Savil Chen

If you’re operating an ACH integration, you’ll sometimes receive return requests beyond the allowed window. NACHA rules for late return requests require that you provide the receiving institution with evidence that the debit was authorized by the account holder. At scale, this process can be manual and toilsome. Luckily, we’ve built an API for responding to these requests that can automate this workflow. Learn more at: https://lnkd.in/gEpn23sn 

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Get a forecast for next quarter, economic update, and more at our Quarterly Economic Update webinar, held on Friday, July 19th at 10am ET. Hosted by Scott Fischer, Principal at Enza Financial. Register today! https://lnkd.in/eMgvWDte #marketupdate #economy #economicupdate

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New blog post: CECL implementation is creating new norms for banks and credit unions. Learn which model inputs your financial institution should be evaluating to ensure you're maintaining a proactive approach to CECL. Read today: https://lnkd.in/eSHWeF-t Thanks to Zach Englert for sharing! Empyrean Solutions

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Commercial mortgage delinquencies increased in the first quarter of 2024, according to the Mortgage Bankers Association’s (MBA) latest Commercial Delinquency Report. https://lnkd.in/eSRJjXZF #ccim #ccimwa #mortgagerates #delinquencies #MBA #commercialrealestate

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Credit unions, fintechs and non-bank lenders should face the same regulation, guidance and supervisory expectations when involved in the same activities — and doing so is a core concept of financial regulation, according to Federal Reserve Governor Michelle Bowman. #creditunions #bankingindustry #financialservices #fintech #mortgagelending #managementconsulting #money #future

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SBA 504 Rates are out for October! Also new in October, the SBA has expanded eligibility criteria for the SBA 504 Refinance Program, with changes effective November 15. Key Program Updates: - Increased Loan-to-Value: Maximum loan-to-value ratio raised from 85% to 90% for refinancing without expansion, including cash out for Eligible Business Expenses (EBE). - Elimination of EBE Cap: The previous 20% cap on EBEs has been removed, offering more flexibility. - Relaxed Government Debt Refinancing: Any savings on proposed payments now qualify as sufficient to meet the substantial benefit test for refinancing government debt (previously required 10% savings). - Expanded Eligibility: “Other secured debt” now qualifies as an EBE in debt refinancing without expansion, allowing for the refinancing of many working capital loans. - Easier to Qualify: Only 75% of the original loan needs to have been used for Eligible Fixed Assets in both 504 refinancing programs (previously 85%). Call a TCM Loan Officer to learn more! Debby Gustafson Sheil Nelson Mike Kinderman Michael Kinninger

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Looking to elevate workflow efficiency? Shastic's AI-Workflow-Automation platform is what your credit union needs to revolutionize operational efficiency and member engagement. Why Choose Shastic? -Streamline Processes: Automate to save time and minimize errors to focus on high-value tasks. -Enhanced Member Experience: Deliver personalized, digital-first services that exceed member expectations. -Drive Efficiency and Growth: Leverage predictive analytics for data-driven decisions, enhancing your competitive edge. -Seamless Integration: Effortlessly connects to your existing systems in minutes with minimal IT lift. 🔍 Transformative Impact From loan processing to member services, witness a tangible improvement in productivity, satisfaction, and ROI. Join the leaders who are already redefining the credit union industry with Shastic. 🌐 Schedule Your Demo Today Don't just keep pace with technology—lead the charge. Request your Shastic demo today and take the first step toward a smarter, more responsive, and member-focused future. https://hubs.ly/Q02Py-7B0 #AI #workflowautomation #efficiency #automation #creditunion #banking #workflow

