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Think Tank 1110am Can insurance companies and banks ever be trusted

Dec 20, 2016|

Can insurance companies and banks ever be trusted? Louisiana flood victims are battling the same bureaucracy that Katrina victims fought.  Have no lessons been learned?  This hours guest: Darin Domingue - Chief Examiner, La. Office of Financial Institutions Brad Hassert - Compliance Director, La. State Licensing Board for Contractors

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Automatically Generated Transcript (may not be 100% accurate)

Borough and get a better headline in India and record that says quote. And businesses scolding me Cold War. Bad ones. Affected. The plugs in August. And the headline says it shouldn't be at this hour homeowners about red. Mortgage companies. Misinformation. To make a prepare. In the article. Dave mentioned the year. Regional office of financial institutions. So lucky enough to get to achieve victory over errands over the Darren I've appreciated the call. Are you are. The programs. Director says. We've never met way to buy a loan mortgage company with the right actors are in general contractor even though wouldn't rule a while old lists. And the ball pretty overseeing the construction. World hold. We never thought it would take two months of daily and cold in the bill did so well for global does. On its. To give permission. Your thoughts or are people running and to. Something that reasonable. Allow clubs but mortgage. Banks insurance companies don't. Yeah okay go on so we perceive nine. Complaints so for that in fall. Subcontracting. And what the mortgage loan servicers and lenders or god. What they or. Required follow these guidelines from the investors in the mortgages. Since. Since nineteen I'm. Since 2008 the mental moment jordin mortgages or somehow related to. Some type of government enterprise with a B Fannie Mae Freddie Mac they purchased some or their their FHA insured. All of you have certain guidelines we have listen those guidelines or links to our web site and and in those guidelines depending upon the amount of damage they're being made via you know. Contract required. So we've reached out to Fannie and Freddie and that's in discussions with them. And they're willing to look at case by case basis and possibly waive that requirement. But that's gonna depend upon circumstances surrounding mortgage amount of damage. The amount of the check in such. As live and when you bring to do so I think and even used it in mind tease of the show hearkens back to Katrina. But these numbers are no where near a country to run. No they're not. We we got a significantly. Larger amount complaint in the wake of Katrina and there's a couple of differences between Katrina and and what we're experiencing now first off. Is the the the mortgage market is different again like I mentioned that the overwhelming majority of mortgages or departures follow and the government sponsored enterprises or their government insured. There was a lot of private money back in the in the days of Katrina and the mortgages Lee not to that was when there's a big mortgage loans during that period. So the the available relief to consumers was. Varied. Much more varied than it is now as for what the different churches were able to do what they're willing to do. Back and we got a lot of initial complaints firstly the complaints and Katrina it was involving. He would sit and understand what their checks were made out to forties. So for you know that the insurance company makes it out to the borrower and the these mortgage or mature record company. In the wake of these floods we've only had 11 complaining all natural for the second wave a complaint with the with Katrina was a home. When the initial moratoriums or. Forbearance was granted. Those expired after ninety days and you were getting automatic notices computer generated notices let them know that there. All three or four payments would do otherwise they may face foreclosure. Even though that that certainly wasn't the case. So we've reached out to the this big servers are around and and got. Assurance for them that that won't happen but another difference with this man and in Katrina was that the more to those. More toward arms and forbearance was only for three months. The GST's. And FHA can expect or or initially offering the consumers qualified. Up to six months of some type of forbearance or else. Or release and then I can be extended for another six month. Where would you mean of the consumers squall. Well you know that depend again on on payment history of their current on their mortgage. They amount of the damage if it's a total loss and they're not willing to they're not want to rebuild. Then you know that couple out the window. You know our energy evolved banks in mortgage company. No longer have ownership of the mortgages. Duke being sure what were boarded the insurance companies come. Okay well the insurance companies or or or or the one to move make checks you know where the B flooding tractor home insurance. On the insurance companies are bound by opting case to the terms of the mortgage Turkey if you have a mortgage he there's a you know. A paragraph in there where you agreed to have insurance and then. You beat DO CD mortgage holder or the searcher is listed as one of the pay these joint page with the consumer. Actually interest come who's gonna cut their initial check to both. The the mortgage company to address to the mortgage company and the idea of the consumer. So. If a homeowner was in the area. Where do you corps of engineers and said you don't need the insurance but they had insurance with the company that acquired it. And they didn't. Then they go problem. If if they were required to have flooding church but they didn't obtain it. There's a resent. From the insurance company. Okay if get them at I thought I heard Wednesday. The insurance companies. In there are agreements. You have to have