bankers Support Iowa Hall of Pride

During the first six months of 2007 the Iowa Hall of Pride has entertained 245 school field trips and approximately 13,000 Iowa students from all over the state. Every field trip begins in front of the mural explaining to students about Iowa’s educational roots and that at one time in Iowa, there were over 1,000 one-room schools spread across the state. It is a wonderful way to begin each tour of the Iowa Hall of Pride and it is thanks to the bankers from all over Iowa!

(left) Shelly Williams serves as education and tour coordinator at the Iowa Hall of Pride, and is shown here talking to students in front of a relief sculpture “Recess in a One-Room School” in the lobby which is sponsored by the Iowa Bankers Association.