Clients Must Use Insurer’s Contractor or Face $10k Cap (FL)

Beginning in February, Citizens will be able to force commercial and residential property policyholders who file claims for all non-weather water losses to use the company’s preapproved contractor or agree to limit their total payout to $10,000. This arbitrary figure is artificially low, as many claims involving water losses often cost much more to repair.  It is no surprise that Citizens and other insurance carriers would seek to impose such a measure in order to keep their claim payouts as low as possible. By forcing policyholders to use carrier-preferred contractors, insurers would be able to negotiate deeply discounted rates from their selected vendors, which will always be incentivized to acquiesce to the insurance companies in order to maintain their preferred status.  Read the article…………….

Pros and Cons of Gated and Non-Gated Community Associations: Thoughts and Considerations

A safe neighborhood is a top priority of home buyers. For many of these home buyers, a gated community is an attractive option. The gate represents protection from the outside world by the careful monitoring of those entering the community. Is a gate, guarded or otherwise, an accurate representation of protection or just an illusion? Let’s examine the pros and cons of gated community associations.   Read the article…………….

The Condo Association Board Socialite Profile

The word “community” is prominent in community Associations. This implies more than just a Condo Association where bills are paid on time and reserve studies are built. While those are necessities, they are not enough. A Condo Association should thrive as well. That is where the Condo Association Board Socialite comes in. Their goal is to enhance the community they live in.    Read the article……………..

Monday Morning Cup of Coffee: Is the way the CFPB handles enforcement about to change?

Every day, it seems there’s a new rumor surrounding the apparently looming departure of Consumer Financial Protection Bureau Director Richard Cordray. But regardless of what happens to Cordray, the way the CFPB handles enforcement could be changing as we speak. Plus, the senators from Nevada call on the mortgage business to grant relief to victims of the Las Vegas shooting. All that, and more, in your Monday Morning Cup of Coffee.

Always the same old HOA news

When there’s news about HOAs on TV or in newspapers, it’s mostly the same old news over and over again. Someone puts up a flag, changes something on their home, has hens, roosters or pigs on their property, maybe playground equipment. Things like that. If reporters happen to call, what happens? Lots of scrambling around, probably. An OMG! moment. There’s a reporter calling, emailing or knocking on the door! What are we going to do?    Read the article…………….

Randal Quarles officially takes over as Fed’s point person on banking supervision

After being confirmed last week in the Senate by a 65-32 margin, Randal Quarles officially took his place as a member of the Board of Governors of the Federal Reserve System on Friday. Quarles will also serve as the Fed’s vice chairman of supervision, a position that many consider to be the most powerful in banking.

Rep. Beatty grills HUD Secretary Carson on future of FHA mortgage insurance premiums

During Department of Housing and Urban Development Secretary Ben Carson’s hearing before the House Financial Services Committee, Rep. Joyce Beatty, D-Ohio, grilled him on the status of Federal Housing Administration mortgage insurance premium cuts. Since the cuts were suspended, very little information has come out on if HUD will reinstate them.

Ohio extends ban on doing business with Wells Fargo

Wells Fargo may believe that it’s made significant progress to regain the public’s trust in the wake of last year’s fake account scandal, but Ohio Gov. John Kasich says the bank hasn’t done enough yet – and that’s why the state of Ohio won’t be doing business with Wells Fargo for at least six more months.

Amid scandal, SoFi bails on becoming a bank

While the chances were already slim, SoFi announced on Friday that it is pulling its application to open a bank, as it continues to deal with claims over its alleged toxic work environment. However, SoFi hasn’t fully given up on the idea.