March 2023 Newsletter

Upcoming Industry Events

March 9

LSCI's Subprime Auto Lending Workshop - Online

March 14

Chattanooga Chapter Meeting - Chattanooga, TN

March 14-16

LSCI's Collections Institute - Schaumburg, IL

March 15-16

Louisiana CUL Credit Union Marketplace - Baton Rouge, LA

March 21-23

NAFCU's Strategic Growth Conference - Nashville, TN

March 27-30

NACUSO Network Conference - Las Vegas, NV

Industry News

Credit Unions Maintain Auto Lending Lead Over Banks

Credit unions surpassed banks for the highest share of automotive financing for the first time in the third quarter of 2022 and have maintained their recently won dominance in the fourth quarter. They produced 26.9% of the total number of loans and leases, followed by banks (25.8%), captives (24.4%), and finance companies (22.9%). The biggest driving force was lower interest rates for both new and used cars.

Read Full Article

cutimes.com

Housing Market Momentum Stalls as Critical Spring Season Approaches

March through June is typically the most active season for the housing market with about 40% of existing-home sales for the year. However, stronger-than-expected economic data in recent weeks has strengthened expectations that the Federal Reserve is still making efforts to cool inflation by continuing to raise short-term interest rates. Higher borrowing costs are again squeezing affordability.

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wsj.com

Raving Fan Review of the Month

"I just want to tell you how thankful I am for Julie today!! She went above and beyond for me by expediting and handling an issue with my insurance not getting the proper documents sent in. She was kind, professional, and turned my stressful day around! Thank you for going the extra mile to help me Julie!"

Borrower of Education Credit Union

See what other Raving Fans are saying about ISI!

Data/Industry Trends

A Majority of Americans are No Longer Actively Saving for a Home

The State of Savings Report from Plinqit finds that less than 20% of surveyed adults are saving to purchase a home, mirroring the current trends of declining mortgage applications.

Learn More

2022 State of Savings Report from Plinqit

Read Report

Used-Vehicle Prices May Be Cresting but Insurers Still Underwater

Insurers are going to have to abandon the historical pricing models that predict car values would continue to go down with a constant depreciation. Instead, they have to adopt an actual cash value approach for today's-and-tomorrow's risk exposures.

Learn More

March Holidays, Fun Facts, and Folklore!

March brings the vernal equinox, the Full Worm Moon, and the return of Daylight Saving Time! Here are important dates, gardening tips, and early spring recipes to celebrate the start of spring.

Everything you need to know about March

almanac.com

You're Invited to Play For a Chance to Win $250!

The Men's Basketball Tournament season is around the corner and you're invited to play in the ISI 2023 Challenge tournament group for a chance to win a $250 Amazon eGift Card!

Tournament Group: ISI 2023 Challenge

Group Password: PlayBall2023

How to Play

Click on the link above to go to the ISI 2023 Challenge group
Select 'Create a Bracket Now!' which will prompt you to login (if new user, you will need to create a login)
Enter the required group password: PlayBall2023
Submit your bracket after the official tournament bracket release on Sunday, March 12th, and before tip-off time (TBD) currently scheduled for Thursday, March 16th. Brackets cannot be submitted or edited once the first game in the first round begins on March 16th.

Learn More About How to Play!

You do not have to know anything about basketball to play! Different autofill options are available to create a bracket.

Ask yourself the question, who should pay for the cost of uninsured borrowers? Should the uninsured borrower pay for the cost of being uninsured? Should all borrowers pay for the cost of the uninsured? Or should the lender pay for the cost of the uninsured?

Which product is best for your financial institution?

Now, more than ever, lenders are reviewing if their product is the best for them.

Take an opportunity to learn how force placed collateral protection insurance works differently from blanket lenders single interest. Contact John Tynan at jtynan@isicpi.com.

Connect with Us:

Contact Info:

Phone: 800-749-5440

Email: management@isicpi.com

Website: insurancesystemsincorporated.com

ISI is an administrator of Collateral Protection Insurance (CPI) and Blanket Lenders Single Interest (BLSI) for financial institutions. We provide insurance, lending, and marketing products to the financial institution marketplace. Our mission is to deliver the best products and services in the industry through responsive service, comprehensive coverage, and advanced technology. We combine the lender's vision and our proven plan to create a portfolio that matches the lender's needs for a successful program and partnership.