Enterprise Life was adjudged the life insurance company of the year 2011 by the Chartered Institute of Marketing Ghana (CIMG) at the Banquet hall, State House- Accra. The award was conferred onto the company as a result of effective strategic marketing activities, the introduction of affordable life assurance products, their ability to excite the market as demonstrated by their ceaseless efforts at marrying market insights with decision making and corporate social responsibility initiatives. A citation accompanying the awards read “Enterprise Life has since its establishment in September, 2001 remained focused on their vision to be the leader in the life assurance service delivery in Ghana, a path they have chartered painlessly and maintained their status as the pacesetters in the Life assurance industry”. The citation went on to mention how those strategies had culminated in Enterprise Life’s introduction in several life enhancing products such as the Enhanced Funeral finance Plan , Enhanced life time Needs plan and the Claim Xpress service, with the help of highly motivated staff.
Enterprise Life’s policy of “One visit for Claim Payment” and faster claim settlement has resulted in an increase in value of new business generated to 128 per cent. The citation went on to say “your total knowledge and understanding of the market place has urged you on to create more distribution outlets and create more innovative products through a highly trained and motivated team to reach every nook and cranny of the country.”
The Executive Director, MR C.C Bruce (JNR) was very grateful to policy holders and staff for making Enterprise Life number one and assured the general public that, “Rest assured” Enterprise Life will continue to churn out innovative and affordable life changing products Source- Daily graphic Business desk -Tuesday, September 11, 2012
Loans can be issued to you both legally and fraudulently. So if there’s a suspicious entry in your credit report, get to the bottom of the matter immediately
After a recent monetary policy review, Reserve Bank of India Governor Shaktikanta Das said the apex bank has been receiving many complaints against digital lenders. Customers found that loans were disbursed to them without their consent, which led to a drop in their credit scores.
Adhil Shetty, chief executive officer (CEO), BankBazaar says, “Recently, several people mentioned on social media that they were surprised to find loans issued against their PANs by lending institutions. Worse, some of the loans had been defaulted on. For no fault of theirs, these people’s credit …
Fannie Mae’s national housing survey from last year found that consumers believe that housing in their area is becoming less affordable and more difficult to find, contributing to their lack of enthusiasm to move.
According to the survey conducted in the third quarter of 2021, 69% of participants share these sentiments. This marks a 20-plus percentage increase in consumer perception compared to five years ago, when only 45% of participants felt this way.
A blog by two Fannie Mae researchers — Rachel Zimmerman, market research advisor, and Kim Betancourt, senior director of economics and multifamily research — published this week said that consumer perception around housing affordability is in part contributing to inventory constraints.
The authors argue that homeowners may feel that their current housing costs are affordable in an otherwise unaffordable area, dissuading them from looking at other properties.
“While this can be true for either homeowners or renters, in our view homeowners probably feel this pressure a bit more acutely, since a stable, affordable mortgage payment would likely disincentivize many from selling and having to go through the purchase process again,” the researchers said in the blog post.
By some accounts, housing inventory in America hit an all-time low in December 2021. The lack of inventory has been a pressing problem for a number of years, in part exacerbated by building delays caused by supply-chain pressures and building materials
The survey found that a whooping 92% of mortgage holders think that their current home was “somewhat affordable.” This sentiment might be a driver for disincentivizing people from listing their homes, Fannie Mae’s researchers said.
This perception has likely “constrained the supply of homes for sale and made it even more difficult for potential first-time homebuyers to take advantage of low mortgage rates and escape record-high rent increases,” the blog said.
Mortgage rates have sky-rocketed in the last couple of months, with Freddie Mac’s most recent survey showing that mortgage rates crossed the 5% threshold. The notable rise may further discourage homeowners from listing their properties, or looking for other housing alternatives.
Mark Palim, deputy chief economist at Fannie Mae, said that rising rates will “undoubtedly have an impact on listings.”
“We know from the past that that when mortgage rates move up significantly, rapidly in a short period, that home sales slow,” Palim said. “So you know, people who have a 3% mortgage or a 3.5% rate mortgage. They’ve got to take that into account, right? They’re not going to want to give that mortgage up easily.”
The 2021 survey found that consumers who did express the desire to move were driven by work/personal lifestyle, rent prices going up, and wanting more outdoor space.
Per Fannie Mae’s data, rent prices increased by 10% in 2021 alone and prices are expected to increase by 4% to 5% in 2022. This is pushing renters to consider buying a house, the blog said. And many renters are eyeing rural areas as an oasis for affordable housing options.
