Blog

UMB Big Bash®

  |  Posted by

Today is the day! In a few hours, we’ll get to rock out to Darius Rucker AND benefit two not-for-profit organizations in the Kansas City community…all part of UMB Big Bash!

Here are snapshots of what makes our two beneficiaries so outstanding.

Continue Reading

When you click links marked with the “‡” symbol, you will leave UMB’s website and go to websites that are not controlled by or affiliated with UMB. We have provided these links for your convenience. However, we do not endorse or guarantee any products or services you may view on other sites. Other websites may not follow the same privacy policies and security procedures that UMB does, so please review their policies and procedures carefully.


Mr. Kemper is the chairman and chief executive officer of UMB Financial Corporation and UMB Bank, n.a. He joined UMB in 1997. Mr. Kemper is active in both civic and philanthropic endeavors. One of the causes he is most passionate about is the arts. He currently serves as a trustee and executive committee member for the Denver Art Museum and is a past board member for The Arts Council of Metropolitan Kansas City.



Leave a Comment

Do you need a wealth advisor?

  |  Posted by

Do you need a wealth advisor (also known as financial planner)? You might think that only the very wealthy need this type of expert advice. If you’re interested in investing, whether it’s for retirement, education or to leave a legacy, it is recommended that you work with a financial planning professional.

Whether it’s your first time talking to a financial planning professional or your 10th, you want to ensure your advisor is taking the time to ask the sometimes difficult questions to plan the best future for you.

Basic financial planning questions

Most customers focus on questions like:

  • Will I have enough to retire?
  • Will my children’s education be taken care of?
  • What if I get sick?

These are important topics to cover, but an in-depth financial/estate planning will include more than these basic questions.

Do I need a trust?

One question you should ask is, “Do I need a trust?” A trust is a legal agreement that allows you to transfer assets to a trustee. A trust can be used for various reasons including to:

  • manage assets
  • protect assets
  • facilitate charitable gifts
  • transfer of monetary assets or property

If the answer is yes, your advisor should assist you with making sure your assets are titled appropriately, or given the correct ownership recognition. You wouldn’t want to spend several thousand dollars for an attorney to prepare a trust document, only to find out that the assets aren’t titled appropriately. If so, the trust doesn’t get funded and your estate plan isn’t carried out to your intentions.

What about insurance?

Your advisor should also discuss the topic of insurance with you. Customers and advisors sometimes avoid this question, as it can be an uncomfortable conversation. Most insurance is used in the case of a disaster, accident, illness or death, and these are not pleasant subjects to discuss. You want an advisor who will understand the sensitivities of these topics, but will not avoid the subject. Insurance is an important part of a financial plan and it can be helpful to your family’s future.

Building relationships

You should look for an advisor who will build a relationship with you. If they work to create more than a business partnership, it’s likely there will be more open dialogue between you both. Advisors who are thorough in their work and ask the hard questions will be able to build a solid financial/estate plan for you, your family and their future generations.

Continue Reading

When you click links marked with the “‡” symbol, you will leave UMB’s website and go to websites that are not controlled by or affiliated with UMB. We have provided these links for your convenience. However, we do not endorse or guarantee any products or services you may view on other sites. Other websites may not follow the same privacy policies and security procedures that UMB does, so please review their policies and procedures carefully.

Bank deposit products provided by UMB Bank n.a., Member FDIC. Equal Housing Lender EqualHousingLender


David Brody serves as executive vice president and marketing manager, UMB Private Wealth Management. He joined UMB in 2010. Brody received a Bachelor of Arts degree from the University of Georgia. He also has various sales and management training through Cannon and the American Bankers Association.



