Offer Same Day Loan Approvals. Skip the title and appraisal
work on loans for members that meet your specified underwriting guidelines and
minimum credit criteria. You can close loans faster and have fewer deals accumulate
in the pipeline. This will save your loan officers time and the credit union
money which can be spent closing more home equity loans.
Expand your product mix. Offer new products, such as; Piggyback
(Purchase Money) Loans and Lines of Credit to complement your first mortgage
programs. Expanding your product offering gives your members choices and enables
you to stay competitive with other lenders in the area.
Enhance your underwriting guidelines. Provide 100% LTV financing
to new homeowners for home improvement loans or offer over 100% LTV loans to
Cross Sell loans. Add a debt consolidation option to a home
improvement loan. Offer a home equity line of credit with every first mortgage
Advertise in your local newspapers. Summer is the time for
family vacations and Fall is the time for student loans. Advertise home equity
loan specials that can be used for trips, financing college tuition or other
Sponsor a contest or give-away. Create a contest theme and
give away a prize that fits within that theme. For example, a “Do-it-Yourself”
book or a gift certificate to a home improvement store with each new home improvement
loan that is taken out; a chance to win a laptop computer for each home equity
loan that is taken out for the purposes of financing student education, or even
a drawing for a trip for all new account openings.
Risk mitigation and high LTV protection are the cornerstones involving some
of the above recommendations and ideas. Old
Republic Insured Credit Services, Inc. (ORICS) can help you enhance
your home equity lending program by offering loss protection through credit
indemnity policies underwritten by Old Republic Insurance Company. These loss
protection benefits are designed to fit around your existing lending programs
and guidelines. They enhance your programs which gives credit unions, like you,
the ability to increase volume without increasing risk. ORICS has been partnering
with credit unions for 50 years. For more information on how we can help you
increase your home equity lending portfolio, visit us on the web at www.oldrepublicics.com
or call us at 1.800.621.7873.