The dirty little secret that Financial Institutions do not want known is that they stand to make HUNDREDS OF BILLIONS of dollars when banking personnel die. Commonly referred to as Bank Owned Life Insurance (BOLI), the statistics are astounding. In light of the fraud and deception we have been reporting upon including yet another National Association of Mortgage Field Services (NAMFS) Regime Member Homeland Preservation Services (HPS) and their ripping off of Ralph Coronado for a rehab on 1606 West Atlanta Avenue, Phoenix, AZ, we find it prudent to ask whether or not the NAMFS Regime or any of the NAMFS Regime Membership have taken out similar BOLI policies. Take a look at the table below from an recent Article in Life Health Pro,
Banks by asset size First half of 2013 First half of 2012 Percent change Over $10 billion $109.3 billion $106.1 billion 3.10% $1-10 billion $16.07 billion $15.04 billion 6.80% $500 million-$1 billion $5.59 billion $5.13 billion 8.90% $300 million-$500 million $3.66 billion $3.33 billion 10.10% $100 million-$300 million $4.77 billion $4.43 billion 7.50% Under $100 million $925.5 billion $889.7 billion 4.00% All $140.35 billion $134.88 billion 4.10%
Among the study’s additional findings:
- Of 1,194 national banks, 628 or 52.6% recorded $89.61 billion in BOLI holdings, up 1.9% from $87.96 billion in first half 2012.
- Of 380 savings banks, 272 or 71.6% recorded $4.78 billion in BOLI holdings, up 8.1% from $4.42 billion in first half 2012.
- Of 580 savings associations, 287 or 49.5% recorded $4.38 billion in BOLI holdings, down 18.9% from $5.40 billion at mid-year 2012.
- Of 849 state-chartered member commercial banks, 553 or 65.1% of them reported holding $20.39 billion in BOLI assets in first half 2013, up 15.0% from $17.74 billion in first half 2012.
- Of the 3,937 state-chartered non-member banks, 2,061 or 52.3% of them reported holding $21.19 billion in BOLI assets at mid-year 2013, up 9.5% from $19.35 billion in first half 2012.
In an extremely down work cycle within the Mortgage Field Services Industry, the question presents as to whether or not the NAMFS Regime or any Members of the NAMFS Regime have been quietly taking out Life Insurance Policies. While it is possible to track Financial Institutions, I have been at a loss to concretely nail down any statistics. That doesn’t, though, mean that people do not talk. Stay tuned!