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August 8, 2012

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AUTOmated Lending

By Larry Highbloom, VINtek

Car Lot BN 8-2012While the problems in mortgage lending have grabbed the lion's share of attention during the recent financial downturn, banks continue to make improvements in other lending areas, namely automotive lending. For Ohio-based Lorain National Bank, a long history of focusing on strong credit quality in automotive lending was a catalyst for remaining successful during the downturn. Read more>>

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FHFA Releases Statement on the Use of Principal Forgiveness by Fannie, Freddie
"After extensive analysis of the revised HAMP PRA, including the determination by the Treasury Department to begin using Troubled Asset Relief Program monies to make incentive payments to Fannie Mae and Freddie Mac, FHFA has concluded that the anticipated benefits do not outweigh the costs and risks," said Edward J. DeMarco, acting director of the Federal Housing Finance Agency. Read more>>
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ISA 2012The Innovative Solutions Awards recognize those companies that have introduced or enhanced a product or service designed to help banks better serve their customers.


Entries are divided into four categories:


1. Equipment/Hardware Solutions
2. Consulting/Outsourcing/Training Solutions
3. Management/Operations/Processing Solutions
4. eBanking (Online/Remote/Mobile) Solutions 


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ABA Statement on FHFA's Principal Reduction Announcement
"Assisting troubled borrowers and encouraging recovery in the housing market is extremely important, yet, there are more cost-effective and efficient options that carry fewer unintended consequences than principal reductions," said Bob Davis, American Bankers Association executive vice president of mortgage policy. Read more>>
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Video: NJ Bankers Assoc. Calls Dodd-Frank Compliance 'Excessive' for Community Banks 
The banking industry has undergone changes since the financialNew Jersey Bankers Assoc. Pres. Video crisis hit. But New Jersey Bankers Association President and CEO John McWeeney told NJ Today Senior Correspondent Desiree Taylor that community banks in the state are doing well, increasing their lending by $17 billion since the financial crisis began. While his organization has some concerns with new industry regulations, he said members are complying with the law and representatives are meeting with regulators to address the issues. Click here to view the video.
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Loan Apps Handling Loan Applications:
What Can Go Wrong?


Do you know how the term "application" is defined in all the lending regulations? Do your lenders and front-line staff understand the difference between applications and inquiries? What about a pre-qualification or a pre-approval? Join this fast-paced webinar to understand the application process with step-by-step instructions and actual examples that explain the requirements of several confusing regulations in terms that are easy to understand. Click here to register.      

Tier1-Nebr. Bank
Federal Reserve Approves Final Rule Permitting Debit Card Issuers to Receive Fraud-Prevention Adjustment 
The Federal Reserve Board has announced the approval of a final rule that amends the provisions in Regulation II (Debit Card Interchange Fees and Routing) that permit a debit card issuer subject to the interchange fee standards to receive a fraud-prevention adjustment. Read more>>
Over 300,000 Consumers Paid $55 Million in Interest From Kasasa Accounts
Kasasa, a national brand of free checking and savings accounts that pay consumers to bank, reached a milestone this month having paid out more than $55 million to more than 306,000 community bank and credit union account holders around the nation. Read more>>
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