tag:blogger.com,1999:blog-63332897575432549232024-09-13T00:41:06.728-07:00Insurance Todayhttp://www.blogger.com/profile/03091179979469056118noreply@blogger.comBlogger1054125tag:blogger.com,1999:blog-6333289757543254923.post-18410222928554819552011-09-10T06:58:00.000-07:002011-12-07T16:12:21.963-08:00

The National Association of Insurance Commissioners (NAIC) has never been known as an organization where the self-insurance/alternative risk transfer industry is treated fairly, but its penchant for bias became even more visible this past week. Worse yet, this bias is now being fomented by an “ivory tower” expert.Professor Timothy Stoltzfus Jost is the designated “consumer representative” on the

Insurance Todayhttp://www.blogger.com/profile/03091179979469056118noreply@blogger.com0tag:blogger.com,1999:blog-6333289757543254923.post-41533235988466253672011-09-09T14:05:00.000-07:002011-12-07T16:12:21.986-08:00

After some initial good progress in moving federal legislation to modernize the Liability Risk Retention Act (LRRA), a new rhetorical roadblock has been raised.The Risk Retention Modernization Act (H.R. 2126) includes a dispute resolution provision whereby RRGs who believe they are being illegally regulated in non-domiciliary states can access the equivalent of a federal arbitration process as an

Insurance Todayhttp://www.blogger.com/profile/03091179979469056118noreply@blogger.com0tag:blogger.com,1999:blog-6333289757543254923.post-23152823793299958692011-09-09T08:57:00.000-07:002011-12-07T16:12:22.023-08:00

In case you had any doubt that the current public debate over the scope of federal regulation is more about political ideology rather than practical reality, look no further than OSHA’s ramped up oversight of workplace safety issues.Now on the surface, this may sound like a laudable focus because almost everyone agrees that there is a role for government in making sure that sensible workplace

Insurance Todayhttp://www.blogger.com/profile/03091179979469056118noreply@blogger.com0tag:blogger.com,1999:blog-6333289757543254923.post-55114663806352834312011-09-08T06:02:00.000-07:002011-12-07T16:12:22.044-08:00

Michigan Governor Rick Snyder is poised to sign legislation that would impose a one percent tax on medical claims paid by health plans, including self-insured group health plans. This is big news and is certainly a disturbing development for those concerned about the erosion of ERISA preemption. But there is a more interesting story behind the headlines that is instructive for self-insured

Insurance Todayhttp://www.blogger.com/profile/03091179979469056118noreply@blogger.com0tag:blogger.com,1999:blog-6333289757543254923.post-79265105748854225212011-09-07T06:39:00.001-07:002011-12-07T16:18:39.552-08:00

In exchange for the their business, companies such as Citigroup Inc, Wells Fargo & Co, SunTrust Banks Inc. and Countrywide allegedly required reinsurance partnerships on generous terms that violated the Real Estate Settlement Procedures Act, a 1974 law prohibiting abusive home sales practices.During a two-day presentation in the summer of 2009, HUD's team presented DOJ attorneys with a thick

Insurance Todayhttp://www.blogger.com/profile/03091179979469056118noreply@blogger.com0tag:blogger.com,1999:blog-6333289757543254923.post-5097904667868701712011-09-07T06:39:00.000-07:002011-12-07T16:15:08.245-08:00

In exchange for the their business, companies such as Citigroup Inc, Wells Fargo & Co, SunTrust Banks Inc. and Countrywide allegedly required reinsurance partnerships on generous terms that violated the Real Estate Settlement Procedures Act, a 1974 law prohibiting abusive home sales practices.During a two-day presentation in the summer of 2009, HUD's team presented DOJ attorneys with a thick

Insurance Todayhttp://www.blogger.com/profile/03091179979469056118noreply@blogger.com0tag:blogger.com,1999:blog-6333289757543254923.post-77116813611771619022011-09-05T07:00:00.001-07:002011-12-07T16:18:39.592-08:00

a must read for title agents

Insurance Todayhttp://www.blogger.com/profile/03091179979469056118noreply@blogger.com0tag:blogger.com,1999:blog-6333289757543254923.post-35471490349872938902011-09-05T07:00:00.000-07:002011-12-07T16:15:08.277-08:00

a must read for title agents

Insurance Todayhttp://www.blogger.com/profile/03091179979469056118noreply@blogger.com0tag:blogger.com,1999:blog-6333289757543254923.post-73248134503464136052011-09-02T05:05:00.001-07:002011-12-07T16:18:39.617-08:00

