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The Southeast Regional Credit Union Schools (SRCUS) organization recently announced that Chris Outland has been awarded the 2021 Hugh Watson award at this year’s session of the Southeast CUNA Management School. Selected by vote of his classmates, Outland was chosen to receive this award based on his exceptional contributions to the class as a whole over the three years of SRCUS and his outstanding leadership skills.

Chris Outland currently serves as the President of 7 Title. 7 Title is a title company and Credit Union Services Organization (CUSO) jointly owned by ORNL Federal Credit Union & Y12 Federal Credit Union. Chris began his credit union career in 2013 as the Mortgage Processing Supervisor for 7 Mortgage, a wholly owned CUSO of ORNL FCU. He took on the role of Title Manager of 7 Title in 2014, then transitioned into his current role of President in 2016. Prior to 2013 Chris spent over 20 years in the consumer finance industry, mostly in the role of Branch Manager where he gained valuable experience in all facets of managing a team and running a business. Chris was born, raised and continues to live in Knoxville Tennessee, less than an hour drive from the Great Smoky Mountains. He enjoys spending time with his wife Ginger and his three children Jacob, Elijah and Ella.

“SRCUS is a unique and dynamic opportunity to improve your skills as a leader and learn more about the credit union you work for, as well as the credit union industry in general,” noted Outland. “The curriculum is great, but what makes this school unique is the opportunity to meet and bond with other impressive credit union professionals. The friendships made turn into meaningful, lasting relationships. Additionally,SRCUS gives you many opportunities to put yourself into your “stretch zone” where personal growth happens. I went into it telling myself “I’m just going to press forward and take advantage of everything this experience has to offer” and I was paid back tenfold,” explained Outland.

Seven years ago, SRCUS instituted the “Hugh Watson Award” to recognize an outstanding third year student and to honor the retirement of Hugh Watson from SRCUS. Watson joined the SRCUS faculty in 1971 and during his tenure, he taught in all 3 years, served as academic coordinator and facilitated the 3rd year simulation for 43 years. Upon his retirement from SRCUS, the Hugh Watson Award was instituted to honor the 3rd year student whose service to SRCUS has been closest to that exemplified by Dr. Hugh Watson. Since 1970, the SRCUS Southeast CUNA Management School has equipped graduates with the skills and knowledge to meet the leadership challenges that arise in the credit union industry. The curriculum develops students’ operational, managerial and leadership abilities as they receive advanced academic instruction on a variety of topics including management, leadership, and financial analysis. Students also apply the knowledge gained from the on-site sessions to projects that require strategic analysis of their credit unions and research of relevant issues facing the credit union industry. Graduation from the Southeast CUNA Management School is recognized throughout the credit union industry as a prestigious mark of achievement. Upon successful completion of the program, students received a graduation diploma issued in conjunction with the University of Georgia Center for Continuing Education. For more information on the Southeast CUNA Management School, visit www.srcus.org/management.

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About SRCUS: Southeast Regional Credit Union Schools (SRCUS) is a collaboration of seven southeastern credit union leagues, including the Carolinas Credit Union League, Kentucky Credit Union League, League of Southeastern Credit Unions & Affiliates, Louisiana Credit Union League, Mississippi Credit Union Association, Tennessee Credit Union League, and Virginia Credit Union League. Through collaboration with CUNA and Affiliates, the first SRCUS Management School was established in 1970. In addition to the management school, SRCUS also hosts an annual Director’s Conference, which provides a full range of informative educational sessions about critical issues important to today’s ever-changing financial industry for credit union directors and committee members. For more information, visit www.srcus.org.

KNOXVILLE, Tenn., Aug. 12, 2020 (SEND2PRESS NEWSWIRE) — 7 Mortgage, a credit union service organization (CUSO), announced that it went live with OpenClose’s end-to-end loan origination system (LOS) allowing its partner credit unions to leverage the mortgage industry’s leading technology. The OpenClose solution allows 7’s CUSO members to efficiently and effectively complete mortgage loans – from start to finish – via a centralized platform rated #1 by multiple independent studies.

