Applying Previous Lessons to Mortgage Servicing’s COVID-19 Response

first_img The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago Share Save Home / Daily Dose / Applying Previous Lessons to Mortgage Servicing’s COVID-19 Response There are similarities, but the current downturn is different from the 2008 Great Recession. Following 2008, the U.S. mortgage servicing infrastructure was strengthened, and now, according to Urban Institute, those changes are going to be put to the test. In a report, Urban Insitute’s Karan Kaul and Laurie Goodman examine how these safeguards will protect homeowners.The difference between now and 2008 is that homeowners have record levels of equity in their homes. The ratio of total mortgage debt outstanding to the value of the US housing stock is at a record-low 36%, compared with 54% on the eve of the Great Recession. According to Urban, what homeowners need right now is immediate payment relief.Similar policies to 2008 are now being implemented in response to COVID-19 including forbearance, but, as Urban notes, if forbearance is not properly reported to the credit bureaus, it is treated as delinquency.To reach more borrowers, Urban suggests expanding the LTV threshold for refinance options, including Fannie Mae’s High LTV Refinance Option and Freddie Mac’s Enhanced Relief Refinance Mortgage.“This is a balancing act,” Urban notes. “Expanding refinance eligibility will have a negative effect on mortgage-backed security prices, which will, in turn, raise rates to new borrowers. But during a crisis period, such action seems warranted.”While the loss mitigation toolkit we have in 2020 is much more robust than what we had in 2008, swift early intervention, even if imperfect, is much more effective than delayed actions.“Although no one knows how serious the upcoming downturn will be or how long it will last, the need of the hour is to provide immediate payment relief to the largest possible number of borrowers,” Urban adds. “The lost opportunity has been to allow the streamlined refinance programs to mostly lapse, with no crisis-type provisions for immediate restoration.” Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articles Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Subscribe Sign up for DS News Daily Tagged with: Coronavirus Recession Urban Insitute Coronavirus Recession Urban Insitute 2020-03-24 Seth Welborncenter_img About Author: Seth Welborn  Print This Post Applying Previous Lessons to Mortgage Servicing’s COVID-19 Response in Daily Dose, Featured, Government, News The Week Ahead: Nearing the Forbearance Exit 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago March 24, 2020 1,639 Views Seth Welborn is a Reporter for DS News and MReport. A graduate of Harding University, he has covered numerous topics across the real estate and default servicing industries. Additionally, he has written B2B marketing copy for Dallas-based companies such as AT&T. An East Texas Native, he also works part-time as a photographer. Previous: IMS Datawise Launches Upkeep Next: Possible $2.5T Stimulus Bill Brings Optimism Demand Propels Home Prices Upward 2 days ago Demand Propels Home Prices Upward 2 days agolast_img read more

