Va Creditable Coverage Letter: Fill & Download for Free

What? The only way that government interference in the work place leads to poverty is by giving business the ability to simply dismiss employees at will. States like WI, VA, NC, and others that have enacted Right to Work laws go further and allow dismissal for no reason at all. This leads to fear and uncertainty, and makes employees rich targets whenever belt tightening comes around.Now, combine that with a total and complete lack of social safety nets, and you end up with poverty. Just to make it more fun, lets also price higher education out of reach for low to low middle income earners, and then price healthcare ridiculously high. That is the US.So, I was “Fired” without cause or prejudice at around 3pm on a Tuesday in October of 2014 (Layoff without Severance as the numbers got too high). I lived in VA. As I was not terminated for cause I was eligible for unemployment, that totaled around $300 a week after taxes. My take home prior was give or take a bit more than 3x that. I qualified for the maximum entitlement, yeah, 26 weeks. It took me 7 months to find a job, I lacked a security clearance in IT around DC. Right about the time I landed a job, my wife was let go due to the company she worked for losing the contract. Her employer said the wrong thing and she never got unemployment, even with four different levels of appeal. The state was sent one post card from her employer. We had letters from them saying it was in error and VEC would not budge. I ended up having to take a job out of state at a $20K paycut and without her income, the savings exhausted, we ended up turning the house over to the bank (when it did not sell) rather then risk foreclosure, which damaged our credit, and led to questions on every background check I’ve had since. I also have a $2000 medical bill from that time for a hospital stay that may have, or may not have been for Norovirus. No one ever knew for sure and I checked out when the Antibiotics I didn’t need started to make me sick.That brings me to my point. This is where we need government regulation. The ability to contract a workforce at will makes them ripe targets. Then they are dumped into a system that has no concern, pays out next to nothing (average rent in Northern VA is $1200 for a 1 bedroom, $1400-$2000+ for 2) compared to the cost of living, and even with the Healthcare laws ($300 a month for just one person on the exchange without subsidy, earned too much the prior year) provides no contingency for coverage. How do you not end up with poverty? I lucked out, I wanted a job, found a job, and worked, and now am right back where I started from, but in a better place. But some of the folks who did not have the same benefit of experience and (that was my third layoff since ‘00) savings, and willingness to simply walk away, are not doing so well. See, once your credit is destroyed you fail those employment background checks and that closes a lot of doors.I do now donate to food banks, haven’t had to use one, but this last time out was a near run thing.

It's actually incorrect to say the duration, lag, tail or time horizon of Berkshire Hathaway's float is short/small. It varies depending on the type of risk that is being assumed.Float is essentially calculated by the following, per Berkshire Hathaway's 2002 Shareholder Letter:"...[W]e have calculated our float — which we generate in large amounts relative to our premium volume — by [my formatting]:[A]dding net loss reserves, loss adjustment reserves, funds held under reinsurance assumed and unearned premium reserves, and then[S]ubtracting insurance-related receivables, prepaid acquisition costs, prepaid taxes and deferred charges applicable to assumed reinsurance."I would say the float at Berkshire Hathaway comes in generally 3 different durations:1) Short duration revolver, credit card-like "float" that funds its claims with incoming premiums in almost a controlled ponzi fashion (i.e. GEICO). For example, the combined ratio year after year for GEICO is around the 90-95% range. This means for every $100 coming in the door in premiums from policyholders, I am paying back policyholders for their auto insurance claims in aggregate $95. And premium volumes are stable and actually growing. What this means is that I can keep funding my liabilities/claims with incoming premiums without ever touching/selling/buying or doing anything with my invested assets. Furthermore, the time lag, duration even for this GEICO and personal auto insurance isn't that quick either. It varies. The lag in claims payments for auto insurance claims is longer for BI or bodily injury coverage, meaning it takes T + 3, 4 years to pay off more than 80% of all the claims from T = 0, the date on which the coverage started. Whereas the lag for other collision and comp coverage claims payments is 0-2 years or so, with most of those claims (80% or so) being paid out more quickly in the same year of the policy coverage due to less litigation and time needed to adjust and settle the claims than for a bodily injury claim. Here is the lag for Progressive in the chart below. GEICO's lag is actually longer (on purpose) but this is a good baseline chart for what auto insurance claims payment lag (i.e. duration of float before "maturity"):2) Short-duration