A subsidiary of ORNL Federal Credit Union (ORNL FCU), 7 Mortgage successfully launched OpenClose’s LenderAssist™ LOS and ConsumerAssist™ POS in July, delivering an enriched digital mortgage experience for both partner credit unions and the members they serve. 7 Mortgage now offers an array of new features, further distinguishing itself as a premier CUSO for residential mortgage lending.

“I am excited to convert our clients to OpenClose because it offers versatility, a fresh, modern look and sports a user-friendly format,” said Chris Boler, 7 president and CEO. “7 is dedicated to making credit unions stronger through collaboration. By offering a top-tier product like OpenClose to our partners, we are helping our members and our industry thrive.”

7’s credit union members have access to OpenClose’s award-winning platform, which includes a robust digital mortgage point-of-sale solution; a comprehensive, 100 percent browser-based LOS; a flexible, natively built product and pricing engine (PPE); business intelligence and analytics software (BI); mobile device functionality extension; and a RESTful API suite for simple, cost effective integrations.

OpenClose offers a uniquely consolidated digital POS and LOS, along with additional capabilities – all via a single-source software provider, driving real-time member engagement and collaboration throughout the mortgage loan process.

“We are pleased to welcome 7 Mortgage as a new OpenClose partner and are confident its members will gain many benefits from our platform,” said Vince Furey, CRO at OpenClose. “Our LenderAssist LOS brings new efficiencies to the table, which transforms mortgage lending for credit unions into an easier, streamlined, member centric process.”

Using the new solution, 7 and its members are expected to benefit from OpenClose’s #1 rated customer service, better connectivity, reduced operating costs, quicker turn times and expanded options by which to conduct business.

About 7:

Rooted in the seven principles of the credit union movement, 7 is a wholly owned credit union service organization (CUSO) of ORNL Federal Credit Union (FCU) in Oak Ridge, TN. 7 Mortgage, 7 Title, and 7 Insurance are included under the CUSO’s umbrella. 7 Mortgage has 26 credit union partners and is licensed in 6 states. The mortgage company specializes in offering tailored mortgage solutions to credit unions throughout the Southeast. For more information, visit 7.coop or call (865) 564-7465.

About ORNL Federal Credit Union:

Chartered in 1948, ORNL FCU is a not-for-profit financial cooperative locally owned and operated by its members for the benefit of all who belong. ORNL FCU represents over 175,000 members and $2.5 billion in assets and serves members and businesses in 19 counties of East Tennessee. For more information, visit ornlfcu.com or call (865) 688-9555.

About OpenClose:

Founded in 1999 and headquartered in West Palm Beach, Florida, OpenClose® is a leading enterprise-class, multi-channel loan origination system (LOS), POS digital mortgage and fintech provider that cost effectively delivers its digital platform on a software-as-a-service (SaaS) basis. The company provides a variety of innovative, 100 percent web-based solutions for lenders, banks, credit unions, and conduit aggregators. OpenClose’s core solution, LenderAssist™, is comprehensive loan origination software that is completely engineered by OpenClose using the same code base from the ground up. The company offers a RESTful API suite that standardizes system-to-system integrations, making them easier to develop, quicker to implement and more cost effective. OpenClose provides lending organizations with full control of their data and creates a truly seamless workflow for complete automation and compliance adherence. For more information, visit https://www.openclose.com/ or call (561) 655-6418.

Media Contacts:

Chris Boler
7, President/CEO
865-560-7499
cboler@7.coop

Joe Bowerbank
Profundity Communications, Inc. for OpenClose
949-378-9685
jbowerbank@profunditymarketing.com

Social Media:
@OpenClose_LOS @7Mortgage #CreditUnionsLOS #CreditUnionsLoanOriginationSoftware #CreditUnionsMortgageAutomation #Mortgage #TitleCompany #Insurance #CreditUnions #CUDifference #RealEstate #EastTennessee #Knoxville #KnoxRocks #KnoxvilleTN #KnoxvilleRealEstate #KnoxvilleRealtor #BuyingAHome #FirstTimeHomebuyer #HomeClosing

I was at a networking event recently and during the break, after I spoke about our title company, someone asked me “who picks the title company?”  The answer is the consumer has the right to choose the title company but in most cases they defer to either the real estate professional or the mortgage professional with whom they have been working.  Your average person only needs a title company once every 5-10 years so it’s rare to have an established relationship already built.  This is why the Real Estate Agent or Mortgage Loan Officer is often looked upon to guide consumers where to go for their title needs.  

