Insurance

Insurance

Consumer Advocacy Groups Condemn Federal Court’s Decision Regarding CFPB

The Washington D.C. Circuit Court of Appeals issued a ruling against the Consumer Financial Protection Bureau (CFPB) in PPH Corporation v. CFPB, a case dealing with the CFPB’s ability to order New Jersey mortgage-lending company PPH to pay a $109 million enforcement penalty after the corporation was found offering illegal kickbacks to mortgage insurance partners.

American Land Title Association Names Daniel D. Mennenoh as President

The American Land Title Association (ALTA), the national trade association of the land title insurance industry, announced that Daniel D. Mennenoh ITP, NTP has been installed as president for the 2016-2017 year.

Housing Subcommittee Discusses Potential Covered Agreement with the EU

The Housing and Insurance subcommittee held a hearing to examine international factors affecting domestic insurance markets.  Subcommittee members questioned hearing witnesses on the various international regulatory standards being considered by the G-20, the Financial Stability Board, the International Association of Insurance Supervisors, and other international supervisory authorities.  In addition, today’s hearing gave members the first real opportunity to examine the covered agreement negotiations between the United States and the European Union.

ALTA Consumer Survey Shows 40% Confused by Title Fee Calculation on Closing Disclosure

Over 40 percent of American homebuyers feel taken advantage of or are confused by the calculation of title insurance fees on the Consumer Financial Protection Bureau’s (CFPB) new mortgage disclosures, according to a new study by the American Land Title Association (ALTA)

Testimony of Federal Insurance Office Director Michael McRaith before House Financial Services Subcommittee on...

Chairman Luetkemeyer, Ranking Member Cleaver, Members of the Subcommittee, thank you for inviting me to testify today on the impact of U.S. – EU dialogues on insurance markets. Today’s hearing focuses on prudential aspects of international insurance matters, including the prospect of an agreement on such matters between the United States and the European Union.  With respect to these topics, Congress granted the Federal Insurance Office (FIO) the following authority

ESA Changes to National Flood Program will Harm Housing Affordability

The National Association of Home Builders (NAHB) today urged Congress to oppose the inappropriate use of the Endangered Species Act (ESA) to change the focus of the National Flood Insurance Program (NFIP) away from protecting lives and property due to flooding loss

PCI’s 5 Step Disaster Reality Check for Financial Preparedness and Insurance Readiness

Just within the last month the U.S. experienced the first hurricane hitting Florida in more than a decade, historic flooding in Louisiana, and the strongest earthquake on record in Oklahoma. Because Mother Nature has the power to change lives overnight, the Property Casualty Insurers Association of America (PCI) is urging property owners to take a “Disaster Reality Check” regarding their preparedness and ability to recover from a natural disaster or other emergency.

Hensarling: New Law Modernizes Outdated Housing Rules

House Financial Services Committee Chairman Jeb Hensarling (R-TX) made the following comments after President Obama signed into law H.R. 3700, the Housing Opportunity Through Modernization Act

Hensarling: Attack on FHA’s Insurance Fund Must be Stopped

House Financial Services Committee Chairman Jeb Hensarling (R-TX) delivered the following opening statement at a hearing with Housing and Urban Development Secretary Julian Castro about sudden policy changes the Secretary is making to the sale of nonperforming loans insured by the government

Builders Urge Caution as Congress Reauthorizes the National Flood Insurance Program

Extreme flood insurance rate hikes and inaccurate floodplain maps drive up the cost of homeownership and threaten small businesses, the nation’s home builders told Congress today

REALTORS® to Congress: Flood Insurance Rates Post Threat to Business, Homeownership

Flood insurance costs continue to put small businesses and homeownership at risk, but the National Association of Realtors® told U.S. Senators today that a range of solutions are on the horizon

AL BAXTER, MAINTENANCE PERSON OF THE YEAR

The United States Department of Agriculture Rural Development (USDA Rural Development) announced the winners of the National Multi-Family Housing Maintenance People of the Year for 2016. We are proud to announce Al Baxter, Maintenance Mentor at Willow Landing Apartments I & II, was one of two recipients of this award. This is the second year USDA Rural Development has given an award for Maintenance Person of the Year

Institute Testifies About Using Incentives to Reduce Cost of Disaster Response

The way to achieve resilience in U.S. communities is through an approach that incorporates input, consensus, leadership and action from a broad spectrum of stakeholders, ranging from insurance and finance-related companies, lenders and foundations; forward-thinking communities and government agencies; and important decision makers, including homeowners, businesses and utilities.