Celebrating a decade of musical theater

first_imgShe explicitly rejects the idea that musicals are less serious than straight dramas. “Musicals can be serious entertainment,” she said. “If you look at the history of musical theater, if you look at some of the early book musicals like ‘Oklahoma,’ these are dealing with really intense topics.” In addition, “The musical is a signature American art form. And we are the American Repertory Theater.”While this production brings back the songs that audiences may remember through the years, it adds a fresh element: the seven performers (plus guests) explaining why these pieces touched them, or how they came to a particular production.,Before Matthew James Thomas, from the 2012 production of “Pippin,” performs “Corner of the Sky,” for example, he recalls resisting the song, which has become part of the musical theater canon. He had resisted despite the urging of his vocal coach — until he found himself auditioning for the part. Brandon Michael Nase, from the 2018 production of “The Black Clown,” talks about his journey from musical educator to performer. These and other returning cast members are being joined by guests who appear on limited dates, such as Gavin Creel (Nov. 27‒30), Carolee Carmello (Nov. 29), and Elizabeth Stanley (Nov. 30). The show runs through Nov. 30.The performers’ personal recollections reinforce the impact of what is already an emotional art form. “Literally, musical theater is about the moment when you can no longer speak and you have to sing,” said Paulus.While this production is, by its nature, a retrospective, Paulus sees in it the seeds of future productions. “I’ve always wanted the A.R.T. to feel like an artistic home for artists,” she said. “It’s always about creating conditions where collaborations are born. I think this reunion is going to do that. You’re going to see shows where the story is, ‘I came back to A.R.T. for that show … and that’s where the idea was born.’ ”This production is hardly meant as the last word on musicals, or the A.R.T. “Our season ends with a world premiere of a new musical [“We Live in Cairo”] about the Arab Spring,” Paulus said. “ExtraOrdinary” is “kind of looking backward,” she acknowledged, “but the last show of the season is looking forward.” Audiences know the stories of their favorite musicals. Often, as in the case of productions like “Jagged Little Pill” that tap into popular tunes, they know the songs from the radio. But in “ExtraOrdinary,” a cabaret-style retrospective at the American Repertory Theater (A.R.T.), they not only hear songs previously performed on the Cambridge stage — in productions like “Pippin,” “The Gershwins’ Porgy and Bess,” and “Waitress” — they hear the performers’ own stories too.The show, under the direction of Diane Paulus and with music directed by Lance Horne, celebrates and revisits the 10 years of musicals and music theater that Paulus has shepherded through the Harvard institution.“I’ve always been passionate about the power of musical theater because I feel it can reach audiences in a way that builds bridges,” said Paulus, the A.R.T.’s Terrie and Bradley Bloom Artistic Director.She distinguishes between classic musicals and “music theater,” in which tunes are added or integrated into a play. Both, as well as opera, have found a place at the A.R.T. under her direction, “expanding the boundaries of theater, which is our mission, through newly reimagined productions of classic musicals and creating conditions for new musicals.”Of course, what exactly music or musical theater is can be up for debate, a subject that cast members discuss and sing about in this production. “Shakespeare is music,” Paulus said, suggesting that all theater may be regarded as musical. “We’re talking about live sound,” she said, “rhythm and vibration.” “It’s always about creating conditions where collaborations are born. I think this reunion is going to do that.” — Diane Pauluslast_img read more

Broome County Historian expresses concern over Binghamton housing proposal

first_img“Those buildings are a part of our history, and it would be a shame to lose them,” said Broome County Historian Roger Luther. (WBNG) — 41 Court Street is home to Galaxy Brewing Company. It’s also home to the Red Men Lodge, a historical fraternal group with deep roots in Binghamton’s history. The lodge, located on the fourth floor of the building, was home for the Red Men. The Red Men are a group of white men who often dressed in traditional Native American attire. “It’s the only one that’s intact that I’m aware of that’s in the area. Here, it’s almost like, other than the layers of dust and peeling paint, it’s almost like the room was when they left back in the 20s,” said Luther. Both meetings will be held via zoom and are open to the public. A housing proposal was filed in February to turn the second through fourth floors of 41 Court Street into residential housing. The proposal was filed by GBC-P42 LLC. The LLC is linked to the owner of Galaxy Brewing Company, located on the first floor of the building. The proposal, Luther says, would cause the historic hidden gem to be entirely lost. Luther says he has no problem if other parts of the building are going to be redeveloped into housing. He hopes to see the fourth floor permanently preserved. “As a preservationist, you can’t save everything, and you shouldn’t try to save everything. There are those things that are very important to the history of the community, this is one of them,” said Luther. The proposal will go before the Commission on Architecture and Urban Design (CAUD) on May 5. It will go before the city planning commission on May 11. “They’d go to these meetings, they’d sit around and socialize. In additional to that, they’d provide a good service for the community. They would have fundraisers to donate to needy causes,” said Luther. last_img read more

a month agoReal Madrid weigh up bid for Rennes teen Eduardo Camavinga

first_imgReal Madrid weigh up bid for Rennes teen Eduardo Camavingaby Carlos Volcanoa month agoSend to a friendShare the loveReal Madrid is weighing up a raid on the French transfer market.Marca says Real are already looking at young talents who are standing out this season.First on the list is midfielder Eduardo Camavinga, who is already featuring for Rennes at 16 years of age.After making his debut last season, he has earned a starting position this year.In August, he was voted player of the month by his peers, winning the Union of French Football Players award.Real Madrid have been scouting several youngsters, but Camavinga has caught the eye the most. TagsTransfersAbout the authorCarlos VolcanoShare the loveHave your saylast_img

