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Field Examination

Field Examination for National Bank

Durkin Group was engaged by a National Bank to provide a recurring field examination on a finance company that monetized structured settlements. The finance company purchases all or a portion of a Claimant’s rights to receive future Scheduled Payments under Settlement Agreements payments, thereby providing liquidity to Claimants whose Structured Settlements no longer meet their particular life circumstances. The Bank was providing a┬árevolving warehouse line to purchase structured settlements that were fully assignable or court ordered, with its advance rates dependent on purchase yields. While reviewing over 100 files for compliance, the field examiner confirmed that purchase yields were being reported properly in its assignments to the National Bank. In addition, the field examiner verified that balances in excess of individual annuity provider concentration limits and specific annuity provider concentration limits for annuity providers with ratings less than A++ as rated by AM Best, were being properly reported to the National Bank.

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