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Jim Perry

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Common Objections to VSI (Part Two)

Submitted by Jim Perry on November 16, 2021

Many lenders I have connected with in the past three years have heard of blanket insurance coverages for their collateralized loan portfolios. However, CPI has become the industry standard for tracking and force placing insurance on auto loans, and that has come to the detriment to lenders, members, and borrowers. This article is the second in a series of two that discusses some of the most common objections to VSI that I hear from financial institutions.

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Common Objections to VSI (Part One)

Submitted by Jim Perry on October 29, 2021

As I have met with lenders over the past three years, many have heard of blanket insurance coverages. Oftentimes, blanket insurance comes with an understanding that a blanket policy carries more “risk” than a CPI policy.  CPI has become the industry standard for tracking and force placing insurance on auto loans, and that has come at the detriment to lenders, members, and borrowers. Almost daily, I hear lenders say, “there has to be another way,” but when we talk about blanket insurance, there is a negative aura around it, and it often comes with the same initial objections. 

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Is your Blanket Mortgage Impairment Policy the best way to protect your assets?

Submitted by Jim Perry on May 31, 2021

As I meet with lenders across the Western United States, there is a strong aversion to talking about insurance in general. Insurance is a product that nobody wants to think about until it is needed, and everybody wants to pay as little as possible for their lender coverage. There is a particular aversion to talking about insurance for lending institutions, and I often joke that it is because we are mixing two of the most boring industries in the world. Due to the particularly dry nature of it, I spend nearly all of my time talking at a high level about insurance coverages. Those conversations typically reference the benefits of Unitas Financial Services’ innovative approach to blanket insurance coverages for lending institutions. On the rare occasion that I do get to dive into the intricacies of insurance coverages, I often run into a lender that uses a blanket mortgage impairment policy. While blanket mortgage impairment policies provide a similar benefit at a high level (eliminate the need to track and force-place insurance while still protecting collateral), they do not compare to a full Unitas Blanket Mortgage policy, especially when it comes to flexibility, getting claims paid fast, and the overall coverage.

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Did 2020 Open Doors to Greater Efficiency for your Bank or Credit Union?

Submitted by Jim Perry on January 15, 2021

When 2020 started, we were not aware that phrases like “new normal” and “unprecedented” would become the vernacular of business professionals across America. After a short while, it got to the point where those phrases would be muttered with a semblance of sarcasm at the start of each virtual meeting or phone call. Towards the end of the year, I could feel a sense of hope that 2021 would be a new year, where things would end up going back to the “old normal” in some capacity.

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How Lenders can Improve Efficiencies in Times of Doubt

Submitted by Jim Perry on July 15, 2020

In late 2019, community lenders had no idea what kind of challenges they would face during the upcoming year. While many lenders set their budgets for upcoming years in the fourth quarter, it was impossible to predict the current environment that we would be in today. As the novel coronavirus swept through the news and the United States, financial institutions took (and continue to take) a vital role in maintaining the wellbeing of Americans.

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Top Legal and Compliance Benefits of Blanket Insurance

Submitted by Jim Perry on February 28, 2020

Nearly every lender has been written up during an examination of their collateral protection. This leads lenders to hire a third-party vendor to track and force place their insurance in order to reduce their workload, as well as their compliance risks. While using a third-party vendor can be considered a transfer of risk, lenders often are frustrated with the amount of work that their staff still has.

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