8 days agoCrystal Palace eyeing West Brom fullback Nathan Ferguson

first_imgTagsTransfersAbout the authorPaul VegasShare the loveHave your say Crystal Palace eyeing West Brom fullback Nathan Fergusonby Paul Vegas8 days agoSend to a friendShare the loveCrystal Palace are eyeing West Bromwich Albion fullback Nathan Ferguson.Palace are searching for a replacement for Aaron Wan-Bissaka, who was sold to Manchester United this past summer.The Daily Mailsays 19-year-old Ferguson has impressed Palace’s scouts this season.Slaven Bilic has given the England U20 international his breakthrough at the Hawthorns, which has seen him operate at both fullback positions.Ferguson has failed to start just one of the Championship leaders’ league games so far this season. last_img

Video: Amari Cooper Froze Up At The Mic On Family Feud

first_imgLane Kiffin talking to Amari Cooper.TUSCALOOSA, AL – NOVEMBER 15: Offensive Coordinator Lane Kiffin of the Alabama Crimson Tide converses with Amari Cooper #9 prior to facing the Mississippi State Bulldogs at Bryant-Denny Stadium on November 15, 2014 in Tuscaloosa, Alabama. (Photo by Kevin C. Cox/Getty Images)Former Alabama star and current Oakland Raiders wide receiver Amari Cooper will be appearing on a celebrity edition of “Family Feud” this Sunday. Alongside Steve Smith, Brandon Marshall and others, Cooper will be representing the “AFC Offense” against an “NFC Defense” squad that includes Arizona Cardinals DB Tyrann Mathieu, Philadelphia Eagles DB Malcolm Jenkins and Carolina Panthers linebacker Thomas Davis. In his match-up with Mathieu, Cooper beat the ex-LSU star to the buzzer when asked to name someone people are excited to see once a year. From there though, Cooper got stage fright, and could only manage some awkward laughter. The video of the clip, released in advance of the show, can be found below. The episode featuring Cooper will air at 8 p.m. ET Sunday night on ABC. Hopefully the rest of Cooper’s appearance went more smoothly than that clip did.[ SDS ]last_img read more

