Joanne Collins This is Me

 Web References

1. 1. Bank Investment Consultant

   www.bankinvestmentmktg.com/bim - [Cached]

   Published on: 3/1/2005   Last Visited: 5/26/2005

   Joanne Collins, senior vice president at Gulfport, Miss.-based Hancock Bank, recalls that when she was at Union Planters, where she helped to roll out a debt-cancellation program, a devastating hurricane hit one of the communities the bank served in Tennessee. "We contacted the local office and told them to make sure the people there [who were within a federally declared disaster area] didn't have to make payments," she says.
   ...
   Collins says the number one issue people are concerned about when taking out a loan is what if they lose their job and can't make the payments. They're worried about their credit rating.
   
   "That's a very real concern in this economy," she says.
   ...
   And Collins says freedom from insurance regulations has other benefits. There's no limit on age, for instance, or dollar amount. What's more, the banker isn't put in the awkward position of asking health-related questions during the loan closing--and then faced with having to deny coverage. "If you qualify for the loan, you qualify for debt cancellation, so more people can get it," Collins says.
   
   This last point is key, she says.
   ...
   While it may take three years for a bank to catch up, once the cash flow has been built, it will be steadier, Collins says.
   ...
   "It's an exciting program, but it takes a coordinated and consistent effort to get the field force comfortable," Collins agrees.