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Banks
Tie-in sales
A customer recently informed me that the bank preparing her mortgage loan refused to approve the loan unless she also bought her homeowners insurance through them. Is this legal?
Severability of interest
I have a bank requesting a “severability of interest endorsement” on a general liability policy for a co-op building. We are seeing this request more often from banks. What does this form accomplish?
Lenders—FEMA checks
Our client received his FEMA claim check and when he attempted to deposit it into his bank account the bank, who happens to be a mortgagee, confiscated it and told him the funds will be held and that the bank will decide what funds are to be released when they (the bank) receive either estimates or completed work orders from repairing and renovating the property. Can they do this?