Leave a Comment

Tagged: , , , , , , ,

Financial Word of the Week: Jumbo Mortgage

  |  Posted by

FWOTW

What is a jumbo mortgage? A loan for a big house? Jumbo mortgage refers to a mortgage for more than a certain dollar amount. The limit is currently $417,000 for most areas, with a higher limit in certain high-cost regions. Mortgages of less than $417,000 may be called conventional mortgages. Many federal homeownership programs do not apply to jumbo loans. Lenders often charge higher rates for jumbo mortgages or have more restrictions on the loan, even for the same borrower. If I’m looking at a house that’s $420,000, does this apply to me? Maybe. A number of factors affect the total amount financed. Your down payment, the loan terms and where you’re buying will all influence the size of the loan. These potentially complex issues present another reason why it’s so important to work with an experienced mortgage officer. When you get pre-approved, your mortgage officer will help you understand your situation and how much you can afford. Your mortgage will be as unique as your home, so make sure you get the individual attention you deserve. luxury house

Continue Reading

UMB Financial Corporation (Nasdaq: UMBF) is a financial services holding company headquartered in Kansas City, Mo., offering complete banking, payment solutions, asset servicing and institutional investment management to customers. UMB operates banking and wealth management centers throughout Missouri, Illinois, Colorado, Kansas, Oklahoma, Nebraska and Arizona. It also has a loan production office in Texas. Subsidiaries of the holding company include mutual fund and alternative investment services groups, single-purpose companies that deal with brokerage services and insurance, and a registered investment advisor that manages the company's proprietary mutual funds and investment advisory accounts for institutional customers.



Leave a Comment

UMB Big Bash® Beneficiary – Big Brothers Big Sisters of Greater Kansas City

  |  Posted by

Earlier this week, we highlighted one of our UMB Big Bashbeneficiaries, CASA of Kansas City. Now we’d like to share more about Big Brothers Big Sisters of Greater Kansas City (BBBSKC)‡.

BBBSKC

BBBSKC creates and supports life-changing friendships for children. By matching “Bigs” and “Littles,” BBBSKC is able to create positive change in the community through the power of mentoring friendships.

Founded originally as a Kansas City Jaycee project in 1964, BBBSKC has served more than 22,000 at-risk youth in the Kansas City metropolitan community. Serving more than 1,700 youth in Kansas City in 2013, BBBSKC matches school-aged youth (Littles) from one-parent or other non-traditional homes with caring, adult volunteers (Bigs).

Statistically, children growing up in one-parent homes experience significant increased risk, particularly in the areas of education, illegal activity and suicide. While these youth make up about 25 percent of the total number of school-aged youth (approximately 80,000) in the Kansas City metropolitan area, they account for 90 percent of juvenile court cases, 90 percent of high school dropouts and 60 percent of teen suicides.

BBBSKC believes that children who have a positive adult influence in his or her life are better able to reach their full potential. These one-to-one friendships, or “matches,” last a minimum of one year. BBBSKC’s average match length is 25 months, which is significantly longer than the national average match length of 20 months. BBBSKC offers at-risk children a long-term developmental friendship with a caring adult. Bigs serve as friends, mentors and role models, helping youth gain greater self-confidence and leadership skills. This model has been proven effective in changing the self-image of the child and therefore his or her behavior.

Follow along with the UMB Big Bash fun next week on Twitter (#umbBigBash) and Facebook!

Continue Reading

When you click links marked with the “‡” symbol, you will leave UMB’s website and go to websites that are not controlled by or affiliated with UMB. We have provided these links for your convenience. However, we do not endorse or guarantee any products or services you may view on other sites. Other websites may not follow the same privacy policies and security procedures that UMB does, so please review their policies and procedures carefully.


Mr. Hagedorn is president and chief executive officer of UMB Bank and vice chairman of UMB Financial Corporation. Prior to this role, Hagedorn served as chief financial officer and chief administrative officer of UMB Financial Corporation. He joined UMB in March 2005.



