Pub. 4 2015 Issue 3

April 2015 25 l e a d i n g a d v o c a t e f o r t h e b a n k i n g i n d u s t r y i n k a n s a s HEADLINE: ARE YOU READY FOR D-DAY? By Bill Cole, Sr. Account Executive - Correspondent Services, Mortgage Investment Services Corporation A ROUND OUR OFFICE THE STAFF IS counting down the days to August 1, 2015. Some people call it D-Day... We call it “T-Day” or TRID day! ( TILA-RESPA Integration Disclosure Rule ) The CFPB has mandated that every home lender must comply with the new combination of RESPA and TILA. Not before August 1. On August 1. And thereafter. We think this will be like trying to turn the Titanic on a dime! Constant change in regulations has caused some community banks to rethink their commitment to home loans for their customers. Opinion articles by some financial commentators all but demand that community banks abandon home lending, citing the inability to compete with large national lenders. We firmly believe that the local community bank still serves an important function for homebuyers. Many buyers, particularly first-timers, have little knowledge of the intricacies of home finance, and rely on their trusted local bank loan officer to explain and advise them on their choices. Large national lenders have no connection to the local community and have little inclination to spend much time in an advisory capacity. They are driven by the fee transaction instead of the relationship. Another area where local lenders can excel is in financial education. A local banker will take the time to help folks in their community understand the ins and outs not only of mortgage finance, but of all aspects of personal finance. There are programs available for financial education aimed at students and adults that a community banker can sponsor at a reasonable cost. While regulatory burdens may cause local banks to limit their lending options, access to secondary market programs (conventional, FHA, VA and Rural Development) is available. Providing access to those programs for the community keeps the local banker in the forefront for potential homebuyers and long-term bank customers. Providing home loans is a trademark of a true “full service” bank. To sum up, don’t give up the vital role of home lending in your community. The stability of many communities is greatly dependent on homeownership and the local bank is in a unique position to be the leader in providing home financing option. Bill Cole, Sr. Account Executive – Correspondent Services, Mortgage Investment Services Corporation, Shawnee, 316-706-7306 KS 66226 MORTGAGE INVESTMENT SERVICES CORPORATION Your proven resource to help provide home loans to your community! Over 100 Kansas community banks trust and rely on us for mortgage services! FHA, VA, RD and conventional loans… Renovation programs… Loans for large acreages and income-producing property… Serving Kansas banks for 15 years! EXPERIENCE COUNTS! Concerns about QM, ATR and now TRID? Let MISC alleviate your regulatory worries! Contact Bill Cole, Sr. Account Executive Direct: 316-706-7306 MORTGAGE INVESTMENT SERVICES CORPORATION 22316 Midland Drive Shawnee, Kansas 66226 913-390-1010 NMLSR # 194708 Associate Member – Kansas Bankers Association Bill Cole, Sr. Acct. Exec. “MISC has the expertise to allow Bank of the Flint Hills to offer a wide variety of loan programs which has put us ahead of our competition. We are given the attention that makes us feel we are their only bank. I would highly recommend MISC to anyone wanting to sell loans into the secondary market.” - Dixie Blanka, Vice President Bank of the Flint Hills Wamego “We have worked with Mortgage Investment Services Corp. for a number of years. It is a working relationship that has developed into a friendship. We all work for the best possible result for the borrowers. The staff at MISC is extremely knowledgeable and easy to work with. In today’s lending market, those are excellent traits.” - Carol Hearne, Sr. Vice President Union State Bank Arkansas City