4/2016: Kansas Bankers Surety announces withdrawal from bank insurance sales.
J.B. Lloyd & Associates, LLC (JBL) has received notification that Kansas Bankers Surety (KBS) is going to stop selling bank insurance products. This change will be effective June 1, 2016.
Banks with a renewal date after June 1 will be receiving a non-renewal notice from KBS. KBS is ready to move that business to other markets.
2/23/2016: American Modern Insurance Group Announces Exit From Lender-Placed Insurance Business.
American Modern Insurance Group announced yesterday it will be exiting the lender-placed insurance business. Read the full press release here. The team at J.B. Lloyd & Associates will be contacting affected clients to discuss options for alternate coverage. If you have any questions, please contact us at 800.964.0360.
7/2015: Renters Select Insurance Services Announces Relationship with theRRD.com
Renters Select Insurance Services, a division of J.B. Lloyd & Associates, LLC, is honored to announce our affiliate relationship with theRRD (www.theRRD.com), a comprehensive real estate services website.
theRRD provides clients with an integrated suite of market-leading solutions for the real estate industry; from employment screening to the ability to post jobs FREE, and one feature in particular that I believe will be of interest to you is their tenant screening product. This product bundles many of their service offerings. You can select from preferred packages or you have the ability to create your own package. Not only does this create a tremendous value with efficient processing, theRRD’s preferred packages provide a significant savings (e.g. rates as low as $11.66 per screening).
7/2015: theRRD.com Launches New Tenant Screening Packages
THERRD.COM LAUNCHES THE FIRST CREATE YOUR OWN TENANT SCREENING PACKAGES FOR THE REAL ESTATE AND PROPERTY MANAGEMENT INDUSTRY
Dallas, TX (PRWEB) July27, 2015 – theRRD.com, a nationwide online real estate service provider, is launching new membership packages to better assist property owners and managers with operating their properties. This is the first and only product offering introducing client-centric membership packages, which showcase several of their most popular services bundled together in order to offer competitive pricing with incredible value. This was announced today by Angie Grimes, COO of theRRD.
“We are excited about the opportunity to give property owners and managers these screening options, since we are first to market with this type of product,” said Grimes. “Here, real estate professionals and property managers can better forecast expenses and income, screen tenants using industry-leading technology and even purchase insurance at a fraction of the cost of doing these actions individually.”
Owners and/or managers have the option to choose to customize their packages, which allows them to tailor to their specific needs, or choose from the preferred packages. The membership packages are tiered to include pairing the tenant screening with many other products and services that are bundled. The bundled services include: tenant screening; posting properties for sale and or lease; posting open positions for employment and pre-employment screening.
“The real estate and property management industry are a central part to every community and theRRD is the ultimate tool designed to support these industries in a way that make their daily operations more efficient,” said Joe Killinger, Co-Founder of theRRD. “By highlighting our tenant screening with our other product and service offerings, we created real value for our clients making it extremely cost effective for everyone to have accessible and affordable screening options.”
For property owners and real estate professionals, theRRD offers a powerful product suite for tenant screening and other management services that make managing rental property more convenient. Visit www.theRRD.com for more information or to view membership packages.
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For More Information Contact:
4514 Travis Street Suite 213,
4/2015: David Roberts Joins J.B. Lloyd and Associates
J.B. Lloyd & Associates, LLC is proud to announce the addition of David Roberts to our team of knowledgeable professionals as Vice President of Sales.
David has been in the Subprime and Distressed Loan Portfolio services niche for the last fifteen years. David started in the business on the insurance side specializing in the placement of lender coverage and REO coverage for mortgage servicing entities and the investor community.
David currently lives with his wife, Carrie, in Krum, Texas. His hobbies include reading, fishing, and working on his farm.
According to David, “The favorite part of my job is the satisfaction I get out of building a solution for each of my clients that is unique to their situation. I love the fact that we have the freedom to bring in assets and collaborate with other vendors to find the perfect solution for each client.”
