Loan Insurance – 4 Walls And A View http://4wallsandaview.com/ Wed, 29 Jun 2022 04:00:52 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://4wallsandaview.com/wp-content/uploads/2021/06/icon-5.png Loan Insurance – 4 Walls And A View http://4wallsandaview.com/ 32 32 Research: Rating Action: Moody’s Assigns Final Rating to Ritz Series 67 Backed by Residential Mortgages https://4wallsandaview.com/research-rating-action-moodys-assigns-final-rating-to-ritz-series-67-backed-by-residential-mortgages/ Wed, 29 Jun 2022 04:00:52 +0000 https://4wallsandaview.com/research-rating-action-moodys-assigns-final-rating-to-ritz-series-67-backed-by-residential-mortgages/ Approximately JPY 6.2 billion of debt securities affected Tokyo, June 29, 2022 — Moody’s SF Japan KK has assigned a final rating to the following transaction. The full rating action is as follows: Transaction Name: Ritz Series 67 Category, issue amount, expected dividend, rating Mortgage beneficial interest, JPY 6,152,520,000, fixed, A1 (sf) Closing date: June […]]]>

Approximately JPY 6.2 billion of debt securities affected

Tokyo, June 29, 2022 — Moody’s SF Japan KK has assigned a final rating to the following transaction.

The full rating action is as follows:

Transaction Name: Ritz Series 67

Category, issue amount, expected dividend, rating

Mortgage beneficial interest, JPY 6,152,520,000, fixed, A1 (sf)

Closing date: June 29, 2022

Final Maturity Date: June 30, 2059

Underlying assets: residential mortgages insured by the Japan Housing Finance Agency (“JHF”)

Credit and liquidity support provider: JHF

Housing Loan Insurance Subscriber: JHF

Arranger/Underwriter: SMBC Nikko Securities Inc.

RATINGS RATIONALE

The seller entrusts a pool of its residential mortgages together with cash to the estate trustee, and in return receives mortgage beneficial interest and reserve beneficial interest. The seller sells the mortgage beneficial interests to the investors, but holds the reserve beneficial interests.

The seller acts as the initial service agent, under the service agreement with the asset trustee. The Back-up Servicer/Special Servicer is appointed under the Back-up Servicing Agreement/Special Servicing Agreement with the Asset Trustee.

JHF (issuer rating: A1) and the Asset Trustee enter into a credit support and liquidity support agreement pursuant to which JHF is required to guarantee principal and scheduled dividend payments on mortgage beneficial interest.

The Mortgage Beneficial Interests are redeemed based on collections from the pool on a monthly, pass-through basis.

Moody’s considers the vendor and special repairer to be sufficiently capable of servicing the pool, given their commercial experience and servicing operations.

The main methodology used in this rating was “Rating Transactions Based on the Credit Substitution Approach: Letter of Credit-backed, Insured and Guaranteed Debts (Japanese)” published in June 2017 and available at https://ratings.moodys.com/api/rmc-documents/357593. You can also visit the Scoring Methodologies page at https://ratings.moodys.com for a copy of this methodology.

Please note that an Invitation to Comment has been issued in which Moody’s seeks market comment on potential revisions to one or more of the methodologies used to determine these credit ratings. If the revised methodologies are implemented as proposed, it is currently not expected that the credit ratings referenced in this press release will be affected.

The request for feedback can be found on the scoring methodologies page on https://ratings.moodys.com.

Factors that would lead to a rating increase or decrease:

The main factor that could lead to a rating upgrade is a rating upgrade from the JHF. The main factor that can lead to a rating downgrade is a downgrade in the JHF rating.

Moody’s assigns the rating solely on the basis of JHF’s ability to fulfill its collateral obligation under a credit and liquidity support agreement.

Moody’s did not use any models in its analysis and therefore did not perform a sensitivity analysis.

REGULATORY INFORMATION

For details on key rating assumptions and Moody’s sensitivity analysis, see the Methodological Assumptions and Sensitivity to Assumptions sections in the Disclosure Form. Rating symbols and definitions from Moody’s are available at https://ratings.moodys.com/rating-definitions.

Moody’s did not use any models, loss or cash flow analysis, in its analysis.

Moody’s did not use any stress scenario simulations in its analysis.

For ratings issued on a program, series, category/class of debt or security, this announcement provides certain regulatory information regarding each rating of a subsequently issued bond or note of the same series, category/class of debt, security or under a program for which ratings are derived exclusively from existing ratings in accordance with Moody’s rating practices. For ratings issued on a media provider, this announcement provides certain regulatory information relating to the credit rating action on the media provider and each particular credit rating action for securities whose credit ratings are derived from the support provider’s credit rating. For the provisional ratings, this press release provides certain regulatory information relating to the provisional rating assigned, and to a final rating that may be assigned after the final issuance of the debt, in each case where the structure and conditions of the transaction n have not changed prior to the final rating being assigned in a way that would have affected the rating. For more information, please see the issuer/transaction page of the respective issuer at https://ratings.moodys.com.

