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Delinquencies Are Increasing: What it Means for You

Posted by Jonathan Barkley   |  May 24, 2017 at 8:48 AM

The auto loan industry is massive and chances are that if you are a financial institution, you are also in the auto loan lending game. For the first time in first-quarter history, open auto loans have surged past $1 trillion per market research firm, Experian Automotive. Due to their findings, they have advised lenders to “keep a close eye on delinquency trends to ensure the market remains healthy.” Should consumers keep making timely monthly payments, the market has a greater chance of maintaining affordable financing options. While auto loans can offer profitability for a financial institution, there are also some downfalls and risk when it comes to the lending industry. In recent years, the auto-loan industry has seen a rise in delinquencies. And, of course, this is never a good thing for financial institutions. 

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5 Delinquent Borrower Objections (and How to Overcome Them)

Posted by Brad Young   |  November 17, 2016 at 11:02 AM

When it comes to paying bills, some people have a million excuses (both valid and invalid) for skirting their obligations. Unfortunately, lenders constantly deal with borrowers' excuses when it comes time to pay up. Here's some guidance for responding to common collections objections and recouping the money you're rightfully owed.

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Big Government and Debt Collection: What You Need to Know

Posted by Karen Townsend   |  November 2, 2016 at 4:37 PM

Change is impactful. For better or worse, however, when it comes to change in a business environment, it can mean a major shift in day-to-day operations and could even impact your bottom line. When you're busy running your financial institution and ensuring that your customers' needs are being met, it can be challenging to keep a pulse on all of the regulatory changes the various government agencies are handing down. Fortunately, our partners over at MasterQueue, are staying on top of regulatory changes that are coming down the pike, particularly, when it applies to debt collection and asset recovery.  

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Why it's Beneficial to Retain Customers with Overdrawn Accounts

Posted by Brad Young   |  October 27, 2016 at 3:32 PM

Today’s uncertain economic conditions and the lasting effects of the credit crisis have left financial institution executives scrambling to develop and implement consumer retention strategies to drive revenue. Today’s tech-savvy consumers expect convenience, personalized service, competitive fees, and rewards. Their receptiveness to Fintech to perform services which were historically trusted only to the traditional financial institutions, is another challenge facing the financial services sector. However, institutions that add value to the lives of their consumers through savvy decision making and marketing, innovative product development, and success tracking are rewarded with loyalty.

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6 Questions You Should Ask An Outsourced Collections Provider

Posted by Jeff Sullivan   |  September 8, 2016 at 2:00 PM

Making the decision to outsource some or all of your financial institution's collections work is no easy task. Even when you recognize that your internal staff does not have the time, resources, or ability to efficiently keep delinquencies low, it can still be difficult to trust a third-party vendor, particularly in this day and age of cyber breaches and regulatory scrutiny. Sometimes, after weighing all of your options, outsourcing collections may be the best business decision. In many cases, third-party vendors who specialize in collections have the staff and resources to dedicate 100% of their time to curing your delinquent accounts—oftentimes at a less expensive rate than your team can accomplish in-house. However, if you've decided to take the next step and work with an outsourced collections provider, there are a few questions you should ask before you sign on the dotted line.

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Serve Indirect Borrowers with Convenient Online Payment Solutions

Posted by Connie Miles   |  July 28, 2016 at 9:30 AM

Indirect lending programs grew substantially over the last several years due to intense competition in the auto lending industry. Credit unions, in particular, saw substantial growth in their auto loan portfolios, nearly 30% since 2012, according to Forbes. That's due in part to an improved economy and can be attributed to their participation in indirect lending programs. 

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[Quiz] Test Your Collections Regulation Knowledge

Posted by Chris Cote   |  June 23, 2016 at 4:43 PM

In recent years, the collections industry has seen a surge of new and revised regulations from federal and state legislators seeking to limit the scope and character of outbound call efforts. This has placed a significant burden on financial institutions who must collect on delinquent accounts. From hiring the right personnel and training them, to software and equipment needed to monitor calls, financial institutions are investing significant resources in an effort to meet collections-related regulations.  

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How the American Collectors Association Can Support Your Collection Efforts

Posted by Chris Cote   |  May 27, 2016 at 3:23 PM

Debt collection can be a challenge. Overcoming debt collector stereotypes, and adhering to the many laws and statutes which govern collections practices can be a formidable task, and there are times when you may need information and assistance on things like current legislation, legal support, or industry information.

The American Collectors Association (ACA) contributes to the success of its members and the positive reputation of the credit and collection industry through education, advocacy, and services. Here are some of the most prominent ways ACA supports collectors.

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What Repossession Really Costs Your Financial Institution

Posted by Karen Townsend   |  April 8, 2016 at 1:59 PM

Auto lending has many perks, including helping valued customers by helping them get into a vehicle they want or need, building and deepening relationships with your borrowers, and ultimately, creating a vital stream of interest income. However, lending also comes with unique challenges such as delinquency, insurance tracking and placement, and worst-case scenario, repossession.

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Telephone Consumer Protection Act (TCPA): What You Need to Know

Posted by Dan Boozer   |  February 5, 2016 at 9:00 AM

Most of us cringe when the phone rings, and we find ourselves on the receiving end of an uninvited sales call. Bill collection calls are even more unwelcome, but of course collection calls are inevitable if due dates lapse with no payment received.

When collection calls are unwarranted, there’s a fine line between those calls and harassing telemarketing calls. To protect consumers from unwanted and/or harassing telemarketing, the Federal Communications Commission enacted the Telephone Consumer Protection Act (TCPA), which has expanded in recent years to cover newer technology like text messages.

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About the LenderHub Blog

SWBC's LenderHub blog is a one-stop resource for lenders. Come here to learn tips and best practices for risk management, income generation, marketing, operational improvement, and customer retention, as well as to learn about industry trends and SWBC news.