With the average price of a new vehicle exceeding $37,000 in 2019, lenders are carrying more risk than ever when it comes to lapsed insurance policies. With Blanket Lenders Single Interest (LSI) coverage, lenders are protected from any uninsured damage or theft of the loan collateral. One...
GAP losses have significantly increased over the last several years. This is due to a wide array of reasons, including: The increasing price of cars and larger loan amounts Extended loan terms and higher loan-to-value (LTV) ratios Negative equity trends The cost to replace electronic components and airbags Increased miles driven Texting and driving Decreased value in used cars As the frequency and size of...
With natural disasters across the globe increasing in frequency and intensity, it's more important than ever for lenders to have a comprehensive process in place to protect themselves against uninsured losses. In 2017 alone, insurers paid out more than $78 billion in disaster-related claims. And while this figure dropped to $52 billion in 2018,...
In today's self-service society, many drivers may forego the insurance agent and simply buy auto insurance online. Unfortunately for lenders, this trend toward DIY insurance arrangements can mean that borrowers are more likely to become uninsured at some point during the repayment process, putting themselves and the lienholder at...
Lee & Mason has begun rolling out a new online claims interface for Blanket Lenders Single Interest (aka Vendors Single Interest) and Gap Waiver Insurance claims. The new system features two-factor login security. The interface has a bright new look and feel, including dashboard navigation and...
Forced placed insurance has come under the scrutiny of regulators as it relates to mortgage lending. Auto lending is the next logical extension of this scrutiny. Providing “free” tracking services to financial institutions and including these costs in the insurance premium is clearly not desired...
Lenders Single Interest Insurance, commonly known as Blanket VSI or LSI, protects a lender’s interest in the collateral securing a loan when the borrower’s required insurance on the collateral lapses or is canceled. Coverage is provided on a blanket basis to loans originated on and after the...
Forced placed auto insurance (CPI) has come under the scrutiny of various regulators as it relates to auto lending. The situation with Wells Fargo is a great example of recent regulatory issues with CPI Programs. Due to these recent changes, many Lenders are considering a...
By now you’ve likely seen it firsthand – nationally, new mortgage purchases are down year-over-year as interest rates return from historic lows and home prices continue to appreciate. For those already in their ‘forever’ home, many are seeking ways to put that growing equity to...
Lee & Mason Financial Services is pleased to announce that Daniel Rolf has joined the company as a Regional Sales Manager for the North & South Carolina markets effective December 1st, 2018. Daniel graduated from University of Louisville in 2006 and spent several years with Humana...