For all relevant securities or rated entities receiving direct credit support from the lead entity(ies) of this credit rating action, and whose ratings may change as a result of this credit rating action , the associated regulatory information will be that of the guarantor entity. Exceptions to this approach exist for the following information, if applicable to the jurisdiction: Ancillary services, Information to be provided to the rated entity, Information to be provided by the rated entity.

The rating has been communicated to the rated entity or its designated agent(s) and issued without modification as a result of such communication.

This rating is requested. Please refer to Moody’s Policy for the Designation and Assignment of Unsolicited Credit Ratings available on its website. https://ratings.moodys.com.

The regulatory information contained in this press release applies to the credit rating and, if applicable, the outlook or rating revision relating thereto.

Moody’s general principles for assessing environmental, social and governance (ESG) risks in our credit analysis are available at https://ratings.moodys.com/documents/PBC_1288235.

The worldwide credit rating on this credit rating announcement was issued by one of Moody’s affiliates outside the EU and is approved by Moody’s Deutschland GmbH, An der Welle 5, Frankfurt am Main. -le-Main 60322, Germany, in accordance with Article 4(3) of Regulation (EC) No 1060/2009 on credit rating agencies. Further information on the EU approval status and the Moody’s office that issued the credit rating can be found at https://ratings.moodys.com.

The worldwide credit rating on this credit rating announcement has been issued by one of Moody’s affiliates outside the UK and is approved by Moody’s Investors Service Limited, One Canada Square, Canary Wharf, London E14 5FA under the law applicable to credit rating agencies in the United Kingdom. . Further information on the UK endorsement status and the Moody’s office that issued the credit rating can be found at https://ratings.moodys.com.

Moody’s SF Japan KK is a registered credit rating agency under the Financial Instruments and Exchanges Act, but not a Nationally Recognized Statistical Rating Organization (“NRSRO”). Accordingly, credit ratings assigned by Moody’s SF Japan KK are FSA registered credit ratings, but are not NRSRO credit ratings.

Please see https://ratings.moodys.com for any updates on changes to the lead rating analyst and Moody’s legal entity that issued the rating.

Please see the issuer/transaction page at https://ratings.moodys.com for additional regulatory information for each credit rating.


Kiyomine Sato
Analyst
Structured Finance Group
Moody’s SF Japan KK
Atago Green Hills Tower Mori 20fl
2-5-1 Atago, Minato-ku
Tokyo, 105-6220
Japan
JOURNALISTS: 81 3 5408 4220
Customer service: 81 3 5408 4210

Yusuke Seki
Associate General Manager
Structured Finance Group
JOURNALISTS: 81 3 5408 4220
Customer service: 81 3 5408 4210

Release Office:
Moody’s SF Japan KK
Atago Green Hills Tower Mori 20fl
2-5-1 Atago, Minato-ku
Tokyo, 105-6220
Japan
JOURNALISTS: 81 3 5408 4220
Customer service: 81 3 5408 4210

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Parliament approves €74.1m loan deal for Tarkwa water project https://4wallsandaview.com/parliament-approves-e74-1m-loan-deal-for-tarkwa-water-project/ Mon, 27 Jun 2022 03:22:47 +0000 https://4wallsandaview.com/parliament-approves-e74-1m-loan-deal-for-tarkwa-water-project/ Parliament has approved a €74.1m buyer’s credit facility agreement for the Tarkwa water supply project. The amount is made up of 65 million euros for a commercial contract and the associated Credendo premium of 9.1 million euros for the export credit guarantee from Belgium. It involves KBC Bank NV and Commerzbank AG (as arrangers and […]]]>

Parliament has approved a €74.1m buyer’s credit facility agreement for the Tarkwa water supply project.

The amount is made up of 65 million euros for a commercial contract and the associated Credendo premium of 9.1 million euros for the export credit guarantee from Belgium.

It involves KBC Bank NV and Commerzbank AG (as arrangers and initial lenders) and KBC Bank NV (as agent.

The project aims to expand access to clean water supply for residents of Tarkwa and its neighboring communities by increasing the capacity of its existing Bonsa water supply system and extending access to neighboring communities such as Bonsa/Bonsaso, Bankyem, Charliekrom, Efuanta, Kwabedu, Mantrem, Agona Wassaw and Nsuta.

The others are Tamso, Fanti Mines, Senyaekurase, Akyempem, Simpa, Dompin-Papase, Brofroyedu, Atoabo, Aboso, University of Mines and Technology and other colonies.

The project will increase the capacity of the existing water supply system from 2.8 m3/day (0.6 MGD) to 27,000 m3/day (6 MGD) to meet the current demand of 15,000 m3/day (3 .3 MGD) and also to meet projected water needs. request from the Municipality for 2040.

The project is expected to be completed in 36 months with a defect liability period of 12 months from the handover of each complete item to the client.

Mr. Kwaku Agyeman Kwarteng, Chairman of the Parliament’s Finance Committee, who proposed the motion to approve the loan, said that the committee, after careful consideration of the agreement, was confident that the facility, once approved , would help expand access to water in Tarkwa. and surroundings, and therefore recommended to the House for approval.

