Sounding Off on CFPB, Remittances, Appraisers and More
November 21, 2016 11:00 AM
Are you passionate about credit unions? At cujournal.com, you can do more than just read about the news you can have your say about it, too. In addition to being able to submit letters to the editor for publication, you can leave comments on specific articles and spark a discussion on the issues that mean the most to you. Click through to see some of your colleagues' latest comments on the future of the Consumer Financial Protection Bureau, the appraiser shortage, remittances under a Trump presidency, member business loans and more.
<a href="http://www.cujournal.com/news/opinions/what-cus-should-be-doing-about-the-appraiser-shortage-1026885-1.html" target="_blank">What CUs Should Be Doing About the Appraiser Shortage</a>
Great article. I am a residential appraiser and have developed several thousand residential appraisals over the past twenty years. I have always been a one-man shop. I stayed away from the business for about 10 years and recently started the business of residential appraisal again. Based on about 10 hours per appraisal the take home pay was less than $20.00 per hour. Expenses required to develop 1 appraisal or 50 appraisals include: MLS, local, state, national Realtor Associations to get the MLS information, Supra Key for Access to some homes, E&O Insurance, Software purchase and monthly rental of Alamode, Data Master etc., automobile, phone, federal taxes, both sides of Social Security taxes and other miscellaneous office expenses. I worked for about six weeks as a residential appraiser and went back into commercial appraisal. My issue was the fees of $350 to $450 per appraisal. I previously could develop 40 to 50 appraisals per month. However with current rules/regulations/individual requests my production dropped to about 20 per month. If the fees get to about $750 per appraisal I will get back in but until then I cannot afford to work for less than I pay my yard man and others in the community. By the way, Listings included in a report are worthless. Listing information is great in the aggregate when ALL Listings are included but a Listing or two in a report does not provide ANY additional information on the value of a property. It does add to an appraisers research time, drive time, reporting time and review time.
Posted by spencerjoseph | Nov. 18
<a href="http://www.cujournal.com/news/compliance/future-of-cfpb-in-play-as-warren-digs-in-1026871-1.html" target="_blank">Future of CFPB in Play as Warren Digs In</a>
Unfortunately, the CFPB has expanded far beyond its original mission. While Sen. Warren likes to irrationally believe and comment that it protects the little guy, she has used it to primarily make life very difficult in the financial services industry. Thus, she's made it contrary to her own comments by implementing laws and rules that, in effect, actually hurt the "little guy" because the financial institutions now have to navigate so many hurdles to offer the services the "little guy" desperately needs and wants. Just another example of big government run amok and damaging both free enterprise and the economy. And, you wonder why the country is in a financial mess?
Posted by Scooter | Nov. 16
<a href="http://www.cujournal.com/news/payments/will-trump-really-hold-remittances-ransom-1026865-1.html" target="_blank">Will Trump Really Hold Remittances Ransom?</a>
This article poses quite a bit of conjecture for consideration without addressing the most likely route some form of action might take namely a tax on remittances. By focusing on a highly-unlikely program of remittances seizures without even mentioning a program of taxation a program that is at least as likely to be proposed by the new administration, if not more so seems to me to be more demagoguery than informative.
Posted by RSLockett | Nov. 14
<a href="http://www.cujournal.com/news/opinions/mbl-rule-could-spark-growth-but-will-cus-leverage-it-should-they-1026650-1.html" target="_blank">MBL Rule Could Spark Growth, But Will CUs Leverage It? Should They?</a>
This rule change has been in effect for a number of months and has yet to impact the CU CRE world in any noticeable manner. Of even greater impact will be the changes surrounding LTV, cash flow calculations and greater emphasis on monitoring the portfolio. As the writers stated, and it is true of all of the rule changes, "document the decisions made". The new rules can provide great opportunity if they are executed in a safe, sound and documented manner. DFTC Inc.
Posted by dps130 | Nov. 4
<a href="http://www.cujournal.com/news/branching/communication-and-consistency-key-for-branches-out-of-state-or-overseas-1026766-1.html" target="_blank">Communication and Consistency Key for Branches Out of State or Overseas</a>
As an Alaska USA member for nearly 40 years, I can attest to the CU's consistent, high-quality service to members all around the country. We haven't lived full-time in Alaska for almost 30 years (now live in Virginia) and Alaska USA Is still our primarily financial institution. They "pioneered" remote service--back in the early 1970s when the old "WATS lines" started providing toll-free, cost-effective telephone service everywhere, they opened a telephone service center in the "lower 48" to serve members across the country who had transferred out of Alaska. Since then service has gotten even better, with EFT and shared branches/ATMs. The still-current "800 number" to Alaska USA's telephone service center is permanently imbedded in my aging memory bank, right up there with my social security number and Air Force serial number.
Posted by CUVet | Oct. 31
