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LenderHub

SWBC's LenderHub blog is a one-stop resource for lenders.

 

How Home Equity Lending Can Deepen Customer Relationships

One of the main sources of wealth among American families is homeowner equity. According to a report from the Federal Reserve1, household net worth in this country rose to a new record, hitting $98.74 trillion. But what does record-breaking homeownership mean in today’s world and how will it affect your financial institution? Increasing wealth from homeownership is positive for our economy, but one lingering concern is rising interest rates and increased home prices. We know that these numbers are projected to rise which could change consumer buying habits, i.e. homeowners may opt to renovate their home rather than sale and purchase a new one. By increasing your focus on home equity lending, you can provide your customers with options that may benefit them and their current situations.

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How Baby Boomers May Hold the Key to Auto Lending Sales

By now, you've probably heard the sad auto industry news, that vehicle sales are down this year and are not expected to rebound anytime soon. Basically, auto manufacturers did too good a job in recent years, building cars that last longer than ever and still run properly. As a result, consumers are not forced to replace their vehicles as soon or as often as in years past.

Of course, unfortunately for the auto lending industry, as auto sales stall, so do lending sales.

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Don’t Be Caught Unprepared for the New Excise Tax

As you may have heard, there’s a new tax that affects tax-exempt entities, including credit unions. In response to complaints from taxed corporations that tax-exempt organizations are enjoying preferential treatment, the 2017 Tax Act included a 21% excise tax on compensation exceeding $1 million paid to specific employees of tax-exempt organizations.

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5 Common Collections Challenges (and How You Can Overcome Them)

Collections plays a critical a role in your institution’s financial health. Limited resources, personnel, and time are common denominators for many collections departments. I've worked with financial institutions to streamline their collections operations for years, and we typically see operations afflicted with the same challenges and obstacles. As the economy and consumer sentiment continue to improve, financial institutions can expect to see lending increase.

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10 Topics to Educate Your Customers on Debt Management

These days, we consistently hear about how strong the U.S. economy is, with home values quickly increasing and low unemployment creating lucrative opportunities for workers. Despite that, many Americans are struggling financially and are unprepared not only to reach far-off goals like retirement but even to cover standard life expenses and debt management.

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Warn Your Customers About Romance Scams in Payments

This is an important notification to inform clients of a scam affecting the payments industry.

What is a romance scam?

A romance scam is perpetrated via the internet and predominantly targets older widowed or divorced women by exploiting their emotional vulnerabilities. This crime can be committed from anywhere in the world, making it difficult to catch the perpetrator.

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A Deeper Look Into the Appraiser Shortage

The shortage of appraisers has been an ongoing concern within the real estate industry. According to a National Association of Realtors (NAR) survey conducted last year, there are three major factors resulting in the appraiser shortage.

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Borrow Best Sales Practices from Other Financial Institutions

As you seek to increase your institution's share of business in the crowded financial institutions space, it can be valuable to check out what your colleagues and competitors are doing. To assist you with sales ideas, here are some best practices we've recently learned from our financial institution partners.

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The Quest for Non-Interest Income

In the neverending quest for non-interest income, financial institutions can find themselves in a bind: income is necessary to run any business, of course, but lenders often feel that seeking out income and fees runs contrary to their customer service missions. Also, lenders tend to fear that adding or increasing fees and other charges may drive customers to competitors.

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5 Ways to Advance Your Investment Program

To compete for new customers and retain your existing customers, you must offer products and services that make their lives more convenient and aren't available at every financial institution. One great service to offer is a retail investment program, which gives customers the opportunity to consult with a professional financial advisor and have investments right at your financial institution, where they already go for loans and banking services.

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