BANKS LOOSEN HOLD ON SANDY INSURANCE PROCEEDS

By Richard Newman/The Record
March 12, 2013

Mortgage lenders and servicers are getting more upfront insurance money into the hands of homeowners affected by superstorm Sandy, the state Department of Banking and Insurance said Monday.

Melissa Shuffield, a Chase spokeswoman, said the bank recently began advancing 75 percent of claims settlement checks in initial installments, up from 50 percent, and is guaranteeing property inspections within two days.

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