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Tod Hastings

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4 Factors Institutions Should Consider when Completing Due Diligence for Vendor Selection

Submitted by Tod Hastings on April 16, 2020

Vendor due diligence is a term used to describe the process a company goes through to determine if a potential business partner “checks the boxes” to be deemed worthy of providing the service(s) desired by said company from a reputation, strategic, compliance and transaction standpoint. While almost all financial institutions have some process in place for evaluating third-party vendors, what happens after all the boxes are checked? Are they just another approved vendor, or are they a trusted business partner? Only time and experience with the vendor will tell.

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2020 Will Present Many Challenges to FI’s - Don’t Let Insurance be One of Them

Submitted by Tod Hastings on December 20, 2019

The last several years have been a whirlwind of change in the banking world, and this trend will only intensify as we move into a new decade. Technology advances are occurring at breakneck speed making it virtually impossible to keep up with. Who really heard of the terms “data analytics” or “cybersecurity” 10 years ago? Now they’re at the forefront of business planning.  While the challenges to FI’s will be many, insurance on your loans doesn’t need to be.

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Did You Hire a Company to Track Your Customer’s Insurance? Are You Getting the Best “Bang for Your Buck”?

Submitted by Tod Hastings on October 16, 2019

Many lending institutions made the decision long ago to outsource the important function of tracking insurance on secured loans including auto, mortgage, and equipment portfolios. From the outside looking in, this sounds like a perfectly logical process enhancement. After all, the very nature of making sure your collateral is insured can be cumbersome for an administrative staff already stretched thin with other duties. Unfortunately, sometimes the best-laid plans end up causing more grief than relief!

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Private Flood Insurance Market Advantageous for Lenders and Consumers

Submitted by Tod Hastings on June 14, 2019

It wasn’t that long ago consumers realistically had only one option when obtaining flood insurance. The National Flood Insurance Program (NFIP), which was initially authorized by the National Flood Insurance Act of 1968 and reauthorized by the Biggert-Waters Flood Insurance Reform Act of 2012, provided that lone option. Earlier this year, five federal regulatory agencies issued a Final Rule that becomes effective July 1, 2019, implementing the BW-12 “requirement that regulated lending institutions accept private flood insurance policies.” Privatization of any product or program creates pricing competition and more options, and flood insurance is no exception. Consumers are able to comparatively shop and lenders will have more opportunities to qualify borrowers.

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Alternative Credit Scoring Can Help Lenders Make More Mortgage Loans

Submitted by Tod Hastings on October 15, 2018

Are FICO scores overrated when assessing one’s creditworthiness?  Probably not, but what about the 67 million people who don’t qualify for mortgage loans or even credit cards because of a lack of traditional credit?


While using alternative credit scoring is not a substitute for bad credit, it can be a vehicle to offer more affordable loans than sub-prime or Alt A programs offer.  

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Tap Into Higher LTV’s on HELOC's with Equity Default Protection

Submitted by Tod Hastings on June 18, 2018

It’s no secret that interest rates are on the rise. If your customers haven’t taken advantage of refinancing their first mortgage loans by now, it may be too late for them to make it a cost-effective option.The market for refinancing a first mortgage to pay off debt, finance home improvements, or simply do a cash-out refi is just not as attractive as it was when rates were historically low. This creates an opportunity for junior lien mortgages, typically called HELOCs or HELOANs, to be in higher demand.

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