Finance Committee member Dr Cassiel Ato Baah Forson, who seconded the motion, said the terms of the loan facility were 1.1% plus six-month Libor, and that they had been advised that the Government of Ghana would pay a commitment fee of 0.4% and an initial fee of 1% to support the Tarkwa water supply project.

“Mr. President, my concern is that the government of Ghana is taking out a loan of 65 million euros but we are paying an insurance premium of 9.1 million euros,” he said.

“Mr. President, this means that the insurance for the establishment alone is 14% of the loan amount, I recognize that is high, but I will only urge the Ministry of Finance to start working on our insurance premium.

“Mr. President, it looks like Ghana is paying so much insurance on some of these export credit agency loans.”

He said the loan itself was quite cheap but the associated insurance was something Ghanaians should be worried about.

He also expressed concern that the value for money audit had not been carried out by the Ministry of Finance before the entry into force of the loan.

Mr. Osei Kyei-Mensah-Bonsu, Majority Leader in Parliament, who agreed with the ranking member on the value for money audit, noted that in the future, it is high time Parliament to start contracting the services of experts to carry out value for money audits. before the loans are approved by the House.

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American Financial Network to pay $1 million fee to resolve fraud allegations https://4wallsandaview.com/american-financial-network-to-pay-1-million-fee-to-resolve-fraud-allegations/ Fri, 24 Jun 2022 20:47:06 +0000 https://4wallsandaview.com/american-financial-network-to-pay-1-million-fee-to-resolve-fraud-allegations/ Direct lender based in Brea, CA American Financial Network will pay approximately $1.04 million to resolve allegations that he fraudulently originated government-guaranteed mortgages insured by the Federal Housing Administration (FHA). The settlement agreement announced by the United States Attorney for the Eastern District of Washington terminates a joint investigation by the U.S. Attorney’s Office for […]]]>

Direct lender based in Brea, CA American Financial Network will pay approximately $1.04 million to resolve allegations that he fraudulently originated government-guaranteed mortgages insured by the Federal Housing Administration (FHA).

The settlement agreement announced by the United States Attorney for the Eastern District of Washington terminates a joint investigation by the U.S. Attorney’s Office for the Eastern District of Washington on Tuesday, US Department of Housing and Urban Development (HUD), and the US Department of Veterans Affairs after a former AFN loan processor filed a lawsuit against the California lender in March 2019.

The whistleblower claimed that the AFN knowingly underwrote certain FHA mortgages and approved certain mortgage insurance that did not meet FHA requirements or qualify for insurance between December 2011 and March 2019. AFN knowingly failed to perform the quality control reviews it was required to conduct, the former AFN Loan Processor alleged. The AFN did not respond to requests for comment.

“Quality, affordable housing is a critical issue in eastern Washington and across the country,” U.S. Attorney Vanessa Waldref said in a statement. “By inappropriately creating ineligible mortgages, lenders are taking advantage of limited FHA program resources and unfairly passing on the risk of loss to the public.”

The AFN, which has participated in the FHA Direct Approval Program since at least 2011, is responsible for carefully underwriting the mortgage to ensure it meets all FHA requirements, according to the U.S. Attorney’s Office. . Once a mortgage loan is FHA insured, the lender who holds the mortgage note can submit a claim for insurance benefits to the FHA to cover its losses if the borrower defaults or is unable to repay the mortgage. .

When a whistleblower or “reporter” files a lawsuit, the United States investigates the allegations under the False Claims Act and chooses to step in and resume the action or decline to step in. and allow the parent to pursue the allegation on behalf of the US

“Investigations like these help preserve the integrity of the home loan approval process and protect vulnerable veterans from fraudulent lending practices,” said Jason Root, Special Agent in Charge of the Department of Veterans Affairs office. from the Northwest Inspector General’s field office in a statement.

The AFN has not admitted any wrongdoing. Pursuant to the settlement agreement, the former AFN loan processor will receive over $228,172 of the settlement proceeds and will recover attorneys’ fees, expenses and costs.

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5 Types of Mortgages for Homebuyers https://4wallsandaview.com/5-types-of-mortgages-for-homebuyers/ Thu, 23 Jun 2022 11:45:52 +0000 https://4wallsandaview.com/5-types-of-mortgages-for-homebuyers/ Whether you’re a first-time homebuyer or this is your fourth or fifth home, mortgages always present a unique complication. With so many choices available, it can be difficult to know which loan is best for you. Even if you’ve dealt with mortgages before, as your situation changes, a different type of loan may be better […]]]>

Whether you’re a first-time homebuyer or this is your fourth or fifth home, mortgages always present a unique complication.

With so many choices available, it can be difficult to know which loan is best for you. Even if you’ve dealt with mortgages before, as your situation changes, a different type of loan may be better this time around.

