Banks are having to battle more sophisticated scam artists who secure bogus loans and fool dealers An unprecedented spike in boat loan fraud could be prompted by an economic downturn and increasingly savvy criminals, financial experts say. “It’s pretty scary how sophisticated this is,” said Don Parkhurst, senior vice president of SunTrust Bank.“Loan fraud is…more
NMLA and Lending
The National Marine Lenders Association is a trade association of boat lending specialists. Members include financial institutions such as commercial banks, private financing firms, savings and loan companies, credit unions and retail service companies. Members extend or originate credit to consumers, retailers/dealers and makers of recreational boats and equipment.
First Advantage Credco LLC, a leading provider of specialized credit reports for the marine industry, announced the integration of its credit-based information solutions with DockMaster, the marine management information solution provider for marinas, boatyards, boat dealers, boatbuilders and marine retailers/distributors. Under the new agreement, First Advantage Credco will deliver credit reports, in addition to identity…more
Moody’s Investors Service has downgraded the long-term ratings on Brunswick to Baa3 from Baa2. “The downgrade reflects our view that the downturn in the marine market will continue into the foreseeable future, and is worse than our previous expectations, as consumer spending continues to deteriorate due to the ongoing credit market and housing market crises…more
The positive feedback from the inaugural Growth Through Innovation sailing industry conference held in Newport, R.I., prompted the event’s organizers to plan more conferences. “There was a tremendous amount of enthusiasm and industry support,” Jonathan Banks, executive director of Sail America, told Soundings Trade Only. “We definitely want to build on that momentum.” More…more