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Innovative Borrower Communication Strategies for Lenders

Submitted by Unitas Financial Services on June 15, 2021

Few aspects of modern business have gone untouched by the digital transformation of the last decade. For banks and credit unions, technology has rapidly transformed how they communicate with customers. Younger tech-savvy consumers have grown up comfortable interacting in a myriad of ways with financial institutions. With more data and analytics available than ever, lenders can tailor their approach to become more efficient and results-focused in their interactions.

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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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Is CPI Fair For Your Auto Loan Borrowers?

Submitted by Allen Moss on May 14, 2021

Many community lenders across the United States deal with CPI every day. It’s a popular strategy used to insure consumer auto portfolios, and in many cases is considered the paradigm for that type of portfolio protection. At Unitas Financial Services, we make no secret of the fact that we believe blanket insurance is a superior product that holds numerous advantages for lenders, from easing compliance considerations to increasing lending efficiency. We love to expound on how blanket products are a lender’s best friend, but perhaps we don’t talk enough about the advantages blanket coverage has over CPI from a borrower’s perspective. To that end, I’ve laid out some differences between blanket coverage and CPI and how they affect consumers.

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Blanket is “New”… But is it the Good kind of New?

Submitted by Matt Moore on April 30, 2021

Charles Kettering liked to say, “People are very open-minded about new things, as long as they're exactly like the old ones.” 

As an American innovator (inventor of the cash register and the electric starter for automobiles), he lived each day to rethink the way things were done. The daily musings of our team here at Unitas aren’t much different. Insurance is our world. It is important, but it shouldn’t take time away from the essential, impactful work that our community lenders are focused on each day. However, as we expand our presence across the country, we’re shocked to discover just how many lenders have insurance programs that are actually slowing them down.

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Risk Rating 2.0 - A Much Needed Modernization of Flood Risk Assessments

Submitted by Unitas Financial Services on April 22, 2021

In this post we dive into Risk Rating 2.0, FEMA's National Flood Insurance Program's new risk model. What began as a program in 1968, FEMA’s National Flood Insurance Program (NFIP), is undergoing a massive modernization effort in order to better assess a property’s flood risk. Risk Rating 2.0, first introduced in 2019, is the first major change to how properties are assessed for flood risk under the NFIP since the early 1970s.

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Mortgage Moratorium

Submitted by Brian Barnett on March 15, 2021

The Mortgage Bankers Association estimated 2.7 million homeowners are currently in some form of forbearance, and for almost four months now, lender forbearance portfolio volume has hovered between 5% and 6% — since the MBA survey began in May. Managing all those forbearances has put a tremendous amount of work on mortgage servicers as some companies have had to hire hundreds of employees to carry out more customer support, putting a heavy emphasis on avoiding foreclosure.

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