The researchers conclude that the insights from the survey suggest that the availability of homes or rental properties in slightly less dense areas “would likely be welcome relief for many households,” the blog reads.
“But with single-family housing prices expected to increase by 7.6% in 2022, as measured by the FHFA Purchase-Only Index, after rising an astonishing 17.6% in 2021, both current and potential homeowners may continue to have difficulty purchasing a home,” the researchers wrote.
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Apollo Group has provided a first of its kind insurance solution for Europe’s first zero-occupancy on-road autonomous vehicle journey, completed by autonomous vehicle software company, Oxbotica.
This marks not only a European first for Oxford and Toronto based Oxbotica, but also a first of its kind UK insurance solution created specifically for and tailored to the new and evolving risks associated with Level 4 autonomy on open roads.
The insurance programme was created by Apollo ibott through its managing general agent (MGA), in partnership in the UK with insurer Aioi Nissay Dowa Europe, and arranged by re/insurance broker, Marsh.
The programme is a landmark placement and significant milestone in the journey to create an insurance market for autonomous technology that will enable and bolster the development and deployment of this transformative technology.
At the same time, the all-electric AppliedEV vehicle is operating in Oxford with no on-board driver, marking the next step in commercialising AV technology.
In addition, Oxbotica will also now accelerate commercial deployment of autonomous vehicles globally.
By working with partners, including ZF, bp and NEVS, the technology will enable autonomous passenger shuttles and industry-specific platforms across multiple domains.
Rebecca Marsden, underwriter at Apollo ibott, said: “The world is on the cusp of a once in a lifetime world-changing technology revolution, and Apollo through its ibott business, in partnership in the UK with Aioi Nissay Dowa Europe as insurer, is thrilled to have taken the first step with Oxbotica in ensuring universal autonomy reaches its full potential, enabled by innovative, comprehensive and flexible insurance solutions.”
Sam Tiltman, sharing economy and mobility leader, UK & Ireland, Marsh, added: “Insurance is fundamental to the advancement of Oxbotica’s trials; this latest exciting development signals growing market confidence in how AVs will revolutionise UK transport infrastructure.”
Moreover, founded in 2014 by Paul Newman, Oxbotica’s full stack, end-to-end universal autonomy software, the Oxbotica Driver, is both vehicle and platform-agnostic, with no dependence on external infrastructure such as GPS.
The Oxbotica Driver also uses a combination of radar vision and laser-based sensors to provide the vehicle with a strong understanding of its surroundings, with multiple AI continuously checking, and explaining decisions.
This process is a foundational requirement for the safe deployment of zero-occupancy autonomous vehicles and underpins the development of innovative insurance solutions for the future of transportation.
Last year, mortgage originators had the best of everything — low interest rates that attracted plenty of refinancings and increasing purchase demand at the same time.
But as easy as it was for Top Producers to bring in customers last year, in 2022 they will have to work much harder to keep their origination numbers up while they shift their business models primarily by adding to, or adjusting, their product menus.
The leading originators that National Mortgage News spoke with already have implemented changes to their business plans to maintain their success.
Crewing up to manage mortgage change in the purchase market
Leaders in the mortgage industry do many things right, but what they are truly expert at is managing change. Read to learn more.
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Some Top Producers, in order to deal with the large inflow of loan applications last year, had created separate workflows to increase efficiency. It was the third period in Thuan Nguyen’s 16-year career in the mortgage business in which interest rates fell to a new low point.
“I learned from my previous experience that when rates dropped, I could not scale. I could not handle more business,” said Nguyen, the president of Loan Factory in San Jose, California who was the No. 1 originator in this year’s survey with $2.47 billion in loan volume in 2021. He took the lessons learned from the previous two times when rates bottomed out when he, along with other originators, found themselves dealing with capacity issues. In addition to putting new systems into practice, he staffed up to handle the additional business (Including Nguyen, Loan Factory has eight producers in the top 400).
“I myself, [and] we [at Loan Factory] prepared so that we can continue to take more business and we can close locally and keep the customer happy,” Nguyen said.
Last year was about execution, added Michael Borodinsky, a producing branch manager at Caliber Home Loans’ Edison, New Jersey office.
“That was the critical issue,” he said. “For example, we used a system to prioritize refinance transactions versus purchase transactions.”
But Borodinsky wasn’t ignoring the other side of the origination equation, declaring, “we never, ever took our foot off the gas or our focus away from purchase.” He produced $346.9 million in 2021. Still, the anxiety during last year was about managing the volume coming in. This year is a different story in terms of back office capacity.
“The loan officers are going to have to go to work this year in a way that they haven’t seen probably since 2018,” he said.
