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CRA Working Group June 14 th , 2018
CRA Working Group
June 14th, 2018
Call Details
CRA Working GroupJune 14th, 2018
Event password: CRA2018Conference line: 240-454-0879Meeting number: 660 787 180
*Today’s call will be recorded and made available for future playback.
Mission
Collaborating Together – Our Goal
• Be a resource for CRA professionals – tapping into the Power of the Network
• A platform within TMC to discuss challenges and share insights with others who do the same tasks on a day to day basis
• Opportunity to connect through regular calls and in-person events
Thanks for joining us!
Jen PeachmanVice President, Member
Engagement
Ashleigh AlexanderMember Benefits
Advocate
Lender Member Spotlight
Rob HironimusVice President, CRA & Reverse Mortgage Sales Manager
Fulton Mortgage
Lender Member Spotlight
Fulton Financial Corporation & Fulton Mortgage Company
Who We Are
Corporate Headquarters in Lancaster PA
$20 Billion in Assets
Six Affiliate Banks
Market presence in Pennsylvania, Maryland, Delaware, New Jersey, Virginia and Washington D.C.
Approximately 240 Bank Branches
Approximately 100 Loan Officers
Performance Evaluation
OCC Fulton Bank CRA Examination as of April 2015
Overall Rating: Satisfactory
Lending Test: Low Satisfactory
Investment Test: High Satisfactory
Service Test: Low Satisfactory
Currently in process of 2018 exam
FULTON FORWARDTM
Fulton Forward helps build vibrant communities through gifts of time and dollars and through programs, products and services designed to foster affordable housing, drive economic development,
and promote financial literacy and education in the neighborhoods we serve.
We are committed to shaping our future across our entire footprint through efforts and partnerships that align with our company’s values and expertise and make our communities
better, one change at a time.
Housing Assistance
Economic Development
Financial Literacy
Community Impact
Strategic Action
Developed an “Action Plan” for all business lines to focus more on CRA
Hired “CRA MLO’s” – That focus on CRA Lending
Hired “Community Outreach Officers”
Partnered with ~ 50 Housing Agencies over lending footprint – Financial Contributions and Event Engagement – (FTHB classes, Tradeshows, etc.)
Continued relationships with Federal Home Loan Banks – Community Lending Programs
Created a Portfolio CRA Mortgage Product – Homebuyer Advantage Plus
Promoted the Home Ready Product
Conducted Realtor Lunch and Learns and FTHB seminars
Created “Business Line” Committees by AA to focus on LMI lending
Enrolled with Down Payment Resource – to identify down payment/closing cost assistance programs
Fulton Bank Comparat ive CRA Lending Performance
2015 2016 2017 Q1 2018
HMDA Lending Originations In LMI Geographies
Market Peers FB Total
0%
5%
10%
15%
20%
25%
30%
35%
40%
2015 2016 2017 Q1 2018
HMDA Lending Originations To LMI Individuals
Market Peers FB Total
*HELOC tracking began in January 1, 2018, therefore HELOCs are not included in prior year reporting
Questions
Contact Information
Rob Hironimus, CRA Mortgage Sales Manager
NMLS #: 144923
717.327.2609
THANK YOU!
Message and data rates may apply.
Preferred Partner Educational Spotlight
Laird NossuliCEO
iEmergent
CBC Mortgage CRA Opportunities
Richard FergusonPresident
CBC Mortgage
Chenoa Fund by
CBC Mortgage
Agency
Chenoa Fund by CBC Mortgage Agency
1. Originator of 1st and 2nd
mortgage paper
2. 1st is an FHA or Conventional loan
3. 2nd is a 10 to 30 year, paid monthly.
4. CBC Mortgage Agency –strong counterparty.
Creation of CRA Note Exchange –Direct Lending
1. Desire to create a secondary market low balance, low risk 2nd paper.
2. Inviting other non-profits and Housing Agencies to participate, including Habitats for Humanity.
3. 500+ loans on Exchange and growing each month
What sets these loans apart?
• CRA-eligible based on borrower income and/or the census tract
• Follows the spirit of CRA with a focus on providing affordable housing to underserved populations leading to overall community revitalization
• Loans have never been sold before, unlike some loans that are sold between banks multiple times
• CBCMA’s loans are 2nd mortgages, with a much lower overall balance in comparison to higher-dollar first mortgages, allowing a bank to obtain a much higher quantity of CRA-eligible loans for the same overall purchase price
Loan Characteristics
1. 671 average credit score
2. 100% purchase transactions
3. Loans performing at or better than FHA 1st mortgage statistics
4. Average loan amount $8,000
5. Amortizations and Rates
1. 10 year 8%
2. 30 year 5%
3. 10 year 0%
Open Forum
Submitted Questions via E-mail:
1) I know that one of our areas that we need help in is finding ways/activities that would count towards our service requirement. We do many philanthropy type activities, but very few of them count towards CRA. I would love to hear what other banks are doing to fulfill this requirement.
2) Who do you use for translation service if you outsource? Do asset or bank documentation need to be notarized / stamped if they are being sold?
Wrap Up
We Want to Hear From You:
What other preferred partners or industry experts would you like to hear from on upcoming calls? Shoot us an e-mail and let us
know.
Submit your specific questions for the next call to Ashleigh Alexander at [email protected] or Jen Peachman at
Your TMC Contacts:
Jennifer Peachman
Vice President, Member Engagement
Ashleigh Alexander
Member Benefits Advocate
Your Dedicated TMC Resources:
Open Forum
Questions?
Thoughts?
Ideas?