As consumers we are trained to comparison shop for most things in our life.  Before we purchase a flat screen TV at Target we are on our phones seeing what it costs at Wal-Mart.  This mindset is even more prevalent when entering into the process of obtaining a mortgage loan.  Shopping interest rates and mortgage closing costs are engrained in our minds because it’s such an important decision; however when it comes to title services most people don’t think to comparison shop.

At 7 Title we take a lot of pride in saying we are one of, if not the most reasonably priced title companies in the area.  We don’t issue this statement lightly and without being informed.  On an annual basis we do a pricing review of our biggest competitors in the market.  All title companies have the same basic suite of services, but the charge for those services can vary quite a bit from company to company.  From that review we adjust our fees accordingly with an eye on making sure we bring our clients the most value.

If you are a real estate or mortgage professional and you are already referring business to 7 Title, Thank you!! We appreciate the trust you have placed in us to bring value to your clients.

If you are a real estate or mortgage professional and you aren’t referring business to 7 Title, reach out to us! We have an approach to doing business that we are proud of and would like to share it with you.

If you are a consumer in the process of buying, selling or refinancing a home or you are in need of some real estate title advice, reach out to us at 7 Title.  You can do so with the peace of mind knowing that whatever the cost of the service you need, we have made sure that you are paying a fair price.

In February 2019, Nicole Squibb joined 7 Title as Operations Supervisor.  Nicole has been in the financial services and mortgage industry for the past 12 years of her career serving in a leadership capacity in 6 of those years.  She brings a lot of talent with her as she takes on this new role.

The role of Operations Supervisor is an important one within the organization as Nicole will oversee the quality and level of service being delivered to clients and business partners.  Nicole will also be a key contributor in the effort to utilize technology to keep 7 Title up to date with enhancements that are available in the market.

Please join us in congratulating Nicole on her addition to the 7 Title team and the new role within her career!

Credit Reports are an important tool used by the industry to get a snapshot of your financial history.  Understanding the process for reviewing, disputing, and resolving information on your report is a critical part of your financial health.

What’s in your Credit Report?

Credit Reports are usually only reviewed when people are planning a major upcoming life event.  Obtaining a mortgage or consumer loan, applying for a credit card, background check for employment, being the victim of identity theft, and obtaining or changing insurance policies are all things that could trigger a review of your credit report.  Many of us treat our credit reports as “out of sight, out of mind”.   Experts say that is a mistake.  Your credit report details how you handle your debt and is used by lenders to determine how big of a risk you are when lending you money.  The information in your report leads directly to your credit score (a three-digit number) which is a big factor in determining interest rates, terms, and other aspects of any loan.  Reviewing your report at least once a year can help you negotiate better terms by being educated on what to expect from any lender.

Here are a few things to know about credit reports:

Annualcreditreport.com is the only government-authorized website for the free annual credit report that you are guaranteed by law.  Experian, TransUnion, and Equifax are the three major credit bureaus.   It’s important to know the different bureaus are used by each lender, so pulling from all three will give you access to ALL of your information and verify the information is accurate.  Requesting your information online is very straightforward and is as simple as providing basic data such as your name, address (both past and present), social security number, date of birth, etc.

Credit reports include four sections:

• Identifying information: This is where you will find your name, social security number, current and former addresses, phone number and other personal information.
• Credit history: This is your complete borrowing history, including every loan you’ve ever had and whether you paid on time. You’ll also find information such as creditor names, account activity, account number, credit limit, minimum monthly payment and current balance.
• Public Records: This is where negative credit information like bankruptcies, liens and court judgments are listed. Negative information can remain on your report for up to seven years.  Keeping items off this section is a key part of maintaining a high score.
• Inquiries: This is triggered when your credit report is pulled. Inquiries fall into two categories: hard pull or soft pull. Hard pull inquiries are when potential lenders pull your report when you apply for a loan. They can temporarily lower your credit score by up to five points. Soft pull inquiries are when a person or company checks your report as part of a background check. Soft inquiries don’t affect your credit at all, so don’t worry about frequently checking your own credit reports.

