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Does “Fees” have to be a Four-Letter Word?

Submitted by Golden Eagle Insurance, Inc on September 16, 2019

Preparing for another Board meeting, studying the most recent Income Statement and reminiscing about the margins of days gone by...It used to be a lot easier to meet or surpass the board and/or shareholders' expectations.

The Federal Reserve rate was just reduced to 2.25% and as of August 1, 2019, the discount rate for institutions to borrow funds is 2.75%; however, all indications lead us to believe that there will be no further reduction this year.

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Mitigating Risks by Understanding your Collateral Protection Policy

Submitted by Golden Eagle Insurance, Inc on August 30, 2019

Reviewing your lending institution’s collateral protection policies may not be at the top of your priority list. Who really wants to scour through the fine print of a policy that could easily exceed one hundred pages? These cumbersome policies are contracts that spell out the obligations of both the insurer and the insured using complex language and technical jargon which can be difficult to interpret. Due to the assignment of responsibilities to both parties, it is vital to take the time to understand your policies and the obligations outlined within.  

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Tax Tracking a Burden for Community Lenders

Submitted by Brian Barnett on August 15, 2019

It is late afternoon and you have had a full day with clients and examiners when you notice a certified letter on your desk. You review the letter and you are blindsided by the fact that your borrower has not paid their real estate taxes for over a year and now a third party has a lien on your property. This situation is unfortunately all too familiar for community lenders. Tax Liens are sold to investors in over 29 states. Local governments use property tax revenue to fuel the functions of public schools, police and park departments, libraries, and other vital local offices. 

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Setting Yourself Apart as an Auto Lender

Submitted by Jim Perry on August 01, 2019

In a day and age where information is nearly immediate, lenders face the challenge of working to set themselves apart from their competition. Indirect lending is a particularly difficult arena to set yourself apart in, especially in a world where rates are aggressively low, and margins are slim. Instead of competing in a race to the bottom in APR, why not set yourself apart with innovative protections for your borrowers? Our newest product called Vehicle Return Plan or VRP from Golden Eagle Insurance allows auto lenders to offer a year of complimentary coverage to their borrowers with optional extra coverages.

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Does it seem like your vendors care more about Wall Street, than you, their customer?

Submitted by Bill Jones on July 16, 2019

As a community lender, you believe that your service and product are by far an overall better value for your customers than larger regional or national lenders you compete with. Why do you believe that and why is it actually true?

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Could Your Collateral Protection Insurance or CPI Program Bring You Legal and Compliance Troubles?

Submitted by Bill Jones on June 28, 2019

Compliance for your collateral protection programsMany lenders using Collateral Protection Insurance or a CPI / force-placed type of product for their consumer loan portfolios are unaware of the potential ramifications that they may face if their programs are not administered correctly by the provider. I say “their” programs intentionally because to borrowers the CPI or Collateral Protection Insurance product is your program and to regulators and class action attorneys CPI was your choice to insure your loans - (and guess who has the deepest pockets)?

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