Insurance news shows the mis-selling complaints in the U.K. continue

UK cyber Insurance industry News united kingdom

A recent report issued by the watchdog organization has revealed that banks will need to provide more in payouts. The Financial Ombudsman Service in the United Kingdom has now stated that the number of complaints that it has received with regards to the insurance news of the mis-selling scandal in the country have skyrocketed within the six months that ended in September. This has increased the odds that banks will be required to pay a higher amount for compensations. The Financial Ombudsman Service is the official watchdog that steps in…

Read More

Can personal property be included in the Purchase Agreement?

Underwriters are always blamed for being picky but when they see personal property listed on the first page of a Purchase Agreement, they get super crabby.  The underwriter will claim that that the loan will not be insured if there is personal property included in the sale. Here is an example:  The agreed upon Purchase Price of a home is $200,000.  In that $200,000 agreement, the Seller has included an outdoor play set in the backyard. The Play set is not considered “real property” but is considered “chattel” which is…

Read More

Force placed insurance rules on their way to New York

forced placed insurance homeowners

The state intends to implement some sizable and widespread regulations to this practice. Officials from New York have just proposed a new comprehensive list of rules in order to reform the practices of force placed insurance (also known as lender placed or creditor placed), for the industry within that state. These regulations are meant to help to make sure that the procedures will be kept free of abuse. This Department of Financial Services (DFS) in New York has stated that the regulations for force placed insurance are being designed in…

Read More

I Need to Get a Mortgage – Who do I Call First?

auto insurance defensive driving course

Mortgage rates have risen about 1% in the last 4 months of 2013. We even had some days that rates would rise 4 times in one day (read about that here). Refinancing your loan is no longer the cool topic at the hors d’oeuvre table at the Bunco party or at the water cooler discussion in the office.  This is usually the spot where you will find a “topper” or “one-upper” who jumps into the conversation and says “Oh, yeah…  Well I got a mortgage rate of 1.99% for 30…

Read More

12 First Time Homebuyer Mistakes to Avoid

As the housing market and economy continue to strengthen, many folks feel they are back on their feet and are looking to buy their first home.  The price for renting a home continues to increase as well, adding urgency to many young adults. Understanding the Home Buying Process Buying your first home is an intimidating process.  Not only is this uncharted territory, this is usually the largest financial purchase you will make in your lifetime.  Plus, there are a lot of moving parts including finding a home, making the offer,…

Read More