Leave a Comment

Tagged: , , , , ,

UMB Big Bash® Beneficiary – CASA of Kansas City

  |  Posted by

The countdown has begun…we are only 9 days away from the event of the year – UMB Big Bash! We want to share with you the reason why we put on such a BIG benefit concert each year. UMB Big Bash is proud to raise money for local organizations that make a positive difference in the community. Last year, UMB Big Bash raised $100,000 for two outstanding organizations. This year, Big Brothers Big Sisters of Greater Kansas City(BBBSKC) and CASA of Kansas City have been chosen. Learn more about CASA below. We’ll tell you all about BBBSKC in our next post!

CASA

CASA (Court Appointed Special Advocates) of Kansas City empowers abused and neglected children by promoting court-appointed volunteer advocacy. CASA’s vision is to ensure every abused or neglected child can be safe, establish permanence and have the opportunity to thrive in a home environment.

CASA recruits, trains and supports community citizens to serve as friends and certified advocates to children from birth to age 21. Children and youth assigned to CASA have come under the court’s protection due to abuse or neglect. Therefore, their enrollment in the program is directed by Family Court Judges in Jackson, Johnson and Wyandotte Counties. Most of these children live in temporary foster homes, with relatives or in treatment facilities.

CASA volunteers watch over and speak up for a child’s best interests in court. They maintain regular contact with the child and gather information from family members, foster homes, teachers, physicians, social workers and others with knowledge of the child. Critical information is then provided to the judge so the best possible decisions can be made regarding where that child should live and what medical, educational and therapeutic services they need.

CASA volunteers help to ensure children and youth do not languish in foster care, but instead are placed in safe, permanent homes as quickly as possible. Volunteers stay with each child or sibling group until permanency is achieved. For many abused children, their CASA volunteer will be the one consistent adult presence in their lives.

Later this week, we’ll highlight our other beneficiary, Big Brothers Big Sisters of Greater Kansas City!

Continue Reading

When you click links marked with the “‡” symbol, you will leave UMB’s website and go to websites that are not controlled by or affiliated with UMB. We have provided these links for your convenience. However, we do not endorse or guarantee any products or services you may view on other sites. Other websites may not follow the same privacy policies and security procedures that UMB does, so please review their policies and procedures carefully.


Mr. deSilva is president and chief operating officer of UMB Financial Corporation. He is also vice chairman of UMB Bank, n.a. Mr. deSilva joined UMB in January 2004. He is primarily responsible for UMB's fee-producing business units and product lines, including Scout Investments; UMB Fund Services, UMB Healthcare Services Payment Solutions, Prairie Capital Management. Additionally, he is responsible for all corporate operations, technology, properties, security and marketing.



Leave a Comment

Tagged: , , , , , ,

Financial Word of the Week: Lien

  |  Posted by

FWOTW

What is a Lien?

When a borrower uses collateral to get a secured loan,the lender has a legal claim to that collateral. That legal claim is the lien. Lenders most commonly place a lien on a home for a mortgage and on a car for an auto loan. When a creditor places a lien, the creditor must be paid and the lien released before the property can be sold. For secured loans, the lien is created voluntarily.

Liens and Car Loans

When you buy a vehicle using an auto loan, the lender places a lien on the car title with your state motor vehicle office (depending on where you live). That lien will remain on the car title (even if the car is subsequently transferred) unless the lender issues a lien release. A lender releases a lien by notifying the proper officials, usually upon payment in full of the loan. This is an important step to research when selling or buying a vehicle privately. When you buy or trade-in with a car dealership, they usually assist with this process.

Liens and Mortgages

Houses and other real estate can have more than one lien. If you have a mortgage and use your home for another loan or line of credit, the second lender will put a lien on your home. One lender will have a first lien, meaning that in the event of non-payment, they get paid first. The other lender has a second lien position, meaning they will be paid after the first lender.