Architects Praise Introduction of National Mitigation Investment Act of 2016

Legislation will reduce disaster losses and save lives by shifting the federal focus to pre-disaster mitigation and resilient construction. The American Institute of Architects (AIA) today applauded Reps. Carlos Curbelo, R-Fla., and Albio Sires, D-N.J., for the introduction of bipartisan legislation to focus federal disaster policy on preventing losses.

Flood Insurance Legislation Promises Flexibility for Consumers

Property owners who opt to purchase flood insurance in the private market rather than through the National Flood Insurance Program may do so under current rules, but they risk paying higher rates if they return to the NFIP. H.R. 2901, the "Flood Insurance Market Parity and Modernization Act," passed the U.S. House of Representatives today by a vote of 419-0 and seeks to alleviate that concern

Freedom Mortgage Corporation Agrees to Pay $113 Million to Resolve Alleged False Claims Act...

Freedom Mortgage Corporation has agreed to pay the United States $113 million to resolve allegations that it violated the False Claims Act by knowingly originating and underwriting single family mortgage loans insured by the U.S. Department of Housing and Urban Development’s (HUD) Federal Housing Administration (FHA) that did not meet applicable requirements for the FHA insurance program, the Justice Department announced today.  Freedom Mortgage Corporation is headquartered in Mt. Laurel, New Jersey.

NAMB Applauds Congressional Flood Insurance Initiative

NAMB—The Association of Mortgage Professionals has commended the House Financial Services Committee for taking up HR 2901, the Flood Insurance Market Parity and Modernization Act of 2015

National Apartment Association Reaches All 535 Congressional Offices With Strong Message: Lawmakers Must Address...

Members of the National Apartment Association (NAA) and nearly 170 affiliated associations this week turned out for their largest ever advocacy campaign, both on Capitol Hill and in congressional districts from coast to coast. Telling lawmakers that apartments work, industry members emphasized that lawmakers must enact public policies that promote rather than obstruct the industry’s ability to provide housing and jobs.

United States Resolves Civil Suit Against Westbury-Based Mortgage Lender

Robert L. Capers, United States Attorney for the Eastern District of New York, David A. Montoya, Inspector General for the Department of Housing and Urban Development, and Frederick W. Gibson, Acting Inspector General for the Federal Deposit Insurance Corporation today announced the settlement of claims against Continental Mortgage Bankers d/b/a Financial Equities and its president, Walter Stashin, in United States v. Rainy Day Holdings, LLC. et al., Civil Action No. CV-15-5576. The case is pending in federal court in Central Islip before United States District Judge Joseph F. Bianco.

FHA Cuts Multifamily Insurance Rates for Affordable and Energy-Efficient Housing

January 28, HUD announced that the Federal Housing Administration (FHA) will reduce its multifamily insurance rates to stimulate the production and rehabilitation of affordable rental housing. These rate reductions, effective April 1, will apply to the FHA-HFA Risk-Sharing program and other FHA multifamily housing programs that help finance properties housing low-income families and developments installing energy-efficient systems or building within federal energy guidelines.

New Vision Insurance and Telemedicine Program Available to Realtors

National Association of Realtors® members now have access to two new offerings through the Realtors® Insurance Marketplace; members now have access to Realtors® Vision Insurance plans and Members TeleHealth, a telemedicine service plan

HSI Special Agent rescues building occupants from pending fire

U.S. Immigration and Customs Enforcement’s (ICE) Homeland Security Investigations (HSI) San Juan Special Agent Jeremiah Gonzalez passes the Universal Insurance Company building in Caguas, Puerto Rico every day.

