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:
Many lenders have heard about how blanket portfolio protection can save them time and money, relieve examiner headaches, and make their operations more efficient with a far more customer-centric approach than tracking and force-placed insurance protection. But how is the premium calculated for various blanket protections? Read on to find out what the main considerations are for each type of collateral.
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.
Targeted growth in home equity lending for a community lender can be a daunting task. The “big banks” dominate as they control roughly half of that market. If a community lender isn’t actively marketing home equity loans and lines of credit offerings, they are giving up potential market share to a handful of banking giants.
Linking your in-house or local insurance agent with collateral and loan protection agents can be beneficial.
In today’s hyper-competitive auto loan market, lenders face the challenge of which products to provide to their borrowers in order to stand out; one of those products is an auto warranty. As automobile prices increase, so do the cost of repairs. With high automobile prices and high repair costs, even one major repair can cost more than the price of a borrower’s extended warranty.