Before committing to a mortgage to use for your new home, it’s important to take some time and consider all of your options. One loan may be a better choice than another, or you may be satisfied with two or three different loan options. Before signing a contract and choosing a lender, take the time to learn about the 5 types of mortgage loans below.

1. Conventional loan

Conventional loans are what most people imagine when they think of a mortgage. This type of loan is not guaranteed by the government, so your home will usually serve as collateral in case you are unable to repay your loan.

With a traditional loan, you have two options: compliant and non-compliant. The differences between them are quite significant, so be sure to read them carefully before going ahead with a conventional loan. The most important thing to know about them is that conforming loans meet all FHFA requirements, while non-conforming loans do not.

Conventional loans can be used to buy a primary home, vacation home or investment property and you may be able to pay just 3% down payment through Fannie Mae or Freddie Mac. Once you hit 20% equity, you can even ask your lender to cancel your private mortgage insurance and save a little on your monthly payments in the future.

Unfortunately, to qualify for a conventional loan, you’ll need a credit score of at least 620, even if you’re refinancing. Your debt to income ratio (DTI) must also be below 43% and you will have to pay for the PMI if your down payment is below 20%.

2. Loan guaranteed by the government

There are different types of government guaranteed loans that different people can qualify for. If you qualify, these mortgages can be a great way to find a low or no down payment or avoid paying PMI or MIP.

Here are some of the government backed mortgages you may find you qualify for.

FHA loan

FHA loans are backed by the Federal Housing Association and only require a 3.5% down payment. If you meet the eligibility requirements, this type of loan may be ideal for those with a lower credit score and those who cannot afford the traditional 20% down payment amount, but still want to a secure loan they know they can trust.

VA loan

VA loans are backed by Veterans Affairs and are available to veterans and active duty military. If you or your partner are eligible for a VA loan, it is almost always recommended that you take one.

VA loans have no down payment requirement, require no PMI or MIP, and have no minimum credit score requirement. There are financing fees, but they can usually be lumped together with the cost of the loan or closing costs which are usually capped.

USDA loan

For properties located in rural areas or other USDA eligible areas, you may be able to take out a USDA loan. There are specific income requirements, but some borrowers may be exempt from a down payment. USDA loans have additional fees and require mortgage insurance, but they can be a great way to buy rural property.

3. Fixed rate loan

Fixed rate loans come in two options: 15 years or 30 years. Whether you choose a longer loan term or a shorter loan term, however, the idea behind a fixed rate loan remains the same.

Throughout the term of your loan, the interest rate will remain the same. You won’t have to worry about fluctuating interest charges and your monthly payments will always stay the same, but you’ll usually pay a higher interest rate than on a variable rate loan and you’ll end up paying a little in the global interest.

4. Adjustable rate loan

Unlike a fixed rate loan, adjustable rate loans will have fluctuating interest rates over the life of the loan. This may mean that your monthly payments go up for a while before coming down again. Over time, you’ll likely end up paying less interest, but fluctuating monthly costs could make your loan unaffordable and lead to loan default.

5. Giant Loan

Jumbo loans are common in areas where prices are extremely high, such as Los Angeles, New York and Hawaii. They don’t meet FHFA requirements because they’re above the set limit, but they allow you to buy a more expensive property if you need or want it.

For a jumbo loan, you will typically need to make a 10-20% down payment, have a minimum credit score of 700 or higher, have a DTI of less than 45%, and provide a significant amount of assets in the form of either cash or a loan. savings account.

Jumbo loans are good for buying expensive homes, but you’ll need great credit and a variety of documents before you’re approved for one. They aren’t suitable for all home sales, but they can be useful for those who live in expensive metropolitan areas and want to buy their own home.

Find your perfect mortgage

Find_Your_Perfect_Mortgage_Loan.png

Every lender and loan will be different, so be sure to take your time when looking around. With enough research and professional help, you’ll be able to find the perfect mortgage for your new home in no time. As you search, however, it’s important to remember to stick to your predetermined budget and only seek loans through approved lenders to avoid scams or exorbitant fees.

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AIB to sell long-term delinquent loans for 400 million euros https://4wallsandaview.com/aib-to-sell-long-term-delinquent-loans-for-400-million-euros/ Tue, 21 Jun 2022 16:17:00 +0000 https://4wallsandaview.com/aib-to-sell-long-term-delinquent-loans-for-400-million-euros/ By Humberto J. Rocha (June 21, 2022, 5:17 p.m. BST) – AIB Group PLC announced on Tuesday that it is selling its delinquent long-term loan portfolio for 400 million euros ($422 million) to a consortium of capital managers as part of its plan to reduce its exposure to non-performing assets. The Ireland-based financial services firm […]]]>
By Humberto J. Rocha (June 21, 2022, 5:17 p.m. BST) – AIB Group PLC announced on Tuesday that it is selling its delinquent long-term loan portfolio for 400 million euros ($422 million) to a consortium of capital managers as part of its plan to reduce its exposure to non-performing assets.

