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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