TheMReport — News and strategies for the evolving mortgage marketplace.
Issue link: http://digital.themreport.com/i/81276
LOCAL EDITION SERVICING Commercial Real Estate Group Taps Into Refinancing Rush TO REVAMP AN EXISTING DEVELOPMENT, A REAL ESTATE COMPANY THAT SPECIALIZES IN SENIOR LIVING IS TURNING TO REFINANCING. MARYLAND // In Maryland, Sunrise Senior Living, Inc., is taking advantage of the recent refinancing boom. The real estate company has announced changes to its loan for Bethesda's Fox Hill assisted living community, noting that Sunrise has opted to refinance the existing mortgage. Sunrise tapped Eagle Bank to conduct the refinancing activ- ity, and the resulting new loan carries a principal amount of $26 million. Due to the reposition- ing of the loan, Sunrise has now been released from its obligation to the previous lender to fund operating deficits. Mark Ordan, Sunrise's CEO, by the Consumer Financial Protection Bureau (CFPB) in con- cert with the Federal Reserve, the FDIC, the National Credit Union Administration, and the Office of the Comptroller of the Currency. dealing with military members who receive permanent change of station orders. The joint guidance was released however, require any specific loss mitigation options. The CFPB and other agencies forbid servicers from requir- ing service members to relin- quish their rights under the Servicemembers Civil Relief Act in return for information about assistance for which they qualify. Servicers are also instructed Veterans Affairs support the new guidance, as do the Departments of Agriculture, Defense, Housing and Urban Development, Justice, and Treasury. Americas Insurance Achieves 'A' Rating from Demotech THE INSURANCE COMPANY HAS EARNED AN "EXCEPTIONAL" RANKING, ACCORDING TO DEMOTECH'S FSR FINDINGS. LOUISIANA // Americas Insurance Company is making the grade, earning an "A" from Demotech, Inc. The company recently an- commented, "We are pleased to be working with our venture partner and Eagle Bank to put our Fox Hill assisted living com- munity on sound footing." As part of the refinancing, Sunrise funded an estimated $6 million on behalf of the venture, which led to a modification of joint venture terms. Additionally, the return of Sunrise's new funding will take precedence over existing equity, and the venture partner's full return will be capped at $6.5 million, which represents the capital contribution. New Guidance for Military Relocation THE CFPB HAS RELEASED UPDATES TO ITS STATUTES FOR SERVICERS HANDLING MEMBERS OF THE MILITARY. DISTRICT OF COLUMBIA // Mortgage servicers received new guidance addressing protocol for 56 | THE M REPORT military members receive non- negotiable permanent change of station orders each year, and the new servicer guidance is intended "to ensure compliance with applicable consumer laws and regulations," according to a press release from the CFPB. The guidance instructs About one-third of the nation's nounced its decision to award Americas Insurance with the prime financial stability rating (FSR). The insurer's "A" status indicates "exceptional" financial stability based on the company's positive surplus in regard to policyholders and liquidity of invested assets. Americas Insurance's "accept- able" degree of leverage, realistic pricing, and reasonable loss and loss adjustment expense reserves also contributed to the company's strong review from Demotech. Explaining its methodology, not to advise service members to discontinue payment on their loans in order to qualify for loss mitigation assistance. Should the CFPB determine that servicers to provide military members "accurate, clear, and readily understandable informa- tion about available assistance options." The guidance does not, a servicer has "engaged in prac- tices that are unfair, deceptive, or abusive, or if a regulator determines that a mortgage servicer has in any way violated federal consumer financial laws, it will take appropri- ate enforcement action, CFPB in its press release. The Federal Housing Finance Agency and the Department of " stated the Demotech stated that its FSRs summarize the company's "opin- ion on the financial stability of an insurer regardless of gen- eral economic conditions or the phase of the underwriting cycle." Demotech also noted that organi- zations achieving an "A" rating or better are among those "accepted by the major participants in the secondary mortgage marketplace." Louisiana-based Americas Insurance is currently licensed to write property and casualty in- surance in 26 states, as well as the District of Columbia. Americas Insurance, which was acquired by Assure Holding Corporation in 2011, plans to expand its coverage into additional states as a "fronting carrier," providing SECONDARY MARKET ANALYTICS SERVICING ORIGINATION