Continue Reading

UMB Financial Corporation (Nasdaq: UMBF) is a financial services holding company headquartered in Kansas City, Mo., offering complete banking, payment solutions, asset servicing and institutional investment management to customers. UMB operates banking and wealth management centers throughout Missouri, Illinois, Colorado, Kansas, Oklahoma, Nebraska and Arizona. It also has a loan production office in Texas. Subsidiaries of the holding company include mutual fund and alternative investment services groups, single-purpose companies that deal with brokerage services and insurance, and a registered investment advisor that manages the company's proprietary mutual funds and investment advisory accounts for institutional customers.



Leave a Comment

2nd step to buying a home—choosing the right loan for you

  |  Posted by

Picture1

So you’re ready to buy a home, and have finished the first step of pre-approval. Did you know that nearly half* of home purchases are from your fellow first-timers? It can be a daunting process, so we’re continuing the step-by-step approach to help you navigate this important financial decision.

There are many home loan choices. Finding the right lender will be the key to obtaining the information you need to make the right decision. The pre-approval process should have uncovered many of the factors that determine which loan will work best for you and let you know what interest rate you might be paying. Remember, to get a good interest rate, you’ll need as high a credit score and down payment as possible. The right lender will be able to guide you and explain the differences in each of the loans you qualify for.

Here is a general discussion of some of the mortgage loans available, to help prep you for your first meeting with a potential lender. The main differences are the size of the down payment and whether the interest rates can change.

Types of mortgage loans:

Conventional vs.Non-Conventional– One of the first decisions you will discuss with your lender is whether you want a conventional or non-conventional loan, which often depends on the size of your down payment.

Continue Reading

Conventional - A conventional loan typically requires a minimum down payment of 5 percent.  If you put down 5 to 19 percent, private mortgage insurance (PMI) may be required. This insurance protects the lender if you do not repay your mortgage.  Typically, you’ll have to pay this insurance until 78-80 percent of your mortgage is left, and then you may be able to remove PMIfrom your payments.  To avoid that extra insurance from the beginning, you’ll typically have to put down 20 percent or more.

Most first-time buyers choose homes with a median value of $147,000*, but in case you’re wondering, the conventional loan limit in most areas is $417,000. These loans can be fixed or adjustable (more on that in a minute). Conventional loans also allow you to have the seller pay up to 3 percent of your home’s closing costs and prepaid taxes and insurance.

FHA (non-conventional) – FHA loans typically require lower down payments than conventional mortgages, but there are also drawbacks to them. For example, FHA loans require mortgage insurance up front and it is usually more than private mortgage insurance with a conventional loan. Here’s how this type of loan works: The Federal Housing Authority does not actually lend the money but insures 100 percent of what the lender funds. FHA loans tend to be the most flexible in their credit guidelines. They usually allow for lower credit scores, higher debt-to-income ratios and as little as 3.5 percent as a down payment. These loans allow for up to 6 percent seller-paid closing costs and prepaid taxes and insurance.

Veterans Affairs (VA) – The VA loan was designed to offer long-term financing to eligible American veterans or their surviving spouses (provided they do not remarry). The VA loan does not require a down payment and does not require monthly private mortgage insurance.

United States Department of Agriculture (USDA) – This loan is intended to help people purchase homes in rural areas. The property must be located within the USDA Rural Development Home Loan footprint. USDA loans offer 100 percent financing to qualified buyers and allow for all closing costs to be either paid for by the seller or financed into the loan.

Fixed vs. Adjustable Rate Mortgages – After choosing a conventional vs. non-conventional loan, it’s time for another decision: do you want a fixed or adjustable rate?

Fixed-Rate Mortgages – Fixed-rate loans are just that, loans that have interest rates that are locked-in for the term of the loan. This means that your rate will not change during the entire time that you have the loan. Keep in mind that even with a fixed interest rate your payment could vary based on changes in taxes or insurance. The repayment of the loan is also spread out, or amortized, over that same fixed period. You can choose from 10-, 15-, 20-, 25- and 30-year fixed rates. Generally, the shorter the term of the loan, the lower the rate, but also the higher the payment. For example, a 15-year loan will usually have a better interest rate than a 30-year loan, but you’ll have to pay more per month in order to get the mortgage paid off sooner. Therefore, choosing the fixed-rate period will be a large part of determining the amount of your monthly payment.

