DOCSLIB.ORG

321 Part 213—Cooperative Housing Mortgage

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
321 Part 213—Cooperative Housing Mortgage Office of Assistant Secretary for Housing, HUD § 213.251 but not limited to the following organi- COOPERATIVE MANAGEMENT HOUSING zations: local management agents, INSURANCE AND DISTRIBUTIVE SHARES local management associations and 213.275 Nature of the Cooperative Manage- management agents with centralized ment Housing Insurance Fund. facilities. Owners of multiple projects 213.276 Allocation of Cooperative Manage- may centralize the electronic trans- ment Housing Insurance Fund income or losses. mission function. However, owners 213.277 Right and liability under the Coop- that contract out or centralize the erative Management Housing Insurance electronic transmission function are Fund. required to retain the ability to mon- 213.278 Distribution of distributive share. itor the day-to-day operations of the 213.279 Maximum amount of distributive share. project at the project site and be able 213.280 Finality of determination. to demonstrate that ability to the rel- evant HUD field office. Subpart C—Individual Properties Released From Project Mortgage; Expiring Program [58 FR 61022, Nov. 19, 1993, as amended at 59 FR 43475, Aug. 24, 1994] 213.501 Savings clause. AUTHORITY: 12 U.S.C. 1715b, 1715e; 42 U.S.C. PART 213—COOPERATIVE 3535(d). HOUSING MORTGAGE INSURANCE SOURCE: 36 FR 24553, Dec. 22, 1971, unless otherwise noted. Subpart A—Eligibility Requirements— Projects Subpart A—Eligibility Sec. Requirements—Projects 213.1 Eligibility requirements. § 213.1 Eligibility requirements. Subpart B—Contract Rights and The eligibility requirements set forth Obligations—Projects in 24 CFR part 200, subpart A, apply to multifamily project mortgages insured 213.251 Cross-reference. under section 213 of the National Hous- 213.252 Definitions. ing Act (12 U.S.C. 1715e), as amended. 213.253 Premiums upon initial endorsement. 213.254 Premiums where first principal pay- [61 FR 14405, Apr. 1, 1996] ment more than one year after initial en- dorsement. Subpart B—Contract Rights and 213.255 Premiums where first principal pay- Obligations—Projects ment one year or less after initial en- dorsement. § 213.251 Cross-reference. 213.256 Premiums; insurance upon comple- (a) All of the provisions of subpart B, tion. 213.257 Premiums; purchasing cooperatives; part 207 of this chapter covering mort- Existing Construction, supplementary gages insured under section 207 of the loans to purchase existing community fa- National Housing Act, apply with full cility. force and effect to mortgages insured 213.258 Subsequent annual premiums. under section 213 of the National Hous- 213.259 Computation of subsequent annual ing Act, except the following provi- premiums. sions: 213.259a Premiums—mortgages insured pur- Sec. suant to Section 238(c) of the Act. 207.251 Definitions. 213.260 Allowable methods of premium pay- 207.252 First, second, and third premiums. ment. 207.254 Form of endorsement. 213.265 Modifications and consolidations. 213.266 Initial insurance endorsement. (b) For the purposes of this subpart, 213.266a Insurance fund obligations. all references in part 207 of this chapter 213.267 Effect of insurance endorsement. to section 207 of the National Housing 213.268 Final insurance endorsement. Act shall be deemed to refer to section 213.269 Endorsement of supplementary 213 of the Act, and all references in loans. part 207 of this chapter to the General 213.270 Supplementary loans; election of ac- Insurance Fund shall be deemed to tion; claims; debentures. refer to the Cooperative Management 321 VerDate Sep<11>2014 14:25 Jun 01, 2020 Jkt 250083 PO 00000 Frm 00331 Fmt 8010 Sfmt 8010 Q:\24\24V2.TXT PC31 kpayne on VMOFRWIN702 with $$_JOB § 213.252 24 CFR Ch. II (4–1–20 Edition) Housing Insurance Fund in cases in- original mortgage and the instrument volving mortgages which are the obli- securing the operating loss loan. gation of the Cooperative Management (d) Mortgagee means the original Housing Insurance Fund. lender under a mortgage, its successors (c) The provisions of §§ 207.255, 207.256, and such of its assigns as are approved 207.257, 207.261, 207.262 and 207.263 of this by the Commissioner, and includes the chapter shall apply to supplementary holders of the credit instruments loans insured under section 213(j) of the issued under a trust indenture, mort- Act. In connection with the foregoing gage or deed of trust pursuant to which provisions the terms mortgagor, mort- such holders act by and through a