Spring 2018 IT University Lending School with Brett Christensen

Posted by on Jan 30, 2018 in News |

Insurance Trust University is pleased to host a special Spring Lending School to be held at Hollywood Casino Hotel in Bangor, ME on May 7-8 2018. This dynamic workshop is designed for CEOs, executive management, lending managers and loan staff and will be split into two focused 1-day sessions presented by renowned credit union industry speaker, Brett Christensen. After the event, enjoy the casino or step outside and explore the great restaurants and nightlife that downtown Bangor, ME has to offer.   CEO & Management Session – Monday, May 7, 2018 Designed for credit union CEOs, lending managers and aspiring lending managers to receive knowledge that will improve their department’s overall lending and sales results. Some of the topics that will be covered with specific advice and best practices include: Loan Department Productivity and Efficiency Loan Product & Rate Design Successful Collections Sales Culture Development Loan Officer and MSR Session – Tuesday, May 8, 2018 Designed for loan officers, member service representatives and all lending professionals looking to refresh their lending expertise; this session will cover lending’s critical essentials and best practices for lending success including the following topics & more: Lending is an Attitude! Improving Individual Sales Skills Learning to Tailor Your Approach in the Loan Interview Selling Ancillary Insurance Products   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 lending process 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 and has served in the United States Air Force as a Civil Engineering Officer.   For registration information, please email Marketing Director Seth McClellan at smcclellan@insurancetrust.us....

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Best Practices: Dealing with an Auto Loan After a Total Loss

Posted by on Jan 26, 2018 in News, Trust Tips |

When one of your members experiences a total loss on their vehicle, it’s important to have a clear process in place to help reduce the administrative impact to the member as well as your staff and accounting department.  The following are Insurance Trust’s best practices for dealing with an auto loan after a total loss.         1. Freeze the Loan Freezing the loan when the vehicle is declared a total loss will ‘stop the clock’ on the interest accruing on the loan daily.  If the loan is not frozen, the credit union will be charging the member for interest on a vehicle that is in process of a payoff settlement and no longer in use. Further, any interest accrued after the date of loss will later need to be ‘backed out’ for accounting purposes. If the unwinding of interest charges occurs after the loan is paid off, the difference will need to be re-allocated into the appropriate GL account.  This interest overage re-allocation will appear as a loss, even though it’s only figurative, it bears an additional accounting explanation.  Fundamentally, this administrative timing choice presents the question: Should we be requiring our members to pay an interest charge after being in an accident resulting in a total loss of their vehicle?   2. Guaranteed Asset Protection (GAP) If the member purchased a GAP policy through the credit union, the GAP administrator will pay the difference between the amount that the member’s primary insurance carrier pays and the amount remaining on the loan at the credit union.  Some providers will also pay an additional benefit to help the member get into their next vehicle. Any additional benefit paid is made out to the credit union for applying it toward the principle of the next vehicle loan.   3. Vehicle Service Contract (VSC) Some vehicle service contracts come with a “Total Loss Refund”, meaning the service provider will return 100% of the original cost of the contract in the event of a total loss. Sometimes, this still applies even if claims have been paid during the contract term.  Be sure to call the warranty provider to see if a refund may be available.   4. Credit Insurance/Debt Protection In the event that a member purchased Credit Insurance/Debt Protection, be sure to note the cancellation so that the premium is not mistakenly remitted.  The member should still have elected coverage before the loan is converted to a personal status. To receive new article updates by email, subscribe to our blog by completing the form below. Blog Subscription - MailChimp Name* First Last...

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Significant Increase in GAP Claims from Flood Vehicles Causing Administrative Delays

Posted by on Jan 3, 2018 in News |

Total loss GAP claims arising from the recent hurricanes in Texas (Harvey) and Florida (Irma) are catching up to administrators across the country, causing delayed service and claims processing. Though the hurricanes took place in August 2017, the more than one million flood-damaged cars are continually being found and placed into holding areas to be processed on a first come first serve basis.  Once a vehicle is located, an insurance appraiser must go to the car to assess its damage. Primary insurance company appraisers are remarkably bogged down by the high volume of claims in several different areas.  The search continues for many vehicles that were simply lost in the storms and remain in places the owner or the insurance company have yet to discover, so they are awaiting a report from holding areas.   Claims Delays Insurance Trust is working with our GAP partners to help our credit union clients work through possible time delays for member claims.  At this time, they are close to being caught up. We appreciate your patience in the process and we promise to do all we can to expedite your requests as quickly as possible. For more information about how credit unions can identify flood-damaged vehicles returning to the used market, see this article. Photo credit: Brazos Drones...

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