Deepak Chopra To Explore Consciousness At 3Day Symposium

first_imgBest-selling author and world-renowned expert on mind-body medicine, Deepak Chopra, M.D., initiates a groundbreaking dialogue about the science of consciousness at the Beverly Wilshire Hotel in Beverly Hills, California, from Friday, September 9 to Sunday, September 11, 2016.Presented by The Chopra Foundation, the event offers attendees the opportunity to come together and learn from some of the world’s greatest minds in quantum consciousness, neuroscience, cosmology, physics, psychology, and spirituality as they tackle life’s toughest questions to reveal a more complete truth of our existence.The award-winning Berklee Indian Ensemble will perform live at the event on Friday, September 9.Internationally recognized musician, filmmaker, and humanitarian, Michael Franti, will perform live at the event on Saturday, September 10.“We are in the midst of a major paradigm shift in science. Scientists are now proving what the ancient sages have known for thousands of years. So, how does consciousness conceive, govern, construct and become the physical universe? How does our understanding of consciousness enhance our collective capacity for physical, emotional, spiritual, social, financial and ecological well-being?” said Deepak Chopra, M.D., F.A.C.P., founder of The Chopra Foundation. “Our panel of world-class scientists and sages will examine these and other questions, with a shared interest in finding common ground between science and wisdom.”Presenters include: World-renowned expert in cosmology and applied mathematics, George Ellis, Ph.D. Founder of Artocene, pioneer of the contemporary arts, medicine and health movement, Iva Fattorini, M.D., M.Sc. Theoretical astrophysicist, Katherine Freese. New York Times best-selling author, filmmaker, and professor of mathematics at the University of California, Berkeley Edward Frenkel. Anesthesiologist, professor and quantum consciousness expert Stuart Hameroff, M.D. Spirit-being, frequency addict, composer, artist, & DJ, Satya Hinduja. Award-winning science journalist and author, John Horgan. Psychologist and neuroscientist, Shamini Jain. Physicist and science writer, Menas C. Kafatos, Ph.D. Inventor of quantum neural computing and pioneering archaeoastronomer, Dr Subhash Kak. Artist, Jitish Kallat. World-renowned scientist and expert in metaphysics, Bernardo Kastrup, Ph.D. Professor at UCSD and co-founder of the American Gut Project, Rob Knight. International corporate strategist, investment banker and public intellectual with a doctorate in brain research, Robert Kuhn, Ph.D. Actress, producer, director, activist and businesswoman, Eva Longoria. Serial entrepreneur and business leader in Fortune 100 companies, Poonacha Machaiah. Expert in exploration of spiritual realities using innovative scientific approaches, Dr. Barnaby Marsh. Chair and Distinguished Professor of Neurosciences and Florence Riford Chair for Alzheimer Disease Research at UC San Diego School of Medicine, William C. Mobley, M.D., Ph.D. Professor of physics and astrophysics at the University of California, Santa Cruz, Joel R, Primack, Ph.D. President of Berklee College of Music, cofounder of Bright Horizons Family Solutions, and an international relief agency manager, Roger H. Brown. Political activist, speaker, and supermodel, Cameron Russell. Master integrator of big data to construct predictive models of disease and wellness, Dr. Eric Schadt. Senior media executive, former ABC news journalist, and chief curator of Discovery Communications’ Curiosity Project, Richard Sergay. New York Times bestselling author and pioneer in the integrative field of Interpersonal Neurobiology, Dr. Dan Siegel. Founder of Ashtanga Yoga New York, Eddie Stern. Professor of neurology and holder of the Joseph P. and Rose F. Kennedy Endowed Chair in Neurology at Harvard University, Rudolph E. Tanzi, Ph.D. Model and founder of Strala Yoga, Tara Stiles. Award-winning and internationally acclaimed soul chant musician, Chandrika Tandon. Professor of pathology and of medicine at the Beth Israel Medical Center of Albert Einstein College of Medicine, Neil Theise, M.D. Spiritual leader, Reverend Mpho A. Tutu.For more information and to purchase tickets for the Sages & Scientists Symposium 2016 visit: www.chopra.com/programs/sages-scientist/sages-scientists-2016.last_img read more