insurance lines, with potentially fluctuating premium levels from year to year. Why would this fluctuation happen? For personal auto insurance above, it's a mandatory coverage people must buy regardless of whether the economy is doing well or not, as long as you need to drive a car. Furthermore, GEICO is the lowest-cost provider by being able to sell directly (not using independent insurance agents who require 10-15% commission). Progressive is moving more and more to direct, as right now their distribution channel is half direct and half independent agencies and they've often been able to squeeze the commissions to below 10-15% from their independent agencies because they drive so much volume. So if you have a product line that's not lowest-cost, you will need to drive the top-line up and down depending on how hard or soft the insurance market is in the current premium cycle to maintain underwriting profitability. Here, you can't take as much volatility on the asset side. NICO, the first insurance carrier that Buffett bought in 1967 for $8.6 million, and the carrier to which he attributes as the baby that is responsible for starting it all and is responsible for at least HALF of Berkshire Hathaway's $373 billion market-cap today, falls into this second bucket of float.3) Long-tailed primary insurance and long-tailed reinsurance float. Long-tailed reinsurance float has been the biggest creator of float for Berkshire Hathaway since the arrival of Ajit Jain in 1985. Buffett started getting serious with reinsurance in the early 80's with loss portfolio transfers (LPTs) but really started in earnest when Ajit Jain arrived in 1985. Jain helped Berkshire become the reinsurer of last resort by reinsuring hairy stuff that many reinsurers would not touch. But given a long-enough tail, even an incremental, additional 4-5% that Buffett could return on the assets backing those liabilities compared to the base 2-4% that most reinsurers were getting from the same amount of assets backing the liabilities, compounded over 10-30 years, makes a massive difference. Compounding for so many years essentially made those liabilities much smaller on an NPV basis for Berkshire Hathaway than for any other reinsurer (even if Berkshire only got 200-300 bps of incremental return). A great example of such "float" liabilities are runoff portfolios like the acquisition of Equitas, a long-dated, seasoned book of asbestos claims from Lloyd's that was in runoff. The February 2014 loss portfolio transfer (LPT) reinsurance transaction which essentially reinsured a runoff block of variable annuities (VA) policies belonging to Cigna, generated $2-$3 billion of float, with excess loss above a certain amount being backstopped by Cigna. No one talks about that - they pay attention to the Heinz deal that happened a few weeks later. Where do you think some of that money for the Heinz deal came from?Below is a great analysis of the role of Berkshire's float from Goldman Sachs in its research report on Berkshire Hathaway in 2010, on a page titled "The Power of Float: collect-now, pay-later":"Put simply, float is the amount of money held by insurers on behalf of other parties – the majority of which is typically funds held to pay future claims. With premiums often collected well before losses are paid, the insurer can invest these funds for its own account. Additionally, for longer-tail lines of business, the timing differential can be decades long. Thus, while any given year will see its share of claim payments go up or down, the amount of float held by an insurer will stay relatively steady to its premium in-take. Thus, for an insurer that is not shrinking, the float can take the form of permanent capital.When valuing Berkshire, we believe it is important to ascribe a value to the float. We believe that the amount of investable capital held by an above-average investor has a tangible value. There are two important distinctions, however:The cost of funds: Over time, there is only value to the float if the investment returns exceed the cost of funds – which for an insurer would be the underwriting profit or loss. As an industry, insurance companies have historically operated at an underwriting loss (i.e. the premiums were less than the combined expenses and claims). Thus, it is Berkshire’s proven ability and stated willingness to focus on profitability (as opposed to growth) in its insurance operations that has allowed the cost of its float to be essentially zero over its multi-decade history. This is also one of the reasons we do not ascribe a value to the float generated by the other insurance companies in our industry, where the track record to assess historical profitability is for most companies too short of a time frame.The “callability” of funds: “borrowed funds” can only be truly invested if there is limited ability for the lender to call the funds. This is what distinguishes BRK’s model from that of a “levered” investment fund – i.e. the funds, for the most part, cannot be redeemed by the lenders (i.e. the policyholders). The one caveat to this however is a catastrophic insurance scenario in which some portion of the float would need to be returned to policyholders. However, as we noted in the section above, BRK’s billions of dollars of cash on hand helps to protect