Tag Archive for Membership

The Most Common Challenges Around Performance in Financial Institutions Today

Originally posted on cuinsight.com.

Guest post written by Julie ann Wessinger, National Director of Client Performance Strategies, Allied Solutions.

Allied Solutions is the NAFCU Services Preferred Partner for Insurance—Bond, Creditor Placed (CPI), Guaranteed Auto Protection (GAP), and Mechanical Breakdown (MBP); iSolutions; and rateGenius.

1.      Lack of consistent, behavior-based COACHING to hold employees accountable (in a positive way).

This is mostly due to the philosophy of promoting from within and the number of acquisitions that have been taking place over the past few years. There are a myriad of philosophies and approaches—and sometimes lack thereof—across an organization. Implementing a formal coaching process is a great way to bring the entire management team together to build synergy and relationships while building the bench strength of the organization. To learn more check out the whitepaper, Why Coach?

2.      Challenge moving employees from a TRANSACTIONAL to PROACTIVE approach to meeting needs (or from order takers to order makers). Read more

Top 10 Challenges Facing Credit Unions

Originally posted on CUInsight.com.

Guest post written by Sundeep Kapur, Digital Strategist, Allied Solutions. Sundeep will lead an integrated marketing workshop at NAFCU’s Strategic Growth Conference in Venice Beach, California in March 2014. Register here.

Allied Solutions is the NAFCU Services Preferred Partner for Insurance—Bond, Creditor Placed (CPI), Guaranteed Auto Protection (GAP), and Mechanical Breakdown (MBP); iSolutions; and rateGenius.

This list of top ten challenges was compiled by the author interacting with credit union executives at more than 500 financial institutions over the last 24 months. A handful of these financial institutions can be considered aspirational as they have begun their journey towards the year 2020. We have the insight of learning from their experiences—best practices and lessons learned.

How does your list compare? More specifically, what keeps you up at night? Share your top ten challenges. The results will be presented at the 2014 NAFCU CEOs and Senior Executives Conference, April 1–4, Charleston, SC. Take the survey »

Top 10 Challenges Facing Credit Unions Read more

Lifetime Member Value: Considerations for Lifecycle Marketing

Guest post written by Sundeep Kapur, Digital Strategist, Allied Solutions. Sundeep will lead an integrated marketing workshop at NAFCU’s Strategic Growth Conference in Venice Beach, California in March 2014. Register here.

Allied Solutions is the NAFCU Services Preferred Partner for Insurance—Bond, Creditor Placed (CPI), Guaranteed Auto Protection (GAP), and Mechanical Breakdown (MBP); iSolutions; and rateGenius.

What Would You Pay for a Member Referral?

A prospective client is a young lady who is just turning 21. She is two years away from an advanced degree and a well-paying job. One day she will start a family. Her future purchases include a used car, two new cars, and a home. She will need credit cards and a home equity line of credit.

Would you like to get this young lady to become a member of your credit union?

Your answer is hopefully yes as you could benefit from a long-term relationship with this individual. If you acquire her as a member, you will have an opportunity to connect, to engage, and to nurture her towards mutual profitability. From a practical prospective you need to be considerate of three things:

  1. How much money would you be willing to spend to acquire this member?
  2. What is your average lifetime member value?
  3. What formula do you use to compute lifetime member value? Read more

Five Big Trends Driving Member Engagement

Originally posted on CUInsight.com.

Guest post written by Sundeep Kapur, Allied Solutions. Sundeep explores measuring lifetime member value as a means to increase engagement during a free webinar on October 22. Register here »

 

Allied Solutions is the NAFCU Services Preferred Partner for Insurance—Bond, Overdraft, Creditor Placed (CPI), Guaranteed Auto Protection (GAP), Mechanical Breakdown Protection (MBP); iSolutions; and rateGenius.

Consumers are driving the need for innovation in financial institutions. Smart mobile devices, higher consumer expectations, and the lack of loyalty to a brand are all major considerations. Financial institutions need to endear themselves to consumers and leverage these five key trends. Read more

The Looming Impact of Dodd-Frank

Originally posted on CUInsight.com.

Guest post written by John Levonick, Chief Legal & Compliance Officer, Mortgage Cadence, LLC.

Mortgage Cadence is the NAFCU Services Preferred Partner for Mortgage Processing and Fulfillment Services.

Dodd-Frank impacts lenders in many ways. In the span of less than two years there are now many new rules that will have material impact on the conduct of all mortgage originators and assignees. Consider the following impending rules:

  • Qualified Mortgage (QM) / Ability to Repay (ATR)
  • LO Comp Rule (Reg. Z)
  • Appraisal Rules:
    • Joint Rule (TILA / Reg.Z – HPML)
    • Copy Rule (ECOA)
  • Escrow Rule
  • Know Before You Owe / Integrated Disclosures (TILA / RESPA)

While all are important, the Ability to Repay (ATR) elements of the Qualified Mortgage (QM) rules is first on our list. That’s where we’ll turn our attention this month.

The Ability to Repay requirements with the Qualified Mortgage

A QM is a new loan classification that represents how the lender has made a thorough assessment of, and has fully documented, a borrower’s ability to repay their covered loan. Currently, Regulation Z, as amended by the Board of Governors of the Federal Reserve System in 2008, prohibits creditors from extending Higher-Priced Mortgage Loans (HPML) without regard for the consumer’s ability to repay. The ATR rule extends application of this requirement to all loans secured by dwellings, not just HPMLs. Also of note, this final rule establishes a Safe Harbor that contains a “presumption of compliance” with the ATR requirement for non-HPML QMs. While the ATR rule does not specify any particular underwriting model, lenders must consider and validate, at a minimum, 8 discrete underwriting factors:

Read more