Adjustable Rate MortgagesThese loans typically allow you to have lower payments at the very beginning, but take on higher risk than fixed-rate loans. There is usually an initial time period (1 to 10 years) where the interest rate is fixed. However, the rate can change after the initial fixed period causing the monthly payment to go up. Be sure to talk to your lender about what type of loan is best for your situation. If any of these factors apply to you, your lender can explain in more detail how an adjustable rate mortgage would work for you. However, an adjustable rate may be a good option if:

  • you plan to sell in a few years,
  • you will pay off the loan early, within the next few years, or
  • interest rates are high right now and are anticipated to decrease in the coming years. (not the case today)

To avoid feeling overwhelmed, remember, your lender is there to walk you through everything. Instead, focus on what your needs are. Then, you can outline with your lender what you’re looking for so he or she can provide your best options.

Arrive at your first lender meeting with answers to the following questions:

  • How much will you have for a down payment?
  • What are your preferred neighborhoods?
  • Do you want to get your loan paid off as soon as possible even if it means higher payments, or do you need lower payments with more time to pay it off?

Choosing the right lender is just one part of your home-buying team. Adding an experienced realtor will save you time and money and will be discussed in step three of buying a home.

*statistic source: NAHB.org

When you click links marked with the “‡” symbol, you will leave UMB’s website and go to websites that are not controlled by or affiliated with UMB. We have provided these links for your convenience. However, we do not endorse or guarantee any products or services you may view on other sites. Other websites may not follow the same privacy policies and security procedures that UMB does, so please review their policies and procedures carefully.




Leave a Comment

Tagged: , , , , , , , , , , , , , , , , , ,

Community Partnerships: The key to your diversity and inclusion plan

  |  Posted by

So your company has created and implemented a comprehensive diversity and inclusion plan. Now what? A key component of your company’s plan is choosing community partners. These partners provide an expertise and insight on how your company can succeed from a diversity and inclusion perspective.

Diversity Partners

At UMB, we choose organizations and groups that have been identified through our diversity council as major contributors to our strategy. Our goal is to have these organizations enhance our diversity and inclusion strategy in four ways:

  1. Talent acquisition and development – We build a stronger company by hiring and retaining talented, high-performing associates with diverse backgrounds.
  1. Associate engagement – We demonstrate inclusiveness by ensuring each of our associates has a voice and opportunities to share ideas.
  1. Corporate community involvement and volunteerism – Our associates regularly volunteer at the organizations who are our collaborative partners.
  1. Regional cohesiveness – We try to find organizations that have outreach in multiple cities across our footprint (Black MBA Association in Kansas City and St. Louis, Urban Financial Services Coalition in Kansas City, St. Louis and Omaha). But we also will work with independent organizations (The Regional Business Council of St. Louis).

So how do both the company and the community organization benefit from these partnerships?

Continue Reading

Within the company, community partnerships help make associates aware of diversity. Additionally, they help associates stay educated about their community. Some organizations even offer training programs for associates, like a Lunch and Learn, so they can get a better understanding about the community organization and the work they do. For example, UMB works with the Hispanic Chamber of Commerce in Greater Kansas City and they provide our associates with training about how to work with Hispanic businesses.

The company benefits externally from these partnerships by helping us connect with our community. They help us connect with people, resources and other businesses. They help share our vision, mission and values in the diverse communities that we serve.

Community organizations benefit from these partnerships depending on the company. At UMB, we provide them with financial education programs. We also have company officers who serve on boards for the organizations. And we encourage our associates to volunteer for their various programs.

