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LenderHub

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

 

5 Standard Reports Your Outsourced Collections Partner Should Provide

If your financial institution works with a third-party vendor for your collections efforts, you know how important it is to ensure your partners perform at an optimal level. To properly evaluate whether your outsourced partner is performing at a high level, it’s wise to understand their company procedures and establish agreed upon benchmarks to measure their performance.

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3 Ways to Help a Financially Burdened Borrower

Financial institutions and borrowers alike have breathed a collective sigh of relief over the last decade as the U.S. economy has improved from the dark days of the Great Recession. Delinquencies are not what they once were thanks to an improved economy, job growth, and increased credit availability. However, the United States, and in turn, lenders, are not completely immune from delinquency issues.

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Is Your Institution Prepared for Rising Interest Rates?

Historically, there are a few key indicators that can signal a potential rise in interest rates. Perception of a robust economy, increased consumer spending, and high employment levels could all combine to lead to a hike in interest rates. Higher interest rates reduce disposable income (and therefore consumer spending), increase the cost of borrowing, hamper the speed of economic growth, and limit the rate of inflation.

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Evaluate Your In-House Collection Operation with These 7 Questions

Financial institution auto loan portfolios continue to grow annually. In fact, Experian1 reported that auto loan balances climbed to $1.18 trillion in the first quarter of 2019, a 6.5% increase from 2018. And, as many lenders know, when your portfolio grows, as does the risk of delinquency.

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Overcoming Collections Challenges with Integrated Solutions

Collections plays a critical role in your institution’s financial health. While delinquency rates can be cyclical, rising and falling as the economy shifts, for lenders, it’s critical to keep themselves in a position to be able to manage both increases and decreases in delinquency efficiently.

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On the Road with Rising Auto Loan Delinquencies

Delinquencies in the auto loan landscape are the highest they’ve been in the past decade. According to the New York Fed's recent blog post, 2018 was marked by historically high levels of newly originated loans in the auto industry, with $584 billion in new auto loans and leases showing up on credit reports. At the end of 2018, more than 7 million American borrowers were behind on their auto loans by 90 days or more.

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How to Deal with Hostile Debtors when Recovering Collateral

Everybody in lending knows that collateral recovery and vehicle repossessions are unpleasant and unenjoyable for all parties involved. Unfortunately, it's a part of business in auto lending. And as long as your financial institution and its staff are tracking collateral and assets, you'll encounter angry, hostile borrowers who will make asset collection as difficult as possible. Here are some tips for how to deal with hostile debtors when your financial institution staff, field agents, and repossession agents are trying to recover collateral.

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Kick Your Outsourced Collections Machine Into Overdrive

If your financial institution works with a third-party vendor for your collections efforts, you know how important it is to ensure your partners perform at an optimal level. The vetting and on-boarding process alone can take months, so the "set it and forget it" mentality could be detrimental to the overall performance of your collections operation. To ensure your outsourced partner performs at a high level, it’s wise to understand their company procedures and establish agreed upon benchmarks to measure their performance.

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How Improved Consumer Confidence Can Lead to Increased Debt

When we consider the U.S. economy, we see good and bad news. The good news is that we've almost reached full employment, and consumers are feeling confident about their ability to maintain a stable income, make large purchases, and repay loans. The bad news is that confidence may be misplaced, since U.S. consumers’ credit card debt is at an all-time high, and delinquencies are rising.

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How to Successfully Navigate TCPA Cell Phone Consent

Ah, the Telephone Consumer Protection Act (TCPA)...that ole' chestnut. There hasn't been much change to this law, which went into effect back in 1991. Clarifications have been issued—as recently as 2013—however, the core ruling hasn't shifted since inception regarding contacting a debtor using an autodialer or pre-recorded message. If you don't know what the TCPA is and how it impacts the financial services industry, you can read one of our previous blog post that covers the TCPA basics. However, in this article, we'll dive a little deeper into how a financial institution can navigate the particulars of obtaining express consent from borrowers, specifically for the purposes of contacting them on a mobile device.

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