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Monthly Archives: April 2015

The Rise of the Hybrid Lump Sum Relocation Policy

Lump sums are all the rage. And, they will continue to be a hot ticket item. Yep, we said it. While we are not the lump sum’s greatest fan, we wholly accept that many employers will be working to combine as many relocation services as possible into a lump sum component.  Predictability is, understandably, very important for managing budgets. But, on the other hand, predictability does not automatically translate into cost savings.  In fact, it could do just the opposite.

What’s the Real Impact of the New RESPA Forms?

In the past week, I have attended two relocation industry conferences, where there were spirited discussions regarding the RESPA changes, slated to take effect this August.  This legislation was designed with two primary objectives: make consumers better aware of charges (anticipated and actual) associated with the closing of their new home; and consolidate several confusing currently used forms into fewer, more concise documents.  Further, within the process, lenders are given additional responsibilities and time frame for providing buyers the anticipating charges.  The final (cost) disclosure statement must be received by the buyer a minimum of 3 days prior to the settlement (which will now be referred to as “Loan Consummation”).  If they are not, or if there are any changes beyond the specifically permitted limits, closing cannot take place until three days after the proper disclosure document is provided.

Relocation Policies Across the Generations

I’ve written about Millennials and menu programs in the past and, as a team, we have certainly covered the generations in our EBooks. But, the discussion is important. As we all know, the makeup of the average assignee/transferee pool continues to change with the progression of the Millennials into the ranks and the exit of the Baby Boomers. For the first time ever, we have four generations working together – and that’s diversity that people rarely think about in the grand scheme of the diversity conversation.

Mortgage Outlook for Relocating Transferees

Over the course of 2015’s first quarter, a lot of home buyers found that obtaining a mortgage was easier than it had been in the past. And, it’s true. Banks seem to be more willing to lend now compared to recent years, though they’ll never admit any hesitation in the first place. A lot of this ease stems from the new loan options out there as well as current housing and economic trends around the country. In fact, the Zillow Mortgage Access Index tells us that access to mortgage credit is almost 70 percent of the way back to 2002 levels. To make a long story short, the economy and housing market have put lenders in a position where they are more willing to lend. So, what does this mean for your relocation program or for your transferees?

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