AARP The Magazine Announces Nominees For The 17th Annual Movies For Grownups

first_imgAARP The Magazine is pleased to announce the nominees for the upcoming 17th Annual Movies for Grownups Awards, with Get Out, Lady Bird, Star Wars: The Last Jedi, The Shape of Water and Three Billboards Outside Ebbing, Missouri contending in the Best Picture/Best Movie for Grownups category.The awards celebrate 2017’s standout films with unique appeal to movie lovers with a grownup state of mind and recognize the inspiring artists who make them. Award-winning film and stage actor Alan Cumming will host the star-studded evening at the Beverly Wilshire, Beverly Hills on Monday, February 5.In the Best Actress category, nominations go to Annette Bening (Film Stars Don’t Die in Liverpool), Judi Dench (Victoria & Abdul), Salma Hayek (Beatriz at Dinner), Frances McDormand (Three Billboards Outside Ebbing, Missouri) and Meryl Streep (The Post). In the Best Actor category, Steve Carell (Battle of the Sexes), Daniel-Day Lewis (Phantom Thread), Tom Hanks (The Post), Gary Oldman (Darkest Hour), Denzel Washington (Roman J. Israel, Esq.).Additionally, Helen Mirren will receive the esteemed Movies for Grownups Career Achievement Award.The nominees for Best Supporting Actress are Holly Hunter (The Big Sick), Allison Janney (I, Tonya), Melissa Leo (Novitiate), Lesley Manville (Phantom Thread), and Laurie Metcalf (Lady Bird). In the Best Supporting Actor category, Willem Dafoe (The Florida Project), Laurence Fishburne (Last Flag Flying), Woody Harrelson (Three Billboards Outside Ebbing, Missouri), Richard Jenkins (The Shape of Water), and Christopher Plummer (All the Money in the World) are nominated. The 2017 Movies for Grownups nominees for Best Director are Kenneth Branagh (Murder on the Orient Express), Guillermo del Toro (The Shape of Water), Reginald Hudlin (Marshall), Ridley Scott (All the Money in the World) and Steven Spielberg (The Post).“2017 was filled with marvelous movies and performances that appeal directly to a powerful audience -the 50-plus. We are delighted to celebrate another year of actors, directors and writers that brought the most compelling stories to life on the silver screen,” says Myrna Blyth, Senior Vice President and Editorial Director for AARP Media. “After nearly two decades of celebrating AARP’s Movies for Grownups, we are also thrilled to share our awards show with viewers at home.”Co-produced by the Great Performances series, the 17th Annual Movies for Grownups Awards will be broadcast for the first time on Friday, February 23 at 9 p.m. on PBS, (check local listings), pbs.org/gperf and PBS apps.Event proceeds raise funds for AARP Foundation, AARP’s charitable affiliate, which works to end senior poverty by building economic opportunity and social connections for vulnerable older adults in L.A. and across the country.With weekly news and reviews, nationwide screenings, and an annual awards event, AARP’s Movies for Grownups multimedia franchise continues to champion movies for grownups, by grownups. For more information about AARP’s Movies for Grownups Awards, go online to www.aarp.org/moviesforgrownups.The complete list of the 17th Annual Movies for Grownups Awards Nominees: • Best Picture/Best Movie for Grownups: Get Out, Lady Bird, Star Wars: The Last Jedi, The Shape of Water and Three Billboards Outside Ebbing, Missouri • Best Actress: Annette Bening (Film Stars Don’t Die in Liverpool), Judi Dench (Victoria & Abdul), Salma Hayek (Beatriz at Dinner), Frances McDormand (Three Billboards Outside Ebbing, Missouri) and Meryl Streep (The Post) • Best Actor: Steve Carell (Battle of the Sexes), Daniel Day-Lewis (Phantom Thread), Tom Hanks (The Post), Gary Oldman (Darkest Hour), Denzel Washington (Roman J. Israel, Esq.) • Best Supporting Actress: Holly Hunter (The Big Sick), Allison Janney (I, Tonya), Melissa Leo (Novitiate), Lesley Manville (Phantom Thread), Laurie Metcalf (Lady Bird) • Best Supporting Actor: Willem Dafoe (The Florida Project), Laurence Fishburne (Last Flag Flying), Woody Harrelson (Three Billboards Outside Ebbing, Missouri), Richard Jenkins (The Shape of Water), and Christopher Plummer (All the Money in the World) • Best Director: Kenneth Branagh (Murder on the Orient Express), Guillermo del Toro (The Shape of Water), Reginald Hudlin (Marshall), Ridley Scott (All the Money in the World) and Steven Spielberg (The Post) • Best Screenwriter: Guillermo del Toro (The Shape of Water), James Ivory (Call Me by Your Name), Anthony McCarten (Darkest Hour), Steven Rogers (I, Tonya), Aaron Sorkin (Molly’s Game) • Best Ensemble: Get Out, Girls Trip, Last Flag Flying, Mudbound, Murder on the Orient Express • Best Grownup Love Story: Breathe, Films Stars Don’t Die in Liverpool, The Leisure Seeker, Our Souls at Night, The Greatest Showman • Best Intergenerational Film: The Big Sick, The Florida Project, Lady Bird, Marjorie Prime, Wonder • Best Time Capsule: Battle of the Sexes, Darkest Hour, Dunkirk, I, Tonya, The Post • Readers’ Choice Poll: Beauty and the Beast, Dunkirk, Get Out, Girls Trip, Last Flag Flying, Murder on the Orient Express, The Post, Star Wars: The Last Jedi, Wonder, Wonder Woman • Best Documentary: Dolores, Harold and Lillian: A Hollywood Love Story, I Am Not Your Negro, Joan Didion: The Center Will Not Hold, Mission Control: The Unsung Heroes of Apollo • Best Foreign Film: Chavela (Mexico), The Insult (Lebanon), Like Crazy (Italy), A Taxi Driver (South Korea), The Women’s Balcony (Israel)The annual Movies for Grownups Awards raises funds for AARP Foundation, AARP’s affiliated charity, which helps struggling people 50-plus around the country transform their lives through programs, services and vigorous legal advocacy. The Foundation works to increase economic opportunity and social connections to prevent and reduce senior poverty.last_img read more