The Ireland-based financial services firm said it has reached an agreement with Everyday Finance DAC and subsidiaries of Cerberus Capital Management and LCM Partners Ltd. to sell a portfolio of loans for 400 million euros in cash. He added that the funds will go toward company goals, including improving engagement with customers who find themselves in difficult financial situations.

The sale is scheduled for…

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Insurance regulator reviews premium financing proposal https://4wallsandaview.com/insurance-regulator-reviews-premium-financing-proposal/ Sun, 19 Jun 2022 18:56:00 +0000 https://4wallsandaview.com/insurance-regulator-reviews-premium-financing-proposal/ The insurance regulator is examining a proposal that could allow customers, individuals and businesses, to take out loans to buy insurance and spread the payment of premiums over a longer period. Known as premium financing in insurance jargon, this structure is currently not available in the country. A senior executive familiar with the developments said […]]]>
The insurance regulator is examining a proposal that could allow customers, individuals and businesses, to take out loans to buy insurance and spread the payment of premiums over a longer period. Known as premium financing in insurance jargon, this structure is currently not available in the country.

A senior executive familiar with the developments said the move was aimed at increasing insurance penetration and retention, closing the coverage gap and creating new avenues for consumer and business financing.

“It is under study. Necessary changes will be required in the Insurance Act, which the government must also agree to,” he added.

Under premium financing, the broker or insurer will offer the retail customer the option of spreading the cost of insurance over a period of payments rather than paying a single premium in a single payment before the start of the police.

“The finance provider will pay the loan amount to the insurer to enable them to issue the insurance. Reimbursements are then collected directly from the retail customer in monthly installments by direct debit,” another executive said, adding that this would help in renewal retention as the insured does not face the challenge of paying a full year’s premium in one installment.

In the event of default, the insurance company reimburses the balance of the loan to the financier on a pro rata basis.

“An unsecured personal loan for a push product has many limitations,” said Tim Mathews, CEO of Finsall Resources, adding that premium financing makes insurance products affordable for the insured and also increases market penetration. ‘insurance.

Under the Insurance Regulatory and Development Authority of India (Regulatory Sandbox) Regulations 2019, Finsall had trialled the product in partnership with Oriental Insurance.

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Gulf Oil Rig Co. gets quick loan to stay afloat at Ch. 11 https://4wallsandaview.com/gulf-oil-rig-co-gets-quick-loan-to-stay-afloat-at-ch-11/ Fri, 17 Jun 2022 18:02:00 +0000 https://4wallsandaview.com/gulf-oil-rig-co-gets-quick-loan-to-stay-afloat-at-ch-11/ By Rick Archer (June 17, 2022, 2:02 p.m. EDT) – A Texas bankruptcy judge on Friday allowed bankrupt owners of an oil rig in the Gulf of Mexico to tap into Chapter 11 funding of 23, $5 million after hearing the money was needed immediately to keep his currently unanchored and uninsured rig in sellable […]]]>
By Rick Archer (June 17, 2022, 2:02 p.m. EDT) – A Texas bankruptcy judge on Friday allowed bankrupt owners of an oil rig in the Gulf of Mexico to tap into Chapter 11 funding of 23, $5 million after hearing the money was needed immediately to keep his currently unanchored and uninsured rig in sellable condition.

Portugal-based LaForta-Gestao e Investimentos filed for Chapter 11 protection late Thursday, saying it is likely over $1 billion in debt with no money or income, and that its only asset, the platform Deepwater drilling rig La Muralla, is currently off the coast of Mexico with little fuel and no functional anchor.

“The Muralla has the potential to…

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Reverse Mortgage Services: OL Adapted to Educate Borrowers on COVID Relief https://4wallsandaview.com/reverse-mortgage-services-ol-adapted-to-educate-borrowers-on-covid-relief/ Wed, 15 Jun 2022 21:17:39 +0000 https://4wallsandaview.com/reverse-mortgage-services-ol-adapted-to-educate-borrowers-on-covid-relief/ The $10 billion Homeowners Assistance Fund (HAF) is designed to provide mortgage borrowers affected by the COVID-19 coronavirus pandemic with financial assistance to keep their loans in good standing, with few conditions and departments implemented in each state. However, publicizing the availability of funds has been difficult for administrators, a truth that is also very […]]]>

The $10 billion Homeowners Assistance Fund (HAF) is designed to provide mortgage borrowers affected by the COVID-19 coronavirus pandemic with financial assistance to keep their loans in good standing, with few conditions and departments implemented in each state. However, publicizing the availability of funds has been difficult for administrators, a truth that is also very apparent on the reverse mortgage side.

So say reverse mortgage service experts employed by Celink and Reverse Mortgage Solutions (RMS), respectively, in a presentation and interview at the recent National Reverse Mortgage Western Regional Meeting. Lenders Association (NRMLA) in Irvine, California late last month. .

education below

The HAF fund was created by the American Rescue Plan Act of 2021 and was a central pillar of President Joe Biden’s agenda when he took office. It was aimed at combating the economic turmoil caused by the COVID-19 pandemic and is offering $1.9 trillion in assistance to Americans in the form of direct cash payments, the expansion of unemployment programs and additional funds for a national vaccination program to fight the virus.