insurer. Stone panel the insurance company okay no in the mortgage agreement there's there's a blanket statement that addresses in church. And it did just said that that you'll provide certain types of in church okay. But in your touching your mortgage documents. And it will it will make the people. Dictate that the lender or there sure sure we get joint pretty well whatever type in church you have it done that's certainly. That button itself won't necessarily mandate Pletcher. Are there and trig break here moto we come back. Listeners twos ads are one except in particular. Visit if you're in the flood zone. One of the things poured out at least from what I am learning now. We get a handle and that suggest as homeowners. Plural. Are battling red tape mortgage companies miscommunication. But then I read. Thirtieth and 39 Britain complaints involved insurance 35 Britain complaints involved insurance claims three and ball. Failing to release its excess insurance funds. One ball it's a pity all dispute. At least. According to the numbers done looking at looking at. Douglas seemed to be. Problem with the bureaucracy. That we all page what do you think in particular. If you're disciplined so give sculptures are drew 17. In the public. Are welcome back doors thank everybody good and we're could have learned that says. Quote from homeowners into this or homeowners. Or role. Battle red tape mortgage companies in this communications from the plug repairs when you read that line. When you read the interviews with the U. People that were interviewed. You got to Harken back to could prove them but why. We're hearing from Darren drove it achieved exam Louisiana all of its financial institution would talk about 3030 and I and written complaints. Involved insurance 35 written complaint compiled insurance clay and only three failing to release successive. Insurance bones. And more involved to appeal dispute so. All the words when the rule I think we had thousands or tens of thousands of people. Affected by the August floods and at least two of them here in for Daryn it's plural but it you know it's not the tree and I don't. Yeah it's it's not the level that we experienced just this. Close to Katrina. From display but do expect these to increase but I think some of it's going to be. Attributable to that the differences in in relief that's available to the consumers now vs what was available and Katrina. Or an political spectrum more moved to Europe quotes it says it's. Major part of the problem with the Wells Fargo in particular. Lenders customers' service workers or on from those who booed Louisiana law. The lips homeowners serve is owned general contractor. And is impossible who have. The chain of Wells Fargo. To have fun and somebody who is huge that it wall oral Louisiana homers allowed. To serve loser girl in general contractor. Yes that's my understanding but the big question there was was about Louisiana law that. What I think was not addressed is the fact that the server features. That the investors in those loans in the case of Fannie or Freddie or an epic trade type blown. They're guidelines that you don't require certain insists is that contractors be utilized that that's separate and apart from. What Louis gentlemen for. So does that override Louisiana law. Well it's it's it's. It happened the war rides Louisiana law it's a requirement of the the investor in the lone. Sure bootable general says is so well and and the requirement in the investors say he. We don't. I have that double drove rod won't Wear and. Well no double loss just gonna to dictate whether or not she need to use licensed contractor did do work on your home. So that that would be whether or not that person needs to be licensed or not. This is a contractual issue which your mortgage companies are sure that requires insurance and have certain guidelines for the adventure shall. That would. We would be different. And sort of b.s who didn't punch. Do I was younger law doesn't allow whole mood Serbs are owned journal content. And the mortgage companies and banks what are we investors may be. They have a different set of rules have done little while. Well it would be a condition of alone there orbit servicing that loan so which is which can you know you can. He even though some maybe permissible by statute or by law in Louisiana. You can contract for purge something more more stringent or or a different requirement. Bingo it but. Wind and when somebody's going opponents say it would have a home with the votes on two like we'll forego should well forgone saying. Be advised a loser and lord says anything happens you are home. You're allowed to active drilling contractor by our investors don't allow. OK so I can't really come out specific company but that's the type. Saying we or we are running into with benign complaint we've we've we've received the involving subcontracting. Is that they want to do their own contract in. And the the lenders are surely you are saying well you know the government that we have to operate under doesn't allow this so we're we're trying to our contacts with. There investors such as Fannie Mae or Freddie Mac to try and get waivers in most cases. Our before illusion. We we always had trouble getting an update on what that should -- where a patient is in the flood zones. All we do do we have hundreds or thousands attend the thousands of people unable to get back to new homes or businesses. Or or or of the insurance. Payments kicking in and then people coming back. We don't track that kind of information we tracked you know our licensees and and what's going on with our what he's put. But we're we're probably not the agency to get that type information from a dictate what I heard on the streets is that. You know but a lot of people are still still waiting for. Didn't contractors are getting supplies and and the and and get repairs done. Daring. Fully engaged and you can only tell me book and use you know roads open and through institutions. Who. I've appreciated the call very much you have a good day. Thank you Garland and garlic can. It did give maybe give up our our phone number as you do it you had web so your resume so if anyone has the complaint many listeners have a complaint they can contact us at a paltry number. 