gagee, mortgage shall be construed to trustee therein named. mean borrower, lender, and supple- (e) Mortgagor means the original bor- mentary loan, including required security rower under a mortgage and its succes- instrument. sors and such of its assigns as are ap- (d) Where the provisions of this sub- part are applicable to supplementary proved by the Commissioner. loans, the terms mortgagor, mortgagee, (f) Project Mortgage means a blanket mortgage, shall be construed to mean mortgage insured under section 213 of borrower, lender, and supplementary the Act, covering a group of not less loan, including required security instru- than five single-family dwellings. ment. (e) Where the provisons of this sub- § 213.253 Premiums upon initial en- part are applicable to operating loss dorsement. loans, the terms mortgagor, mortgagee (a) Management and Sales Types and and mortgage shall be construed to Investor Sponsored Projects. The mort- mean borrower, lender and operating loss gagee, upon the initial endorsement of loan, including required security instru- the mortgage for insurance, shall pay ment, respectively. to the Commissioner a first mortgage [36 FR 24553, Dec. 22, 1971, as amended at 37 insurance premium equal to one-half of FR 8662, Apr. 29, 1972] one percent of the original face amount of the mortgage. § 213.252 Definitions. (b) Purchasing cooperatives. The provi- The definitions contained in § 213.1 sions of paragraph (a) of this section do shall apply to this subpart and in addi- not apply to the mortgage or a pur- tion the following terms shall have the chasing nonprofit cooperative housing meaning indicated. corporation or trust where such mort- (a) Contract of Insurance means the gage is endorsed for insurance pursuant agreement evidenced by endorsement to the sale of an Investor Sponsored of the credit instrument by the Com- Project to such purchasing nonprofit missioner or his duly authorized rep- cooperative housing corporation or resentative and includes the terms, trust. conditions and provisions of this sub- (c) Existing Construction. The provi- part and of the National Housing Act. sions of paragraph (a) of the section (b) Insured mortgage means a mort- shall apply to a mortgage covering Ex- gage which has been insured by the en- isting Construction which involves in- dorsement of the credit instrument by surance of advances for Commissioner the Commissioner. approved or required repairs, improve- (c) Mortgage means such a first lien ments, alterations and additions. upon real estate and other property as (d) Operating loss loans and supple- is commonly given to secure advances mentary loans. The provisions of para- on, or the unpaid purchase price of, graph (a) of this section shall apply to real estate under the laws of the State, any operating loss loan and to any sup- district or territory in which the real estate is located, together with the plementary loan, except a supple- credit instrument or instruments, if mentary loan to finance the acquisi- any, secured thereby. In any instance tion of an existing community facility. where an operating loss loan is in- volved, the term shall include both the 322 VerDate Sep<11>2014 14:25 Jun 01, 2020 Jkt 250083 PO 00000 Frm 00332 Fmt 8010 Sfmt 8010 Q:\24\24V2.TXT PC31 kpayne on VMOFRWIN702 with $$_JOB Office of Assistant Secretary for Housing, HUD § 213.255 § 213.254 Premiums where first prin- chasing nonprofit cooperative housing cipal payment more than one year corporation or trust where such mort- after initial endorsement. gage is endorsed for insurance pursuant (a) Management and Sales Types and to the sale of an Investor Sponsored Investor Sponsored Projects. (1) If the Project to such purchasing nonprofit date of the first principal payment is cooperative housing corporation or more than one year following the date trust. of such initial insurance endorsement, (c) Existing Construction. The provi- the mortgagee, upon the anniversary of sions of paragraph (a) of this section such insurance date, shall pay a second shall apply to a mortgage covering Ex- premium equal to one-half of one per- isting Construction which involves in- cent of the original face amount of the surance of advances for Commissioner mortgage. On the date of the first prin- approved or required repairs, improve- cipal payment, the mortgagee shall pay ments, alterations and additions. a third premium equal to one-half of (d) Supplementary loan; insurance of one percent of the average outstanding advances. The provisions of paragraph principal obligation of the mortgage (a) shall apply to any