Posts Categorized: General

Case Study: A Credit Union Transitions to LSI Coverage

We spoke with a manager in the asset management department of an East Coast credit union that is over 1B in assets, that recently switched from Collateral Protection Insurance (CPI) to Blanket Lenders Single Interest (LSI) coverage. What challenge or problem were you experiencing prior to the purchase of LSI Coverage? With our former CPI… Read more »

Commonly Asked Questions about Blanket LSI Coverage

As Lending Institutions explore our “LSI” (Lenders Single Interest) Blanket Insurance program, they often have questions such as, “Is it really that simple?” or “Does it matter what size our institution is?” or “What type of implementation is involved” To help you as you research LSI, we put together a list of commonly asked questions… Read more »

That Was Easy! New Web Portal Streamlines Hazard Insurance

You know that calculator sitting on your desk? The one you use to manually calculate hazard insurance rates? We’ve got good news for you – you don’t need it anymore! How about applications? Do you dread filling out an individual form each time you need to schedule hazard insurance on a Force Placed or REO… Read more »

The Technology Side of Blanket LSI Insurance

Have you considered making the switch to blanket insurance for consumer loans but are unsure how LSI is administered? Not only does LSI eliminate both the need to track insurance and force place insurance, it also helps to streamline your loan servicing work flow. How you ask? The process is all made possible by Lenders… Read more »

What Could Financial Institutions Have in Common with this Hotel?

Wyndham® Worldwide is known for its luxurious, high quality bedding linens – which are one component of offering hotel guests a relaxing, comfortable experience. Unfortunately, the largest and most diverse hotel group is also making a name for itself in an area that makes guests highly uncomfortable – security breaches. From 2008-2010, Wyndham® Worldwide experienced… Read more »

What is LSI and Why Do You Need It?

When Emily pulls out of the car dealership lot in her new Lexus, she’s all smiles and feels on top of the world. Fast forward a few months later when the reality of insurance and car payments set in, and things might not seem so dreamy. Emily decides she is no longer able to cover… Read more »

Are you struggling to sell GAP Insurance or Vehicle Service Contracts?

GAP insurance and VSCs can be a tremendous source of income to lending institutions. However many institutions large and small have completely missed the boat on creating the proper sales culture to generate this revenue stream; or they have not property sourced the market to find the best programs available to their borrowers. Lenders Risk… Read more »

Shifting Gears: Outsourcing Your Repossession and Remarketing Program

Almost everyone has seen it happen at least once. Perhaps it occurs at 3 a.m. – you peek out your front window and watch as the neighbor’s shiny Sport Utility Vehicle is hooked up to a tow truck and hauled away into the darkness of the night. Asset recovery (repossession) is a complicated, yet necessary,… Read more »

Case Study: How Purchasing MP3 (Blanket Mortgage Impairment) Coverage Helped a New-York-based Lending Institution

Challenge: A New-York based lender was challenged with manually tracking more than 2,000 insurance policies year-round, sending out cancellation and non-payment of premium notices, force placing insurance and constantly sending out borrower reminders. Since this particular lender also owns an insurance agency, they had to force place insurance with other providers because regulatory pressures made… Read more »

How will Mortgage Impairment Insurance Benefit Me?

There are several benefits to procuring mortgage impairment blanket insurance. With Lenders Risk’s comprehensive MP-3 coverage, you will be able to do the following: Protect your entire mortgage portfolio With MP-3 coverage you will protect your exposure when a borrower fails to meet his or her insurance obligations or in the event of processing errors… Read more »