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Lenders: Looking to simplify closings? Work with an insurance agency

Housing Wire

HousingWire recently spoke to Tom Kriby, vice president of client development and partnerships at Westwood Insurance Agency, about how working with an insurance agency can simplify the closing process for their customers, even in times of interest rate uncertainty. Take insurance, for example.

Insurance 365
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Title insurance industry volume rises 3.6% in Q1

Housing Wire

billion in title insurance premium volume during the first quarter of 2022, compared to $5.68 The title insurance industry had a record year in 2021 , generating $26.2 Presented by: Stewart Title. Top underwriters by market share for the quarter included First American Title insurance Co., WFG National Title Insurance Co.

Insurance 287
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FHA increases multifamily large loan threshold

Housing Wire

The goal of the increase is to “enable a greater number of transactions to use standard underwriting processes when submitted for FHA Multifamily insurance,” the agency said. Anything we can do to prudently alleviate extra steps in obtaining FHA insurance will help all of us meet the housing supply challenges before us.”

Insurance 371
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Michigan attorney general reissues reverse mortgage consumer alert

Housing Wire

Department of Housing and Urban Development (HUD)-approved counseling prior to closing the loan. The office then reiterated some of the potential reverse mortgage use cases outlined in guidance from the Consumer Financial Protection Bureau (CFPB), including the requirement to complete U.S.

Mortgage 381
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Legacy Home Loans launches SPCP for Black borrowers

Housing Wire

Borrowers must presently reside in a census tract of the six cities that has 51% or more Black population. The loan program uses credit guidelines based on factors such as timely rent, utility bill, phone, and auto insurance payments. and has worked in the mortgage industry for over 50 years.

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Reverse purchase financing: The financing option no one is talking about

Housing Wire

For real estate professionals, this option presents an opportunity to capture more sales. But unlike financing with a traditional mortgage, monthly principal and interest payments are not required on the loan, so long as the homeowner keeps up to date with real estate taxes, homeowners’ insurance and property maintenance.

Finance 428
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HUD, GSEs to Allow Consumers to Seek Reconsideration of Appraisal Valuations

Appraisal Buzz

Department of Housing and Urban Development (HUD), through the Federal Housing Administration (FHA), and government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac are now allowing home appraisals to get a second look when bias is suspected in the appraisal process.