NEW YORK (AP) — Counties across the United States are discovering that illegal or questionable mortgage paperwork is far more widespread than thought, tainting the deeds of tens of thousands of homes dating to the late 1990s.The suspect documents could create legal trouble for homeowners for years.Already, mortgage papers are being invalidated by courts, insurers are hesitant to write policies,

Insurance Todayhttp://www.blogger.com/profile/03091179979469056118noreply@blogger.com0tag:blogger.com,1999:blog-6333289757543254923.post-29429737306092434882011-09-02T05:05:00.000-07:002011-12-07T16:15:08.290-08:00

NEW YORK (AP) — Counties across the United States are discovering that illegal or questionable mortgage paperwork is far more widespread than thought, tainting the deeds of tens of thousands of homes dating to the late 1990s.The suspect documents could create legal trouble for homeowners for years.Already, mortgage papers are being invalidated by courts, insurers are hesitant to write policies,

Insurance Todayhttp://www.blogger.com/profile/03091179979469056118noreply@blogger.com0tag:blogger.com,1999:blog-6333289757543254923.post-79287252011601669942011-08-31T04:24:00.001-07:002011-12-07T16:18:39.638-08:00

Having managed lots of folks over my career I respect that individuals think and learn differently, that we aren't automotons and need some degree of personal discretion in our work.  I also know that mandatory procedures are necessary to maintain quality of service and product and, of course, meet contractual and legal requirements.  This is a constant managerial task - finding balance in the

Insurance Todayhttp://www.blogger.com/profile/03091179979469056118noreply@blogger.com0tag:blogger.com,1999:blog-6333289757543254923.post-58679064783762199722011-08-31T04:24:00.000-07:002011-12-07T16:15:08.305-08:00

Having managed lots of folks over my career I respect that individuals think and learn differently, that we aren't automotons and need some degree of personal discretion in our work.  I also know that mandatory procedures are necessary to maintain quality of service and product and, of course, meet contractual and legal requirements.  This is a constant managerial task - finding balance in the

Insurance Todayhttp://www.blogger.com/profile/03091179979469056118noreply@blogger.com0tag:blogger.com,1999:blog-6333289757543254923.post-3607711981931541982011-08-30T04:00:00.001-07:002011-12-07T16:18:39.665-08:00

WAH?  That's right and do you know how I can tell?  Everyone is complaining about underwriters.  That's a sign of normalcy and that's what has been missing for over a decade.Ah, the sweet sound of prudence.

Insurance Todayhttp://www.blogger.com/profile/03091179979469056118noreply@blogger.com0tag:blogger.com,1999:blog-6333289757543254923.post-15036816508029331092011-08-30T04:00:00.000-07:002011-12-07T16:15:08.318-08:00

WAH?  That's right and do you know how I can tell?  Everyone is complaining about underwriters.  That's a sign of normalcy and that's what has been missing for over a decade.Ah, the sweet sound of prudence.

Insurance Todayhttp://www.blogger.com/profile/03091179979469056118noreply@blogger.com0tag:blogger.com,1999:blog-6333289757543254923.post-43502221968900449432011-08-25T04:12:00.001-07:002011-12-07T16:18:39.694-08:00

A law aiming to prevent improper quid pro quos for title insurance agents just got a new set of sharp teeth -- causing a furor in the already embattled industry. In late May, the Office of the General Counsel of the state's Insurance Department issued an opinion about whether it's legal for a residential brokerage to place lawyers on "recommended" lists, which are distributed to homebuyers, in

Insurance Todayhttp://www.blogger.com/profile/03091179979469056118noreply@blogger.com0tag:blogger.com,1999:blog-6333289757543254923.post-26650550243410059822011-08-25T04:12:00.000-07:002011-12-07T16:15:08.333-08:00

A law aiming to prevent improper quid pro quos for title insurance agents just got a new set of sharp teeth -- causing a furor in the already embattled industry. In late May, the Office of the General Counsel of the state's Insurance Department issued an opinion about whether it's legal for a residential brokerage to place lawyers on "recommended" lists, which are distributed to homebuyers, in

Insurance Todayhttp://www.blogger.com/profile/03091179979469056118noreply@blogger.com0tag:blogger.com,1999:blog-6333289757543254923.post-28022317798872288832011-08-24T06:04:00.001-07:002011-12-07T16:18:39.727-08:00

The affirmation of ORI's ratings reflects operating performance of its core property/casualty (P/C) as well as title insurance operations that remain in line with Fitch's expectations and similar rated peers. The Negative Outlook reflects the continued uncertainty of mortgage market exposure on ORI's operations.Read more on Market News.

