Fall University of Lending – Save the Date!

Posted by on May 26, 2015 in News |

Insurance Trust is gearing up for our semi-annual University of Lending event to take place on September 28-29, 2015 at the Hilton Garden Inn in Freeport, ME. This unique 2 day educational session will be presented by Ed Swanson who is a 30 year veteran of the financial services industry and a 25-year veteran of the credit union industry. Ed has spoken at more than 35 Credit Union Leagues throughout the country on a variety of lending and member service related topics. Our fall session will focus on three new featured topics that were voted on by the attendees from our previous sessions. The lending school topics will include; Building a sales culture, Incentive programs, Cross selling as well as many elements from Ed’s acclaimed University of Lending curriculum. Here are a few quotes from our past attendees: “This was an excellent training and I took away a lot of great information.  Totally worth the time and expense.  I would recommend this training to the rest of my staff as well as our CEO.” “The lending university was a valuable lending lesson for me.  I have learned a lot of new things that I hope to incorporate into my everyday lending.” “With the amount of information in this training, I was able to communicate how to find new opportunities and prompt loan growth” Ed will focus on real-life experiences that your lending and collections staff encounter daily with your members.  Come join us and let Ed’s expertise and passion help you to increase net yield on your loan portfolio, increase fee income and meet the needs of your members in challenging economic times. Who Should Attend? This informative session is designed for CEOs, executive management, lending managers and loan staff. More details coming soon! Please contact Seth McClellan at smcclellan@insurancetrust.us for more...

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TILA\RESPA Integrated Disclosure – Update

Posted by on May 26, 2015 in Compliance, News | 0 comments

As we all know, time flies by! Don’t look now but we all have less than a year to comply with the new Truth in Lending Act and Real Estate Settlement Procedures Act integration (TILA/RESPA) that goes into effect August 1st 2015. Conmar is nearing completion of the new forms and discussing implementation timelines with data processors to ensure your forms arrive well before the effective date. It is important to note that the TILA/RESPA rule does not allow you the ability to comply early. You cannot use the new integrated disclosures prior to the rule’s effective date. For now, you should continue to use your existing forms for applications received before the effective date.   Re-Cap of the New Forms The Loan Estimate – It will replace the preliminary Truth in Lending Disclosure and the Good Faith Estimate. This form is designed to provide disclosures that will be helpful to consumers in understanding the key features, costs, and risks of the mortgage loan for which they are applying. The Closing Disclosure – It will replace the final Truth in Lending Disclosure and the HUD-1 Uniform Settlement Statement. This form is designed to provide disclosures that will be helpful to consumers in understanding all of the costs of the transaction. Important Note: The forms are only part of complying with the new rules. Prior to the forms being loaded on your system, you need to review your internal processes, policies, software, contracts with service providers, or other aspects of your business operations in order to identify any changes needed to comply with this rule. Changes related to this rule will take careful planning, time and resources to implement. The following documents (in addition to the actual final rule) will help as your review internal operations and should be required reading for all your Mortgage staff.   TILA-RESPA Integrated Disclosure rule Small entity compliance guide provides an easy-to-use summary of the TILA-RESPA rule TILA-RESPA Integrated Disclosure rule Integrated Disclosure Guide to the Loan Estimate and Closing Disclosure forms provides instructions for completing the new forms Guide to the Loan Estimate and Closing Disclosure Forms   There is nothing you need to do now. Conmar will release a final compliance notice closer to the time we start delivery of new forms to the data processors. Source: Conmar Systems | Informs Compliance Digest | www.conmarsystems.com The information contained in this notice is provided with the understanding that the author and company are not engaged in rendering legal advice. As such, information should not be used as a substitution for consultation with credit union legal...

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Social Responsibility Committee Presents Annual Donation to Special Olympics Maine

Posted by on May 6, 2015 in News | 0 comments

The Insurance Trust Social Responsibility Committee is excited to report that a check for $70,000 was presented to Special Olympics Maine at our 52nd Annual Meeting on April 17, 2015.  This year, Saco Valley FCU was presented with our annual Sharing and Caring award and Barbara Christy of Insurance Trust was presented with the Sandra A. Doucette Award for her many years of outstanding service, volunteerism and support of Special Olympics Maine. “Each year, we like to challenge our credit union friends across the state to share an hour, a day or a weekend to volunteer for a Special Olympics event. Opportunities to volunteer are endless; from preparing and serving meals and snacks to coaching or coordinating athletic events. Regardless of the level of interest and measure of time you have to contribute, you will be welcomed and appreciated. The experience will give back more smiles, hugs, and laughter than time and money could ever buy.   A mountain of gratitude goes to Insurance Trust, vendor partners, Credit Union colleagues, and their loyal members for their overwhelming financial contributions and dedication to helping at the Special Olympics events throughout the state.” -Cathy Bond, Chairperson, Winslow Community FCU. Insurance Trust, Credit Union partners, and vendor partners succeeded in surpassing the 2014-2015 fundraising goal. When last year’s check for $73,500 was presented to Special Olympics Maine, the 20 year total of funds donated to Special Olympics Maine exceeded over $1,000,000! 2014-2015 Donations GOLD ($2,500.00+) Saco Valley CU $11,670.00 Capital Area FCU $7,150.00 Insurance Trust $7,056.56 Five County CU $5,050.00 PeoplesChoice CU $3,984.00 Midcoast FCU $3,500.00 Synergent $3,000.00 KSW FCU $2,639.00 Taconnet FCU $2,600.00 SILVER ($1,500.00 – $2,499.99) New Dimensions FCU $1,829.64 Tricorp FCU $1,770.00 BRONZE ($500.00 – $1,499.99) Bangor FCU $1,423.17 York County FCU $1,150.00 Acadia FCU $1,000.00 Penobscot County FCU $777.52 Sabattus Regional CU $650.00 Equinox $594.00 Franklin-Somerset FCU $500.00 Eastmill FCU $500.00 Rainbow FCU $500.00 HealthFirst FCU $500.00 Atlantic Regional FCU $500.00 HEADING FOR THE BRONZE (UNDER $500.00) Gardiner FCU $400.00 Maine Family FCU $320.40 Monmouth FCU $300.00 Brewer FCU $150.00 Casco FCU $150.00 Franklin-Somerset FCU $150.00 Lincoln Maine FCU $150.00 Connected CU $150.00 Otis FCU $150.00 Seaboard FCU $150.00 Sebasticook Valley FCU $150.00 Town & Country FCU $150.00 University CU $150.00 TruChoice FCU $100.00 CHAPTERS Aroostook Chapter of CU’s $3,367.11 Kennebec Valley Chapter of CU’S $500.00 York County Chapter of CU’s $500.00 VENDORS Transamerica $1,000.00 Equips $750.00 Frost Financial Services $750.00 Affinion $500.00 Albin, Randall & Bennett $500.00 Berkley Finsecure $500.00 Lee & Mason $250.00 NDBS, LLC $150.00 New England Excess Exchange...

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