Its a farce No Indigenous women named to civilian advisory panel overseeing

first_imgMounties enforce an exclusion zone at the Alton gas site in Nova Scotia May 2019 (APTN file).Kathleen MartensAPTN NewsJust days after the National Inquiry into Missing and Murdered Indigenous Women and Girls released its final report, the federal government announced an interim civilian advisory board to oversee the RCMP.But Public Safety Minister Ralph Goodale didn’t appoint any Indigenous women to the 13-member watchdog panel announced June 5, even though the inquiry called for major reform of the national force two days earlier.The board does include one Indigenous man – John Domm, the former chief of police of the Nishnawbe-Aski and Rama police services.Goodale described it as “the biggest, single innovation in the management of the Royal Canadian Mounted Police in 145 years.”He said the board can make non-binding recommendations about police resources and labour relations but will stay out of investigations and operations.Something RCMP Commissioner Brenda Lucki praised.“I’m confident that they will help us achieve our goal: a modern, effective, healthy and inclusive national police organization, trusted by Canadians for our policing excellence,” she said in a statement.The inquiry’s final report was another in a series of criticisms of the force – especially in the way officers interact with families of victims, and the number of cases that remain unsolved.RCMP officer outside the exclusion zone at the Uni’stot’en pipeline dispute in northern B.C. January 2019 (APTN file).Janet Merlo, a former constable who led the fight to sue the federal government for millions in damages from sexual harassment and discrimination in the RCMP, feels the makeup of the board shows the government still doesn’t get it.“It’s a waste of money and a waste of time,” she said of the advisory committee that is expected to cost about $1.56-million per year.“They want to talk truth and reconciliation and change. What a farce.”Merlo said a dozen inquests and inquiries have already told the government that bad management is to blame.“They haven’t implemented any of the recommendations…if they’re not going to listen to the inquests and inquiries – they’re not going to listen to Joe Public.”Merlo, who attended part of the inquiry’s closing ceremony in Gatineau, Que. on June 3, said Indigenous women could be part of the solution.“There should have been a far greater representation of Indigenous people on that board.”RCMP Commissioner Brenda Lucki and Public Safety Minister Ralph Goodale at an announcement in May 2018 (APTN file).Marge Hudson, a former Indigenous RCMP constable and plaintiff in Merlo’s class-action lawsuit, agreed Goodale missed an opportunity to reflect the communities the police serve.“It certainly is a concern,” she said of the lack of Indigenous voices.Merlo said creating the board was part of the agreement to settle her class-action lawsuit in 2016. Along with a promise to hire more female officers.“What we put to them was…you need somewhere for people within the force that are experiencing bullying, harassment and bad behaviour, you need somewhere for them to go and lodge a complaint and know that it’s going to be investigated honestly.“Because you can’t leave them to investigate themselves. They’ve been doing that for years and look at the mess they’re in.”The RCMP has paid out millions in damage claims, and could be on the hook for even more.Merlo said her heart breaks for the families of missing and murdered waiting for Mounties to investigate their cases.“Many of these cops were harassing and assaulting their co-workers, so there was little chance they would ever extend any respect to others in the community,” she said.“As a result of their egos, their failures, and their discrimination, lives and families were forever changed.”There part-time appointees are comprised of six men and seven women, including Wally Oppal – former commissioner of the Missing Women Commission of Inquiry in B.C. – and Randy Ambrosie –commissioner of the Canadian Football League.A spokesman for Goodale said appointees will provide “expert external advice” and were selected for their “executive and corporate management” skills.He noted: “Great care was taken to select members who reflect Canadian diversity, gender balance and equality and regional representation, and who support Indigenous reconciliation.”[email protected]@katmartelast_img read more