As part of the law — passed by Congress and signed by the president in March 2021 — $10 billion was earmarked for the HAF to provide direct relief to homeowners who had been financially impacted by the pandemic. Reverse mortgage borrowers are eligible for HAF funds, which can be applied to delinquent taxes or home insurance payments: two sums needed to keep a reverse mortgage in good standing.

Gail Balettie

Unfortunately, a slow rollout and lack of education on the subject has reduced the potential reach of HAF funds for reverse mortgage borrowers. When asked to raise their hands at the NRMLA event, service professionals Gail Balettie of Celink and Leslie Flynne of RMS/Ocwen Financial were disappointed by how few industry professionals gathered who described the knowledge of the availability of HAF for reverse mortgage borrowers.

“That’s why we’re going to talk about it,” Balettie said in response to the show of hands.

Flynne pointed to the generally easy path to at least beginning the process of getting monetary relief for reverse mortgage borrowers.

“I just want to tell you that [the HAF] is an absolute boon for people who have run out of money and can’t pay their taxes and insurance,” she said. “It’s a gift from the US government. All they have to do is apply, but unfortunately we can’t get borrowers to apply. It’s amazing, but what we need you to do [is get your affected borrowers to apply].”

Slow pace for putting programs online

One of the things that could affect the ability to serve the most impacted borrowers is the speed at which these HAF programs come online in different states. As RMD reported earlier this year based on a Texas Tribune investigation, Texas’ HAF program only went live after 25 other states had already implemented their programs.

Like Texas, other states took several months to implement their assistance programs after President Joe Biden signed the American Rescue Plan Act in March 2021. Other states with large populations, including New York and California, implemented their own programs in mid-December. Vermont launched its program in late January.

“All they have to do is attest to the fact that they had a COVID impact,” Balettie said of reverse mortgage borrowers. “They could have had a drop in income if they had a part-time job or had expenses. Maybe they were in the hospital or had family members who had a COVID impact. I mean, almost all of us have had some sort of COVID impact in our lives.

If an originator knows of a borrower in default on their reverse mortgage for taxes, insurance or other real estate charges, they should locate their state’s HAF program and apply for funds, Balettie added. The services have eased registration and the formalities needed to enroll in the 50 state programs, she added, but the results are very real for the borrowers involved.

“We did everything [the necessary registration], largely,” she said. “And I’m happy to say that while I attended this conference, we secured our first $150,000 and healed between seven and eight borrowers from foreclosure.”

Program details, how initiators can help

Flynne described how, in the state of California, the amount available to an affected borrower is $80,000. In New York, the total is $50,000.

“Every state is different,” Balettie added. “If you look at all the program guidelines [in each state], some of them even pay for wifi and utilities. But seniors don’t answer the phone when we call.

This is where reverse mortgage originators can come in. Since LOs often remain the primary point of contact for a borrower for sometimes years after a loan closes, they can be uniquely positioned to contact their past customers and advise them of HAF’s availability if they have fallen behind on their applicable taxes or other charges. .

“We did everything we could imagine,” Balettie says of getting the word out to reverse mortgage borrowers. “I’ve had HAF messages on my statements since January, we do outbound phone campaigns, we have it on our website, we do email campaigns, everything other than hiring carrier pigeons .”

Seniors can simply refuse to respond to these communications if they feel there is a chance that they are not legitimate. Loan officers, or other stakeholders who have an established relationship with borrowers, have the potential to make all the difference in terms of establishing a connection, the two men said.

Find more information about the fund at the CFPB.

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Lender Mortgage Insurance Market Size, Development Data, Analysis and Growth Forecast 2022 to 2028 – Arch Capital Group, Pinan, MGIC, Essent Guaranty, Radian Guaranty, Genworth Financial, AXA, Old Republic International, National Mortgage Insurance , Allianz – Instant Interview https://4wallsandaview.com/lender-mortgage-insurance-market-size-development-data-analysis-and-growth-forecast-2022-to-2028-arch-capital-group-pinan-mgic-essent-guaranty-radian-guaranty-genworth-financial-axa/ Tue, 14 Jun 2022 07:58:08 +0000 https://4wallsandaview.com/lender-mortgage-insurance-market-size-development-data-analysis-and-growth-forecast-2022-to-2028-arch-capital-group-pinan-mgic-essent-guaranty-radian-guaranty-genworth-financial-axa/ The Mortgage insurance from lenders The report is an in-depth examination of the general consumption structure, development trends, sales techniques and sales of the major nations in the global Mortgage Insurance. The research covers well-known vendors in the global Lender Mortgage Insurance industry along with market segmentation, competition, and macroeconomic climate. A comprehensive analysis […]]]>

The Mortgage insurance from lenders The report is an in-depth examination of the general consumption structure, development trends, sales techniques and sales of the major nations in the global Mortgage Insurance. The research covers well-known vendors in the global Lender Mortgage Insurance industry along with market segmentation, competition, and macroeconomic climate. A comprehensive analysis of lenders’ mortgage insurance takes into account a number of aspects, including a country’s population and economic cycles, as well as market-specific microeconomic consequences. The global market study also includes a specific section on the competition landscape to help you better understand the Mortgage Insurance Lenders industry. This information can help stakeholders make informed decisions before investing.

