ACA Update – 1095B Tax Form Deadline

Posted by on Jan 26, 2017 in Benefits Update, News |

It’s tax time again, and we have received several questions about 1095-B forms.  The IRS has extended the deadline for health insurance carriers to provide 1095-B forms is March 2, 2017.  However, individuals do not need the 1095-B for group health insurance to file taxes.  If you had more than one health insurer during 2016, your employees will receive 1095-Bs from each health insurer. More information can be found here: Healthcare Information Forms Q & A  Please note that I am not a tax expert, and employees with additional questions should seek advice from a tax professional. As always, please let me know if you have any questions regarding the Affordable Care Act or employee benefits. Elizabeth Ingram Account Manager, Employee Benefits Insurance Trust Phone: 800-287-3379 x 312...

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Offsetting Used Vehicle Loan Delinquencies with Auto Loan Protection

Posted by on Jan 18, 2017 in News |

Over the past year, credit unions have seen an increasing trend in used vehicle loan delinquencies.  In a December 2016 article, S&P Global explained that at the end of the third quarter of 2016, used vehicle loans were the largest delinquent category for credit unions and accounted for $3.70 billion, or 28.41 percent of total delinquencies.  As a result of increased delinquencies, charge-offs and vehicle repossessions tend to go hand in hand. It’s no secret that member vehicle repossessions are a difficult situation for credit unions in many ways.  It’s time-consuming, risky in terms of compliance and employees are left to play “auctioneer” to recover lost assets. And in many cases, credit unions take a substantial loss on the loan.  These issues have guided many credit unions to seek the solution of Auto Loan Protection to offset the risks of lending competitively.   Auto Loan Protection Auto Loan Protection is a risk management program that helps credit unions to reduce losses on defaulted loans. The coverage is typically applied by lenders on C, D and E tier loans. The program purchases repossessed vehicles from lenders at higher values than auctions or bids. The program also provides a principal reduction payment to further reduce deficiency balances.  In this way, Auto Loan Protection can increase the profitability and yield of your auto loan portfolio.   How It Works Loan Protection enables credit unions to protect loans by ensuring a predetermined depreciation amount that never changes due to market fluctuation or other factors. The vendor will purchase repossessed vehicles based on guaranteed vehicle values less collision damage, mechanical defects, or excess mileage. Purchase offers are consistently higher than auctions or re-marketers. Credit unions benefit from a 60% to 80% reduction of deficiency balances on repossessed vehicles.  The credit union simply defines the member group they wish to apply Auto Loan Protection to while continuing to make all underwriting decisions.   Helping More Members While Protecting Your Portfolio Finding a solution to help offset costly charge-offs is something that our agency would recommend that all credit unions take advantage of.  Regulators and examiners commend credit unions for finding ways to proactively offset charge-offs while approving more loans.  The “buy here pay here” and “payday lenders” are steering your members toward high-interest auto loans every day! It’s important to have the ability to offer members with challenged credit a reasonable solution.  However, it’s also important to protect your assets and the profitably of your auto loan portfolio to ensure the continued success of your credit union. To learn more about Auto Loan Protection, please complete the contact form below: Contact Form Name* First Last Email* PhoneWhat would you like to learn more...

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Spring Lending School with Brett Christensen Returns to Portland Maine – Register Now

Posted by on Jan 9, 2017 in News |

Insurance Trust is pleased to announce our Spring Lending School presented by renowned credit union industry speaker, Brett Christensen.  This informative workshop will take place on April 5-6, 2017 at Holiday Inn by the Bay in Portland, ME.  The lending school is split into two 1-day sessions. Day 1 is designed for CEOs and executive management and day 2 will focus on lending management and loan staff related topics. This event is part of our ongoing ‘Insurance Trust University’ training initiative and semi-annual live lending school workshop. Watch a clip from our 2016 Spring Lending School with Brett Christensen.    Brett Christensen Brett is the owner of CU Lending Advice, LLC based in Euless, TX and has worked directly with credit unions across the U.S. and Canada as an educator and consultant on focused lending topics for more than 10 years.  The 2-day lending school program that Brett has created is designed to provide specific advice and best practices that help to improve credit union lending processes and sales results as well as refresh lending expertise and explore the critical essentials for lending success. Prior to his experience as an educator, Brett worked for five years at Clark County Credit Union in Las Vegas, Nevada ($680 Million in assets) and has served in the United States Air Force as a Civil Engineering Officer. Complete the form below to request registration info! Contact Form Name* First Last Email* PhoneWhat would you like to learn more...

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