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HUD sued over alleged failure to refund mortgage insurance premiums

Housing Wire

Department of Housing and Urban Development (HUD) is being sued in federal court over accusations that it failed to refund nearly $385 million in mortgage insurance premiums (MIP) to borrowers over a period of more than two decades. 31, 2022, but has yet to receive it more than two years later.

Insurance 445
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Old Republic exits mortgage insurance space

Housing Wire

Big Four title firm Old Republic is selling its mortgage insurance business to Arch Capital Group Ltd., and its wholly-owned subsidiaries that together comprise Old Republic’s run-off mortgage insurance business. “We are pleased to announce this definitive exit from the mortgage insurance business. million in Q3 2022. .”

Insurance 379
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Washington the latest state to see insurers pull back

Housing Wire

The same home insurance scenario being played out in states like Florida and California due to elevated risk of natural disasters is becoming more pronounced in the Pacific Northwest according to a new report from the Seattle Times. No violation found.”

Insurance 365
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Fannie Mae purchased 45 loans with AOLs in 2022

Housing Wire

Nearly 12 months have passed since Fannie Mae first announced it would in limited circumstances be accepting attorney opinion letters in lieu of title insurance. We will continue to share our concerns about Fannie Mae moving beyond its mission and into the business of title insurance.

Insurance 364
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How to avoid home closing delays in 2022

Housing Wire

HousingWire recently spoke with Tom Kriby, Vice President of Client Development and Partnerships at Westwood Insurance, about how insurance issues can hold up a home closing and how lenders can integrate insurance into their process to help their homebuyers avoid delays. It’s more common than you think.

Insurance 450
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HUD to allow borrowers of FHA mortgages to obtain private flood insurance

Housing Wire

Homeowners with the Federal Housing Administration -insured mortgage financing will now be allowed to obtain private flood insurance policies, expanding consumer options to protect borrowers from the country’s major natural disaster. . billion, did not have the required NFIP coverage.

Insurance 351
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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 million during the first quarter of 2022, while operating expense were up 40% year over year. with 21.5%; Old Republic National Title Insurance Co.,

Insurance 282