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Complete a loss mitigation application and provide information about your financial circumstances, such as bank account details, employment verification and your budget. The required information ...
Loss mitigation has been a tool used by lenders for decades, but experienced tremendous growth since late 2006. [4] This rapid expansion was in response to the dramatic increase in foreclosures nationwide. [5] Prior to late 2006, early 2007; Loss Mitigation was a tiny department within most lending institutions.
For example, consider a tenant who signs an agreement to rent a house for a year, but moves out (and stops paying rent) after only one month. The landlord may be able to sue the tenant for breach of contract: however, the landlord must mitigate damages by making a reasonable attempt to find a replacement tenant for the remainder of the year.
A loss run is a document that records the history of claims made against a commercial insurance policy. It is analogous to a credit report. A loss run report will include information including the date of the claim, the amount paid, and a description of the event. Generally, a loss run will record 5 years of history. [1]
The application of mitigation banking has been expanded beyond wetlands to include streams and other aquatic habitats. [36] This led to the creation of the first stream mitigation bank in Fox Creek, Missouri in 2000. [37] The concept has also been expanded to develop other forms of biodiversity banking, including conservation banking for ...
"No net loss" is defined by the International Finance Corporation as "the point at which the project-related impacts on biodiversity are balanced by measures taken to avoid and minimize the project's impacts, to understand on site restoration and finally to offset significant residual impacts, if any, on an appropriate geographic scale (e.g local, landscape-level, national, regional)."
No Net Loss is a mitigation policy goal aiming to prevent and offset the destruction or degradation of wetlands. Under this bi-partisan policy, wetlands currently in existence are to be conserved if possible. No Net Loss is achieved through a coordinated effort of: [7] wetlands protection; creation of new wetlands; restoration, enhancement, and ...
The Disaster Mitigation Act of 2000, Public Law 106-390, also called DMA2K, is U.S. federal legislation passed in 2000 that amended provisions of the United States Code related to disaster relief. The amended provisions are named after Robert Stafford , who led the passage of the Stafford Disaster Relief and Emergency Assistance Act of 1988.