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the Way Lenders Protect their Portfolios

Unitas Financial Services, Inc. announced a new bundle of Blanket Insurance Products designed to cover the risk a lender carries in their collateralized loan portfolio when the borrower's coverage lapses. Blanket 360, the latest product in the company's portfolio protection line for lenders, covers collateral immediately after loan closing, eliminating the need for tracking and making lender operations more efficient. "Blanket Insurance protections are a very simple and cost-effective way to eliminate virtually all internal insurance tracking after a loan is closed," said Bill Jones, President of Unitas Financial Services, Inc.  

Last month, Santander Consumer USA reached a settlement with the Consumer Financial Protection Bureau  (CFPB) over a GAP product that all auto lenders should be aware of. For background, you should know that the Consumer Financial Protection Bureau (CFPB) first took steps to regulate GAP coverage in 2012.  Furthermore, the Dodd-Frank Act gave the CFPB supervisory authority over “larger participants” of certain markets for financial products or services, as the CFPB defines by rule.

With the rise of the internet and the wave of online banking that followed, cybersecurity is becoming a hot-button topic. Because most information and financial assets are accessible from online avenues now—or in the case of cryptocurrencies, are entirely digital in nature—practicing good cyber hygiene is essential in keeping information from online hackers, thieves, and scammers.

Yes: October was officially Cybersecurity Month, but this is a year round issue, so it's always a good time to remind employees and consumers to be careful with their data and systems. Let’s dive in to learn more about cybersecurity, understand some of the statistics and terms associated with it, and how much it can cost an agency or institution, should they fall prey.

Home equity in the United States has reached an all-time high. According to NRMLA, housing wealth grew to $6.2 trillion in 2017. However, some homeowners are more reluctant than ever to tap into their wealth as the costs of financing a HELOC have risen to 5.83% in 2018. Plus, refinancing can be harder than ever before and homeowners are wary of housing troubles caused by the crisis in the early 2000s. But, a recent study on HELOC’s by Transunion predicts that, “The number of consumers opening HELOCs may double during the next five years.” So, even though rates are up and homeowners may be wary, lenders can use home equity loans to deepen customer relationships. Here's how.

NFIP (FEMA) Flood Insurance Vs. Private Flood Insurance

Flood insurance is required for many properties but choosing a policy can prove difficult. From the broadest perspective, there are two primary choices for flood insurance coverage: FEMA flood insurance or a privately funded policy.

Demand Is Outpacing NFIP’s Coverage

According to a study conducted by researchers from the U.S. Environmental Protection Agency, Nature Conservancy, and the University of Bristol published in the journal Environmental Research Letters, nearly 41 million Americans already live in 100-year floodplains.