against this scenario.THE VALUE OF FLOAT: If you were to invest a certain sum of borrowedcapital – where the cost of such funds was zero, there was no “callability” to the funds by the lender, and the entirety of the investment returns accrued to your benefit – you would want to maximize the amount of borrowed capital. This is essentially the value proposition for being a shareholder in Berkshire Hathaway – where the float is the borrowed capital."This chart below is a nice graphical illustration from Goldman Sachs, as well, showing the consistent spread below the long-term gov't bond rate. This spread of at least -5% or 500 bps below the 10-year treasury RISK-FREE rate is evidence of an amazingly cheap source of funding. Berkshire has been borrowing at a cost of capital or interest rate 5% BELOW THE 10-YEAR TREASURY RISK-FREE RATE. Think about that.This means Berkshire could have used it's float that's being borrowed at -5% interest and invested it now in the 10-year U.S. gov't bond which is currently yielding a risk-free 2% to achieve A RETURN of 7% PER YEAR BY INVESTING IN RISK-FREE 10-YEAR BONDS!Note the cost of float over time below. It's actually lower than shown b/c if the cost of float was negative (i.e. positive underwriting profits), then it was recorded in this table as 0% cost of float:These are another nice couple charts from Goldman showing the size of the float and its contribution to the intrinsic value of Berkshire Hathaway:Note below the contribution of float from Berkshire's primary insurance-related entities. I comment below re: the big boost of float from the mid-1980's from reinsurance deals, which generated particularly long-tailed, long-duration float for Berkshire:Warren Buffett wrote in 1999 in the annual letter to shareholders, “To understand Berkshire, therefore, it is necessary that you understand how to evaluate an insurance company. The key determinants are: (1) the amount of float that the business generates; (2) its cost; and (3) most critical of all, the long-term outlook for both of these factors.”I provide more color on the nature of Berkshire Hathaway's float in the following: Anonymous' answer to If Warren Buffett had to start today, could he still reach his current level of wealth?Source: www.scmessinacapital.com

It’s important for home buyers to understand that a mortgage commitment letter in NYC does not guarantee that the bank will fund your loan.As you will see from the NYC mortgage commitment letter sample below, there are many contingencies in place for the bank to revoke its loan commitment to you. If you’re about to submit an offer and deciding whether to waive the mortgage contingency, it’s important to understand what a mortgage commitment letter entails and how much assurance a loan commitment offers you in the first place.What does a NYC mortgage commitment letter sample look like?This is an example of a standard mortgage loan commitment letter that would be issued to a New York City condo or co-op apartment buyer. There are additional sections in this NYC mortgage commitment letter sample you should review such as Commitment Conditions.MORTGAGE LOAN COMMITMENTBorrower Name(s):Borrower Mailing Address:Lender:Property Address:Type of Property: [Condo, Co-op, etc.]Commitment Expiration Date:Date:It is a pleasure to notify you that your application for a mortgage loan has been approved subject to the following matters set forth below and on pages 2 and 3.INSTRUCTIONSPlease sign, date and return Lender’s copy of this Commitment, along with any required fees and items requested, to the Lender at the following address, within 15 days of the date hereof, or at the option of Lender, this Commitment shall become null and void. Should you have any questions, please contact:This approval is not a final commitment. Due to the fact that interest rates are subject to change without notice, your approved payment and loan amount may change if interest rates increase or decrease.EFFECTIVE DATE AND COMMITMENT FEEThis commitment will become effective upon compliance with the terms herein and, if applicable, the receipt of your check in the amount of any non-refundable commitment fee (“stand-by fee”). It is understood and agreed that if this mortgage loan is not settled in accordance with the terms and conditions of this commitment, the Lender shall retain this fee as earned charges for the origination and approval of this loan.AMOUNTS, TERMS AND FEESAmount of Loan $[Amount]Initial (Contract) Interest Rate [Rate]%Loan Term [Number] monthsAmortization TypeBalloon Term (if applicable) [X] monthsLoan TypeLien Position 1st LienPAYMENT (P&I)Your initial interest only principal and interest (P&I) amount is $[Amount]. This amount does not include any escrowed amounts and may change if there is a change in loan terms.ESCROW[ X ] An Escrow Account is not required.