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

2016 Annual Report

Annual Reports:2016 Annual Report

IBMC 2016 Annual Report

2016 was certainly a tale of two different cycles in interest rate movement.  The first half of the year was a slow and steady decline in yields which then reversed in the second half and ended the year with a very quick post-election rise. One of the dominant events during the year was IBMC’s conversion of its LOS system to Encompass. This occupied significant internal resources and toward the end of the year was actually helped by a decline in volume associated with the increase in rates.  Despite this challenge IBMC enjoyed a very successful year with overall volume up 15% over 2015 and right at our third highest volume year.

Highlights for 2016 are as follows:

  • Pre-tax net income just over $10,000,000
  • Net worth stands at over $54,000,000 an all-time year end high for IBMC
  • Total volume for the year was $1.43 billion with IBMC loan programs generating over 6,200 new loans from 188 bank locations - The Federal Home Loan Bank mortgage program added another 2,300 loans in servicing from 78 participating financial institutions
  • IBMC finished the year servicing nearly 53,000 loans totaling $6.7 billion, another all-time high
  • Cash fees paid to IBMC member banks was $20.3 million, and when added to the $2.8 million paid on FHLB volume, resulted in $23.1 million in fees being paid directly to financial institutions utilizing IBMC
  • Completed conversion of new LOS system which will allow more efficient usage of IBMC by our banks and an easier path to implement on-going regulatory changes and new data reporting requirements
  • Providing award-winning service earning both the Iowa Finance Authority’s and Rural Development’s Top Lender awards
  • Increased government lending through our Full Service program by more than 6% from 2015
  • Set an all-time annual high for Full Service volume at nearly $158 million
  • Continued providing assistance with TRID compliance to IBMC users
  • Offered personalized service by conducting numerous training sessions and making over 400 bank visits
  • IBMC continued enhancements to its quality control and compliance functions with additional resources and communications to banks 
  • Partnered with Neighborhood Finance Corporation to subservice all of their loans, providing localized expertise to facilitate home buying and revitalization programs.
  • IBMC successfully rolled out  its enhanced consumer servicing web site to all of our servicing customers

As IBMC enters 2017 pipeline volume is lower, which opens the door for IBMC to embark on not only new marketing efforts, but also explore new channels of usage by our members.  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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