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📣 Breaking News: CFPB Finalizes Rule 1033, Ushering in a New Era of Open Banking in the US The Consumer Financial Protection Bureau (CFPB) has just released the final version of its highly anticipated Rule 1033, marking a significant milestone towards open banking in the United States. This groundbreaking rule, which implements Section 1033 of the Dodd-Frank Act, aims to empower consumers by giving them more control over their financial data. Key Highlights of Rule 1033 ➤ Expanded Scope The rule's reach is broader than initially expected, encompassing not only traditional banking data but also information from payment apps and digital wallets, providing a more holistic view of consumers' financial lives. ➤ Data Access Rights Under the new rule, banks, credit unions, and other financial institutions will be required to make consumers' financial data available upon request to both consumers and authorized third parties. This includes information about transactions, costs, charges, and usage related to consumer deposit accounts, credit cards, and payment services. ➤ Third-Party Guidelines The CFPB has established strict guidelines for third parties accessing consumer data and strongly discourages screen scraping. These entities must: - Obtain explicit consumer consent - Limit data collection and use to necessary services - Implement robust data security measures - Refrain from using consumer data for targeted advertising or sale to other parties ➤ Exemptions Depository institutions with assets of $850 million or less are exempt from the rule's requirements. ⏱️ Implementation Timeline Compliance dates are staggered from 2026 to 2030 based on asset size. 🏦 Implications for the Financial Industry The finalization of Rule 1033 promotes innovation and competition by allowing consumers to share their data with fintech companies and other service providers more easily, which can lead to the development of more personalized and efficient financial products and services. Financial institutions will also need to invest in developing standardized APIs or other secure methods for data sharing. 👀 Looking Ahead. As we move towards implementation, financial institutions of all sizes will need to carefully assess their readiness for this new era of open banking. Key considerations include: - Developing or upgrading API infrastructure - Enhancing data security measures - Reviewing and updating privacy policies - Training staff on new data-sharing protocols - Exploring opportunities for innovative products and services Rule 1033 represents a significant step towards a more open, competitive, and consumer-centric financial ecosystem in the United States. As the industry adapts to these changes, we can expect to see a wave of innovation and new partnerships that will reshape the future of financial services. #OpenBanking #FinTech #CFPB #Rule1033 #FinancialServices #ConsumerRights #DataPrivacy

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Up to .60 BPS Price Improvement (when combined with Select Specials on qualifying loans). 🏁 .25 BPS Pricing Improvement through November on all programs, purchase, refinance and cash-out refi and include: • Conventional (FNMA, FHLMC) • Government • Non-QM • Jumbo • Closed End Seconds 🏁 Does Not include: CalHFA and HELOC Loan Programs 🏁 Select Price Improvement Specials • .30 BPS on Loans FNMA/FHLMC FICO 700+ and ≤ 80% LTV • .35 BPS on Government Loans FICO 680+ and Loan Amount $250K+ (Excludes DPA) Restrictions apply. Contact your Account Executive to learn more.  Specials are available for approved mortgage brokers and business clients. Not available for consumers.   Prime Special applies to all Non-QM, FNMA, FHLMC, FHA, VA loans, including low/high balance, Closed End Seconds, and DPA Programs excluding CalHFA DPA programs.  Also excludes HELOCs.  Specials are valid for loans locked 11/1/2024 through 11/30/2024. Offers subject to change at any time, terms and conditions apply. Specials may not be combined with any other price improvement or special unless indicated in the offer. *Closed-End Seconds: Loans originated in US Territories and the following states are ineligible: AK, NY, TN, TX, VT, WV, WY. Restrictions apply, contact your Account Executive for details. Important to note that a Closed-End Second Mortgage may typically have a higher interest rate than the first lien mortgage.  #NovemberSpecials #Speed #Quality #Service #ForwardLending #BuildingPartnerships Intended for use by real estate and lending professionals only and not for distribution to consumers

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Up to .60 BPS Price Improvement (when combined with Select Specials on qualifying loans). 🏁 .25 BPS Pricing Improvement through November on all programs, purchase, refinance and cash-out refi and include: • Conventional (FNMA, FHLMC) • Government • Non-QM • Jumbo • Closed End Seconds 🏁 Does Not include: CalHFA and HELOC Loan Programs 🏁 Select Price Improvement Specials • .30 BPS on Loans FNMA/FHLMC FICO 700+ and ≤ 80% LTV • .35 BPS on Government Loans FICO 680+ and Loan Amount $250K+ (Excludes DPA) Restrictions apply. Contact your Account Executive to learn more.  Specials are available for approved mortgage brokers and business clients. Not available for consumers.   Prime Special applies to all Non-QM, FNMA, FHLMC, FHA, VA loans, including low/high balance, Closed End Seconds, and DPA Programs excluding CalHFA DPA programs.  Also excludes HELOCs.  Specials are valid for loans locked 11/1/2024 through 11/30/2024. Offers subject to change at any time, terms and conditions apply. Specials may not be combined with any other price improvement or special unless indicated in the offer. *Closed-End Seconds: Loans originated in US Territories and the following states are ineligible: AK, NY, TN, TX, VT, WV, WY. Restrictions apply, contact your Account Executive for details. Important to note that a Closed-End Second Mortgage may typically have a higher interest rate than the first lien mortgage.  #NovemberSpecials #Speed #Quality #Service #ForwardLending #BuildingPartnerships Intended for use by real estate and lending professionals only and not for distribution to consumers

