How often do products come along that can significantly change your operation in a positive way? Lenders from all across the country face similar challenges when it comes to balancing budgets, managing workloads, and staffing levels while growing at the same time. Growth is great but means more files, more data, and more work for everyone.
As lenders continue to grow, many times without adding staff, there has to be a higher level of efficiency for that formula to work. There is now an incredible trio of products that can greatly reduce internal paperwork and insurance data flowing back and forth between you, your borrowers, your loan officers, and insurance companies. Blanket Insurance protections are a very simple and cost-effective way to eliminate virtually all internal insurance tracking after a loan is closed.Unitas Financial Services offers a new bundle of products that can cover all real estate, all commercial equipment, and all consumer collateral loans. The only remaining loans left to track would be those in a flood zone or those with extremely large balances that would not be fully covered by a blanket product.
Think about all of the endless hours that your staff spends following up on insurance renewals and cancellations, as well as loan officers’ time getting involved to make sure everything is handled properly with customers and that coverage is in place. As you grow, your loan officers and staff might be more productive by focusing efforts on marketing and lending, rather than spending time trying to find insurance on a tiny percentage of your loan portfolio that isn't covered at any one time. Statistics show that the average community lender has about 97-98% of their loan collateral properly covered at any one time. Why spend all of the time and effort tracking insurance on only 2-3% of your customers?
Read our blog post, "The High Cost of Tracking."
Additionally, blanket protections eliminate the negative interactions that can happen when you contact your borrowers about insurance issues. Most borrowers carry the appropriate coverage, so being contacted about it by you causes needless annoyance. Blanket Insurance covers your risk and allows you to trust your borrowers to properly insure their collateral. Lenders across the country also appreciate the benefits of blanket protections when they are no longer written up for insurance exceptions by auditors and examiners. Examiners know that blanket coverage is superior to tracking and force-placing since the entire portfolio is covered without the need for action and chance for human error.
Read our blog post, "How Lenders Reduce Workloads, Save Money, and Improve Examinations."
Blanket Mortgage protection covers all residential and commercial real estate. Blanket Equipment protection covers all commercial auto/truck and equipment. And Blanket Single Interest Insurance (VSI) protects the remaining consumer loan collateral.Unitas Financial Services is a national leader in developing these programs. Lenders appreciate the long-standing experience that we have with these products and our underwriting recommendations on how to properly and efficiently insure your portfolios.
Our Blanket 360 of protections can immediately make you more efficient, allow you to grow without adding staff, and protect your collateral and portfolios at a higher level than can be done when tracking and force-placing protections.
Click on our Ebook on Blanket Protection to learn more.