[ ] An Escrow Account is required.Even if an Escrow (Impound) Account is not required at time of settlement, subject to the terms of your specific loan documents, the Lender may set up and require an Account should the taxes or insurance on the subject property ever become delinquent.EVIDENCE OF TITLEThe Evidence of Title is to be provided to the Lender and must indicate no liens, encumbrances, or any adverse covenants or conditions to title unless approved by Lender. The Evidence of Title must be issued from a firm or source, and in a form, acceptable to Lender. Borrower will be charged for the cost of providing such title and the cost of recording documents, all of which will be ordered by Lender unless requested otherwise.CANCELLATIONThe Lender reserves the right to terminate this commitment prior to the settlement of the loan in the event of an adverse change in your personal or financial status, or if the improvements on the property are damaged by fire or other casualty.REQUIRED ITEMS OR CONDITIONSAll Items Listed on the Commitment Conditions Addendum Apply.THE FOLLOWING CONDITIONS MAY APPLY TO YOUR LOAN DEPENDING ON THE LOAN TYPE AND TERMS.BALLOON MATURITYA balloon loan matures before the loan is fully amortized. The balance of the loan will be due in a lump sum payment at maturity.FIRE AND EXTENDED COVERAGE INSURANCEPrior to settlement, we will require an original insurance policy and/or binder containing fire and extended coverage (i.e., windstorm, hurricane, hail damages, or any other perils that are normally included under an extended coverage endorsement) insurance in an amount equal to the lesser of 100% of the insurable value of the improvements, or the unpaid principal balance of the mortgage as long as it equals the minimum amount (80% of the insurable value of improvements) required to compensate for damage or loss on a replacement cost basis through a company acceptable to the Lender, and a receipt showing premiums paid in advance for one year. The insurance policy shall also contain a standard mortgage clause in favor of Lender. We cannot require you to obtain a policy which exceeds the guaranteed replacement cost of the improvements securing the loan.If the property is new construction and you are not able to occupy the property immediately after closing, you will be required to furnish an original fire/hazard insurance policy or binder, including a Builder’s Risk Rider. If this is a renovation of an existing dwelling that will remain occupied, a Builder’s Risk Rider is not necessary.GOVERNMENT INSURED LOANSLoan Commitments issued for these types of mortgage loans, including, but not limited to FmHA, RHS, FHA, and VA, are subject to all the terms and conditions of the Agency’s commitment, or the VA certificate of reasonable value, as well as the rules, and regulations, and all applicable requirements of the Farmers Home Administration, Rural Housing Service, Department of Housing and Urban Development, the Department of Veterans Affairs, and/or other state or municipal authority.FLOOD INSURANCEBy signing and accepting this commitment, you acknowledge that if the property securing this loan is in an area identified as having a special flood hazard you agree to these insurance requirements.Our policy, in order to best protect collateral interest, is to adhere to the more common industry practice of requiring flood coverage for the lesser of: the full 100% Replacement Cost Value or the maximum amount of insurance available under NFIP for the particular type of building; currently $250,000 per residential dwelling/condominium unit. A copy of the declaration page or application signed by the agent, along with proof premium has been paid, is required prior to closing.Flood insurance is mandatory now or in the future if this property has been or will be determined to be in an area which has a special flood hazard. Federal Law requires that flood insurance, available through any agent, must cover the lowest of: the outstanding principal balance of the loan[s]; the maximum amount of coverage allowed for the type of building under NFIP or the full replacement cost value of the building or contents securing the loan.TAX AND INSURANCE PAYMENTSMonthly deposits and initial deposits as determined by Lender are required to cover the payment of estimated annual real estate taxes, special assessments and, if applicable, FHA or Private Mortgage Insurance Premiums. Lender may also require additional deposits for hazard or other insurance if required for this loan. Such deposits are to be placed in a separate escrow or impound account.SPECIAL ASSESSMENTSIf required, all unpaid and future special assessment installments must be paid in full prior to, or at time of settlement.DOCUMENTATIONThe mortgage or deed of trust, note and other pertinent loan documents will be provided by Lender and must be signed by all applicants that are to be contractually liable under this obligation. Further, the mortgage or deed of trust must be signed by any non-applicant spouses if their signature is required under state law to create a valid lien, pass clear title, or waive unclear rights to property. Note: Samples of loan documents are available upon request.ADDITIONAL CONDITIONS FOR CONSTRUCTION LOANS.CONSTRUCTION LOANS: ONE PAYOUT AND MULTIPLE PAYOUTImprovements are to be built in a good and workman-like manner in strict accordance with plans and specifications furnished Lender and in compliance with applicable building codes. After completion, said improvements shall be approved by a representative of Lender and an occupancy permit shall be issued by local municipality. Any changes, whether they be additions, deletions, or alterations, of the plans and specifications, must be approved in writing by Lender in