SPRINGFIELD, Ill., Oct. 25, 2024 /PRNewswire/ — INB, N.A., a locally owned bank and leading Central Illinois provider of escrow services to mortgage customers, is addressing rising concerns over increased mortgage payments stemming from higher homeowner insurance premiums and property taxes. As these costs continue to climb, customers are experiencing significant impacts on their monthly payments, prompting an increase in inquiries to INB’s mortgage operations.
“Our customers are understandably upset,” said Steven Day, AVP, Loan Servicing Manager at INB. “We’ve seen instances where mortgage payments have increased by as much as $939 a month. It can be a substantial burden for many homeowners.”

Day highlighted that these rising costs are affecting everyone, leaving limited options for customers seeking relief. INB advises homeowners to explore alternatives such as shopping for a different insurance carrier or appealing their property tax assessments with their local county. However, either option might not change things. Homeowner insurance rates in Illinois have increased 20 to 30% in the last 12 months, and tax appeals often provide disappointing results.

Day notes that while some individuals might drop their escrow accounts in response to these hikes, it’s crucial for homeowners to plan for their tax and insurance payments to avoid financial strain.

“An escrow account remains a practical way to manage these payments by saving incrementally over time,” Day said. “We are strong proponents of escrow because it helps ensure these expenses are covered.”

Mortgage Operations support staff report that 75% of their calls are now related to escrow, a significant jump from previous levels. Customers often express frustration over the increased costs, with customers even being brought to tears. Loan officers (LOs) at INB are working closely with customers to explore all available options, says Day, including spreading shortages over multiple years. But Day cautions: “This approach only extends the repayment period rather than reducing the overall burden.”

In some cases, homeowners have managed to offset the increase by dropping Private Mortgage Insurance (PMI). They’re able to do this because, as most new appraisals show, home values are increasing. Once a customer has 20% equity in a home, they are no longer required to carry PMI. The average cost of PMI insurance is 0.46 to 1.5 percent of the loan amount, according to the Urban Institute.

“We provide services to over 6,000 mortgage loans, and our goal is to support our customers through these challenging times,” Day emphasizes. “It’s important to remember that while there may be some options to explore, it’s important to have adequate insurance coverage and plan for property tax payments.”

INB encourages all customers to stay informed and reach out to their mortgage lenders for guidance and support in navigating changes.

About INB
About INB, N.A. – INB is a privately owned national bank. Founded in 1999 in Springfield, IL, the bank offers both personal and commercial banking products and wealth services in Central Illinois. The bank also provides commercial banking services in Missouri and Florida. INB is a trusted provider of escrow services, supporting over 6,000 mortgage loans.

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SOURCE INB, N.A.

NEW DELHI, Oct. 25, 2024 /PRNewswire/ — Betty Thompson, Board Chair of SHRM, visited India last week to attend the highly recognised SHRM India Annual Conference (IAC) 2024. In her address to an audience of over 4,500 HR professionals, executives, and thought leaders; Thompson highlighted SHRM’s critical role in advancing the Indian workforce to global standards and how reskilling, AI, and continuous learning are key to shaping the future of work.

Emphasizing the urgency for collaboration between organisations and government bodies to address skill gaps and forecast future workforce requirements, Ms. Thompson said, “We are at a crucial point where things are moving faster than ever before. The pace of AI and technological advancements means that we need to stop relying solely on traditional degrees and start focusing on real skills that meet business needs.”

Thompson further underscored the importance of strategic partnerships, announcing the new alliance between SHRM and the National Skill Development Corporation (NSDC). This initiative is designed to bridge the skill gap and equip the workforce for the future. “The partnership between SHRM and the Indian government, specifically through NSDC, is a critical step toward aligning education and skills development with the actual needs of industries. By working together, we can ensure that India’s future workforce is not just prepared but globally competitive,” Ms. Thompson remarked. 

During her visit, Thompson noted SHRM’s commitment  and efforts towards the HR industry. With India being the largest SHRM entity outside the United States, the country plays a significant role in the global HR landscape. She further added, “The work SHRM is doing here with the Indian government and HR community is vital. We’re building strong partnerships to ensure that organizations are equipped to upskill their employees, keeping them productive and future-ready,” she added.