Ultimately it’s important for both the company and the organization to feel like the partnership is bringing some value to them. Both parties should be involved, creating mutually agreed upon activities and goals. Representatives from both organizations should meet regularly to discuss whether or not the partnership is on track. In fact, at UMB we require our collaborative partners to submit an annual report, as well as a scorecard that gives information about their website traffic, how many scholarships they gave out and the amount (if applicable), how many programs they organized during the year, etc.

With the help of these community partners, your company’s comprehensive diversity and inclusion plan will be complete. With your unique combined perspectives, you can be more competitive and create stronger connections within your markets.

 

When you click links marked with the “‡” symbol, you will leave UMB’s website and go to websites that are not controlled by or affiliated with UMB. We have provided these links for your convenience. However, we do not endorse or guarantee any products or services you may view on other sites. Other websites may not follow the same privacy policies and security procedures that UMB does, so please review their policies and procedures carefully.


Dr. Hendricks serves as senior vice president of Diversity and Inclusion at UMB. She is responsible for the corporate-wide diversity and inclusion strategy. She joined UMB in 2006. Dr. Hendricks earned a Bachelor of Science in Human Development Psychology and Mass Communications and a Master of Science in Counseling Psychology from Kansas State University in Manhattan, Kan. She also earned a Doctorate in Educational Psychology and Policy Analysis from the University of Missouri-Columbia.



Leave a Comment

Tagged: , , , , , , , , , , , , , , , ,

Financial Word of the Week: Equity

  |  Posted by

FWOTW

What is equity?

Think of equity as a form of ownership. When you take out a secured loan to make a purchase, you obtain physical ownership of your purchase, but not full legal ownership. If you sold that purchase before fully paying off the loan, you would still need to pay off the rest of the loan. Equity is the difference between the value of that item and the amount still due on the loan.

For example, if your car is worth $20,000, and you owe $15,000, your equity is $5,000.

shutterstock_161197448_equity

So what does this mean for me?

For consumers, equity normally refers to houses, other real estate, and sometimes cars. Another way to think about equity is a fraction of ownership. When you first buy a home, your equity is approximately equal to the amount you put into your down payment. Over time, you pay down your mortgage and build equity in your home. Every payment you make lowers the amount owed to your lender and increases the amount you own.

How does this relate to a Home Equity Line of Credit?

A Home Equity Line of Credit, or HELOC (in the financial industry, we pronounce this “hee-lock,”) allows you to borrow using the equity in your home. Since HELOCs are revolving credit, they let qualified homeowners borrow money against the equity in their home whenever they need it. Because HELOCs are secured loans, they can provide credit at lower costs than unsecured loan, subject to the policy of the lending institution.

Continue Reading

UMB Financial Corporation (Nasdaq: UMBF) is a financial services holding company headquartered in Kansas City, Mo., offering complete banking, payment solutions, asset servicing and institutional investment management to customers. UMB operates banking and wealth management centers throughout Missouri, Illinois, Colorado, Kansas, Oklahoma, Nebraska and Arizona. It also has a loan production office in Texas. Subsidiaries of the holding company include mutual fund and alternative investment services groups, single-purpose companies that deal with brokerage services and insurance, and a registered investment advisor that manages the company's proprietary mutual funds and investment advisory accounts for institutional customers.



Leave a Comment

Debunking credit score myths

  |  Posted by

In an earlier blog post, we explained why credit scores are important and how to improve yours. For many people, it can seem as if their score was pulled blindly from a hat. So let’s take a look and debunk a few myths.

Credit Score Myths

Continue Reading

Ms. Stokes is a senior vice president and director of Private Banking at UMB. She is responsible for driving sales and relationship management activities. She works closely with the Wealth Management leadership team and regional presidents to grow business and helps to develop roles in wealth management, relationship management and presentation skills. She joined UMB in 2009 and has more than 30 years of experience in the financial services industry. She earned a bachelor’s degree in business administration from the University of Missouri- Kansas City and a Bachelor of Arts from the graduate school of retail banking.



Leave a Comment

Tagged: , , , , ,

Page 6 of 17First...45678...Last