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INB Addresses Escalating Escrow Payments Due to Increased Insurance and Property Taxes

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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.

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Aleut Achieves Prestigious CMMI Level 3 Certification in Four Key Domains

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January 9, 2025

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RESTON, Va., Jan. 9, 2025 /PRNewswire/ — Aleut Federal LLC (Aleut) proudly announces it has earned Capability Maturity Model Integration (CMMI) Level 3 certification in four key domains: Development (CMMI-DEV), Services (CMMI-SVS), Security (CMMI-SEC), and People Management (CMMI-PPL). This significant achievement highlights Aleut’s commitment to operational excellence and its ability to deliver high-quality, efficient and secure solutions. It demonstrates Aleut’s strength in optimizing product development, improving service delivery, enhancing security, and aligning workforce management to drive performance and engagement. 

CMMI, developed by the globally recognized CMMI Institute, is a framework for assessing and improving organizational performance. Achieving Level 3 certification affirms that Aleut’s processes are clearly defined, consistently applied, and supported by robust standards, tools, and methodologies. This milestone underscores the company’s ongoing dedication to operational excellence, mitigating risk, and delivering measurable performance success.

“This certification shows our customers that Aleut doesn’t just meet their mission-critical needs – we excel at it,” said Nick Trzcinski, President of Aleut Federal. “We are committed to continuous improvement, innovation, and delivering exceptional value. Aleut is a partner our customers can trust.”

Aleut’s CMMI Level 3 certification enhances its ability to deliver high-quality outcomes across all projects while optimizing efficiency and minimizing risks. Complemented by the company’s ISO 9001 certification for quality management, these achievements reinforcing Aleut’s adherence to internationally recognized standards, solidifying its position as a reliable and innovative partner for federal clients.

To read Aleut Federal’s CMMI Appraisal, click here.

ABOUT ALEUT FEDERAL
Aleut Federal LLC, a holding company within The Aleut Corporation’s federal services portfolio, is an Alaska Native-owned enterprise delivering vital services to the U.S. government across four primary sectors: Technology, Mission Support, Environmental, and Construction. Established under the Alaska Native Claims Settlement Act (ANCSA) of 1971, The Aleut Corporation is one of 12 regional Alaska Native corporations. Aleut Federal’s subsidiaries, including Small Business Administration (SBA) certified 8(a) program participants and Small Disadvantaged Business (SDB) entities, bring specialized capabilities to meet the diverse needs of federal agencies.

By achieving CMMI Level 3 certification, Aleut Federal strengthens its standing as an industry leader, driving performance excellence while delivering mission-focused solutions with unmatched quality and efficiency.

Contact:
Berlyn Martin
Aleut Federal, LLC
Phone: 276-244-3319

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SOURCE Aleut Federal, LLC

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Lowell Observatory Scientists to Present New Research at American Astronomical Society Winter Meeting- Including New and Unexpected Insights on Planet Formation

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January 9, 2025

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Lowell Observatory researchers will join more than 3,000 astronomers at AAS245 in Maryland from January 12-16, 2025

FLAGSTAFF, Ariz., Jan. 9, 2025 /PRNewswire/ — The American Astronomical Society’s winter meeting is the largest annual gathering of astronomers in the United States, and Lowell Observatory will be well-represented this year. Executive Director Dr. Amanda Bosh and Director of Science Dr. Gerard van Belle—both of whom just stepped into their positions—lead a contingency of more than a dozen scientists and support staff attending the meeting.

Lowell Observatory will be in attendance at Exhibitor Booth 521, with its astronomers, postdocs, predocs, and other researchers available to discuss their latest science research. Of particular note, Postdoctoral Fellow Taylor Kutra will share unexpected new ways planets may form, based on a study of a binary star system in Taurus that she leads. Kutra will present her findings during both a Tuesday (January 14) science session and Thursday (January 16) press conference.

Other Lowell Observatory scientists will present on topics including comets, asteroids, the Sun and Sun-like stars, exoplanets, a variety of star types, dwarf irregular galaxies, and space-based interferometry.

Bosh says, “The winter meeting of the AAS is a critical opportunity for astronomers at all stages of their careers to share their latest research and interact with colleagues from around the world. Lowell Observatory is pleased to send a strong contingency of our science team to actively participate in this year’s meeting in National Harbor.”

Media are welcome to attend AAS245 in person. A limited virtual attendance option is also available, with live access to press conferences, plenary talks, select town halls, and a virtual oral session. See https://aas.org/meetings/aas245/press.

AAS245 website: https://aas.org/meetings/aas245

AAS245 Presentations by Lowell Observatory Scientists: Full Schedule Here

About Lowell Observatory
Founded in 1894, Lowell Observatory in Flagstaff, Arizona, is a renowned nonprofit research institution. It is the site of historic and groundbreaking discoveries, including the first evidence of the expanding universe and the discovery of Pluto. Today, Lowell’s astronomers utilize global ground-based and space telescopes, along with NASA spacecraft, for diverse astronomical and planetary science research. The observatory hosts over 100,000 annual visitors for educational tours, presentations, and telescope viewing through a suite of world-class public telescopes.

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SOURCE Lowell Observatory

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CRTC consults on market dynamics within Canada’s broadcasting system

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January 9, 2025

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OTTAWA, ON and GATINEAU, QC, Jan. 9, 2025 /CNW/ – Today, the CRTC is taking another step forward to implement the modernized Broadcasting Act (the Act) by launching a public consultation on market dynamics within Canada’s broadcasting system.

Through this consultation, the CRTC will explore the dynamics between small, medium and large broadcasters, television service providers and online streaming services. The goal is to help ensure that Canada’s broadcasting system is sustainable, fair and competitive.

The CRTC is welcoming comments until February 24, 2025. Interested persons can participate by:

filling out the online form;writing to the Secretary General, CRTC, Ottawa, Ontario K1A 0N2;sending a fax to 819-994-0218.

As part of this consultation, the CRTC will hold a public hearing starting on May 12, 2025.

All comments will form part of the public record and will inform the CRTC’s decision.

The launch of today’s consultation follows a number of recent actions the CRTC has taken to implement the modernized Act. To find out more, check out the CRTC’s regulatory plan.

Quick facts

The CRTC is an independent quasi-judicial tribunal that regulates the Canadian communications sector in the public interest. The CRTC holds public consultations on telecommunications and broadcasting matters and makes decisions based on the public record.First Nations, Inuit, and Métis peoples and Indigenous organizations requiring assistance submitting comments, including oral interventions, can contact the CRTC’s Indigenous Relations Team.

Associated links

Participate in the consultationRegulatory PlanModernizing Canada’s broadcasting framework

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SOURCE Canadian Radio-television and Telecommunications Commission

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