Ms. Thompson also addressed common misconceptions about reskilling, pointing out that businesses often think they already know what they need. “The biggest misconception is that we have all the answers, but the reality is we need to forecast and prepare for how the nature of work will continue to evolve. Jobs aren’t being eliminated at a massive scale; they’re transforming. It’s about retooling and continuous learning,” she stated.

With AI as a key driver of this transformation, Ms. Thompson strongly advocated the positive impact of the technology on talent acquisition and development. “AI has the power to streamline the recruitment process by sorting through vast amounts of data and going beyond degrees to identify real skills and experiences that align with organizational goals. It also helps us identify biases in recruitment processes and creates pathways for continuous growth,” she explained.

Betty concluded her visit to India by sharing her vision of people’s success, where individuals find purpose, fulfilment, and a sense of contribution in their work. “People’s success means building a world of work that works for everyone. It’s about creating opportunities for lifelong learning and ensuring that every individual feels empowered to grow, contribute, and succeed.”

About SHRM India:

SHRM is a member-driven catalyst for creating better workplaces where people and businesses thrive together. As the trusted authority on all things work, SHRM is the foremost expert, researcher, advocate, and thought leader on issues and innovations impacting today’s evolving workplaces. With nearly 340,000 members in 180 countries, SHRM touches the lives of more than 362 million workers and their families globally.

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In support of His Majesty King Charles III’s visits to Australia and Samoa, for the Commonwealth Heads of Government Meeting (CHOGM), SMI launches further support for Commonwealth Member States

Pacific Hub launched in Australia to enhance alignment of industry, finance and country efforts to accelerate delivery on global climate and biodiversity targets.Marine Mangrove Sanctuary launched in partnership with SpaceX and Rotary International in Samoa to restore mangrove ecosystems, mitigate sea level rise, increase community connectivity and preserve cultural heritage for future generations.Private Sector Training Programme for government officials extended to enhance public-private partnerships and project delivery in the Commonwealth.SMI’s Impact Accelerator, along with a recommendation to establish High-Level Climate Investment Authorities, launched to provide end-to-end support for governments to develop industry partnerships and investment ready projects aligned with sustainable transition. The SMI’s Nature-Risk Tool, developed by AECOM, has been made available to all Commonwealth member states to assist them in assessing Nature-risks associated with physical infrastructure and urban planning.The Natural Capital on African Governments’ Balance Sheets Initiative launched to explore making natural capital assets as a core component of national balance sheets.

APIA, Samoa, Oct. 25, 2024 /PRNewswire/ — In the presence of His Majesty King Charles III, as well as leaders from the Commonwealth as part of the Commonwealth Heads of Government Meeting’s Business Forum, the Sustainable Markets Initiative (SMI) has launched several initiatives to further enhance its commitment and support to Commonwealth Members States.

Pacific Hub: Connecting SMI’s global CEOs with CEOs and climate leaders in Australia, the SMI launched its Pacific Hub to enhance alignment of industry, finance and country efforts to accelerate delivery on global climate and biodiversity targets.Marine Mangrove Sanctuary: In collaboration with Rotary International and Space X, the SMI is launching a Marine Mangrove Sanctuary in Samoa to restore and maintain the mangrove ecosystem, mitigating sea level rise and preserving cultural heritage.Private Sector Training Programme: SMI introduces a climate-based training programme for government officials in Commonwealth Member States. This programme will support the delivery of climate and biodiversity-related projects and the implementation of Nationally Determined Contributions.Impact Accelerator:  SMI launches its Impact Accelerator for Commonwealth Member States which provides end-to-end support for Governments to develop industry partnerships and investment ready projects aligned with sustainable transition.  The SMI further recommends establishing High-level Climate Investment Authorities within governments to better coordinate and crowd-in private sector support and investment.Nature Risk Tool: SMI’s Nature Risk Tool, developed by AECOM, will now be available to all Commonwealth nations to assess the impact of infrastructure on local biodiversity globally.The Natural Capital on African Governments’ Balance Sheets Initiative was launched as an institutional investor-public partnership, led by the SMI Africa Council. This initiative aims to embed Nature as an investable asset class.