Key Players in Lender Mortgage Insurance including:

Arch Capital Group, Pinan, MGIC, Essent Guaranty, Radian Guaranty, Genworth Financial, AXA, Old Republic International, National Mortgage Insurance, Allianz

Sample Free Report + All Related Charts & Graphs @ https://www.maccuracyreports.com/report-sample/352508

The report is categorized into several sections which consider the competitive environment, latest market events, technological developments, countries and regional details related to Mortgage Insurance of Lenders. The section that details the pandemic impact, recovery strategies and post-pandemic market performance of each player is also included in the report. Key opportunities that may support lender mortgage insurance are identified in the report. The report focuses specifically on near-term opportunities and strategies to realize one’s full potential. Crucial uncertainties for market players to understand are included in the Mortgage Lender Insurance report.

Due to these issues, the lenders mortgage insurance industry has been hampered. Due to the small number of significant companies in the industry, the area of ​​lender mortgage insurance is heavily targeted. Customers would benefit from this research as they would be informed about the current mortgage insurance scenario of lenders. The latest innovations, product news, product variations, and in-depth updates from industry specialists who have effectively leveraged the position of lenders’ mortgage insurance are all included in this study. research. Many businesses would benefit from the research study of Lenders Mortgage Insurance to identify and grow their global demand. Micro and macro trends, significant developments, and their usage and penetration among a wide variety of end users are also included in the Lender Mortgage Insurance segment.

Market analysis done with statistical tools also helps to analyze many aspects including demand, supply, storage costs, maintenance, profit, sales and production details of the market. In addition, the global Lenders Mortgage Insurance research report provides details about Lenders Mortgage Insurance share, import volume, export volume, and company gross margin.

Lender Mortgage Insurance Segmentation by Type:

Borrower Paid (BPMI), Lender Paid (LPMI), Single Premium, Split Premium.

Lender Mortgage Insurance Segmentation by Application:

Agency, digital and direct channels, brokers, bancassurance

The Lenders Mortgage Insurance Report answers some key questions:

  • What is the expected growth in global lender mortgage insurance following the discovery of a vaccine or cure for covid-19?
    • What are the new business practices that can be implemented post-pandemic to remain competitive, agile, customer-centric and collaborative in global mortgage loan insurance?
    • Which specific sectors are expected to drive the growth of global mortgage loan insurance?
    • What are the key government policies and interventions implemented by the major mortgage lenders’ insurance countries around the world to drive the adoption or growth of mortgage lenders’ insurance.
    • How have market players or leading global lender mortgage insurance companies responded to the challenges faced during the pandemic?
    • What growth opportunities does global mortgage loan insurance offer?

Access full report description, table of contents, table of figure, chart, etc. @ https://www.maccuracyreports.com/reportdetails/reportview/352508

Report Highlights:

  • The report provides trends in mortgage insurance industry demand from lenders in the first and second quarters of 2021.
    • The individual circumstances of the lenders’ mortgage insurance segments are discussed in the report.
    • The report contains forward-looking information about risks and uncertainties.
    • The report studies the sectors focused on the consumption of mortgage lenders insurance.
    • Business scenarios for products and services in particular segments are detailed in the report along with regulations, taxes and tariffs.
    • Trends that have impacted lenders’ mortgage insurance over the past several years are discussed in the report.
    • The report studies the potential impact of the Covid-19 pandemic on the Lenders Mortgage Insurance sector economy and the performance of market players in the same context.

Contents:

1 Scope of the report
1.1 Market Overview
1.2 Research objectives
1.3 Years considered
1.4 Market research methodology
1.5 Economic indicators
1.6 Currency considered
2 Executive summary
3 Global Lenders Mortgage Insurance by Players
4 Lender Mortgage Insurance by Regions
4.1 Lender Mortgage Insurance Size by Regions
4.2 Americas Lender Mortgage Insurance Size Growth
4.3 Growth in Size of APAC Lenders’ Mortgage Insurance
4.4 Europe Mortgage Lender Insurance Size Growth
4.5 Growth in the size of mortgage lender insurance in the Middle East and Africa
5 Americas
6 APACs
7Europe
8 Middle East and Africa
9 Market Drivers, Challenges and Trends
9.1 Market Drivers and Impact
9.1.1 Growing Demand from Key Regions
9.1.2 Growing Demand from Key Applications and Potential Industries
9.2 Market Challenges and Impact
9.3 Market trends
10 mortgage insurance predictions from global lenders
Analysis of the 11 key players
12 Research findings and conclusion

Please click here today to purchase the full report @ https://www.maccuracyreports.com/checkout/352508

MR Accuracy Reports is the world’s largest publisher and has published over 2 million reports worldwide. Fortune 500 companies work with us. Also help small players to know the market and focus on advice.




