Housing Wire

MARCH 28, 2024

Florida is reckoning with a severe homeowners insurance crisis. The recent surge in both the frequency and intensity of hurricanes that have battered the state has prompted numerous insurers and reinsurers to exit the market , leaving Florida homeowners grappling with skyrocketing premiums and limited coverage options.

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Housing Wire

MAY 23, 2024

The New York Department of Financial Services (NYDFS) announced on Thursday the publication of a policy recommendation that encourages property insurers to offer free loss-mitigation options for policyholders that would ultimately reduce premium costs.

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Housing Wire

JULY 25, 2023

HousingWire recently spoke with Matic CEO and co-founder Ben Madick about the changing home insurance market, how it impacts mortgage lenders and homeowners, and why lenders should pay attention. HousingWire: What is the current home insurance market like? Back in 2020, insurance premiums averaged $1,637 in Texas.

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Housing Wire

MARCH 28, 2024

Unfortunately, one of the proposals the President mentioned in the SOTU was to revive a previously discredited and shelved pilot program that would waive the requirement for lender’s title insurance on certain refinances by Fannie Mae. By law it is not an insurer nor is it capitalized or regulated to do this. million in claims.

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Housing Wire

JANUARY 24, 2024

Limited housing supply and a continuation of high home prices in many markets nationwide in 2023 restricted many first-time homebuyers from entering the housing market and finding their dream homes. In fact, for many new buyers entering the market this year, this will be the first time they ever hear the words “ title insurance.”

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Housing Wire

APRIL 30, 2024

Last month, the Biden Administration announced the revival of a previously abandoned pilot program that would waive the requirement for lender’s title insurance on certain home refinances – part of a misdirected effort to address housing affordability. Title insurance is significantly different from other lines of insurance.

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Housing Wire

APRIL 8, 2024

Insurance companies are leveraging aerial images of homes to drop properties deemed too risky, according to a report by The Wall Street Journal. Insurance companies use drones, manned airplanes and high-altitude balloons to take pictures of almost every building in the U.S., most of the time without the owner’s knowledge. population.

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Housing Wire

MARCH 25, 2024

According to a Freddie Ma c housing and mortgage market report released Monday, while mortgage payments remain the primary pressure point for homeowners, insurance costs are emerging as a growing burden. Homeowners insurance costs, though still much smaller than mortgage principal and interest payments, are on the rise.

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Housing Wire

FEBRUARY 23, 2024

Industry experts say that although there’s a correlation between unemployment and delinquency rates, some homeownership costs — including insurance — have increased significantly over the past two or three years, which has had a strong financial impact on homeowners.

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Housing Wire

JANUARY 4, 2024

Lawmakers in Florida are getting creative when it comes to trying to solve their state’s homeowner’s insurance challenges. Due to the recent uptick in the number and severity of hurricanes facing the Sunshine State, many insurers and reinsurers have made the decision to leave the state.

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Housing Wire

JULY 25, 2023

In late June, Susan Gregory received an estimate for a new homeowner’s insurance policy on her 120-year-old St. Augustine, Florida property, after her previous insurer, United Property and Casualty, went insolvent earlier in the year. This is one of the easiest parts of Florida to insure and costs have gone up over 40%.”

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Housing Wire

APRIL 29, 2024

Rising mortgage rates and a slower housing market than anticipated contributed to the weaker financial performance of the title segments of some of the nation’s largest title firms during the first quarter of 2024. Market conditions in the real estate and mortgage industries continued to be a challenge in the seasonally weak first quarter.

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Housing Wire

OCTOBER 4, 2023

As major home insurance carriers are increasingly pulling back their coverage options in disaster-prone areas, hundreds of thousands of people are moving to state-sponsored “last resort” insurance plans originally designed to offer a temporary fix. The plans were designed to be temporary safety nets,” the Journal report reads. “As

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Housing Wire

MARCH 13, 2024

As recently as five years ago, homeowners insurance was certainly not top of mind for most homebuyers and their real estate agents , but the rapidly rising cost of insurance premiums is changing that. Before, insurance was kind of an afterthought. nationwide in 2023, with Farmers Insurance Group of Cos. and Utah at 20.3%.

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Housing Wire

JULY 26, 2023

We immediately reach out to an insurance agent to see the insurability of the house because it is becoming more and more of a problem,” Armstrong, a Compass agent in San Diego, told HousingWire’s Brooklee Han in a feature we published Tuesday. Insurance policies for homeowners are skyrocketing. The result?

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Housing Wire

MAY 24, 2023

methodology in October 2021, thousands of homeowners in low-elevation coastal areas of the United States braced for federal flood insurance hikes. Recently released data from the agency shows that annual flood insurance premiums will eventually double or even triple for homeowners in some U.S. When FEMA released its Risk Rating 2.0

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Housing Wire

DECEMBER 12, 2023

Homeowners are increasingly concerned with flood insurance premium hikes impacting affordability, Fannie Mae ‘s latest national flood survey showed. The latest survey is an expansion from its 2020 version and compared how homeowners’ and renters’ awareness and attitudes towards flood risk and flood insurance changed over the years.

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Housing Wire

OCTOBER 25, 2023

A brewing crisis is emerging around homeowners insurance and thus far the finance and insurance community has not offered any viable solutions. Homeowners in affected markets have experienced increases in premiums that threaten their financial soundness or are finding cancellation notices in their mailboxes.