Jennifer Jordan-Saifi M.V.O., CEO of the Sustainable Markets Initiative, emphasised the urgency of these initiatives: “It is an honour to be in Samoa for the Commonwealth Heads of Government Meeting (CHOGM). Being welcomed into the community of Nono’a Saleimoa to launch their Mangrove Sanctuary, we saw first-hand how Pacific communities are on the front lines of climate change and biodiversity loss. With future generations in mind, we also saw the passion of community members for restoring harmony with Nature.  The SMI is delighted to bring private sector CEOs together with Commonwealth governments at CHOGM, and through our new Pacific Hub, to accelerate practical, scalable actions that advance a genuinely sustainable future for all.”

Recognizing the importance of biodiversity restoration across the Commonwealth, Dr Hubert Danso, Co-Chair of the SMI Africa Council, highlighted that “Africa’s natural capital forms the backbone not only of our economies, but also of global business models and societies. To protect and expand this value, we must invest at scale in our ecosystems. Through mandate-aligned institutional investor-public partnerships with governments, we can unlock risk and Nature-adjusted returns, that drive benefits for Nature, people and planet.  Through these efforts we aim to demonstrate that what’s good for Africa and the world, can also create sustainable value for investors.”

Pacific Hub

The new SMI Pacific Hub, is the latest addition to the Sustainable Markets Initiative’s regional engagement activities, joining a cohort of five other Hubs and Councils including North America, Africa, China, India, and Greece.  As part of its regional and country approach, the Pacific Hub will provide a forum for CEOs to look more practically at sustainability efforts across industry and finance while exploring how the region’s private sector is actively working with governments to support Nationally Determined Contributions (NDCs) and biodiversity targets in the region.

Marine Mangrove Sanctuary

The Sustainable Markets Initiative announces the Marine Mangrove Sanctuary in collaboration with Rotary International and SpaceX. The sanctuary in Nono’a Saleimoa, Samoa will restore and maintain the mangrove ecosystem to mitigate the onset of sea level rise.  Starlink will enable project leads to record, in real-time, key data points regarding the progress of the project such as: number of mangrove seedlings planted, growth of seedlings, time spent planting and maintaining the site, and general updates from site visits. The project demonstrates the value of remote access connectivity to support underserved and remote communities across the Commonwealth. The SMI’s partnership with Starlink includes a focus on rapidly scaling support for Nature-capital and post-disaster monitoring.

Government Training Programme

The Sustainable Markets Initiative will now offer Commonwealth Member States access to its highly successful Government Training Programme, which has so far had over 800 participants from over 85 countries register worldwide. The programme has convened subject matter experts from across the public and private sectors along with non-governmental organisations to develop climate-based training that can help support government officials (and others) responsible for delivering and developing climate-related projects and the implementation of Nationally Determined Contributions (NDCs).

SMI Impact Accelerator and High-Level Climate Investment Authority

The SMI also offers support through its Impact Accelerator.  The private sector is ready to mobilize capital, however to date there is a limited pipeline of “investment-ready” projects. The Sustainable Markets Initiative strives to fill this gap by offering end-to-end support for project development, industry partnerships and capacity building.  Recognizing the urgency and complexity of public-private partnerships for transition, we strongly recommend that High-Level Climate Investment Authorities (HCIA) be established to offer an empowered and coordinated docking point that is focused on private sector partnerships and capital mobilization.  The SMI has a range of guidance available on how to best establish these HCIAs.

SMI Nature Risk Tool

The Sustainable Markets Initiative has recently launched its SMI Nature Risk Tool and is now offering it to all Commonwealth Member States.  The SMI Nature Risk Tool recognizes that infrastructure development often leads to habitat loss, biodiversity decline, pollution, and increased greenhouse gas emissions. Powered by AECOM, and using datasets from the Taskforce for Nature-related Financial Disclosures (TNFD), the SMI Nature Risk Tool enables infrastructure investors and promoters to analyse any piece of land globally, providing expert-reviewed descriptions of the location’s habitat and biomes early in the site selection process.

About The Sustainable Markets Initiative

Founded by His Majesty King Charles III in 2020, then the Prince of Wales, the Sustainable Markets Initiative has become the world’s ‘go-to’ private sector organisation on transition.  Launched in 2021, the Terra Carta serves as the Sustainable Markets Initiative’s mandate with a focus on accelerating positive results for Nature, People and Planet through real economy action.  Complementing the Terra Carta, the Astra Carta was launched in 2023 to support a default sustainable approach to space while leveraging space resources for sustainability on Earth.  Read more: www.sustainable-markets.org

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