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Up to .60 BPS Price Improvement (when combined with Select Specials on qualifying loans). 🏁 .25 BPS Pricing Improvement through November on all programs, purchase, refinance and cash-out refi and include: • Conventional (FNMA, FHLMC) • Government • Non-QM • Jumbo • Closed End Seconds 🏁 Does Not include: CalHFA and HELOC Loan Programs 🏁 Select Price Improvement Specials • .30 BPS on Loans FNMA/FHLMC FICO 700+ and ≤ 80% LTV • .35 BPS on Government Loans FICO 680+ and Loan Amount $250K+ (Excludes DPA) Restrictions apply. Contact your Account Executive to learn more.  Specials are available for approved mortgage brokers and business clients. Not available for consumers.   Prime Special applies to all Non-QM, FNMA, FHLMC, FHA, VA loans, including low/high balance, Closed End Seconds, and DPA Programs excluding CalHFA DPA programs.  Also excludes HELOCs.  Specials are valid for loans locked 11/1/2024 through 11/30/2024. Offers subject to change at any time, terms and conditions apply. Specials may not be combined with any other price improvement or special unless indicated in the offer. *Closed-End Seconds: Loans originated in US Territories and the following states are ineligible: AK, NY, TN, TX, VT, WV, WY. Restrictions apply, contact your Account Executive for details. Important to note that a Closed-End Second Mortgage may typically have a higher interest rate than the first lien mortgage.  #NovemberSpecials #Speed #Quality #Service #ForwardLending #BuildingPartnerships Intended for use by real estate and lending professionals only and not for distribution to consumers

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Up to .60 BPS Price Improvement (when combined with Select Specials on qualifying loans). 🏁 .25 BPS Pricing Improvement through November on all programs, purchase, refinance and cash-out refi and include: • Conventional (FNMA, FHLMC) • Government • Non-QM • Jumbo • Closed End Seconds 🏁 Does Not include: CalHFA and HELOC Loan Programs 🏁 Select Price Improvement Specials • .30 BPS on Loans FNMA/FHLMC FICO 700+ and ≤ 80% LTV • .35 BPS on Government Loans FICO 680+ and Loan Amount $250K+ (Excludes DPA) Restrictions apply. Contact your Account Executive to learn more.  Specials are available for approved mortgage brokers and business clients. Not available for consumers.   Prime Special applies to all Non-QM, FNMA, FHLMC, FHA, VA loans, including low/high balance, Closed End Seconds, and DPA Programs excluding CalHFA DPA programs.  Also excludes HELOCs.  Specials are valid for loans locked 11/1/2024 through 11/30/2024. Offers subject to change at any time, terms and conditions apply. Specials may not be combined with any other price improvement or special unless indicated in the offer. *Closed-End Seconds: Loans originated in US Territories and the following states are ineligible: AK, NY, TN, TX, VT, WV, WY. Restrictions apply, contact your Account Executive for details. Important to note that a Closed-End Second Mortgage may typically have a higher interest rate than the first lien mortgage.  #NovemberSpecials #Speed #Quality #Service #ForwardLending #BuildingPartnerships Intended for use by real estate and lending professionals only and not for distribution to consumers

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Many banks have pulled back from equipment finance over the last 18 months and this trend doesn’t show signs of stopping. Rick Remiker outlines seven methods to defend a bank-based equipment finance division in this uncertain environment. Read more: https://lnkd.in/eHQpm-bC The Alta Group #monitor #top #story #digital #edition #bank #equipment #finance #tips

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Request for Comment - Same Day ACH. Comments due on Friday, December 13, 2024. NACHA is proposing two specific amendments to the NACHA Operating Rules: 1. Add a fourth daily Same Day ACH processing window aligned with the close of the business day in the Pacific Time Zone. 2. Accelerate funds availability for certain non-Same Day ACH credits. #bankregulations #ACHrules #communitybanking #commentperiod

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🏦 BIS 🏦 CAMELS 🏦 CFPB 🏦 CFTC These are just some of the acronyms in the banking industry that every banker should know! Banking+ helps you decipher these banking acronyms (and more) in a guide to industry lingo: https://lnkd.in/eDaWg4_h #Acronyms #Banking #Bankers #BankingIndustry #Enrichment #BankingPlus

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