Advantis Credit Union Mortgage Rates – Regulatory reform and rising interest rates are at the forefront of any credit union mortgage debate in 2017, but Credit Union Magazine asked experts to share with readers a list of factors that may be overlooked.
Mike Jennings, director of mortgage lending at the $1.3 billion Clackamas, Ore.-based Advantis Credit Union, said the Beaver State continues to attract people seeking jobs, a lifestyle and a better environment. However, the debate between land use and affordable housing continues to be a “topic of significant debate”.
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“There seem to be two camps: those who embrace continued growth and expansion, and those who want to keep Oregon and the Pacific Northwest as clean as possible,” Jennings said. “There seems to be no middle ground at the moment. However, this unresolved issue has not stopped people from moving here. “At the same time, housing inventory remains low and prices are rising.”
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Tim Mislansky is senior vice president and general manager of the $3.4 billion Wright-Patt Credit Union and president of myCUmortgage CUSO in Beavercreek, Ohio. He gave the association three things to consider as it seeks to make a big impact on the industry.
“First, the new administration must focus on GSE reform. “Credit unions are going to have to pay attention to this because we need a level playing field.” “If the secondary mortgage market is controlled by the big banks, it will impact our ability to rewrite mortgages.”
Mislansky’s second point: Union mortgage competitors are moving from the Big Five banks to mortgage brokers and mortgage banks. “With so much control from the big banks, the mortgage game has shifted to non-depository companies.”
Thirdly, fintech companies are developing and changing their activities, which is very important, he says. For example, Quick says it will provide $5 billion in mortgage financing. “If people use online or mobile credit applications more often, what does that mean for credit unions? It depends on the speed of the mortgage and the user experience. “
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Mislansky notes that fintech companies have Net Promoter Scores comparable to credit unions due to their focus on convenience and user experience. How will fintech change mortgage lending for credit unions? “It’s a threat, but it’s an opportunity to work with some of this.”
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The mortgage lending industry has a standard model that has worked for many years: lenders partner with real estate brokers. In a typical purchase and sale agreement, a mortgage company buys an office from a real estate agency and they share a common brand.
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“These MSAs were a way to gain an advantage,” Korn said. “It worked for a long time, but over time the agents became the undisputed leaders. People get MLS online or use Zillow. Mortgage companies and agents now want to make money faster. “
Several organizations have launched real estate portals in recent years, including USAA’s HomeCircle.com and Bank A’s U.S. B Real Estate Center. Quicken has partnered with real estate portal My Perfect Home. Korn said the development is part of a “big change” in breathing.
“These large financial institutions are creating real estate portals and leading real estate agents.” “MSAs ceased to exist for a number of reasons. Agents first advertise on Zillow or Realtor.com. The average time from consumer request to completion is 450 days. To stay ahead as consumers start looking for homes, everyone is turning to real estate portals. Mortgage companies advertise on Zillow. “Second, the CFPB rescinded the MSA because both parties approached each other in violation of RESPA.”
In the mortgage industry, there are four four-letter words (well, acronyms): CFPB, TRID and HMDA. But Mike Jenning of Advantis CU advises credit unions to focus on technology.
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“In 2017, I expect the Consumer Financial Protection Bureau and state and federal regulators to focus on the growing TRID (TILA/RESPA) issue of increasing concern. – Cybersecurity.
Advantis Credit Union understands how technology has changed the mortgage and banking industry, Jennings said. “Going forward, Advantis will continue to invest heavily in technology to not only meet our regulatory obligations, but also to provide a superior member experience through our technology-based product and service delivery channels.” You are using an old browser. Remote support. To continue using it, please upgrade to one of the supported browsers in our Help Center.
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