Case Study
An established nationwide consumer lender consolidated licensing, bonds, insurance, and business services under Cornerstone, reduced its vendor overhead to a single partner, and cut annual bond premium costs by 70% through a 12-month bond rewrite plan.
Established nationwide consumer lender · Consumer Lending
An established nationwide consumer lender consolidated licensing, bonds, insurance, and business services under Cornerstone, reduced its vendor overhead to a single partner, and cut annual bond premium costs by 70% through a 12-month bond rewrite plan.
Outcomes
70%
Reduction in annual bond premium costs
1
Partner to manage licenses and bonds
12 mo.
Painless bond rewrite plan
Before
A leading consumer lender based out of the Southeastern US felt they were paying too much money to manage numerous compliance vendors, causing internal headaches in trying to keep everyone on the same page.
Before
Reducing that overhead could minimize the time their team spent on vendor communications. They wanted a process that would save them money while being simple and hassle-free, so they began searching for a unified compliance vendor.
Transition
Cornerstone's one-stop solution, handled by an internal and connected team for licensing, bonds, insurance, and other business services, made it easy for the lender to reduce its compliance vendors without sacrificing expertise or customer experience.
Months 1 to 12
With more than 25 years in compliance, Cornerstone built a smooth transition plan for managing the lender's licenses and bonds. The 12-month bond rewrite plan made the switching process a breeze.
Outcome
Cornerstone's relationships with bond providers, combined with its volume of underwriting, supported substantial discounts on bond premiums compared to the lender's prior offering: a 70% reduction in bond fees.
In Their Words
"Your service, and especially Joel who executes our bonds, are consistently above and beyond expectations. Cornerstone is a vital support partner and I would heartily recommend their services to anyone."
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