Iowa Bankers Association Iowa Bankers Insurance & Services, Inc.
Iowa Bankers Association
8800 NW 62nd Avenue
Johnston, IA 50131
Toll-Free: 800-532-1423
Local: 515-286-4300
Fax: 515-280-4140

2015 Annual Report

Annual Reports:2015 Annual Report

 

IBMC 2015 Annual Report

2015 started with the 10 year treasury yield at 2.23% which is almost exactly where it ended the year. Of course in between there was much volatility and some periods of declining rates during which IBMC experienced higher than anticipated volume. One of the overriding events of the year was the impact of the TRID rules and roll out of the integrated disclosures. This occupied several internal resources and also caused many of our member banks to struggle with its implementation resulting in slowed volume toward the end of the year. Despite this challenge IBMC enjoyed a very successful year with overall volume up about 30% over 2014.
 

  Highlights for 2015 are as follows:

  • Pre-tax net income of $11,156,015
  • Net worth stands at $48,270,001 an all-time year end high for IBMC
  • Total volume for the year was $1.24 billion. IBMC loan programs generated over 5,600 new loans from
  • 196 bank locations. The Federal Home Loan Bank mortgage program added another 2,200 loans in servicing from 83 participating financial institutions.
  • IBMC finished the year servicing nearly 49,000 loans totaling $6.3 billion, another all-time high
  • Cash fees paid to IBMC member banks was $17.6 million, and when added to the $2.5 million paid on
  • FHLB volume, resulted in $20.1 million in fees being paid directly to financial institutions utilizing IBMC
  • Providing award-winning service earning both the Iowa Finance Authoritys and Rural Developments
  • Top Lender awards
  • Increased government lending through our Full Service program by more than 100% from 2014
  • Set an all-time annual high for Full Service volume at just over $133 million
  • IBMC was instrumental in the funding of $15 million in agricultural loans during the year
  • Successful implementation of TRID in house and provided assistance to IBMC users
  • Offered personalized service by conducting numerous training sessions and making over 500 bank visits
  • IBMC continued enhancements to its quality control and compliance functions with additional resources and communications to banks
  • IBMC developed several enhancements to its consumer servicing web site that will be rolled out in 2016

As IBMC enters 2016, interest rates have fallen dramatically so predicting volume, staffing, and resources will be fluid. The transition to a newly acquired Loan Operating System will garner significant resources and greatly impact the mortgage operations of both IBMC and its members during the year. These are challenges as IBMC continues to concentrate on marketing new products and locations. IBMC remains well positioned with its servicing portfolio and remains committed to superior service and quality programs.

Respectfully submitted,

 

Daniel Vessely
IBMC President

 

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