Things to look for:  According to the Consumer Financial Protection Bureau, be on the lookout for these common reporting mistakes:

• Identity errors: Is there a phone number, address or name you don’t recognize?
• Accounts that don’t belong to you.  Occasionally someone else’s information with a similar name could inadvertently appear on your report.
• Accounts opened as a result of identity theft.
• Incorrect account status: This includes closed accounts reported as open, you being listed as an account owner rather than authorized user, duplication of debt, and/or wrong opening, payment or delinquency date.
• Right account number but wrong balance or credit limit listed. (Keep in mind your balance is fluid so this could simply be the result of when the report was pulled)

How to fix errors:  First, you’ll want to contact the credit bureau that has the error.  This can be accomplished online, over the phone, or by mail.  Always keep good records and copies regardless of the method you choose.  Explain in detail why the information is wrong and include copies of any supporting documentation. Once it is received the bureaus will, in general, investigate and respond within 45 days.  If for any reason your dispute is ruled “frivolous” you’ll be notified within five days.  This can happen if someone tries to dispute clearly accurate information and is simply trying to “game” the system.  In the case of a factual error you will also want to file a dispute with the company that made the mistake so they can provide updated information to the credit bureaus.  If they made the error, it is their responsibility to contact the credit bureaus and provide the corrected information.

If the investigation is not in your favor, you have two choices.

• Ask that your disputed claim summary be included in your credit report, or
• File a complaint with the CFPB at www.consumerfinance.gov/complaint.

Maintaining an accurate Credit Report begins with simply reviewing it on a yearly basis.  This will help you obtain favorable financing, get discounts on insurance products, and improve your overall financial health.

Negotiating a contract can sound intimidating.  Don’t let it scare you. Negotiations are a critical part of any real estate sales contract and there is nothing wrong with doing all you can to get the best deal possible.

Check out these 7 tips to strengthen your negotiating skills.

1. First and foremost, hire a real estate agent. Sure, you could go at it alone, but a successful negotiation starts with having the knowledge and experience on your side.
2. Get pre-approved by a reputable mortgage lender and obtain this conditional approval in writing. Be sure you are 100% transparent with the lender, allowing them to spot and solve any potential roadblocks early in the process.  Having financing in place will make your offer much more compelling in the negotiation.
3. Everything is (potentially) negotiable! This is important to understand, because if you don’t ask you don’t get.  Keep in mind that requests should be respectful and within reason and remember the seller also has the right to refuse.  It’s then up to the buyer to decide whether or not to move forward with the deal.  Price is the most obvious of the negotiable items.  But closing costs, closing dates, financing contingencies, home warranties, repairs, etc. are all things to be considered during the negotiation process.
4. Be prepared to walk away. This may be the hardest part of any negotiation.  While on the surface it may seem like you “lost”, the reality is that the deal did not meet all of the criteria you needed for it to be successful.  Understanding the local market, being aware of other properties that are of interest to you, and having a clear understanding of your financial picture and budget will allow you to negotiate without emotion.  This is critical to avoid entering into a deal that could result in buyer’s remorse.
5. Avoid too many back-and-forth requests. Nothing can sour a seller on a deal faster than endless additional requests after an initial contract is offered.  Make sure you thoroughly do your homework and make your initial offer as close to where you would like it to be as possible.  There will always be things that come up during home inspections.  While these are understood, you should avoid making additional requests for price reductions, financing assistance, etc. once the initial offer is accepted.  Keep in mind the seller also has the right to just walk away from any deal.
6. Contingencies are a drag! While sometimes necessary, sellers often are reluctant to enter into a deal that involves too many, or any, contingencies (home sale, etc.).  No one likes to feel like a hostage to something out of their control.  It’s best to limit these or totally avoid them when possible.
7. Lastly, STAY POSITIVE! Buying a home is supposed to be an exciting, life-changing experience.  Don’t let emotions derail you from your goal.  Keep in mind, the person you are negotiating with is simply doing exactly what you are doing, just from the opposite perspective.