18885259414. Our web site is www. OFI dot LE dot GOP. Attitudes among actual date pinky. A couple of thoughts and in the news in view again the headline. Big headline. It shouldn't read this sort homeowners can oral Donald red tape mortgage companies. This information to mig club repair. Now when I read that I have we been crucial on this sound like Katrina all over again now can happen. In them when you read detects off loaded it's certainly concerning bird it's three of four homeowner. And them when I get Delano. And he says. According. To their numbers are only talking about 3839. And homeowners may be deported. Soon turned flop number Warren. Are our distrust. Of news. And or headline on the answering that phone is. Are our headlines dared to capture attention makers political and dual radio show and won them over. And oftentimes. Is seeded in exaggeration. And ordered to get the breeders or balloons this year. Or watching and television. And they and they applauded. Darren was trying his best explained to him. But if you take out a mortgage would Wells Fargo. And say you'll understand via Katrina we've we've got a family you're in Louisiana of the boom through adapting the mood grew through Katrina. And now they're going through the deployed nightmare. In Baton Rouge area. And they're experiencing the same thing as Katrina. But if in mortgage company. Has investors. That seed to you. You can't allow homeowners to actives are owned general contractors. Even if they have before. Should they not be obligated. To say too good terms and taken out the mortgage. Incidentally. Yeah zevil or a loser oh how June drew doing bits. And if you call. Louisiana department sought. UB told legally yeah Hugh can go get Jerome contractor. And then when you come back to the mortgage company gets her money. They should wise actually aren't best jurors. Don't allow you to do that isn't it incumbent on the mortgage companies. To tell you that when you sign in the market. It's it's just. We're getting headlines. And we're finding. One. Or they had lunch really true. And tune. The same insurance W mortgage company bench we had trouble with the in the pants. Should they lay out everything in the flood zones in this state that it's so much trouble and water. To explain what abrupt precautions might be. Your thoughts through six or 17. Dubbed. Or word think your brother headline and in the U advocate that sentence. It shouldn't be this our home battle red tape mortgage companies ms. communications. To make club repair. Talking about homeowners that worry invaded in bed ruined to have plugged in August. And lived a headline and certainly suggests that there are a lot of people plugging them fight when you read the article. Talk about three or four people we just had. Cubic general you know financial institutions. Says and actually today. Thirty Iran Britain complaints that before form inquiries and then by lenders are whose potential complaint. Forward and not written complaint would recede. And no words that thousands or tens of thousands of people. Affected we're talking about to report 39 complaints. According. To institution. And are gay it's I don't think. And reason lead to comment on the oval and bought. Part of problem seeing stability. Is mortgage companies. Granted these mortgage news in thing. Field is filled with people that if you could plotted or fire weather Brittany did eat. The original law allowed you'd would be immoral and contractor but our world and murderers. Do not allow. So those are worried talked about. A couple of programs. Have a mortgage with Wells Fargo. Constantly going to them and saying hey we've we've acted in his own contractors who. Is it's oh well. And will forego says it's no it's not true and what important in the reports goodies today. Audit contractors. Or so busy there turn of turn it wouldn't work and lot don't even return there all. So I think arduous and talked about bread captured compliance director. Resumes for a licensing boards for contractors Brenda appreciated the call. So what it would contractors. Or there and all out there and in the sports wrap. Are we think there's enough out there we think that there's certainly not like its contractors out there. But there is an exceptional now warped enough of slower than expected regions obviously and the it is going to be smoke propped up for everybody involved with the. And if if somebody acts is their own contract through and younger goes a law does allow. It. Sir and then again if they're mortgage company has investors. That say or contrary we don't. Does that override. Boo boo who's gonna walk. I did appear that it. All backing up their mortgage may contractual agreement. Of bear in mind that who the licensing board for contractors strictly deals with the licensing aspects of those contractors that are service in the public. But it is as far as we're recouping your. There is church money from your porch copy your insurance company. Who we we don't have any control over that we have at numerous points of the right thing and they've been ordered all. We read that fine print file and print plug in president courage they wouldn't be taken a break come back to go in there for five minutes. Talking with a brand New Hampshire is compliant director loose a licensing board for contractors. In particular route is pure bloods over a fan of leaders from friends that all our India. Questions. We've got there experts it was called tubes eggs are one leaks government but now. Think you're better headline and and India could says it shouldn't do this or to hold hold a red tape mortgage companies whose communications from the liberal parents. And we did in