Difference between revisions of "Lender Response Materials"
Alanfields (talk | contribs) |
Alanfields (talk | contribs) |
||
| (7 intermediate revisions by the same user not shown) | |||
| Line 1: | Line 1: | ||
| − | + | From time to time we get lenders or lender's counsel questioning WFG's acceptability for a particular transaction | |
| + | Depending on the nature of the questions, below are sample letters I have used (each of these was updated through 4/2020). | ||
| − | [https://uww.wfgnationaltitle.com/images/ | + | *[https://uww.wfgnationaltitle.com/images/0/0a/Response_to_Lender_Info_Request_2020_04.docx Response to Lender Info Request updated: 4/18/2020] |
| − | [https://uww.wfgnationaltitle.com/images/ | + | *[https://uww.wfgnationaltitle.com/images/7/73/Response_Letter_to_Counsel_--_Updated_for_2020.docx Response Letter to Lender Counsel updated: 4/18/2020] |
| − | [https://uww.wfgnationaltitle.com/images/ | + | *[https://uww.wfgnationaltitle.com/images/f/f0/Agent_to_Lender_--_trigger_due_diligence_package.docx Suggested Email from Agent to Lender to trigger lender due diligence Updated: 4/18/2020] |
| − | [https://uww.wfgnationaltitle.com/images/5/59/Commercial_Talking_Points_Questions.docx Commercial Talking Points] | + | |
| + | When discussing WFG's capacity, here are some of the talking points I use. These are also suitable for cut and paste into e-mails, but probably should not be sent out AS IS. | ||
| + | |||
| + | *[https://uww.wfgnationaltitle.com/images/5/59/Commercial_Talking_Points_Questions.docx Commercial Talking Points] | ||
| + | |||
| + | *[https://uww.wfgnationaltitle.com/images/e/ed/Direct_Access_Response.docx Sample "Direct Access" Response] | ||
| + | |||
| + | |||
| + | We sometimes get requests for a copy of our Lloyd's reinsurance or the form of reinsurance coverage we obtain for amounts over $20M. In order to get the best pricing, we team up with a number of smaller title insurance companies and jointly purchase our reinsurance. You will see that these contracts run to a group of insurers. That doesn't limit the individual coverages. | ||
| + | |||
| + | *[https://uww.wfgnationaltitle.com/images/8/86/Final_Signed_Slip_-_B0572YR200062_-_Group_Excess_Layer_1.pdf 2020 Lloyds Reinsurance Treaty $3-10M] | ||
| + | |||
| + | *[https://uww.wfgnationaltitle.com/images/0/0c/Final_Signed_Slip_-_B0572YR200063_-_Group_Excess_Layer_2.pdf 2020 Lloyds Reinsurance Treaty $10-20M] | ||
| + | |||
| + | *[https://uww.wfgnationaltitle.com/images/d/d5/ALTA_Int%27l_Facultative_Reins_Agreement_With_Direct_Access_10-16-08.doc Form of Facultative Reinsurance Agreement over $20M] | ||
| + | |||
| + | |||
| + | General about the company: | ||
| + | |||
| + | *[https://uww.wfgnationaltitle.com/images/e/e5/WFGNTIC.Form9.AS.2019.final.pdf 2019 Form 9 Annual Statement] | ||
| + | |||
| + | *[https://national.wfgnationaltitle.com/wp-content/uploads/2020/02/WFG-State-of-Co-Q4-2019.2.pdf WFG State of the Company Report] | ||
| + | |||
| + | |||
| + | Many states set a "single risk limit" (the maximum amount of any single policy) based on differing formulae that take into account a company's surplus, reserves, statutory premium reserves, and other factors. In all states you are allowed to exceed the single risk limit with acceptable reinsurance. Once in a while, someone asks for that information, which we update every year when the Year End Form 9s are released. | ||
| + | |||
| + | *[https://uww.wfgnationaltitle.com/images/b/bc/Single_Risk_Limits_2020.pdf Single Risk Limit YE 2019] | ||
| + | |||
| + | |||
| + | If you find other questions we need to address for our lenders, please add them here. | ||
Latest revision as of 09:25, 20 April 2020
From time to time we get lenders or lender's counsel questioning WFG's acceptability for a particular transaction Depending on the nature of the questions, below are sample letters I have used (each of these was updated through 4/2020).
When discussing WFG's capacity, here are some of the talking points I use. These are also suitable for cut and paste into e-mails, but probably should not be sent out AS IS.
We sometimes get requests for a copy of our Lloyd's reinsurance or the form of reinsurance coverage we obtain for amounts over $20M. In order to get the best pricing, we team up with a number of smaller title insurance companies and jointly purchase our reinsurance. You will see that these contracts run to a group of insurers. That doesn't limit the individual coverages.
General about the company:
Many states set a "single risk limit" (the maximum amount of any single policy) based on differing formulae that take into account a company's surplus, reserves, statutory premium reserves, and other factors. In all states you are allowed to exceed the single risk limit with acceptable reinsurance. Once in a while, someone asks for that information, which we update every year when the Year End Form 9s are released.
If you find other questions we need to address for our lenders, please add them here.
