With the overwhelming daily attention to the challenges of today’s
economy, apprehension and uncertainty is influencing consumer
confidence. From gas pump to grocery aisle, consumer pocketbooks
continue to feel the strain of tighter economic conditions. Yet another
indication of financial pressures is portrayed in a recent USA Today
article that states home equity lines of credit (HELOC) delinquencies
have hit an 11-year high.
Although this may appear alarming, there are also many homeowners with
strong banking relationships who do not, and will not, fall into this
category. Sound planning and education conducted before entering into a
HELOC play an integral part in this as well as continuing loan
evaluation. A reliable and trusted banking partner can help homeowners
avoid financial pitfalls.
“As the industry continues to experience
increases in loan charge-offs, researching your financial institutions’
safety and soundness is essential to ensuring you and your investments
are not at risk,” UMB executive vice president
of Consumer Services Brad Smith said. “There
are banks, like UMB, that are not dealing with problem loans because of
high credit standards and abiding by a policy that protects customer’s
best interest and properly qualifies them.”
As with any loan product, consumers should consistently examine short-
and long-term responsibilities, and determine whether or not they can
comfortably manage these in all economic times. With help from
responsible financial advisors, this process can be accurately analyzed
and explained with confidence.
“Our time-tested, proven approach of
maintaining the consumer’s best interest not
only mitigates their risk, but ours as well,”
Smith said. “Taking a variety of factors into
consideration, we may not advise every client that is interested in
taking out a HELOC to do so. This approach has proven successful as we
have zero HELOC defaults and have seen no increase in delinquencies; in
actuality, we have experienced an increase in customers seeking our
financial assistance.”
About UMB
UMB Financial Corporation (NASDAQ: UMBF) is a multi-bank holding company
headquartered in Kansas City, Mo., offering complete banking, asset
management, health spending solutions and related financial services to
both individual and business customers nationwide. Its banking
subsidiaries own and operate 135 banking centers throughout Missouri,
Illinois, Colorado, Kansas, Oklahoma, Nebraska and Arizona. Subsidiaries
of the holding company and the lead bank, UMB Bank, n.a., include an
investment services group based in Milwaukee, Wis., single-purpose
companies that deal with brokerage services and insurance, and
registered investment advisors for proprietary mutual funds.
UMB Financial Corporation
Steve Wujek, 816-960-3127
or
Mandie
Nelson, 816-860-5088