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Sacramento Appraisal Blog

AUGUST 23, 2023

Rates have gone up, but have they sucked all the demand out of the market? Also, someone asked if the stock market is connected to the housing market, so l made a cool graph. Let’s talk about that today by looking at a few stats.

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Housing Wire

JANUARY 3, 2024

The rising cost of homeowners insurance is weighing more heavily on American homeowners and buyers, according to a survey published Wednesday by Mphasis Digital Risk , a technology services company serving the residential real estate lending industry. average, according to estimates from the Insurance Information Institute.

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Housing Wire

SEPTEMBER 26, 2023

The state’s top insurance regulator announced last Thursday that new rules are in the works to persuade insurers to remain in the state. In announcing their departure from the Golden State, the two major insurers cited the increased wildfire risks in the state and rising construction costs.

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Housing Wire

FEBRUARY 28, 2024

Rocket Companies will soon shut down Rocket Pro Originate , a mortgage origination platform for real estate agents, insurance agents, tax professionals and other financial professionals who are also licensed to originate mortgages. The lender is also providing a discount on data intelligence software Mobility Market Intelligence.

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Housing Wire

SEPTEMBER 19, 2023

billion in title insurance premiums, down from $6.21 billion from a year ago, according to the American Land Title Association’s Market Share Analysis , released Monday. Top underwriters for the quarter by market share included First American Title insurance Co. with 22.3%; Old Republic National Title Insurance Co.

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Housing Wire

MARCH 22, 2024

The National Association of Realtors (NAR) and the Mortgage Bankers Association (MBA) are urging lawmakers to swiftly pass a spending bill being deliberated in Congress on Friday to avoid risking the expiration of the National Flood Insurance Program (NFIP), which the organizations say could have deeply felt consequences for their members and U.S.

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Housing Wire

DECEMBER 16, 2022

For most real estate industry professionals, title insurance needs no introduction. A trusted product , title insurance has been used to protect real estate transactions and property rights for over a century. Title insurance is different than most other insurance products. Diane Tomb, ALTA CEO Contributor.

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Housing Wire

OCTOBER 6, 2023

New American Funding ’s partnership with Matic Insurance and OneSource Solution will provide insurance and home setup services for existing and new customers while NAF is processing the loan. Mortgage customers can bundle food, wind, auto, pet, life and other personal lines of insurance through NAF Insurance, which is powered by Matic.

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Housing Wire

OCTOBER 11, 2023

As Megan Hernandez, ALTA’s director of marketing and public relations put it, “he was due for a glow up.” “We Under the waiver program, the government sponsored entity (GSE) would bypass traditional title insurance by granting certain mortgage lenders a waiver on title insurance requirements for loans sold to Fannie.

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Housing Wire

MARCH 25, 2021

Private mortgage insurance helped over 2 million low downpayment borrowers secure mortgage financing in 2020, a 53% increase from 2019, according to data from the government sponsored entities. The private mortgage insurance industry also supported $600 billion in mortgage originations. Mortgage Insurers.

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Housing Wire

MAY 8, 2023

The rapid housing market cool down and the rapid pace at which the Federal Reserve hiked interest rates took their toll on the title insurance industry in 2022. During the fourth quarter of the year, the title insurance industry generated $4.4 billion in title insurance premiums, down 38% year over year. in Q3 2022.

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Housing Wire

DECEMBER 26, 2022

With the housing market slowing down from its pandemic-fueled frenzy, wire fraud threats, regulatory challenges and the perennial challenge of an aging workforce, the title insurance industry will have a lot to juggle in the new year. It was too darn hot: the housing market slows down. What happened to the market?’”.

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Housing Wire

SEPTEMBER 7, 2023

Senate Committee on Banking, Housing and Urban Affairs to address the availability of flood insurance. In the letter, MBA SVP of Legislative and Political Affairs Bill Kilmer pointed to the impending expiration of the National Flood Insurance Program (NFIP), which is currently slated to happen on September 30.

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Housing Wire

APRIL 11, 2022

In a selling guide announcement released last week, Fannie Mae announced that it would be accepting written opinion letters from an attorney in lieu of a title insurance policy “in limited circumstances.”. If a lender receives an AOL in lieu of a title insurance policy, the lender must report Special Feature Code 155 when delivering the loan.

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Housing Wire

SEPTEMBER 8, 2023

Getting the home insurance required to close is often more complicated than it needs to be. HousingWire recently spoke with Tom Kriby, vice president of client development and partnerships at Westwood Insurance Agency , about the home insurance shopping process and how lenders can help make it simpler for their borrowers.

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Housing Wire

NOVEMBER 2, 2023

New York-based digital lender Better Home & Finance Holding Company launched Better Insurance to allow customers to shop for homeowners insurance through a fully digital platform. Better Insurance is fully autonomous. The goal for Better Insurance is to offer the service to all 50 states by 2024.

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Housing Wire

JUNE 21, 2022

As someone who spent a career in the title insurance industry – both as a builder of a title business and leader of the industry’s trade group, — I am proud of the role we play in helping to protect what most Americans consider the biggest purchase of their lives. Why is a title search necessary for refinancing?

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Housing Wire

MARCH 22, 2023

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.

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Housing Wire

DECEMBER 9, 2021

year-over-year increase in title insurance premium volume during the third quarter of 2021 according to ALTA’s Market Share Analysis , published on Thursday. During Q3 2021, the title insurance industry generated $6.8 billion in title insurance premium, marking the industry’s best quarter on record. of the market.

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