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Informantion about structured settlements, cash for structured settlement and structured settlement brokers
I'm trying to find the pitfalls and conflicts of interest in setting up a structured settlement for my dad who was rendered quadriplegic in a car accident.
I don't even know if or why I need to set up the structure, except that's what the lawyers are recommending. Perhaps an annuity is a good idea, but why a structure?
I don't trust finance, but it seems like a necessary evil. As I've not been through this process before, I need to discover the catch before I enter into it!
Any help much appreciated.
Quote from FT Markets newdpaper December 27,2006 by Christoper Brown-Humes & Paul J Davies:"strong demand for credit exposure through structured products pushed spreads on credit default swaps to levels much lower than many of the cash bonds on which they are based." I have approx. $300K Canadian and have previously been in the mutual fund industry and do know how to diversify and select bonds, options and stocks globally before the car accident and had bad luck. I take much more conservative view now and yet my lawyer thinks structured is best. The broker offer options plan from straight to other intermitent lump sum of $10K. I look at it is about 3.76% is the rate and they emphasize it is tax free payments and also protected from bankruptcy and divorce. I had one divorce already from the accident and recently had fortune read and this guy claim I will have another wife by 4 yrs time. But my luck is all good from now on. My personal trading have all been smaller profit 3-86% return.
See an 'Edward Jones' investment planner. The company is considered conservative, the advisors are VERY well educated, and they take the time to explain everything. And don't believe the fortune teller! :o)
Quick question for all you out there. There are many companies out there that buy out structured settlements and annuities. Can a veteran do the same with his disability compensation? It's backed by the VA, they know they are going to be there money. I just ran some rough numbers, even at a cost of 20% (broker) cost on a $250,000 lump sum you will come out way ahead at an average 8% ROR over 25-30 years.
Now, I have no idea what these brokers charge but I figured it would be somewhere in that range. If anyone could shed some light on this issue for me, I would greatly appreciate it.
not possible from a gov't entity
I am starting a new business. It is a website for mortgage originators and real estate agents to use to escort their borrowers through the origination process. It is a real learning process that accomplishes the RESPA requirement of covering the 14 items (shown below) needed to originate a loan. BrokerVine is a Computerized Loan Origination system. Therefore, It is a settlement service provider because we provide services related to the origination of mortgages. Our fee will be paid by the borrower on closing. We provide leads to real estate agents to replace the people they voluntarily introduce to the mortgage originators. The originator and/or the agent will escort the customer through our website discussing their home value and available products and pricing and several other things. The plan is to pay the mortgage originator a commission for the work he will do for the CLO. There is no payment for referral of leads to real estate agents and no kickbacks for work not done. They are not paid from the closing transaction. The mortgage originator’s fee is paid directly to his Mortgage Company, and then divided according to their pay agreement. That way it is clear that the mortgage originator is an employee of the Mortgage Company. My question is: since the mortgage originator and the real estate agent (who gets new leads) are doing constructive work for the CLO, is it ok, according to RESPA, to pay a bonus to each party for using our product and doing the work required? The real estate agent will be linked to more than one mortgage originator so that it is not an exclusive arrangement. This is an idea that I want to structure properly, I’m flexible and anxious to get something going soon.
Research:
Section 8(b) prohibits the giving or acceptance of "any portion, split or percentage of any charge made or received for the rendering of a real estate settlement service ...other than for services actually performed." By regulation, HUD has established that the prohibitions include a charge for which "no or nominal services are performed." 24 C.F.R. § 3500.14(c).
The 14 tasks:
1.Take information from the borrower and fill out the application.
2.Analyze income and debt to determine the maximum mortgage the borrower can afford.
3.Educate the borrower about the home buying process, advise them about different types of loan products available and demonstrate how closing costs and monthly payments would vary under each product.
4.Collect financial information and other related documents that are part of the application process (tax returns, bank statements, etc.).
5.Initiate and order verification of employment and deposits.
6 Initiate and order requests for mortgage and other loan verifications.
7.Initiate and order appraisals.
8.Initiate and order inspections or engineering reports.
9.Provide disclosures to the borrower (truth-in-lending, good faith estimate, etc.).
10.Assist the borrower in understanding and clearing credit problems.
11.Maintain regular contact with the borrower, realtors, and lender between application and closing to apprise them of the status of the application and to gather any additional information as needed.
12.Order legal documents.
13.Determine if the property is in a flood zone.
14.Participate in the loan closing.
Just in case, here is an outline explaining The Lead Partners by BrokerVine:
1.The RE agent works with a prospect on at least half of the 14 tasks mentioned in RESPA, and shown above.
2.RE agent introduces the lead to one of several mortgage originators that are participating. The RE Agent gets 2 new leads from BrokerVine to work on. No cost is involved.
3 The mortgage originator pays BrokerVine for the prospect.
4 The 14 tasks in RESPA are covered by the mortgage originator with the help of the BrokerVine website
5. BrokerVine charges a Computerized Loan Origination fee on closing and pays most of it to the mortgage originator to reimburse them for the work done on the loan on behalf of the CLO.
This is structured this way to comply with RESPA and build a business that really helps to get loans done efficiently – The real estate agent is helping the mortgage originator. The mortgage originator is helping the real estate agent. The CLO is helping the agent and the originator show the prospect which mortgage solution is best. It is a good partnership.
Thank you for your help
Skip Raleigh
636-561-0416
Schwarzenegger Receives Failing Grade from Consumer Rights Organization
Governor Schwarzenegger’s final verdict on a host of critical consumer protection bills this past weekend left consumer advocates disappointed. Of the 14 bills identified by the Consumer Federation of California (CFC) as most important, in only six instances did the Governor take the side of the consumer.
While acknowledging that the Governor signed several consumer protection laws, Richard Holober, Executive Director of the Consumer Federation of California stated: “We are disappointed that the Governor sided with big business interests and against consumers on the majority of bills that reached his desk. The Governor turned a deaf ear to California consumers on key food safety, automobile insurance and financial privacy proposals.”
The Governor signed three bad anti-consumer bills, vetoed five pro-consumer bills, and signed six pro-consumer bills. All bills on the list were authored by Democrats.
“Pro” Consumer Bills Vetoed by the Governor
Buyers Of Structured Settlements | purchase structured settlements
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News
Welcome Life Securities, LLC Adds Institutional Trading Services to Life ...Reuters - Oct 08, 2009
The firm provides retail broker-dealers and their registered representatives with life settlement broker services designed to address the regulatoryCalifornia Progress Report - Oct 13, 2009
SB 510 (Corbett) - will increase consumer protections in the area of structured settlement purchases. AB 1160 (Fong) – will require mortgage lenders toReuters - Oct 24, 2009
NASDAQ OMX and BM&FBOVESPA Agree on Terms for a Commercial PartnershipThe company offers trading across multiple asset classes including equities, derivatives, debt, commodities, structured products and exchange-traded funds.GlobeNewsWire (press release) - Oct 24, 2009
NASDAQ OMX and BM&FBOVESPA Agree on Terms for a Commercial PartnershipThe company offers trading across multiple asset classes including equities, derivatives, debt, commodities, structured products and exchange-traded funds. and more »Las Vegas Business Press - Oct 20, 2009
Homebuyer purchase agreements never specified a completion date, giving plaintiffs a legal advantage that helped broker a settlement. and more »