California Mortgage | January 06, 2022
California’s mortgage relief program for homeowners is now easily accessible as it started releasing and accepting applications online. The program will benefit tens of thousands of struggling homeowners. The program is arranged to repay overlooked mortgage payments or reverse mortgage arrearages during the COVID-19 pandemic. Homeowners can obtain information on eligibility requirements and apply methods at CaMortgageRelief.org.
The California Mortgage Relief Program aims to provide support to forty thousand residents who fell behind housing payments during the pandemic.
Governor Gavin Newsom puts out a statement on this event. He says,
“Californians made incredible sacrifices throughout the pandemic; some falling behind on mortgage payments due to no fault of their own. We stepped in early to prevent foreclosures, but that debt didn’t disappear. Now, California is here to help by keeping families stably housed continues to be a critical public health measure, and with today’s announcement, we are helping them keep roofs over their heads.”
Altogether, California homeowners ranging from low to moderate-income lapsed at least two mortgage payments before the launch of this program. As a result of this, their household income went below 100% of their country’s Area Median Income, which is based on the U.S. Department of Housing and Urban Development’s 2021 Homeowner Assistance Fund Income Limits.
Now applicants under the program must own a single-family home, condo, or permanently affixed manufactured home in California. By introducing the program California has set a series of requirements for residents eligible to receive funds under the program.
After President Biden was elected and Democrats secured control of the House and Senate, I was able to secure $10 billion in the American Rescue Plan to create a national Homeowner Assistance Fund to help homeowners stay stably housed during these difficult times. These funds will help Californians fully reinstate their mortgages and avoid foreclosure to remain stably housed. I am very pleased that California received over $1 billion of this funding and has begun to help homeowners with the launch of its state program today."
Congresswoman Maxine Waters
Finally, to apply under the program applicants will need to upload documents to determine eligibility. For this, they may include bank statements, mortgage statements, income documentation, and utility bills. Therefore, a high volume of applications is expected for applications.
Alacriti | August 13, 2021
Veridian Credit Union, a full-service financial cooperative with $5.5 billion in assets and more than 260,000 members, has selected Alacriti, an innovator in cloud-based payments and money movement services, as the platform provider that Veridian will use to enable real-time payments over The Clearing House’s (TCH) RTP® network and to accelerate their Fedwire modernization.
Veridian will deploy Alacriti’s cloud-native, ISO 20022-based Cosmos Payment Services, a cost-effective, end-to-end solution for payments processing and settlement. Cosmos supports real-time payments on the RTP network, ACH, and Fedwire payments, giving Veridian a scalable, future-proof platform for payments innovation. By leveraging Cosmos Payment Services, Veridian will access multiple clearing and settlement networks from one unified platform, simplifying their payment operations and ushering payments transformation into the credit union.
“Our members rely on Veridian to rapidly deploy technology solutions to improve their digital experience. Real-time payments will allow members to securely move money faster than ever before,” said Brett Engstrom, Veridian’s CIO. “Leveraging Alacriti’s open API and scalable architecture, we’re able to deliver faster payments for both our individual and business members.”
“Two innovative companies working together to connect to the RTP network is what we had in mind when we introduced the TPSP model as a method for financial institutions to join the network. TCH is excited to see what payments innovations this partnership brings to the network,” said Keith Gray, Vice President, The Clearing House.
“This partnership is notable as it pairs Alacriti, Veridian Credit Union, and their FinTech members together in the driver’s seat for the rapidly advancing real-time payments market. By leveraging our Cosmos Payment Services, Veridian will be able to quickly deploy their new payments infrastructure and start driving innovation on the RTP network this year, the first of many notable achievements I am sure we will accomplish together,” said Manish Gurukula, Alacriti CEO.
Alacriti is a leading financial technology company with a comprehensive money movement and payments services platform, dedicated to helping our clients accelerate their digital transformation. Built on a flexible, cloud-native framework, our array of solutions allow clients to deliver the money movement experiences and payments innovation that today’s users demand, while seamlessly integrating with their internal infrastructures.
About Veridian Credit Union
Veridian Credit Union, founded in 1934 in Waterloo, Iowa, is a not-for-profit financial cooperative owned by its members. The credit union offers a full range of business and consumer financial services with approximately 1,000 employees and 30 branches across Iowa and eastern Nebraska.
Arch Capital | July 15, 2020
Arch Capital Group is expecting somewhere between $205 million and $225 million in pre-tax catastrophe losses across its property casualty insurance and reinsurance segments for the second quarter. The approximation is net of reinsurance recoveries and reinstatement premiums, and spans a range of estimates for exposure to COVID-19 global pandemic claims as well as for losses related to civil unrest claims in the US and other catastrophic events in the period.