order that this loan commitment remain in effect.CONSTRUCTION LOANS: MULTIPLE PAYOUTEvidence must be submitted that the net proceeds of our loan are sufficient to complete the construction of the building, free and clear of all claims of Mechanic’s Liens for labor and material. All disbursements will be made upon the order of the borrower upon presentment of proper waivers of lien, subject to compliance inspections by the Department of Veterans Affairs, the Federal Housing Administration, or Lender, not to exceed 80% of the value of the work done. The remaining funds will be held back until the certificate of completion and/or occupancy certificate is issued.I (WE) accept the terms and Conditions of this Commitment and will notify Lender if there are any changes to the information provided on the application before the closing of the loan.Borrower DateCOMMITMENT ISSUED ON BEHALF OF LENDER BY:Take special note of the cancellation clause listed above. If you lose your job or suffer some other financial setback, the bank will have cause to terminate your loan commitment!What are some typical commitment conditions in a NYC mortgage commitment letter sample?This is an example of a some typical commitment conditions in a NYC mortgage commitment letter sample. Note the long check-list of tasks that must be completed in order for the lender’s commitment to be valid.COMMITMENT CONDITIONS(Attachment to Mortgage Loan Commitment)Borrower: The Closing Disclosure will be provided to you in advance of your closing indicating your loan terms and is followed by a government mandated waiting period before the actual closing occurs. Receipt of the Closing Disclosure does not indicate all loan conditions have been satisfied which must occur prior to closing. Changes of any kind that occur after the final Closing Disclosure has been delivered to you may result in an additional waiting period prior to closing.Borrower: This loan is also subject to all other lender specified conditions and must comply with all applicable federal, state, and local laws and regulations.Lender: Verification from the Lender’s Closing Agent / Attorney that a Recognition Agreement has been executed by the the Cooperative Board and received by the Closing Agent/AttorneyLender: Title to have Recorded UCC1 lien search at time of closingLender: Recognition agreements and stock certificate required at time of closingLender: This loan is approved for a maximum interest rate of — [ ]% (qualifying pmt)Lender: If the loan does not close by the expiration date of the credit documents which includes verification of employment, assets and credit, re-verification will be required. To avoid re-verification the loan must close by: [Date] (rate)Lender: Obtain a completed and signed Form 4506-T (written permission to request tax returns from the IRS) for all borrowers at and before closing. — ** rcvd prior to closing **Lender: Closing agent to verify borrower(s) identityLender: Fully executed and signed Social Security Administration release (form OMB #0960–0760)Lender: Loan was approved based on the following parameters: Debt to Income Ratio not to exceed [ ]%; Total Reserves required for Transaction are $[Amount] or 12mos (subject to change) plus closing cost & prepays of $[Amount] (subject to change). Required Liquid Funds for transaction can be no less than $[Amount]. If any of these parameters change, as required by product guidelines, the loan will be subject to re-underwriting.Lender: If the loan does not close by the expiration date of the following documents, re-verification will be required:Appraisal: [Date] Verbal VOE: [Date] Rate: [Date] Lien Search: [Date] Co-Op Approval: [Date]Lender: No subordinate financing allowedLender: Seller paid closing cost may not exceed actual costs, the maximum amount that can be paid is — $[Amount]Lender: No cash out to borrower(s) at closingNote that this hypothetical lender does not allow any subordinate financing. That means you won’t be able to take out a 2nd lien home equity line of credit at a later time. Please also note that if your purchase doesn’t close in time, the lender may need to re-do the underwriting process.Sample Mortgage Commitment Letter InstructionsCONGRATULATIONS!Your application for a [Bank Name] Co-op Loan has just been approved. Enclosed you will find a commitment letter which provides you with specific details regarding your loan approval. We urge you to read it carefully as it contains important information on the financing terms and the documentation that is required in order to close your loan.WHAT ARE THE NEXT STEPS?You must sign the commitment and return it to us within ten (10) days of the commitment or before the expiration date, whichever is sooner with any fees specified. Please note that this commitment letter contains two critical dates. If you elected to lock in your interest rate and points there is a rate expiration date. If you do not close your loan on or before the rate expiration date, the terms and conditions will change.In addition, there is credit document expiration date. If you do not close your loan on before this date you will need to satisfactorily update certain credit documents in order for the terms and conditions of this commitment letter to apply. If your rate and points have not been locked, the rate