supplementary for the following year which shall be loan involving insurance of advances. adjusted so as to accord with such date and so that the aggregate of the first, § 213.255 Premiums where first prin- second and third premiums shall equal cipal payment one year or less after initial endorsement. the sum of: (i) One percent of the average out- (a) Management and Sales Types and standing principal obligation of the Investor Sponsored Projects. (1) If the mortgage for the year following the date of the first principal payment is date of initial insurance endorsement, one year, or less than one year fol- and lowing the date of such initial insur- (ii) One-half of one percent per ance endorsement, the mortgagee, annum of the average outstanding upon such first principal payment date, principal obligation of the mortgage shall pay a second premium equal to for the period from the first anniver- one-half of one percent of the average sary of the date of initial insurance en- outstanding principal obligation of the dorsement to one year following the mortgage for the following year which date of the first principal payment.
Load more

Recommended publications
  • Private Mortgage Insurer Eligibility Requirements (Pmiers)
    Private Mortgage Insurer Eligibility Requirements September 27, 2018 Contents Chapter Section Page Foreword Introduction 3 Effective Date 3 Amendments and Waivers 3 Defined Terms 3 Introduction 100 PMIERs Must be Met at All Times 4 101 Compliance with Laws 4 102 Applicable NAIC Regulations 5 103 Ownership/Corporate Governance 5 Application 200 Application Criteria 6 201 Application Submission 6 202 Application Fee/Other Costs 6 203 Newly-Approved Insurer Requirements 7 Business Requirements 300 Scope of Business 8 301 Organization 8 302 Policies, Procedures, Practices 8 303 Rebates, Commissions, Charges, and Compensating Balances 8 304 Separation of Responsibilities 8 305 Master Policies 9 306 Settlements and Changes to Freddie Mac’s Rights 9 307 Diversification Policies 9 308 Claims Processing 10 309 Loss Mitigation 11 310 Lender and Servicer Guidelines 11 311 Policies of Insurance 12 312 Insurance Data Reconciliation 12 313 Business Continuity Planning 12 314 Document Retention 12 Policy Underwriting 400 Overview 13 401 Evaluation of Loan Eligibility and Borrower Credit-worthiness 13 402 Property Valuation 13 403 Delegated Underwriting 14 404 Use of Automated Tools 14 405 Independent Validation for Early Rescission Relief and Credible 15 Evidence Quality Control 500 Quality Control Program 16 501 Discretionary Reviews 17 502 Post-Closing Review 18 503 Post-Closing QC Loan Sample Selection and Defect Rates 19 504 QC Reporting 20 505 Corrective Actions 21 506 Internal Audit 21 Lender Approval & 600 Lender Approval 22 Monitoring 601 Lender
    [Show full text]
  • Coinsurance 4330.4
    COINSURANCE 4330.4 ___________________________________________________________________________ CHAPTER 5: COINSURED MORTGAGES ___________________________________________________________________________ 5-1 GENERAL. A. Claims on loans which were originated under the coinsurance * provisions of Section 244 of the National Housing Act, 12USC 1715Z-9 and are still within the period of coinsurance must * be filed in accordance with the provisions of this Chapter, unless the mortgage has been accepted by HUD for assignment. Under the coinsurance program the mortgagee does not convey the property to HUD in exchange for insurance benefits. After acquiring the property by foreclosure or deed-in-lieu of foreclosure, the mortgagee sells the property for the best price obtainable. The unpaid principal balance of the mortgage is reduced by the purchase price in computing insurance benefits. If the property is not sold within 6 months after acquisition, the unpaid principal balance is reduced by the appraised value of the property. HUD and the mortgagee share any loss arising out of the mortgage transaction. The lender exposure will be 10% of the actual loss subject to a "stop loss" of one percent of the total face amount of coinsured loans originated by the lender in same calendar year. B. HUD maintains a Coinsurance Reserve Account for each mortgagee by calendar year. A percentage of the annual mortgage insurance premium is credited, and the mortgagee's share of the loss is debited, to this account. C. Claims for insurance benefits under the coinsurance program may be filed only by an approved coinsuring mortgagee (See 24 CFR 204.5). During the coinsurance period servicing functions must be performed by an approved coinsuring mortgagee.
