Mortgage Lending in Turbulent Times
By John Ward, Mortgage Advisor, Pinnacle Financial Partners
The recent calamity in "sub-prime" mortgages underscores the need for objective advice driven by the client's best interest. The housing boom, liberal underwriting, demand and liquidity opened the door to unprofessional, and sometimes unethical, business practices that adversely affected the mortgage market and caused financial tremors to spill over into the wider economy.
Click here for more on what caused the mess and how it may impact you.
What the Rate Cut Means for Consumers
The Federal Reserve cut the federal fund rate from 5.25 percent to 4.75 percent in a bid to prevent turmoil in the housing and financial markets from pulling the country into recession.
The half-a-point cut was the Fed's first rate reduction since 2003 and the steepest in nearly five years. It will lower interest that many consumers pay on debt such as auto loans and mortgages. It also means less income to people who are dependent on money market and CD interest income.
How secure are Pinnacle's electronic statements?
Pinnacle's e-statements help protect clients against fraud since their personal information is behind our secure Online Banking platform, not in a postal mailbox.
Clients who sign up for e-statements receive monthly e-mails notifying them that their statement is ready for secure viewing in Online Banking, which is protected by 128-bit encryption.
Other reasons our clients tell us they like e-statements are that they can:
- See their statement immediately instead of waiting for it to arrive in their mailbox.
- Quickly download statements and save them to a designated file for quick reference.
- Store up to 24 months of their statement history.
- Still get paper statements by printing them out.
- Go back to paper statements anytime.
Another bonus: More than 30 trees a year could be saved if all of Pinnacle's clients used e-statements.
To sign up for e-statements, log on to your Online Banking account and from the accounts summary link click on the "statements" link. Then click on the "Electronic Only Statement Delivery" button.
Pinnacle Among Fortune's 100 Fastest-Growing
Companies
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Pinnacle is the fastest-growing bank on Fortune magazine's annual list of America's 100 Fastest-Growing Companies. The ranking is based on growth in earnings per share, revenue and total return among other requirements.
Pinnacle came in at No. 79 and was joined by two other Middle Tennessee companies -- Psychiatric Solutions and First Acceptance, ranked No. 32 and No. 49 respectively.
Pinnacle Sponsors Art Lectures
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Pinnacle is joining with the Frist Center for the Visual Arts to bring a new lecture series to the Frist. The 2007 lectures by two prominent experts promise to be informative and provocative. These lectures are free to the public and presented in the Frist Center Auditorium.
State of the Art: Contemporary Issues Lecture Series:
- Peter Plagens presents "The Absolute Truth"
Thursday, Oct. 18, at 7:00 p.m. -
Katy Siegel presents "Contemporary Art in the Age of Extremes"
Thursday, Nov. 16, at 6:00 p.m.
Associates at Work in the Community
Pinnacle investment consultant and Tennessee Senator Jack Johnson has been appointed to the Senate's Transportation Joint Study Committee. Johnson also serves on the Senate's Transportation Committee.
Bill DeCamp, Pinnacle financial advisor, has been named president-elect of the Exchange Club of Nashville and is a member of its board of directors. Frank Hammer and Steve Horn, Pinnacle financial advisors, also were named to the board.
Jeff Fisher, financial consultant, has joined the board of the Rotary Club of Nashville.
| Lucy Foutch |
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| Mike Hendren |
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Lucy Foutch brings 30 years of experience to her role of senior vice president and financial advisor for Pinnacle's Donelson office. She comes from Renasant Bank (formerly Capital Bank & Trust), where she served as vice president of business development. Lucy is the Donelson Hermitage Chamber of Commerce president-elect, serves on the Chamber board and is its Women in Business chair. She also serves on the board of Leadership Donelson Hermitage.
Mike Hendren, with 24 years of experience, joins Pinnacle as senior vice president and financial advisor based at Pinnacle's downtown Nashville office. Mike comes from First Tennessee Bank, where he was a senior vice president of commercial real estate lending. He serves on the board of the Nashville Downtown Partnership and Miriam's Promise.
Pinnacle also welcomes three other new associates:
Renee Goodwin, 12 years, card service specialist - Murfreesboro
Susan Perry, 28 years, service specialist - Donelson
Linda Stewart, 24 years, service specialist - Murfreesboro
Renowned Economist at Oct. 11 Forum
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Dr. Arthur Laffer, a well-known national economist, will share his perspectives on the multitude of changes affecting global financial markets at the Pinnacle Forum on Oct. 11 from 4:30 - 5:30 p.m. The Forum will be at the Vanderbilt Marriott Hotel, 2555 West End Ave., in Nashville. Cocktails will be served following Dr. Laffer's remarks.
Laffer is a founding member of the Congressional Policy Advisory Board, was a member of President Reagan's Economic Policy Advisory Board for both of his two terms, and was Chief Economist at the Office of Management and Budget (OMB) under Secretary of the Treasury George Shultz.
He is with Nashville-based Laffer Associates, an economic research and consulting firm that provides global investment research services to institutional asset managers, pension funds, financial institutions and corporations.
For information or to RSVP contact Brenda Cameron at 744-3773, or via e-mail at brenda.cameron@pnfp.com.
Enemies Within: Internal Financial Controls to Prevent Employee Theft in Small Organizations
with Lisa Patterson, CPA, CFE
Pinnacle Cool Springs
Tuesday, Oct. 16, 11:30 a.m. - 12:30 p.m. (workshop & box lunch)
Pinnacle West End
Tuesday, Oct. 30, 11:30 a.m. - 12:30 p.m. (workshop & box lunch)
RSVP or questions: Summer Yeiser at 620-1207 or via e-mail at summer.yeiser@pnfp.com
Introduction to QuickBooks with Pinnacle Online Banking
with Barry Hardwick, CPA, CPM
Pinnacle Downtown Nashville
Wednesday, Oct. 24, 11:30 a.m. - 12:30 p.m. (workshop & box lunch)
RSVP or questions: Summer Yeiser at 620-1207 or via e-mail at summer.yeiser@pnfp.com
