This process is cumbersome and resource intensive. Once collateral is identified as uninsured, coverage is often difficult to find and expensive. The Loan Management and Insurance Program offers cost efficiencies and reasonably priced coverage. The participating bank will realize considerable savings by outsourcing the insurance follow-up responsibilities and having access to reasonably priced insurance coverage. The program is appropriate for any bank or lender, regardless of size, that is involved in secured lending for automobiles, mobile homes, motorcycles, other chattels and commercial and residential mortgage loans.
Programs are available that benefit all lenders.
Please contact Jackie Lucas for more information. E-mail the ABA Webmaster.