    [Show full text]
  • Va Form 29-8636, Veterans Mortgage Life Insurance Statement
    VETERANS MORTGAGE LIFE INSURANCE INSTRUCTIONS - PLEASE READ THE INSTRUCTIONS BEFORE COMPLETING THE ATTACHED VA FORM 29-8636, VETERANS MORTGAGE LIFE INSURANCE STATEMENT. INACCURATE INFORMATION MAY RESULT IN YOUR NOT BEING INSURED FOR THE FULL AMOUNT OF YOUR ENTITLEMENT. GENERAL DESCRIPTION OF COVERAGE Veterans Mortgage Life Insurance (VMLI) is designed to provide financial protection to cover an eligible veteran's outstanding home mortgage in the event of his/her death. This mortgage insurance program is administered by the Department of Veterans Affairs. The insurance is available only to disabled veterans, who, because of their disabilities, have received a Specially Adapted Housing Grant or a Special Housing Adaptation Grant from the Department of Veterans Affairs. Coverage for this insurance cannot be issued after age 69. MAXIMUM AMOUNT OF COVERAGE The maximum amount of VMLI allowed is $200,000. Veterans may select their level of coverage up to the maximum allowed by law, or their current mortgage balance, whichever is less. The amount payable at the time of death is computed according to the schedule of mortgage payments and does not include any amount arising from delinquent payments. The money is paid only to the mortgage holder (mortgage company, bank, etc.) THE MORTGAGE The mortgage is the mortgage secured on a specially adapted or modified residence purchased or remodeled in part with a grant from the Department of Veterans Affairs. If you had VMLI on a housing unit and you sold or otherwise disposed of that housing unit, you may obtain VMLI coverage for a mortgage loan on another eligible housing unit. SPECIAL PROVISIONS The housing unit which is security for the mortgage loan must be used by you as your residence.
    [Show full text]
  • Suzanne Hutchinson Mortgage Insurance Companies of America
    -" May 29, 2002 Financial Crimes Enforcement Network P.o. Box 39 Mortgage Vienna, VA 22183 Insurance Companies Re: Section 352 AMLP Regulations of America Dear Sir or Madam: This letter, on behalf of the Mortgage Suzanne C. Hutchinson Executive Vice President Insurance Companies of America ("MICA"), a trade association that represents the interests of private mortgage insurers throughout the United States, is in response to the Interim Final Rule published in the Federal Register (67 Fed. Reg. 21110) on April 29, 2002. The Interim Final Rule temporarily exempts certain financial institutions, including insurance companies, from the requirement that they establish anti-money laundering programs under the Bank Secrecy Act ("BSA"), 31 U.S.C., 18 U.S.C. § 5318(h) (1). This provision was added to the BSA by Section 352 of the USA PATRIOT Act. For the reasons discussed below, when expected regulations requiring compliance programs for insurance companies are issued, we respectfully request that private mortgage insurance companies be excluded from the definition of insurance and, consequently, not be required to establish and maintain.ananti-moneylaunderingprograms. The Rule states that: Treasury and FinCEN have not had the opportunity to identify the nature and scope of the money laundering or terrorist financing risks associated with [the exempt] businesses. The extension of the anti-money laundering program requirement to all the remaining financial institutions, most of which have never been subject to federal financial regulation, raises many significant practical and policy issues. An inadequate understanding of the affected 72715thSt., N.W. 12th Floor Washington,D.C.20005 (202)393-5566 Fax (202)393-5557 ..,,..,.""0 .-".
