Lenders undertake risk when providing their borrowers with a secured loan, and it’s their responsibility to see that their interest remains secure by maintaining a procedure that tracks the insurance on the property securing [...]
by: Dee Dee Meter When you offer products and services, one of the biggest obstacles you're faced with—often on a daily basis—is addressing objections. Hearing 'no' is a typical part of the job. [...]
by: Ronni Martinez If you have a rock star team of loan officers, and I’m sure you do, chances are they are offering Guaranteed Asset Protection (GAP) to each one of your auto loan [...]
Sadly for me, I’ve reached the age at which I can start saying “when I was a kid” to reference the drastic differences between today’s world and the world of my youth. When [...]
by: Jeff Sullivan Have you ever asked yourself why people do business with your financial institution? When I ask our clients that question, the answers I get are usually: “We offer low rates on loans [...]
by: Mark Hein Salespeople are just like everyone else; each of them have their own motivation. I guess that is why we're all made a little different. Otherwise, we would all be robots walking around [...]
by: Dan Balough As an experienced business professional, you are aware of the high cost of recruiting and retaining employees—particularly your senior-level employees. Strong leadership can make or break a company, and as your [...]
The collections process for collecting past-due loan accounts is extremely challenging for many financial institutions. It can be tedious because most institutions use a manual rather than an automated process, leading to low productivity. However, [...]
by. Joan Cleveland Let's be honest. No one wants to have to use their insurance policy. Ever. If you're presented with a situation in which you must use it, that usually means that you've experienced [...]
Reduce Borrower Exposure to Fraud with Internet Pin Debit You can hardly turn on the news or read an article online without hearing or reading about the latest case of fraud or identity theft. Just [...]
Mention Collateral Protection Insurance (CPI) to a loan officer and in most cases you will receive a frown and the standard reply that it is a necessary evil. Mention to that same lender that they [...]
by. Sue Pennock When a CPI policy is issued, the cost of the premium is passed on to the borrower until they can provide proof that they are insured. According to the Insurance Research Council, [...]
by. David Karl Remember your teeter totter from childhood? Economics are a lot like that. Examples are supply vs. demand, bonds vs. stocks, and interest rates vs. inflation. Another example is the rise and fall [...]
As lenders, financial intuitions take on a considerable amount of risk. No matter how diligent and conservative a credit union’s lending practices may be, it is inevitable that some borrowers will default on their [...]
Delinquent accounts and collections are an inevitable part of the lending business. Delinquencies can cause cash flow and many other problems for an institution, and the process for recovering those funds can be time-consuming, expensive, [...]
