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Tod Hastings

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Foreclosures to Increase in 2022-Have You Reviewed Your REO Insurance Policy Lately?

Submitted by Tod Hastings on December 01, 2021

As the foreclosure moratorium initiated by the CARES Act during the pandemic comes to an end, tens of thousands of distressed home buyers are starting to come out of forbearance agreements which suspended monthly mortgage payments for a year or more for many borrowers. It’s important to note that forbearance agreements do not waive payments, but they must be paid back with interest according to the terms provided by the lender. This will inevitably lead to a significant increase in foreclosed and bank-owned properties in the next year and beyond. Does your financial institution have the proper REO insurance policy in place to weather the storm?

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Is Your Insurance Agent Just Another Vendor?

Submitted by Tod Hastings on October 30, 2020

Insurance Salesman. Now that’s probably not exactly what my parents had in mind for me as they sent me off to college many years ago. After over 30 years in the financial services industry, I didn’t see this type of career coming either! A “sales” position in general carries a certain stigma with it. As a lending institution that has relationships with numerous vendors, do you think of your insurance agent and agency as just another vendor or a trusted business partner? 

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Factors to Consider when Completing Vendor Due Diligence

Submitted by Tod Hastings on April 16, 2020

Vendor due diligence is a term used to describe the process a company goes through to determine if a potential business partner “checks the boxes” to be deemed worthy of providing the service(s) desired by said company from a reputation, strategic, compliance and transaction standpoint. While almost all financial institutions have some process in place for evaluating third-party vendors, what happens after all the boxes are checked? Are they just another approved vendor, or are they a trusted business partner? Only time and experience with the vendor will tell.

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Don't Let Insurance be a Challenge - Unitas Financial Services

Submitted by Tod Hastings on December 20, 2019

The last several years have been a whirlwind of change in the banking world, and this trend will only intensify as we move into a new decade. Technology advances are occurring at breakneck speed making it virtually impossible to keep up with. Who really heard of the terms “data analytics” or “cybersecurity” 10 years ago? Now they’re at the forefront of business planning.  While the challenges to FI’s will be many, insurance on your loans doesn’t need to be.

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Did You Hire a Company to Track Your Customer’s Insurance?

Submitted by Tod Hastings on October 16, 2019

Many lending institutions made the decision long ago to outsource the important function of tracking insurance on secured loans including auto, mortgage, and equipment portfolios. From the outside looking in, this sounds like a perfectly logical process enhancement. After all, the very nature of making sure your collateral is insured can be cumbersome for an administrative staff already stretched thin with other duties. Unfortunately, sometimes the best-laid plans end up causing more grief than relief!

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Private Flood Insurance Market Advantageous for Lenders and Consumers

Submitted by Tod Hastings on June 14, 2019

It wasn’t that long ago consumers realistically had only one option when obtaining flood insurance. The National Flood Insurance Program (NFIP), which was initially authorized by the National Flood Insurance Act of 1968 and reauthorized by the Biggert-Waters Flood Insurance Reform Act of 2012, provided that lone option. Earlier this year, five federal regulatory agencies issued a Final Rule that becomes effective July 1, 2019, implementing the BW-12 “requirement that regulated lending institutions accept private flood insurance policies.” Privatization of any product or program creates pricing competition and more options, and flood insurance is no exception. Consumers are able to comparatively shop and lenders will have more opportunities to qualify borrowers.

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