    [Show full text]
  • The Smart Consumer's Guide to Reducing Closing Costs
    The Smart Consumer’s Guide to Reducing Closing Costs When buying, selling or refinancing a home The Smart Consumer’s Guide to Reducing Closing Costs TABLE OF CONTENTS An Introduction to Closing Costs ................................................... 4 The Closing Process Begins with a Good Faith Estimate .......................................... 4 What are typical closing costs? ................................................................................ 5 I. Real Estate Broker or Agent Fee ........................................................................... 6 II. Items Payable in Connection with Loan .............................................................. 6 Application fee ............................................................................................................ 6 Loan origination charge ............................................................................................... 6 Discount “points” ......................................................................................................... 7 Wire transfer fee ......................................................................................................... 7 Appraisal fee ............................................................................................................... 7 Lender-required home inspection fee ............................................................................ 7 Termite/pest inspection ............................................................................................... 7 Property
    [Show full text]
  • Cooperative Guidelines
    Conventional Cooperative Guidelines Contents Cooperatives...................................................................................................................................................2 Documentation Requirements.........................................................................................................................2 Eligibility Requirements .................................................................................................................................2 Ineligible Project ...........................................................................................................................................3 Amendments to Doc uments ...........................................................................................................................4 Ass ignment of Co-Op’s Lease/Occupancy Rights ..............................................................................................4 Appraisal .....................................................................................................................................................4 Blanket Mortgage .........................................................................................................................................4 Budget ........................................................................................................................................................5 Calculating LTV Ratio....................................................................................................................................5
    [Show full text]
  • EXHIBIT F 2014-CFPB-0002 Document 18-F Filed 01/31/2014 Page 2 of 34
    2014-CFPB-0002 Document 18-F Filed 01/31/2014 Page 1 of 34 EXHIBIT F 2014-CFPB-0002 Document 18-F Filed 01/31/2014 Page 2 of 34 The PMI Group, Inc. Analysis of Deep Cede Excess-of-Loss Captive Reinsurance Programs 2014-CFPB-0002 Document 18-F Filed 01/31/2014 Page 3 of 34 Cautionary Statement Cautionary Statement: Statements in this presentation that are not historical facts or that relate to future plans, events or performance are "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include our discussion of The PMI Group, Inc.’s (PMI or the Company) deep-cede captive reinsurance structures and the assumptions, rationales and conclusions of Milliman, Inc. described in this presentation with respect to PMI’s deep-cede captives and their financial impact on PMI. When a forward-looking statement includes an underlying assumption, we caution that assumptions are inherently uncertain. Assumed facts almost always vary from actual results and the difference between assumed facts and actual results can be material. Forward- looking statements are subject to a number of economic risks and uncertainties including, but not limited to, changes in economic conditions, economic slowdowns, adverse changes in consumer confidence, declining housing values, higher unemployment, deteriorating borrower credit and changes in interest rates. Forward-looking statements are also subject to legislative and regulatory developments, and regulatory investigations relating to the insurance industry, including captive reinsurance arrangements. We cannot predict the scope, timing or outcome of legislative or regulatory developments or investigations.
