Financial institutions within the state are making efforts to try to issue the payments more quickly.
The New York Department of Financial Services has announced that five of the largest banks and mortgage service institutions within the state have assigned reps to help to make the homeowners insurance cash settlements more quickly throughout this week for the Sandy claims that have remained unpaid.
There have been a number of different locations established in which those representatives can be contacted.
The reps are available to homeowners insurance customers at various Disaster Assistance Centers. They are located in New York City and on Long Island. They will continue to remain in place until Saturday, in the hopes of processing a maximum number of claims steps so that policyholders can receive their payments more quickly.
The point is to provide homeowners insurance customers with additional assistance in completing their claims.
Many of the people who have made claims on their homeowners insurance policies still need help to complete the final steps that will make it possible for the banks to endorse the checks for the settlements. Those payments are typically often jointly, so this will provide precisely the type of opportunity to wrap everything up at the same time so that the payment can be issued.
The lenders that are participating in this program are Wells Fargo, JPMorgan Chase, CitiMortgage, Bank of America, and Ocwen Loan Servicing. Assurant representatives will also be present in order to speed things along on behalf of several other smaller mortgage servicers and banks.
The specific locations of these homeowners insurance assistance centers for the Sandy victims who have still not received their settlements include in Copiague, Seaford, Long Beach, Staten Island, and Averne.
According to the department, it has recently determined that there is still approximately $200 million or more being held by banks that is set aside for payments to the homeowners insurance customers who are waiting for their settlements for the damage left behind by Sandy. The intention is to use this week to push the process along so that those funds can end up in the policyholders’ accounts much more quickly.