The Dodd-Frank Act The More We Hear About It The Less We Like It

And we didn't like it much to begin with. Have you heard about "qualified mortgages"?

New horrors of the Dodd-Frank bill seem to come to light every day. The latest we've
learned of is the concept of the "qualified mortgage" the bill codifies into law.
What's a qualified mortgage? Congress has decreed that it's one that adheres to these eight rules:

1. The mortgage amortizes. No option ARMs need apply.
2. It can't result in a balloon payment that's twice as large as the average of
earlier scheduled payments.
3. The borrower's income and financial resources must be verified and documented.
4. Underwriting is based on the full term of the loan, and takes into account taxes,
insurance, and other related payments.
5. If it's an ARM, underwriting must be based on the max rate permitted over the
first five years and full amortization (including taxes, insurance, and other
related payments).
6. The borrower's debt-to-income ratio meets standards set by the CFPB.
7. Related fees can't exceed 3 points.
8. Maximum term is 30 years.

Got all that? The law basically insists that lenders write only mortgages that are qualified under federal standards. For the rest of the story, visit Bankstocks.com

For more on how TriNovus can help you make banking better visit TriNovus.Com.

Community Banks, Share This With Your Customers Through Your Social Media Channels

Need some content for your facebook page or blog. Why not share this information with your customers...

According to Real Simple Magazine "Swindlers can program their phones so that an actual bank's name shows up on your caller I.D." (referred to as smishing). This could be an automated call where your username and password are requested or it could be an actual live person misrepresnting themselves as someone from your bank.

Advise your customers to protect themselves by:

"If you get a call that's supposedly from your lender-which might happen, especially if you're traveling and they are concerned about any unusual purchases-hang up and call the number listed on your bank statement or credit or debit card. If you have any doubts about a text or an e-mail that you receive, delete it. Then phone yoru bank to resolve any questions and to notify it about a possible scam."

Real Simple Magazine, October

TriNovus provides technology solution to community banks. Visit us at www.trinovus.com or LIKE us on Facebook!

It's Simple...Stick With Community Banks & Credit Unions

According to the October issue of Real Simple Magazine "...if you're more keen on earning the most interest, signing a car loan with the best terms, or paying the lowest fees, look to a local bank or credit union..." 'Smaller institutions must compete for customers, so their reates are usually more favorable -and they focus more on customer service..."

Just like community banks focus on customer service for their banking customers, TriNovus' main goal is to service community banks through being a technology parter not just a provider. Check out our technology solutions for communit banks and know that when you choose TriNovus we'll treat you like you treat your customers. Stop by our website at www.trinovus.com.

TriVALU- Assisting You With Your Loan Evaluation Needs

Did you know that while regulators are requiring that you keeo current information on the full market value of your loan collateral, the expense of a full appraisial is not always necessary?

Specifically this is the case when

The transaction has a value of $250,000 or less;
It involves an existing extension of credit at the lending institution

TriNovus cann offer:

Automated Valuation Model (AVM)
Traditional BPO (Broker Price Offering)
Appraiser Desktop Appraisal

And in the event that you do still need a full appraisal, we can help with that too!

Find out more at HERE!

Have You Heard About TriComply?

TriNovus has a great new compliance service to meet all of your community bank's compliance needs. It is headed by compliance guru Blair Rugh and features written bank policies and procedures, compliance questions and answers, weekly compliance newsletter, access to compliance knowledgeboard and advertising review for compliance. But enough of us telling you about it. Hear it from Blair in his own words in this short video clip!