Reginald Maddox, a vice president and regional manager at McLean Mortgage in Fairfax, Virginia, was already doing fewer refis, and thus total volume, in 2021 than the previous year. But, his production remained elevated at $422.3 million, thanks to a lot of hard work and long hours.
“So when I talk to loan officers who come to me and say, ‘what can I do to better my game?’ one thing I tell them is be honest to a fault,” Maddox explained. “Tell everyone the truth. Don’t fiddle around because you’re going to waste your time only to lose the client anyway.”
Key to keeping clients is having a product set to offer in any environment. Melissa Cohn, a vice president at William Raveis Mortgage in the Shelton, Connecticut office, educates her clients about adjustable rate mortgages. It’s a product that, between its post-crisis reputation and the record-low interest rates, has gotten little market share in more than a decade.
While she sold plenty of fixed-rate mortgages during the recent boom, not every borrower qualifies for one. Cohn’s volume last year was $276.1 million.
“Do they need an adjustable because of their debt-to- income? Do they need an adjustable with a bank that’s more forgiving on credit scores?” said Cohn, a 40-year veteran of the mortgage field who’s been a leading originator for many years. “Everyone needs to look at what the best rate and product is for themselves, for their circumstances.”
Today’s ARMs are not the negative amortization sort that has been cited as a cause of the housing crisis and borrowers need to be educated on that, Cohn said, adding that loan officers need to learn something as well. “A lot of originators today have to understand that we can’t put our best rate forward anymore,” Cohn said. “I’ve known this for years that you can’t sell rate, you have to sell approval.”
It’s all about understanding the borrower and understanding the type of property they want to purchase, she continued. That is key for thriving at a time when potential home buyers are well aware of headlines about rising interest rates and a scarcity of homes for sale. Rate movements may be the lesser of the problems for loan officers when compared with the inventory shortage. Consumers were buying homes at times when rates were 15%, let alone being active in the market when they were 6%, Cohn said.
“I haven’t had a single client come to me saying ‘rates have gone up so I’m not going to buy anymore,’” Cohn said. “I’m lucky that the bulk of my clients can afford to purchase and that they purchase for lifestyle and life decisions as opposed to taking advantage of a specific rate.”
Borodinsky is also seeing more demand for ARM loans as rates rise. Additionally, he is doing more non-QM, both using a proprietary product Caliber offers, or through brokering it out.
Adding new products is essential in order to be competitive in 2022. “So what I look at is my ability to fulfill on the entire spectrum, because last year, I didn’t have to worry about that,” Borodinsky said. “Now, you have to be able to fulfill on everything because if you want to keep your numbers solid and keep your pipelines full, you have got to be an expert in everything.”
The inventory shortage is a bigger problem. Consumers searching for a home or making bids are coming in for pre-approvals. After going through the process and getting a letter, they end up being outbid for the property, Borodinsky said.
“Then we wind up doing it again, and then they get outbid, and this could go on for five, six, seven times,” Borodinsky said. “And that’s the problem, we could modify the letter, a price change, the loan amount changed, and we’re constantly doing this work.”
Some consumers are going through this process for up to a year and it can be frustrating for them. “That’s what’s scaring some of the buyers. It’s what’s scaring the market,” Borodinsky said. “What’s scaring me is that at some point, I’m not saying that this is a bubble about to burst but there’s going to be some correction, whether it’s a slowdown of appreciation, a leveling off of appreciation or whatever.”
But opportunity abounds for loan officers at those open houses, where 50 people attend and 30 people submit bids.
“Connect with those people because even somebody is going to get the house and win the bid,” Borodinsky said. “And then 29 other people aren’t but they’re going to go bid somewhere else,” so the loan officer makes new connections as well.
Maddox, who is a producing manager, is hearing from his branches that the shortage is what is most affecting their business. “Every single one said, up to my ears in business, but I’m losing every contract because there’s no inventory,” he declared.
It’s the quality of the consumer that drove the purchase market last year and will do so in 2022, Maddox explained.
“We have quite simply the most educated, highest paid, best credit generation in history,” he said, pointing not just to the millennials, but the Gen Zers as well who are starting their home search journey. “I think we just have way more qualified buyers than we’ve ever had before.”
Maddox only uses referral marketing to bring in business. “From an advertising standpoint, my marketing is, I meet with Realtors and let them know why I’m the best and why they should work with me. It’s as simple as that.”
When he talks with the loan officers at his company, he notes he works alone and it doesn’t take an army of originators to do that level of volume.