expiration date will be established once you elect to lock in your rate. You must lock in your rate at least five business days prior to loan closing.Please read the commitment letter and riders carefully, as they contain conditions that must be satisfied prior to your loan closing. It is incumbent upon you to make sure that we are in receipt of all items listed. These items must be reviewed and approved at least three (3) days prior to loan closing. Again we must emphasize that you cannot close your loan unless all these items have been satisfied.We have notified the closing attorney for [Bank Name] of this loan transaction.Arrangement and instructions for closing your loan should be obtained by contacting the [Bank Name] attorney named in your commitment letter. A loan closing can be scheduled shortly after all necessary documents have been received by [Bank Name].The [Bank Name] attorney will be able to provide you with specific information regarding the following:-Closing Date-Closing Location-Prepaid Interest and Escrow Funds-Co-op Lien Search Requirements-Survey Coverage Requirements-Insurance Requirements (Hazard/Flood/Condominium/Co-op)We encourage you to have your attorney contact the [Bank Name] closing attorney to review the requirements. This should help to ensure that your closing goes smoothly.Thank you for choosing [Bank Name] for your financing needs. We are delighted to have you as a client.What are sample closing conditions in NYC?Dear [Borrower],We have received today from [Bank Name] a copy of a commitment letter for a co-op loan and will represent [Bank Name] at the closing. Please be advised that we cannot schedule a closing unless we receive confirmation that the conditions required by [Bank Name], prior to closing, have been satisfied and the conditions required at closing will be obtainable and brought to the loan closing.Enclosed with this letter you will find three copies of Recognition Agreements. The Recognition Agreement must be delivered to and executed by an Officer of the Cooperative Corporation. The fully executed Recognition Agreement must be delivered to our office prior to loan closing or it must be brought to loan closing. We will be unable to close a co-op loan without the original executed Recognition Agreement with the corporate seal.Enclosed with this letter you will find a Uniform Commercial Code Authorization Form. This document must be signed by each person who will be on title and promptly returned to our office. This document is necessary for [Bank Name], to obtain a security interest in the cooperative. Upon our receipt and/or confirmation of certain information i.e. section/block/lot numbers of the building same will be inserted in the financing statement prior to filing. Please be sure to note that the executed Uniform Commercial Code Authorization Form and the check required by paragraph 3 below must be remitted to our attention at the time you accept your commitment letter to a assure a timely closing.To ensure that [Bank Name] has a proper security interest, a Cooperative search of the appropriate records will be conducted solely for [Bank Name]’s benefit. The search will be ordered by our firm and will be reviewed and approved by our office prior to loan closing. Payment of the lien search must be remitted to our office at the time you send back the UCC-1 Authorization form. The cost of the search is $275.00 and the filing fee for the UCC-1 is $100.00. Please remit a check for $375.00 made payable to [Name] for the lien search and the recording of the financing statement.Unless paid prior to loan closing, all charges and fees due to [Bank Name] must be paid from the loan proceeds. If you call our office the day before loan closing, we will advise you of the exact amount being deducted from loan proceeds.The commitment letter has two expiration dates; one is the Commitment Expiration and one is the Rate Lock Expiration. The loan must close and funds must be disbursed on or before the earlier of the Commitment Expiration or the Lock-In Expiration. In the event the loan is a refinance transaction and it is subject to the required three (3) business-day right of recission it must close four (4) business days prior to the expiration of any applicable rate lock agreement.Please note that a closing cannot be scheduled until the following items have been completed:– We have been advised by [Bank Name] that all commitment conditions have been satisfied.– The U.C.C. -1 financing statement has been filed.– The co-op search has been reviewed and approved– We have a copy of the proposed Stock Certificate and the first page of the Proprietary Lease. At closing, the original Stock Certificate and Proprietary Lease must be delivered to [Bank Name] Closing Attorney.– We must be in receipt prior to or at loan closing of a blanket insurance policy for the co-op evidencing sufficient dwelling coverage.[Bank Name] requires at least two (2) business days to schedule a loan closing.We are committed to providing you with the highest level of customer service. If you should have any questions please feel free to call us at [Phone Number].Content courtesy of https://www.hauseit.com/nyc-mortgage-commitment-letter-sample/Disclosure: Hauseit and its affiliates do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.