    [Show full text]
  • Catastrophic Mortgage Insurance and the Reform of Fannie Mae and Freddie Mac
    Catastrophic Mortgage Insurance and the Reform of Fannie Mae and Freddie Mac Diana Hancock and Wayne Passmore Division of Research and Statistics Board of Governors of the Federal Reserve System Ψ The results in this paper are preliminary materials circulated to stimulate discussion and critical comment. The analysis and conclusions set forth are those of the authors and do not indicate concurrence by other members of the research staff or the Board of Governors. 2 Private Mortgage Securitization in the United States • Tried several times since the 1880’s • A familiar recurring history… ▫ Credit boom with lax underwriting standards ▫ Shock that causes mortgage defaults to rise ▫ Bondholders dump securities and head for the exit ▫ Securitizers blamed for not looking out for bondholders • Recent crisis is no exception Brookings: Restructuring the US Residential Market Hancock and Passmore: Catastrophic Mortgage Insurance and the Reform of Fannie Mae and Freddie Mac 3 Experience with Private Mortgage Securitization Raises Three Questions 1. Why is mortgage securitization so fragile? 2. Would government provision of catastrophic insurance for mortgage-backed instruments improve financial stability? 3. Is there a potential role for Fannie Mae and Freddie Mac to provide government-backed insurance for financial instruments that are backed by mortgages? Brookings: Restructuring the US Residential Market Hancock and Passmore: Catastrophic Mortgage Insurance and the Reform of Fannie Mae and Freddie Mac 4 Why is Mortgage Securitization Fragile?
    [Show full text]
  • The Guide to Single Family Home Mortgage Insurance
    U.S. Department of Housing and Urban Development Office of Housing z Office of Single Family Housing The Guide to Single Family Home Mortgage Insurance www.hud.gov espanol.hud.gov Becoming a Homeowner Many people in the United States dream of owning their own homes, but few are able to pay cash for them. Many individuals and families who could not otherwise afford to own a home become homeowners with the help of the Federal Housing Administration (FHA) mortgage insurance programs. FHA is a part of the U.S. Department of Housing and Urban Development (HUD). One of the chief purposes of FHA is to help people obtain financing to buy their homes. This booklet can help homebuyers understand how they can make use of FHA mortgage insurance programs. It explains: • How FHA mortgage insurance works • Who can use FHA mortgage insurance • How to shop for a HUD-approved lender • How to apply for an FHA-insured mortgage loan • What restrictions apply to FHA-insured mortgage loans Buying a home is the biggest single purchase that most people will make in their lifetimes. Most people borrow money through a mortgage loan to buy a home. Some people reduce the amount of money they bor- row by making a large downpayment on the loan to buy a home. Persons who do not have money for a large downpayment may need the help of an FHA-insured mortgage to get a loan. Mortgage—A legal document that promises a property to the lender as security for payment of a debt. See page 5 for more information about mortgage loans.
    [Show full text]
  • National Mortgage Insurance Corporation National Mortgage PROPERTY and CASUALTY PROPERTY and CASUALTY COMPANIES - ASSOCIATION EDITION
    QUARTERLY STATEMENT OF THE National Mortgage Insurance Corporation of Emeryville in the state of California 2 0 1 3 TO THE Insurance Department OF THE STATE OF Wisconsin FOR THE QUARTER ENDED September 30, 2013 PROPERTY AND CASUALTY 2013 PROPERTY AND CASUALTY COMPANIES - ASSOCIATION EDITION 13695201320100103 2013 Document Code: 201 QUARTERLY STATEMENT AS OF SEPTEMBER 30, 2013 OF THE CONDITION AND AFFAIRS OF THE National Mortgage Insurance Corporation NAIC Group Code 4760 , 4760 NAIC Company Code 13695 Employer's ID Number 27-0471418 (current period) (prior period) Organized under the Laws of Wisconsin , State of Domicile or Port of Entry Wisconsin Country of Domicile United States of America Incorporated/Organized June 30, 2009 Commenced Business May 4, 2013 Statutory Home Office 2100 Powell Street, 12th Floor , Emeryville, California, US 94608 (Street and Number) (City or Town, State, Country and Zip Code) Main Administrative Office 2100 Powell Street, 12th Floor (Street and Number) Emeryville, California, US 94608 (855)873-2584 (City or Town, State, Country and Zip Code) (Area Code)(Telephone Number) Mail Address 2100 Powell Street, 12th Floor , Emeryville, California, US 94608 (Street and Number) (City or Town, State, Country and Zip Code) Primary Location of Books and Records 2100 Powell Street, 12th Floor (Street and Number) Emeryville, California, US 94608 (855)873-2584 (City or Town, State, Country and Zip Code) (Area Code)(Telephone Number) Internet Website Address www.nationalmi.com Statutory Statement Contact Brian McIntosh (510)858-0403 (Name) (Area Code)(Telephone Number) [email protected] (510)225-3832 (E-Mail Address) (Fax Number) OFFICERS Name Title 1.
