How Many Home Builders in Your Area Provide This Valuable Inducement?

Call 800-562-8019 for Details

help your broker, and your prospect:

Get business Moving - provide job loss Protection for Your home purchaser

Attracting new business is a time-consuming, frustrating, and expensive process. Here's a fantastic (and inexpensive) idea to further entice worried borrowers.

Benefits and Restrictions:

• Protection Plan covers 15 months from Loan Closing
• 90 Day 'Vesting Period': Involuntary Unemployment must begin at least 90 days after loan closing;
• 1st 30 days of actual unemployment are "Elimination Period";
• Mortgage Payments of up to $1500 per month for up to 6 months if continuously unemployed
• Your cost based on loan amount; maximum cost to you is 15 basis points of loan amount
• Enrollment forms and payment at closing;
• National administrator (Cynosure Financial ) receives enrollment information and sends out plan documents;
• You must commit to providing the plan on a minimum of 25% of your sales;
• A One-time Administration Fee is required of you to become a Sponsoring Member;

• If home purchaser loses his job due to economic conditions (reduction in work force, etc .. ) they may be eligible to receive up to six (6) monthly loan payments.
2.) Who to call to file a claim?
• Claim Administrator at 1-877-296-4892 to request a claim form between the hours of 8:00am -8:00pm Monday-Friday EST.
3.) How long is home purchaser covered?
• The program will be in effect for up to 15 months after the effective date. There is a 90 day vesting period starting on the Effective Date. No job losses in this period qualify for the coverage.
4.) How much is covered?
• The monthly mortgage payment up to a maximum monthly amount of $1500 per month for up to 6 Months.
• The maximum total benefit is $9000.
5.) What documents will claimant have to provide?
•        Signed and completed Claim Form.
•        Verification that you have registered with a state unemployment office and have been receiving State Benefits for a minimum of thirty days.
•        An employer letter stating the reason for your unemployment, the length and amount of any severance pay received and verification of your length of employment, and the weekly hours worked.
• Copies of all pay stubs or acceptable form of proof of employment and hours worked for the last 24 consecutive weeks immediately prior to the date of unemployment.
• Proof of initial mortgage payment amount determined as of the date ofthe loan closing and a copy of current payment coupon.
• Copy of your Uniform Residential Loan Application and a copy of your original mortgage
• Identification proving that you are the person named as the primary accountholder on the mortgage contract.
• Other items as required by the Administrator.
6.) How long do I have to report a claim?
• You must report your claim within 60 days of Your Unemployment Date.
7.) Am I paying for this program?
• It is part of a free benefit package offered by the Member/Sponsor.
8.) Will I have to pay this money back?
• No, however, if you receive more than $600 in payments, in any given year, a 1099 will be Issued.
9.) How long does it take to receive a benefit?
• Claims are processed within 5 business day of receiving all required documents.
10.) What if I am self employed?
• You must be gainfully employed for wages, salary or other monetary reward in an
amount reported on a W-2 for 24 consecutive weeks prior to your unemployment date.

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