For Nguyen, whose business last year was heavily dependent on refis, making up nearly 85% of his production, the shift he already made is to do less rate sensitive products like cash-out loans and non-qualified mortgages. Unlike Maddox, Nguyen uses various forms of social media to reach potential borrowers, and he already has adjusted his messages.
“Most of my clients are in California and they have a lot of equity in the house and they want it, so they’re doing cash-outs,” Nguyen said. Originators need to make that shift in focus and messaging to have a viable business in this new environment, he continued.
“I think this year for our industry it’s going to be a very difficult time for most people,” Nguyen said. But he compared it to the mortgage business after the Great Recession, declaring that “if you can survive then you will have a good future.”
Meanwhile, loan officers must have a sense of empathy to clients and Realtors to be successful. That’s a key point in Maddox’s coaching.
“It’s very easy for us to get caught up in what we want and what we’re doing,” Maddox said. But it’s just as easy to forget that this is the only transaction that the real estate agent has right now.
“And that’s how they’re going to put food on their table and that’s why they’re so annoying and stuff like that,” Maddox continued. “And then with buyers, this is their biggest purchase of their lives or close to it. I think it’s easy for loan officers to forget that.”
That is why providing service is important, even on a 24/7 basis, Borodinsky noted.
“Service execution in this market is more prevalent and more relevant and more urgent than ever because if I don’t get back to somebody reaching out to me, or any one of my colleagues or my team members, if we don’t get back to people immediately, whether it’s picking up on the first ring or calling back on that missed call, we’re going to lose that lead,” he said.
With the ease of connections these days, consumers are “reaching out by email, they’re reaching out by phone and they’re calling lenders, this lender, that lender and whoever picks up is going to get first crack at that deal.”
Our attention has been drawn to a media briefing and subsequent publication by one Alex Kwaku Tetteh, claiming unfair treatment with regard to a claim on his Motor Insurance policy with the company.
On 29th May 2020, Mr. Tetteh held a press conference informing the media about the matter. He was particularly unhappy that the insurance monies were paid to Universal Merchant Bank (UMB).
The facts of the matter are as follows:
In November, 2016, Mr. Tetteh took out a one-year comprehensive motor insurance policy in respect of a Fiat Iveco. UMB was named as an additional insured and Loss Payee (that is, the entity to whom any insurance monies would be paid in the event of a claim).
The said vehicle got burnt sometime in 2017 and Mr. Tetteh made a claim on the policy. We entered into negotiations with him to settle the claim, based on the proven value of the vehicle per documentation submitted. He however refused our offer and proceeded to Court seeking three reliefs.
After full trial in which Mr. Tetteh himself gave evidence, judgment was given in our favor for all three reliefs.
Following delivery of the judgment, UMB as Loss Payee accepted our initial settlement offer of GHS151, 859.01 and executed a Discharge Form, based on which we made payment to the Bank on 20th December, 2019.
With the said payment and the Discharge Form, our liability in respect of the policy was concluded and we therefore have no further liability towards Mr. Tetteh or UMB.
Enterprise Insurance is committed to excellence and fairness in our service delivery to our customers and other stakeholders at all times.
About Enterprise Insurance
Enterprise Insurance is the oldest General Insurance Company in Ghana and has been in operation since 1924. The company takes its roots from the Royal Exchange Assurance Corporation of the United Kingdom, which commenced business in the Gold Coast in 1924, then became Guardian Royal Exchange Assurance Ghana Limited, (GREG) and subsequently, Enterprise Insurance Company Limited. The company’s guiding principles are enshrined in its core values of Excellence, Trust, Professionalism, Reliability and Friendliness. Enterprise Insurance is a subsidiary of Enterprise Group Limited.
The Member of Parliament (MP) for Dormaa West, Vincent Oppong Asamoah, has questioned why the government will sole-source Ningo-Prampram and Dansoman sea defence projects to a new contractor.
He indicated that because the project which cost GH¢400 million was sole-source to an inexperienced contractor, it had been badly executed.Oppong Asamoah said that decision of the government to source the project was suspicious, adding that he is going to lead efforts to probe the transaction.Contracts on GOG (Government of Ghana) should come by competitive bidding, not sole-sourcing unless that contractor has some special expertise that others do not have, In this case, a new contractor will execute it and sole source it to that person; it is so suspicious.”
“This one, we will go into it and find out why a project of this magnitude, of over ¢400 million, will be sole-sourced to a new contractor in the industry,” he is quoted to have said.The MP for Dormaa West, who is also the Ranking Member on the Parliamentary Select Committee on Works and Housing, made these remarks during a tour of the Ningo-Prampram and Dansoman sea defence projects
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