banner1.jpg

Blog

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.

Read More

Managing Risk in an Uncertain Time - Unitas Financial Services

Submitted by Allen Moss on March 31, 2020

Less than four months into the Twenties of the 21st Century, uncertainty has hit our world and our economy in ways that can aptly be described as unprecedented. Our country and our industry face challenges on a scale that would have been hard to imagine only a few short months ago. When I first sat down to write this, I intended to focus on blanket insurance concepts and how they might be of assistance to community lenders as they strive to be more efficient and better protected.

Read More

Best for Lender's Collateral Protection Insurance

Submitted by Bill Jones on March 17, 2020

When it comes to collateral protection insurance, lenders have more options than ever before. As lenders find out about the expanding use of Blanket Insurance to protect loan collateral, some questions come to mind. This article will help you sort through what is available and determine what options to look at for your financial institution. Should you continue to track and force place? Should you outsource tracking and have the tracker send letters and force place? Or should you move towards blanket insurance protection and eliminate as much of the tracking and force-placing as possible?

Read More

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.

Read More

Top 4 Questions Lenders have about Lender-Placed Insurance

Submitted by Unitas Financial Services on February 14, 2020

Compliance Reminder for Lender Placed Hazard and Flood

Regulations can be confusing. There are mountains of inquiries and revisions to the revisions… So, below we've attempted to summarize a response to the top four questions we are asked. Be aware, that fines can be in the thousands of dollars should these regulations not be followed. Read on to get answers to the four most frequently asked questions.

Read More

The Advantages of VRP for Military Lenders

Submitted by Allen Moss on January 31, 2020

Any lender who serves military customers is familiar with the unique financial challenges and advantages that such customers face as they serve our country.  As a young Army infantry platoon leader in Hawaii I witnessed firsthand many of these scenarios:

Read More

Subscribe to Email Updates