Help Your Members Tap Into Their Equity

Is your competition offering home equity loan promotions with same day loan approvals, “any purpose” loans added onto home improvement loans, even “no equity needed” loans? Are your loan programs set up to provide these benefits to your members?

 

By Old Republic Insured Credit Services, Inc.

 
Old-Republic
Is your competition offering home equity loan promotions with same day loan approvals, “any purpose” loans added onto home improvement loans, even “no equity needed” loans? Are your loan programs set up to provide these benefits to your members? Credit Unions are continually faced with the challenge of offering innovative ways for their members to tap into, and even stretch, their equity. How can you pass these value-added services along to your members without placing your credit union at risk?

The answer is credit indemnity loss protection. Credit indemnity loss protection is an insurance product that enhances your current lending guidelines while protecting your home equity lending portfolio against losses resulting from loans that default. It enables you to make home equity loans to credit worthy borrowers who do not fit within your standard underwriting guidelines; for example, new homebuyers, members who don’t have enough equity in their homes or members who are new to their jobs. A credit indemnity loss protection program will also give you the tools you need to add ”any purpose” loans on to home improvement loans; provide home improvement loans based on the improved value of the home and eliminate title and appraisal work on loan amounts under $25,000. You originate the loan or line, insure it and service it. You retain all management of your equity lending portfolio. The Credit Indemnity policy covers your exposure to losses due to default charge-offs, bankruptcies or foreclosures.

Why Credit Indemnity Loss Protection?
Credit Indemnity loss protection is designed to fit around your lending guidelines to help you meet your home equity lending goals. Your loan programs will experience expanded member benefits, enhanced lending guidelines and protection against losses. Credit Indemnity loss protection enables Credit Unions, like you, to streamline front end processing allowing for quicker loan decisions to your members. If an insured loan defaults you receive immediate re-deployment of funds, in accordance to policy provisions. Foreclosure is not required.

If your home improvement equity lending programs do not include credit indemnity loss protection you could be missing out on the opportunity at hand. Let Old Republic Insured Credit Services, Inc. (ORICS) show you the way to increase your home equity lending volume and satisfy more of your members’ needs. ORICS provides innovative loss protection solutions through credit indemnity policies underwritten by Old Republic Insurance Company. ORICS programs provide all of the benefits outlined above, and more. To learn about the benefits of developing an ORICS Home Improvement Equity Lending program for your Credit Union email us, visit us on the web, www.oldrepublicics.com, or call us at 1-800-621-7873. An ORICS representative will help you build a lending program that fits around your lending needs.

* Office of Federal Housing Enterprise Oversight (OFHEO) Repeat Sales House Price Index (HPI) www.ofhea.gov/hpi.asp

This sponsored content article is provided to the credit union community for shared insights and knowledge from a recognized solutions provider in the industry. Please note that the views and opinions offered here do not reflect those of Callahan & Associates, and Callahan does not endorse vendors or the solutions they offer.

If you are interested in contributing an article on CreditUnions.com, please contact our Callahan Media team at ads@creditunions.com or 1-800-446-7453.

 

April 12, 2004


Comments

 
 
 

No comments have been posted yet. Be the first one.

 
Advertisement