the article they've been mentioned. If you're looking for contractors there are hard spine. Hard to get responses. Broaden. Bug to handle that side of the equation we have brand New Hampshire. Compliance director of regents say the licensing board for contractors. Or do you do the people in this article or did he would weren't in the article the flame. Having trouble finding contractor Victoria even getting response. What will what did you think user and easily waited too. An easy way to contract. Well are they that are all this as they eat web site in the LLA opponent out that rule. Help you identify lightened contractor by your region or your area. Also by the type of work mr. looked in the get done. I'll and there's there's a want to belong there out I would say you know that again. It's going to be a slow process where ego that most of you contractors who are properly lighten ensure that all ought to do the work they are very very bit vehicle. Would we do speak contract again or still accepting. New projects and there are open to that and I said that the web site or don't now well well yeah I don't. Yeah. If they Helen. Save tried to get a con trying to herb from another state. Is online order dia do have a Louisiana lights. Well you you do have to be like Eton Louisiana however we do all urged her to prop. Rough the property agreements with some states are the contractors and that's something that. That a homeowner or someone looking to do our state contractor. We just put that down that they can get a contractor to all the strong football are all as we gave them properly licensed nuclear most of the time that not anything that maybe they're cute delay. Just got to paperwork and picture that although the lighten our blight is not estate in terms that are. Into interstate scum of mud and with the roads were brought said the agreement. Is it different lightens class vacations. Very good state the state. Certainly they're there's an agreement with Mississippi. And and I believe Arkansas and there are all over the place Collin to know what exactly we're looking to get. Are a spinal cord Sherlund done nor do we know much time with the for those that want to hire a contractor. Anything that should look for to make sure do their good con trying to rule more. Even launched they get started things that you should watch for. Well we recommend that everybody partly contract and is properly light it is the big bear five that there in church was earn points. We also suggest that you do look towards their reputation as orient. The quality of their past war products and perhaps at this piece about adopt they've completed. Our need to get to reviews from prior clients. Are we due caution and to read their contract extremely cautiously and carefully. And if they're uncertain about popular that begins to leak would bite on it and certainly don't pay up on any more than a part sparked job. That's one of the issues that we get a lot of complaints on. I'll do it any contract that that you were off on purpose on the payment book or explore Horry large portion and that put start at typically are red black. Or do anything I'm not asking build our listeners should know. Thus doubly we've covered it all we recommend that everybody does you don't like the contractor. An at bat boy. We have a little bit of control it and we being that the state of the government over. The fact that they do have the proper light and the inflates. That they do and their insurance as it plays that they had the financial wherewithal the a spin or to withstand the project Armon liked. All leaders usually some degree of competency testing before they newborn get their license. And Kim people communicated with the video licensing board. Sir you can contact us at 2257652301. Also we are on the Internet it that we beat L a BC dot com and are not ago. He and we have a I've but are up a map that. I'm trying to find it for you at its LA contractor. On on your out a company viewed more potent. We are available and ultimately what that they have. Brad thank you Brooke has done you have good day marry grocery. Crow. All right and India and again. Go back to the headline. And again on. Inputs off. I'm not accusing. This sort of lies and of doing what I'm thinking about. But when it sells home owners plural battle red tape. Mortgage companies miscommunication. The big club repairs. And read the article in there talking about the report homeowners than we give the yeah. She be examined Louise general opens financial institutions. And sing if by 39. Complaints. And the Gilbert talking about. Thousands of people. Perhaps tens of thousands of people certainly thousands of homes. M Reid talked to grow brand New Hampshire did Sergio being got a contractors shortage. That is true device called follow him on Tuesday despite. You can get on web sites and its appeal or consult taxes and blown one. And that I could go goes through our our lack of trust in the media. Or we'd today I did the show because they headline. Sounded like post-Katrina. All over again. And what I got into the guts of absurdly well we've learned from Forbes should judge. It's nowhere in here that model for a fraction of that. So reserves once again. What you read newspapers here and talk Josie on television. Turning out not. To be what they have blond was what the league breed blogs. And what does that do to trust over all. Just the thought in the old thing tank coming right back. And comer on the actual good more trouble with China apparently China's thrown out the which called the south China as he ruled back the rule book. Where we have some America and trying to do you're certain ruled what they did they stole one of our drones. Not the drone Jameer but the drones under water. Reset to Jones there it checked and climate and temperature. And density of water. Well they took it from stolen. And will love talk about possible repercussions Bloomberg come acts they were in the think tank. Albert up now.