Anthony Bourdain shines light on fate of loyalty program rewards after death

first_imgMONTREAL – Among the items bequeathed by globe-trotting chef, author and TV host Anthony Bourdain was something that most people would never consider.Bourdain, who took his life in early June in France, wrote in his will that his estranged wife should dispose of frequent flyer miles and other possessions in a way she believes he would have wanted.While loyalty points aren’t typically top of mind for bereaved family members, they can be a valuable asset in a person’s estate, especially if the departed shared Bourdain’s passion for travel.The value of unredeemed loyalty points reached $16 billion last year in Canada as memberships have grown by 68 per cent over the past five years to an average of 12.3 cards per person in 2017, according to Bond Brand Loyalty, a leading global customer engagement agency.“Passing along loyalty points is going to be a more common consideration as baby boomers start to age and consider death,” said Queen’s University marketing professor Ken Wong.The onus is on the program member to leave written instructions to their executor dictating what should be done with all their assets, Wong said.“Most people will note their (Guaranteed Investment Certificates), they will note their investments and so on but they won’t talk about loyalty points.”Collectors of loyalty points may decide to switch cards if they discover in the fine print that their rewards die with them, Wong added.“These people worked hard to earn those points and they shouldn’t just disappear when they pass,” added Patrick Sojka, a travel rewards expert and founder of RewardsCanada.ca.With no industry standard, rules differ among programs, he said.Most require the submission of a death certificate, some charge a fee and others state that the rewards are forfeited upon death. The programs also put various time limits on claiming the points and some allow them to be donated.Details are posted online in the terms and conditions of most programs while some require members to contact the operator.Of the major programs surveyed by The Canadian Press, Air Miles, Aeroplan, Esso, WestJet Airlines, Porter Airlines, Hudson’s Bay, the five largest banks and U.S.-based hotel chains Hilton, Marriott and Starwood permit the transfer of points or miles.PC Optimum, Metro&moi, Indigo Plum, Canadian Tire Triangle Rewards, and SAQ (Quebec liquor agency) Inspire do not.Although PC Optimum points are not transferable, the program has in specific cases worked with family members of deceased customers to access accounts and points, said Loblaw spokeswoman Catherine Thomas.She added that the new program allows many people in the family to earn and redeem points.Likewise, grocery rival Metro’s in-house reward program doesn’t transfer points, but they can be used by everyone with a card.Family members can still access points even if programs don’t allow them to be transferred if they use their loved-one’s card and know the password, experts say.It is common practice for tax law experts to discuss loyalty points and digital details such as usernames and passwords with clients to ease administration of the estate left for their executors, said Anisa Diwan, a Tax, Estates and Trusts associate at Borden Ladner Gervais.The Toronto-based law firm also recommends the use of power of attorneys to give access and control of reward miles and points, especially if the person loses their mental capacity before death.“General anecdotal evidence suggests however that many executors may not be dealing in a timely manner with the accumulated rewards points of a deceased person, if at all,” she said.Diwan said executors should contact each loyalty program promptly after death because some may cancel accounts due to inactivity.last_img read more