By Michael Ball
Business challenges continue to grow for today’s progressive financial institutions. From traditional areas of focus like profitability and growth, to the needs and expectations of a new generation of customers, to alternative types of banking competition — the list continues. Now add in the heightened issues and risks associated with data security, and you gain an appreciation of the daunting elements that make up a banker’s daily business life.
By Toni Lapp
The housing market may be healthy once again, but the mortgage business continues to be a point of contention for community banks. While several real estate brokerages such as RE/MAX and Keller Williams have begun to offer mortgages, traditional lenders such as New York Community Bank are getting out of the business. The $49 billion asset NYCB is selling off the in-house mortgage business it acquired when it rescued AmTrust Bank in 2009. After the deal closes, it will refer requests for home mortgages to a third party, as it did before 2009.
June 15 — Freddie Mac released the results of its Primary Mortgage Market Survey, showing average mortgage rates increasing across the board for the first time in over a month. (more…)
June 5 — Concerns over the limited availability of state-certified and licensed appraisers, particularly in rural areas, has prompted the Federal Reserve Board, the FDIC, the National Credit Union Administration and the Office of the Comptroller of the Currency to issue an advisory that highlights two options to help insured depository institutions and bank holding companies facilitate the timely consideration of loan applications.
The oldest bank in Montana becomes a new Farm Service Agency preferred lender.
By Heather M. Malcolm
Bank of the Rockies was founded in 1883, six years before Montana became a state. As the oldest bank in the state we are very proud of our heritage and we call attention to it every chance we get because it is important to demonstrate to our customers that we have the commitment and the staying power to help them be successful. Over the past 134 years our customers and our bank have survived everything that our wild and beautiful state can throw at us along with every dip and peak in the state and the national economies. Today, Bank of the Rockies has total assets of $138 million, and we are well-positioned for the future.
The Consumer Financial Protection Bureau is looking into ways to gather and use new and existing information to identify the financing needs of small businesses, especially those owned by women and minorities. (more…)
By Keith Monson
Very soon, CECL will fundamentally change how the financial industry accounts for loan loss reserves.
Is filing your institution’s HMDA LAR like a nightmare or a dream?
Don’t lose sleep over your HMDA LAR.
By Melissa D. Blaser, Senior Manager, CPA, CRCM, CAMS, CFSA, CFIRS
March has come and gone. If you were responsible for filing your financial institution’s Home Mortgage Disclosure Act (HMDA) Loan Application Register (LAR), you recently reviewed it for accuracy and corrected any errors prior to submission. For some, it was an easy, seamless process, but for others, year after year it seems to take weeks away from other duties and leaves them worrying about what errors have gone undetected. While some institutions have a well-defined process and are normally close to error free, others struggle with this process annually, and like all of us, they resolve to do a better job the following year—only to find themselves frantically correcting errors until submission.
Renasant Bank employs alternative approach to traditional lending.
By Terry Renoux
Small businesses are often called the lifeblood of America. In fact, there are more than 28 million small businesses in the United States, providing about two-thirds of all net new U.S.-based jobs, according to the Small Business Administration. However, only about 50 percent of small businesses will survive five years, often because of a lack of cash flow.
WSFS Bank grows student loan originations to over $55 million in 3 ½ years.
By Vince Passione
We all remember the hype about fintech companies disrupting banks the way Uber disrupted the taxi industry. Venture funds invested billions of dollars and fintech CEOs took center stage at conferences declaring that the banking industry was dead.