Tag

#fair lending

Insurance coverage

Why is an insurance referral never a condition of a loan?

A credit union with an insurance agency desk has every incentive to bundle. We keep the two decisions apart on purpose, disclose the agency's role, and ask before passing a member along. Here is the reasoning.

Luis Ferreira · Licensed insurance agent, Harbor Mutual agency desk · · 3 min read

Compliance

Is a rate quote the same as loan approval?

No. A quote is a sentence about a document. An approval is a decision about a member. Keeping them apart is the simplest piece of compliance we do, and the one most often blurred in a friendly conversation.

Tess Nakamura · Compliance officer, Harbor Mutual · · 3 min read