    [Show full text]
  • PRIVATE MORTGAGE INSURANCE DISCLOSURE (Fixed Rate Mortgages) Date: BORROWER(S) NAME and PROPERTY ADDRESS LENDER NAME and ADDRESS
    PRIVATE MORTGAGE INSURANCE DISCLOSURE (Fixed Rate Mortgages) Date: BORROWER(S) NAME AND PROPERTY ADDRESS LENDER NAME AND ADDRESS LOAN NUMBER PMI CERTIFICATE NUMBER You are obtaining a mortgage loan that requires private mortgage insurance (“PMI”). PMI protects lenders and others against financial loss when borrowers default. Charges for the insurance are added to your loan payment. Under certain circumstances, federal law gives you the right to cancel PMI or requires that PMI automatically terminate. This disclosure describes when cancellation and termination may occur. Please note that PMI is not the same as property/casualty insurance – such as homeowner’s or flood insurance – which protects you against damage to the property. Cancellation or termination of PMI does not affect any obligation you may have to maintain the other types of insurance. In this disclosure, “loan” means the mortgage loan you are obtaining; “you” means the original borrower (or his or her successors or assigns); and “property” means the property securing the mortgage loan. Initial Amortization Schedule An amortization schedule shows the principal and interest due on your loan, along with the balance remaining after each scheduled payment, is attached for your reference. Borrower Requested Cancellation of PMI You have the right to request that PMI be cancelled on or after the following dates: 1) The date the principal balance of your loan is first scheduled to reach 80% of the original value of the property. This date is (if your loan has a balloon feature with a fixed interest rate and no conditional right to refinance, this date will not be reached before your loan matures).
    [Show full text]
  • Motor Insurers' Excuses for Poor Results Rejected
    www.broking.co.uk AOP Digital Business Publisher of the Year 2010 September 2010 Serving the broker community for over 30 years Motor insurers’ excuses forpoorresultsrejected a $365m (£236m) charge in costs as a key reason for the By Louise Meeson FY10, mainly related to claims worsening results, its claims reserve strengthening, due to a experience over the past 18 nsurer claims that increases “significantdeteriorationinUK months had not included any Iin bodily injury costs are to claim experience”, in particular unusual trends in bodily injury blame for poor performance in bodily injury claims (www.bro- or damage claims. the private motor market may king.co.uk/1652038). It said that claims frequency be misleading, according to in- The report said the Work- had continued on a long-term dustry experts. ing Group of the Institute of downward trend so although David Vine, business develop- Actuaries warned other insur- bodily injury was relatively flat, ment manager at Allianz Legal ers “may still face pain similar it now constituted a larger pro- Protection, said it was “dis- to Equity Red Star”. portion of the total. appointing” to see that some Royal Bank of Scotland On the market in general, motor insurers were “blam- Insurance (RBSI) chief exec- Mr Vine said: “Some insurers ing their poor half-year results utive, Paul Geddes, said its need to take responsibility and largely on the increase in bodily results were heavily impacted account for their own inad- injury claims” and the “pariah by the need to boost its reserves equate pricing and reserving of the industry” claims man- for bodily injury claims after mechanisms, and the inability agement companies (CMCs), reporting a £253m operating of some players in the motor adding that the problem lay in loss for H1 2010 (H1 2009: market to move away from the the market’s desire to write for £217m profit).
    [Show full text]