5 Tips for Relocating Your Small Business

Whether your company is expanding or you’re nearing the end of your lease, relocating can be a lot of work on a business. Once you’ve found the new location for your office space, you must diligently come up with a plan of action for the day of the move. While you may not have thought of planning for the move, it is imperative to saving your business time and money.

Gillibrand and Rice’s Bipartisan Legislation Would Increase Transparency & Accountability to Improve How FEMA...

After Superstorm Sandy victims faced an extensive, burdensome and fraud-ridden flood insurance claims process, U.S. Senator Kirsten Gillibrand and U.S. Representative Kathleen rice today announced their push for new bipartisan legislation to require more transparency and accountability from the Federal Emergency Management Agency (FEMA) so that home and property owners who carry flood insurance policies are better protected in the event of another storm.

Commissioner Donelon Reminds Policyholders of Approaching Deadline to Claim Property Insurance Rebate

Insurance Commissioner Jim Donelon reports ongoing progress in the shift of policies to the private market from the state’s insurer of last resort, Louisiana Citizens Property Insurance Corporation (Citizens). At the same time, he is also reminding property insurance policyholders that the deadline to claim a rebate for the Citizens Assessment charged on their 2011 insurance policies is December 31, 2015. Nearly $34 million, or 52 percent, of the refundable assessments available for 2011 remains unclaimed.

Hoeven Holds Community Roundtable, Reviews Progress on Watford City’s New High School & Housing...

Senator John Hoeven today held a community roundtable at Watford City High School to take questions from students and area residents. There were approximately 100 high school students, including Watford City High School’s senior class and two classes of social studies/government students. Scott Hennen, host of What’s on Your Mind, served as the event moderator.

Homeowners encouraged to apply for funds to brace and bolt their homes

Next year, 1,000 homeowners across the state will receive up to $3,000 to seismically retrofit and protect their homes from earthquake damage. The Earthquake Brace + Bolt program is expanding to include more than 150 ZIP codes in vulnerable areas in Northern and Southern California

SANDY VICTIMS WHO ENTERED FEMA FLOOD INSURANCE-REVIEW PROCESS MONTHS AGO ARE STILL WAITING FOR...

FEMA Also Saying If Policyholders Do Not Supply & Other Information to Review Process Within Short 14-Day Period, Their Cases Will Be Closed; Schumer & Gillibrand Urges FEMA to Immediately Work With All Policyholders Who Have Not Yet Submitted Pertinent Info to Agency & To Get Going On Backlog

Stress Test Results Inject Confidence into Florida’s Homeowners’ Insurance Market

Chief Financial Officer Jeff Atwater knows that Florida’s homeowners carry insurance to protect their property in the event of an emergency, natural or otherwise. Floridians have seen the costly destruction hurricanes can cause as well the financial volatility that storms can create in the property insurance market. Each year, the Office of Insurance Regulation tests the financial soundness of property insurance companies that conduct business in the state of Florida to ensure they can withstand the catastrophic losses generally associated with major storms.

ABA Endorses Arch Mortgage Insurance PMI Products

The American Bankers Association – through its subsidiary the Corporation for American Banking – has endorsed the mortgage insurance solutions of Arch Mortgage Insurance Company?, a leading provider of private mortgage insurance and a wholly-owned subsidiary of Arch Capital Group Ltd.

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FHFA INCREASES FANNIE MAE AND FREDDIE MAC CONFORMING LOAN LIMITS FOR...

The Federal Housing Finance Agency (FHFA) announced November 23 that the maximum conforming loan limits for mortgages obtained by Fannie Mae and Freddie Mac will increase in 2017. This is the first time FHFA has increased the conforming loan limit since 2006.

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Consumer and Small Business Advocates Oppose OCC’s Plan to Offer Fintech...

Today, the Office of the Comptroller of the Currency (OCC) announced its intention to offer national charters to financial technology firms, which could severely undermine state oversight and state consumer protection laws that protect consumers and small business owners from abusive financial products and practices. The OCC is accepting comments on its framework until January 15, 2017.