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LenderHub

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

 

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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Columbine FCU Finds Indirect Lending Success with Hybrid CPI

When a Collateral Protection Insurance (CPI) program is implemented correctly, the program protects the lender and borrower in the event a customer fails to update their auto insurance status. As the Consumer Financial Protection Bureau (CFPB) continues to crack down on unsavory insurance tracking tactics by banks and underwriters, your financial institution should compare program options and determine if traditional CPI or Hybrid CPI is the better choice for your risk management strategy.

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How Longer Auto Loan Terms Impact Your Financial Institution

Long-term auto loans are known to be riskier, so why are they increasing in popularity when it comes to auto lending? In the auto industry, it’s not uncommon for consumers to have negative equity in their vehicle. Consumers want the latest and greatest when it comes to savvy technology and features so they upgrade their vehicles, and with that comes a cost. In order to keep costs down, many consumers are opting for longer terms in order to keep their payments affordable. But, does this set them up for financial failure?

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Use Loan Protection Products to Accelerate Sales

2018 is shaping up to be a slower year for auto sales and lending after two years of record-setting sales. Interest rates are increasing, and while those increases aren’t jaw-dropping, they’re likely to stop some auto buyers and borrowers from replacing their vehicles.

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Depreciation Benefits of Vehicle Protection Products [Infographic]

Some things, like fine wine, get better with age. Unfortunately for vehicle owners, cars rarely get better with age. In addition to losing significant value immediately after driving off the dealer's lot, new cars depreciate 15-25% each of their first five years, according to Edmunds.com.

After a total vehicle loss, your institution's members are increasingly finding themselves owing more on their vehicles than the vehicles are worth and receiving significantly depreciated settlement checks.

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Take Your Direct Lending Game to the Next Level

After years of record-breaking growth, 2018 looks to challenge auto dealers and lenders with the first significant decrease in auto sales since 2009. Some analysts are even calling for up to a 5% decrease compared to 2017 numbers. As the industry braces for fewer sales in 2018 and beyond, consider how vehicle protection products can make the difference to your financial institution's bottom line and deliver exceptional member value and security for their investment.

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How One Financial Institution Increased Their Payment Transactions By 43%

When a financial institution expands its products and services in one area, the residual effect in other parts of the institution likely requires a reaction. This was the case at USALLIANCE Financial. Their team saw rapid growth as a result of increased indirect lending efforts, which required the team to react to their members' needs. The need to support these new borrowers with an effective loan pay platform became a challenge for USALLIANCE.

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CU Industry Stats and Performance Trends: Q2 2017

Analyzing data is a critical component for planning for the future. CUData.com has recently released their Credit Union Industry Statistics and Performance Trends Report for Q2 2017. I'd like to share some highlights of the report with you and your financial institution. There's a lot of positives in the data below. Although the number of credit unions fell slightly, credit unions with $500M+ in assets grew slightly. Direct and indirect auto lending continues to be a bright spot and looks to be the greatest opportunity for growth for credit unions. We are also happy to see credit union membership continues to be on an upward trend. 

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Gain a New Perspective on Credit Life Insurance

In the financial services industry, it is widely known that credit life insurance pays off the outstanding loan balance to which it is attached. But have you ever really realized how credit insurance is a key component in serving American households who may have no life insurance at all—that is, up until the point where you, the lender, offer it. According to LIMRA’s 2016 Life Insurance Ownership Study, 37 million households don’t own any life insurance coverage whatsoever. In addition, more than 10% of all U.S. Households said they would have trouble covering everyday living expenses after several months if the primary wage earner died. I think it would be safe to assume that the primary wage earner was definitely the borrower or co-borrower on their existing loans.

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How the Housing Market Could Impact Your Credit Union

The housing market is constantly fluctuating. As a lender, knowing ways to maximize your home equity portfolio and extending loans to qualified borrowers is of the utmost importance. But, it can be difficult and frustrating when you are having to turn away quality candidates due to stringent loan approval standards. A solid understanding of the housing market AND working with partners who allow for more flexible lending guidelines can help increase your financial institution’s home equity portfolio.

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