May 2025 Newsletter

Upcoming Industry Events

May 5-8

MeridianLink LIVE! 2025 - Universal Orlando Resort, FL

May 7-9

Wisconsin League Convention & Expo - Wisconsin Dells, WI

May 12-14

Auto Finance Summit East - Nashville, TN

May 13-16

IMPACT 2025 - Round Rock, TX

May 14-16

CUCP Summit - New Orleans, LA

May 14-16

Mississippi Credit Union Association Annual Meeting - Biloxi, MS

May 15-16

Elevate25 - Portland, ME

May 24-28

NCUMA Annual Spring Conference - Amelia Island, FL

Announcements

Industry News

Fraudulent Auto Loan Reports to Federal Trade Commission on Record Pace in 2025

Americans are on pace to set a troubling record in 2025, with over 21,000 complaints already filed to the Federal Trade Commission (FTC) regarding allegedly fraudulent auto loans—putting this year on track to surpass the 60,000 reports logged in 2024. The number of complaints has been steadily rising, with a 16% increase last year over 2023. This growing issue is drawing national attention as more consumers report unauthorized credit checks, misleading dealership practices, and fraudulent loan applications.

One such case involves Steven Simon, a Brooklyn delivery driver, who visited Northstar Mitsubishi in Queens to explore leasing a vehicle. After declining an offer due to a high interest rate, Simon said he began receiving multiple credit inquiries and later discovered he was falsely listed as a co-applicant for a different car loan. Despite filing a report with the Queens district attorney, he received no clear answers from the dealership. Consumer advocate Lucas Gutterman from the U.S. Public Interest Research Group urged affected individuals to file complaints with the FTC and consider involving law enforcement, warning that such incidents can cause lasting damage to a person’s credit and financial wellbeing.

Read Full Article

cbsnews.com

Increased Writings in Homeowners Insurance Adds to US Surplus Lines Growth

Surplus homeowners premiums in the U.S. exceeded $2 billion in 2023, reaching 1.5% of total property/casualty homeowners premiums—the highest in a decade, according to AM Best. Admitted carriers have pulled back from property lines due to rising losses and reinsurance costs, driving more premium into the surplus (E&S) market. AM Best expects this trend to continue through 2024.

Nonadmitted insurers have filled the gap, with homeowners surplus premiums more than doubling since 2018. California, Florida, Texas, and New York accounted for over 75% of 2024’s surplus premiums, with California facing ongoing property market challenges that are likely to increase E&S demand.

Read Full Article

insurancejournal.com

What Others Are Saying About ISI

"The decision to switch to ISI was the best move we could have made. The process is much easier for my staff and our members than it was with our previous vendor. The ISI team has been very professional, friendly, and helpful."

Democracy Federal Credit Union

See what other Raving Fans are saying about ISI!

Celebrating Milestone Anniversaries This Month

We are thankful for our lender partners, who are essential to our continued success! Listed below are those celebrating milestone anniversaries with ISI this month!

Celebrating 5 Years

Lennox Employees Credit Union

Data/Industry Trends

With Trillions of Debt Outstanding in Auto & Beyond, 35% of Consumers Can't Pay on Time

By the end of 2024, U.S. consumer debt reached new highs with auto loans at $1.485 trillion, credit card debt at $1.11 trillion, and personal loans at $251 billion. A survey from Achieve found 33% of consumers struggle with debt and 35% can’t pay all their bills on time—especially those with poor credit. With pandemic-era savings now exhausted, delinquencies are rising, and policymakers warn that financially vulnerable households may feel the full impact of high interest rates.

Read Full Article

autoremarketing.com

The Inventory Dilemma: Why Existing-Home Sales are Falling Short

Existing-home sales dropped 6% in March despite a 20% inventory increase, as supply remains tight. Demand is strong, with 26% of sales made in cash and many buyers waiving contingencies. Home prices hit a record $403,700.

New-home sales rose 7% in March, boosted by more inventory, builder incentives, and lower prices. Smaller, more affordable homes are fueling growth, though tariffs and rising material costs may pose future challenges.

Read Full Article

nar.realtor

May Holidays, Fun Facts, and Folklore!

From blooming gardens to meaningful holidays, May is a time of growth, color, and celebration. Discover fun folklore, gardening tips, seasonal recipes, and the story behind the Flower Moon.

Everything you need to know about May

almanac.com

Do Borrowers Really Understand Their Insurance Obligations?

Most borrowers know they have to make their loan payments—but do they fully understand they’re also required to maintain insurance coverage (auto, home, flood) for the entire term of the loan?

It’s said that people need to hear a message three times to remember it—and eight times to truly believe it.

So, how often are you reinforcing the importance of maintaining insurance with your borrowers?

Pro Tip: Make insurance reminders a team effort. From lending and marketing to tellers, call center reps, and accounting—everyone should play a role in consistently reminding borrowers to provide proof of insurance throughout their loan term.

President

ISI

tmaccurdy@isicpi.com

704-957-5024

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.