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US House passes 7 small business bills – 2 for PPP and EIDL loan fraud https://4wallsandaview.com/us-house-passes-7-small-business-bills-2-for-ppp-and-eidl-loan-fraud/ Sun, 12 Jun 2022 10:00:32 +0000 https://4wallsandaview.com/us-house-passes-7-small-business-bills-2-for-ppp-and-eidl-loan-fraud/ The House passed seven bipartisan small business bills aimed at improving the operation and oversight of key Small Business Administration (SBA) programs. 7 Small Business Bills Pass US House The slew of bills includes legislation to extend the statute of limitations on small business pandemic fraud cases, improve workforce development deals and improve the procurement […]]]>

The House passed seven bipartisan small business bills aimed at improving the operation and oversight of key Small Business Administration (SBA) programs.



7 Small Business Bills Pass US House

The slew of bills includes legislation to extend the statute of limitations on small business pandemic fraud cases, improve workforce development deals and improve the procurement process for small businesses. companies. Among the bills passed, two would establish a ten-year statute of limitations for lawsuits related to Paycheck Protection Program (PPP) and COVID-19 Economic Injury Disaster Loan (EIDL) fraud.

“These seven bills will help make core SBA programs more secure, accessible, and focused on the most pressing challenges for small businesses,” said New York President Nydia M. Velázquez.

What are the resolutions?

The bills are designed to promote policies that encourage small business development, hold small business pandemic fraudsters accountable, grow the small business workforce, and support small entrepreneurs who do business with the federal government.

  • House PPP Resolution 7352 and Bank Fraud Harmonization Act of 2022 would establish a 10-year statute of limitations for all forms of PPP loan fraud, including cases involving loans of fintech origin, in accordance with the legislation on bank fraud.
  • House Resolution 7334, the EIDL COVID-19 Fraud Statute of Limitations Act of 2022 would establish a 10-year statute of limitations for all EIDL COVID fraud, including EIDL Advances and Targeted EIDL Advances.
  • House Resolution 7622, ​​Small Business Workforce Pipeline Act of 2022, would allow Small Business Development Centers (SBDCs) to assist small businesses with apprenticeship, pre-apprenticeship, and job training programs by disseminating information from the Department of Labor (DOL).
  • House Resolution 7664, the Support for Small Business and Vocational and Technical Education Act of 2022, would help small businesses meet their hiring needs. This legislation directs SBDCs and WBCs to help small businesses hire graduates of vocational and technical training programs, in addition to the existing services provided by SBDCs and WBCs. Additionally, this legislation supports vocational and technical education graduates by requiring SBDCs and WBCs to help them start a small business.
  • House Resolution 7670 on Transparency of the Women-Owned Small Business Program would establish reporting requirements for the WOSB program aimed at improving transparency, accountability, and ensuring that Congress receives the data necessary to track near these questions. This would require the SBA to provide information on the amount of contract dollars awarded under the program. It also includes the number of certifications issued, the number of program reviews in progress, the number of companies decertified, and the number of contracts wrongly awarded under industries or NAICS codes ineligible for the program. Any steps taken by the SBA to properly train agency staff are also part of monitoring.
  • House Resolution 5879 Hubzone Price Evaluation Preference Clarification Act of 2021 would seek to clarify the price evaluation preference, which allows HUBZone businesses to compete on equal footing, applies to orders.
  • House Resolution 7694 on Strengthening the Strengthening Outsourcing for Small Businesses Act of 2022 would encourage compliance with outsourcing plans by expanding the requirement that an agency must first consider the adherence to these plans when evaluating an Offeror’s past performance in all contract awards that include a subcontracting plan.

Fight against PPP and EIDL loan fraud

Bills that address PPP and EIDL loan fraud should further support the federal government’s efforts to combat and prevent pandemic-related fraud. Last year, the Attorney General created the COVID-19 Fraud Enforcement Task Force to provide additional resources to the Department of Justice and other agencies to combat fraud related to the pandemic.

Subsequently, Secret Service investigations into Unemployment Insurance and Paycheck Protection Program (PPP) loan fraud resulted in the seizure of more than $1.2 billion while recovering more than $2.3 billion in fraudulently obtained funds, and the unemployment insurance program.

Why it’s important to consolidate small businesses

Small businesses are considered the backbone of the American economy. And according to the Small Business Administration, they represent 99.9% of American businesses. This amounts to 32.5 million small businesses employing 61.2 million people, or 46.8% of American employees.

According to the National Federation of Independent Businesses (NFIB), the April 2022 Small Business Optimism Index remained at 93.2 and the fourth month in a row below the 48-year average of 98. The number of owners of small businesses expecting better trading conditions over the next six months fell one point to a net negative 50%, the lowest level recorded in the survey of 48-year-olds.

Among the challenges facing small businesses, inflation factors are high. Next are small business owners concerned about the tight labor market, vacancies remaining unfilled and uncertainties related to global conditions such as rising fuel prices and supply chain disruptions.

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