Insurance Todayhttp://www.blogger.com/profile/03091179979469056118noreply@blogger.com0tag:blogger.com,1999:blog-6333289757543254923.post-91102150050383424912011-08-24T06:04:00.000-07:002011-12-07T16:15:08.352-08:00

The affirmation of ORI's ratings reflects operating performance of its core property/casualty (P/C) as well as title insurance operations that remain in line with Fitch's expectations and similar rated peers. The Negative Outlook reflects the continued uncertainty of mortgage market exposure on ORI's operations.Read more on Market News.

Insurance Todayhttp://www.blogger.com/profile/03091179979469056118noreply@blogger.com0tag:blogger.com,1999:blog-6333289757543254923.post-41327980094284789082011-08-17T11:52:00.001-07:002011-12-07T16:18:39.753-08:00

So long as you have the consent of the mortgage lender, if there is one, and all parties, you simply create a new version of the HUD-1.  I like to put a bold easily found notation on the top of the first page that says something like:REVISED August 16, 2011 to correct the blah blah. You could also say that the earlier version of the HUD-1 is null and void.  Have folks initial this statement

Insurance Todayhttp://www.blogger.com/profile/03091179979469056118noreply@blogger.com0tag:blogger.com,1999:blog-6333289757543254923.post-4924790736670890872011-08-17T11:52:00.000-07:002011-12-07T16:15:08.364-08:00

So long as you have the consent of the mortgage lender, if there is one, and all parties, you simply create a new version of the HUD-1.  I like to put a bold easily found notation on the top of the first page that says something like:REVISED August 16, 2011 to correct the blah blah. You could also say that the earlier version of the HUD-1 is null and void.  Have folks initial this statement

Insurance Todayhttp://www.blogger.com/profile/03091179979469056118noreply@blogger.com0tag:blogger.com,1999:blog-6333289757543254923.post-59111309789570262362011-08-15T12:07:00.001-07:002011-12-07T16:18:39.776-08:00

This happens infrequently but enough that it warrants a post.  I received a request from a consulting company who is performing a post closing audit.  In this case they are performing the audit for a private mortgage insurance company.Presented as evidence of the authority to make the request is the typical quality control authorization signed by most borrowers at closing.  By signing the form

Insurance Todayhttp://www.blogger.com/profile/03091179979469056118noreply@blogger.com0tag:blogger.com,1999:blog-6333289757543254923.post-43740664797583453692011-08-15T12:07:00.000-07:002011-12-07T16:15:08.377-08:00

This happens infrequently but enough that it warrants a post.  I received a request from a consulting company who is performing a post closing audit.  In this case they are performing the audit for a private mortgage insurance company.Presented as evidence of the authority to make the request is the typical quality control authorization signed by most borrowers at closing.  By signing the form

Insurance Todayhttp://www.blogger.com/profile/03091179979469056118noreply@blogger.com0tag:blogger.com,1999:blog-6333289757543254923.post-14069037511714199122011-08-11T20:27:00.001-07:002011-12-07T16:18:39.809-08:00

I have never heard of a HUD-1 form being used by a sheriff.  I wouldn't expect to see documents that you would normally see in a real estate transaction.  This isn't a typical consumer transaction.  Read everything carefully and unless you have some experience with sheriff sales, I'd seek the advice of a competent real estate attorney.

Insurance Todayhttp://www.blogger.com/profile/03091179979469056118noreply@blogger.com0tag:blogger.com,1999:blog-6333289757543254923.post-52128305688882913872011-08-11T20:27:00.000-07:002011-12-07T16:15:08.392-08:00

I have never heard of a HUD-1 form being used by a sheriff.  I wouldn't expect to see documents that you would normally see in a real estate transaction.  This isn't a typical consumer transaction.  Read everything carefully and unless you have some experience with sheriff sales, I'd seek the advice of a competent real estate attorney.

Insurance Todayhttp://www.blogger.com/profile/03091179979469056118noreply@blogger.com0tag:blogger.com,1999:blog-6333289757543254923.post-10277424250591543352011-08-11T20:24:00.001-07:002011-12-07T16:18:39.842-08:00

No.   The loan policy protected the lien position for the mortgage lender.  It was a one time non-refundable premium.

Insurance Todayhttp://www.blogger.com/profile/03091179979469056118noreply@blogger.com0