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.
Monday, October 18, 2010
Wednesday, October 13, 2010
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!
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!
Monday, October 11, 2010
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.
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.
Thursday, October 7, 2010
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!
Wednesday, September 1, 2010
Remote Deposit Capture Delivery Lags Customer Demand
by Trent Flemming, friend of TriNovus
For more than five years now, Remote Deposit Capture (RDC) technology has been widely available. Early efforts at deployment tended to focus on those customers who, by virtue of their distance from a branch, or the nature of their business, would seem to benefit most. Often, it was these customers, along with those who simply saw it as a “must have” technology, where banks focused their initial efforts. In some cases, banks acquired an RDC system to meet the needs of a single customer. As with most new technologies, the actual end users tend to teach us what the real value of the solution is, as they interact with it day to day. In the case of RDC, two things immediately became clear. First, the time and distance benefit was real: customers could avoid trips to the bank for deposit purposes. The second benefit was less intuitive though. The process of preparing the deposit electronically was superior to preparing a paper deposit. This was true for THREE reasons: 1) manual efforts to list large numbers of checks were eliminated, 2) accuracy and integrity of the deposits were improved, and 3) access to an electronic history of all deposited items was a tremendous benefit from a research standpoint. Put more simply, once a business began using RDC they were unlikely to give it up.
All of the benefits do not accrue to the customer, however. Banks can benefit through significantly reduced branch traffic, more accurate deposits, which are electronic in nature and require little handling, and include complete information allowing intelligent routing and immediate posting of on-us items.
Surprisingly, though, most banks have failed to to deploy RDC in a significant way. Customers embrace and rapidly adopt the technology when it is made available to them, but banks are generally failing to properly educate their employees and and promote the service to their customers who may benefit from it. RDC is an easy sell when employees are well trained regarding the benefits of the solution, and in how to anticipate and overcome potential objections.
An emerging threat to many bank's important business customer relationships are third parties who are selling RDC services directly to merchants, other commercial businesses, even churches. Using a sponsoring, clearing bank, these ISOs begin to take control of the customer relationship from the primary bank, by gaining the deposit business. Over time, the sponsoring clearing bank will no doubt attempt to take the deposit accounts away from those banks, as well. The quickest way to end this threat is to be sure that you are promoting a robust RDC offering to your business customers.
Trent Fleming (www.trentfleming.com, trent@trentfleming.com ) is a consultant who works with banks to address a variety of operational, technology, and regulatory issues. He has worked extensively with RDC systems, and is able to guide banks in successfully rolling out such programs to benefit the bank and its customers.
For more than five years now, Remote Deposit Capture (RDC) technology has been widely available. Early efforts at deployment tended to focus on those customers who, by virtue of their distance from a branch, or the nature of their business, would seem to benefit most. Often, it was these customers, along with those who simply saw it as a “must have” technology, where banks focused their initial efforts. In some cases, banks acquired an RDC system to meet the needs of a single customer. As with most new technologies, the actual end users tend to teach us what the real value of the solution is, as they interact with it day to day. In the case of RDC, two things immediately became clear. First, the time and distance benefit was real: customers could avoid trips to the bank for deposit purposes. The second benefit was less intuitive though. The process of preparing the deposit electronically was superior to preparing a paper deposit. This was true for THREE reasons: 1) manual efforts to list large numbers of checks were eliminated, 2) accuracy and integrity of the deposits were improved, and 3) access to an electronic history of all deposited items was a tremendous benefit from a research standpoint. Put more simply, once a business began using RDC they were unlikely to give it up.
All of the benefits do not accrue to the customer, however. Banks can benefit through significantly reduced branch traffic, more accurate deposits, which are electronic in nature and require little handling, and include complete information allowing intelligent routing and immediate posting of on-us items.
Surprisingly, though, most banks have failed to to deploy RDC in a significant way. Customers embrace and rapidly adopt the technology when it is made available to them, but banks are generally failing to properly educate their employees and and promote the service to their customers who may benefit from it. RDC is an easy sell when employees are well trained regarding the benefits of the solution, and in how to anticipate and overcome potential objections.
An emerging threat to many bank's important business customer relationships are third parties who are selling RDC services directly to merchants, other commercial businesses, even churches. Using a sponsoring, clearing bank, these ISOs begin to take control of the customer relationship from the primary bank, by gaining the deposit business. Over time, the sponsoring clearing bank will no doubt attempt to take the deposit accounts away from those banks, as well. The quickest way to end this threat is to be sure that you are promoting a robust RDC offering to your business customers.
Trent Fleming (www.trentfleming.com, trent@trentfleming.com ) is a consultant who works with banks to address a variety of operational, technology, and regulatory issues. He has worked extensively with RDC systems, and is able to guide banks in successfully rolling out such programs to benefit the bank and its customers.
Thursday, July 22, 2010
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