Please join us in welcoming David and his wealth of experience and client concern to the J.B. Lloyd & Associates team.
3/2015: J.B. Lloyd and Associates Announces New Corporate Office Location
J.B. Lloyd & Associates, LLC is pleased to announce our new corporate office location.
Our new address is:
8401 N. Central Expressway, Suite 1000
Dallas, TX 75225
Our phone numbers remain the same:
972.248.2433 Local | 800.964.0360 Toll Free
972.248.7066 Fax | 888.661.9805 Toll Free Fax
We look forward to being of continued service to you.
10/2014: U.S. Risk and J.B. Lloyd and Associates announce a new affiliation for Financial Institutions.
Dallas — October 16, 2014
U.S. Risk Insurance Group, Inc. (US Risk) and J.B Lloyd & Associates, LLC (JBL) have entered an agreement involving the acquisition by U.S. Risk of an undisclosed ownership interest in the specialist financial institution broker J.B. Lloyd and Associates. The existing financial institution business of U.S. Risk will be co-managed by Jim Lloyd, CEO of JBL. The combined entities will service over 400 community banks, numerous large banks as well as other financial institutions such as credit unions, mortgage bankers and brokers, insurance companies, broker/dealers, hedge funds, mutual funds, private equity firms, financial planners, finance companies and collection agencies. The combined premium volume in this class will exceed $50 million. JBL will be relocating to the offices of U.S. Risk in the near future.
Jim Lloyd said “We are delighted to have joined hands with U.S. Risk which will allow us to continue to provide the top notch service, quality coverage, and products our clients deserve. This relationship will broaden our scope and bring together two highly qualified teams of professionals creating an environment clients will find compelling.”
Randall Goss, CEO of U.S. Risk, said “We have known and admired the quality business that Jim Lloyd has built over the years. His dedicated commitment to the banking and financial institution sector is unmatched. We look forward to working closely with Jim to grow this business and set the standards for the industry.”
U.S. Risk Insurance Group, Inc. (www.usrisk.com) is the nation’s sixth largest specialty lines underwriting manager and wholesale broker and is headquartered in Dallas Texas. Operating 16 domestic and international branches, it offers a broad range of products and services through its affiliate companies, which include U.S. Risk Underwriters, U.S. Risk Brokers, U.S. Risk Financial Services, Unisource Program Administrators, Advocate Reinsurance Partners, LLC, Oxford Insurance Brokers, Ltd. (UK), James Hampden International Insurance Brokers Ltd. (UK), Lime Underwriting Ltd. (UK), Antarah FZE (UAE), and Abraxas Insurance A.G. (Zurich).
JBL is a specialty underwriting manager/broker dedicated to the community bank market. Coverages include fidelity bonds, D & O, Cyber Liability, Property-Casualty, Lender Placed and Foreclosed Property coverage, Mortgage Impairment, and Lenders Single Interest.
Jim Lloyd can be reached at (972)248-2433 or firstname.lastname@example.org.
8/2013: NEW RULES FROM THE CONSUMER FINANCIAL PROTECTION BUREAU FOR FORCED PLACED INSURANCE
On January the 17th, 2013, the bureau issued a press release with a fact sheet and summary of the final rules (attached) that amend the mortgage servicing provisions of the Truth in Lending Act and the Real Estate Settlement Procedures Act. The rules, which are divided into two sets — one for TILA and the other for RESPA — impose a slew of new requirements in nine major areas.
Those areas include, among others, interest-rate adjustment notices; prompt payment crediting and payoff statements; error resolution and information requests; periodic billing statements; lender-placed insurance (forced-placed insurance); early intervention with delinquent borrowers; and loss mitigation procedures.
