Last month, Origination News released its list of Top 200 Mortgage Originators for 2014. You can find the list here…..
The list is generated each year through a survey and so you can only be on the list if you take the time to complete the list. Unfortunately not many Credit Union folks either pay attention to this or bother to do so. There are 12 originators from 4 different Credit Unions on the list. Congratulations to these 12 and to their Credit Unions (ENT Federal CU, UW Credit Union, Elevations CU and Wright-Patt Credit Union) to have the foresight to see this as important.
Why is this somewhat blatant self-promotion important? Read on……….
August 1st is less than three months away. I hope you understand the significance of this date. If you don’t, you may have been living under a rock for awhile. The Truth in Lending Act/Real Estate Settlement Procedures Act Integrated Disclosure (TRID) goes into effect on that day.
TRID is the CFPB’s latest attempt to protect consumers from themselves. According to their small entity compliance guide, the CFPB says “The TILA-RESPA rule consolidates four existing disclosures required under TILA and RESPA for closed-end credit transactions secured by real property into two forms: a Loan Estimate that must be delivered or placed in the mail no later than the third business day after receiving the consumer’s application, and a Closing Disclosure that must be provided to the consumer at least three business days prior to consummation.”
I’ve heard some who think this is a disclosure regulation. And it primarily is. It changes the TIL and RESPA forms and changes the closing process. Because of this, some are relying primarily on their software or forms provider to make sure they are in compliance.
That’s a big mistake. Many believe this will be a bigger deal than Qualified Mortgage rule from January 2014.
TRID is so much more than a disclosure regulation. It’s a game changer and if you aren’t prepared, your ability to be memberlicious will be seriously compromised.
How so? Read on………
My 15 ½ year old son, Joe, has started cutting the grass more regularly. The key part of the sentence is 15 ½ year old because that means he’s not too far away from getting a driver’s license. And that means he’s thinking about a car which means he’s thinking about where he’s gonna get money from to pay for gas. And he’s wondering how much of the car he’s going to have to pay for if he gets his own set of wheels.
I’ve told him he can drive the 8 year old mini van all he wants but he’s not overly excited about that. Maybe it’s because I’ve also told him I was going to paint “Mom’s Taxi” in big pink letters on the side of the van. So we’ve been negotiating the price per lawn cut, and he wants me to teach him how to use the electric edger so he can get a few more dollars per week.
Ten years or so from now, it might be a different conversation. It might be about how mom & dad are going to help with buying his first home. The mortgage lender LoanDepot recently completed a study and released a report that identifies a growing trend of parents helping their children purchase their first home.
What does this mean for Credit Unions wanting to be memberlicious?
One of the top concerns for prospective home buyers is accumulating the down payment for their first home. A recent article by Rob Chrisman highlighted some relevant research related to down payment assistance by quality organizations such as NeighborWorks America, Zillow and TD Bank. There’s significance here for any Credit Union wanting to be memberlicious.
How so you ask?
I have a wide range of interest in music. I was born in the early 70s so I remember what my Dad listened to in the car from that era. And then there’s the 80s music and the days of the music video. The 90s were an alternative phase while in college. And more recently I listen to pop, somewhat due to my kids, all the while trying to hang unto to some youth by listening to alternative (my most frequent Siruis/XM station is AltNation – channel 36). On a not too long ago, but very long road trip, my 15 year told me that I still listened to cool music – so that kind of made my day.
If you’re a music fan, you’ve probably heard “Call Me Maybe” by Carly Rae Jepsen and seen the Youtube home videos of it or maybe Blondie’s “Call Me” is more your style. Either way, according to Steve Brown, past President of the National Association of Realtors, you and your Credit Union need to Call Them.
Steve is a business partner of Wright-Patt Credit Union’s and a friend so I was excited to get him connected with Credit Union Times for a recent article.
Steve has been a big advocate of Credit Union’s working with Realtors – encouraging Realtors to reach out to local Credit Unions as well as pushing Credit Unions to be more open and engaging with local Realtors. He believes in the old saying of All Real Estate is Local thinks Credit Unions and Realtors are a great match. I couldn’t agree more, but I’ve got biases. You can read the article in CU Times with the above link and here’s a few highlights………….