HAPPY NEGOTIATING!!!!

Wendy Robinson

AVP Mortgage Services

NMLS #1006528

7 Mortgage

www.7.coop

Imagine the joy and stress of buying your dream home. As you are managing dozens of tasks from packing, arranging movers, cleaning, etc. you receive an email from your realtor or lender with a last minute change of plans to your closing. The request is simple; due to a minor mix up you need to wire the funds to a new location as to not delay your closing. Because you have built trust with this individual and because of the immense amount of stress you are under, you quickly do it. Unknowingly, you have just redirected your life savings to a criminal and those funds are likely never to be seen again.

While the example above would appear to be a plot of a thrilling fictional movie, it is actually far more common than you would think. Title companies reported a 480% increase in wire fraud attacks in 2016 and a 2,370% increase in identified exposed losses. Even at our title company in Knoxville, TN we see several of these attempts per year and the frequency in which they are occurring is steadily growing. We remain vigilant, while the tactics and strategies used by criminals are constantly changing and adapting as technology is increasingly introduced into financial transactions.

The specific example above is commonly referred to as Business Email Compromise (BEC). Fraudsters become aware of an email chain between client, realtor, and/or lender through email systems such as Gmail, Hotmail, AOL, etc. From there, the fraudster does his best job at cloning or spoofing either the realtor or lender’s contact information. He then begins emailing and/or calling the others in the loan closing process. These BEC jobs are very elaborate, going as far as creating new domains, copying email signatures, and using common writing styles as the individual spoofed. At quick glance, the fraudulent emails can barely be detected unless reviewed closely. And because they are very well done and the entire real estate industry relies on email, people are frequently losing their life savings to these criminals.

As an organization, we have several safeguards in place to prevent a successful BEC attempt. However, we only control a piece of the closing process. Here are a few tips to prevent becoming a victim of fraud yourself.

Tip 1: Avoid using free email services that offer limited security
Tip 2: Never change wire instructions based on an email or call
Tip 3: Always call multiple sources to verify information
Tip 4: Read emails very closely, looking for misspelled words

For more information and a full list of tips, please visit the FBI’s article below. http://www.fbi.gov/news/stories/business-e-mail-compromise-on-the-rise 

James Schiermeyer
Closing Agent
7 Title
www.7title.com
865.560.7478

Chris Boler
President and CEO
7, LLC
www.7.coop
865.560.7499

We are pleased to announce that 7 Mortgage now offers VA Loans.  Extending these products to those who have served the U.S. is a great honor.  Great benefits like 100% financing, No PMI, no flipping restrictions, and more are just the beginning!

VA Requirements

• Eligibility – Be an eligible veteran or active duty service member.
• Credit- Be able to meet the VA and lender’s credit Standards.  Flexibility with lower credit scores, bankruptcies, foreclosures, and collections may be available.
• Income- Have enough qualifying income to support the mortgage payment and existing consumer debts.
• Assets- Be able to produce valid asset documentation if needed.

Eligibility – A Certificate of Eligibility (CPE) must be issued from the VA to make a final determination for eligibility.  The VA considers the following before issuing the CPE:

• You have served 90 consecutive day of active service during peacetime. or
• You have served 181 days of active service during peacetime. or
• You have more than 6 years of service in the National Guard or Reserves. or
• You are the spouse of a service member who has died in the line of duty or because of service- related disability.

Properties

• Single Family
• Multi-family up to 4 units
• Condo
• Manufactured Homes

Products

• Purchase Loans- Up to 100% financing with no money down and the seller is permitted to pay closing costs.
• Cash Out Refinance- Financing up to 100% of the current value of your home.  The proceeds may be used to pay off your existing mortgage, consolidate debt, or for home improvements.
• VA IRRRL- Sometimes referred to as a VA Streamline Loan.  Allows borrowers with a current VA loan to refinance to a lower rate if available.  Appraisal, income, or asset verification typically isn’t required

You’ve served the U.S.  Now let us serve you!