Based on the CFPB’s summary of the final rules, the rule requires the following for forced-placed insurance:
- The servicer notify a borrower twice before charging the borrower for force-placed insurance – first at least 45 days before the servicer imposes a charge on the borrower, and at least 15 days before the servicer imposes a charge on the borrower;
- The second of these notices has to provide the borrower with a good-faith estimate of how much the force-placed insurance would cost;
- The servicer must terminate the insurance within 15 days of receiving evidence that the borrower has the necessary insurance and refund the force-placed insurance premiums to the borrower for any periods of overlapping coverage; and
- Where the borrower has an escrow account for the payment of the homeowner’s insurance premiums, the servicer is prohibited from obtaining force-place insurance where the servicer can continue the borrower’s insurance, even if the servicer needs to advance funds to the borrower’s escrow account to do so.
Servicers that handle 5,000 mortgage loans or less that they or an affiliate own or originate are exempt from some of the new rules. The exemptions include many of the procedural rules, including most of the requirements on the handling of loss mitigation applications.
The rules go into effect on Jan. 10, 2014.
4/2013: FRED EICKOFF JOINS J.B. LLOYD & ASSOCIATES
J.B. Lloyd & Associates is proud to announce the hiring of our newest producer, Fred Eickoff. Fred, a graduate of Indiana University, has over 33 years of experience as an underwriter and agent for financial institutions throughout the US. Fred was a Financial Institution Bond and D&O underwriter for USF&G and The St. Paul, before becoming an agent specializing in Financial Institution Bond, D&O, Package, and Mortgage Impairment Insurance. Fred holds the CPCU (Chartered Property and Casualty Underwriter), and AFSB ( Associate in Fidelity and Surety Bonding) designations. Fred is located in Cape Coral, FL and can be reached at 239-994-4339. or email@example.com.
4/2011: WELCOME AARON CARDWELL!!
We are very excited and pleased to announce the addition of our newest associate, Aaron Cardwell, RPLU. Aaron will be serving as Sales Manager.
Aaron, a graduate of the University of North Texas, brings with him over 10 years of experience in management and underwriting of Financial Institution Bonds, Directors and Officers Liability, Employment Practices Liability, Fiduciary Liability, Lender Liability, Professional Liability, Errors and Omissions, Cyber Liability, Property, General Liability, and Auto. Aaron is a member of the Professional Liability Underwriting Society. He can be reached at 972.207.7855, or firstname.lastname@example.org.
Please help us welcome Aaron Cardwell to our team!!
2/2011: TO OUR FORCE PLACE CLIENTS
If you’ve followed with concern the Force Place insurance flap outlined in a recent AMERICAN BANKER article, this message should provide some relief.
The article targeted large lenders, alleging high rates, over-insuring, backdating, and “kickbacks” to those lenders by insurance companies who provide Force Place coverage. These provide plums for bank bashers, consumer advocates and politicians in need of issues. J. B. Lloyd & Associates, LLC, however, specializes in the “community bank” category, to which you belong, and our transactions differ markedly.
- Force Place rates will always exceed standard, as our underwriters cover all properties regardless of condition. But your rates with us average 1-1.2%, versus samples as high as 2% through the big banks and their underwriters.
- In one Dallas case the large bank force placed coverage on a dwelling for $140,000, when the appraised value was $103,000 and the loan balance was $102,000. That borrower paid a high rate for over insurance. The J. B. Lloyd policy insures for either the loan balance or the last known amount of insurance, which would normally be Replacement Cost.
- To assure continuous coverage Force Place protection from J. B. Lloyd is sometimes “backdated” for a matter of days or weeks to the date the borrower’s coverage lapsed, but it does not duplicate or double bill him for coverage. AMERICAN BANKER cited a case in which coverage was backdated for nine months.
- Some banks may own insurance agencies, and it would be reasonable to pay that agency a commission for force place transactions. But the effective commission in AMERICAN BANKER is 21.5%, roughly double that of agents in the community bank marketplace. Paying even high commissions to licensed agents is legal, but kickbacks to lenders constitute illicit payments.
An insurance agency can no more guarantee you immunity from political damage than fire or hail, but we do pledge to continue operating in a way that minimizes your risk from all these perils. We appreciate your continued support.