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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 410
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FHA backed $4.5B in mortgages without required flood insurance

Housing Wire

The Federal Housing Administration insured thousands of mortgages in 2020 without the mandatory flood insurance coverage. billion, an audit released this week by the Department of Housing and Urban Development Office of Inspector General found. FHA does not permit borrowers to opt for private flood insurance.

Insurance 384
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Owning a condo in Florida is becoming less attractive: Redfin

Housing Wire

The cost of homeowners insurance has surged in Florida as insurance companies have grappled with significant losses due to an increase in natural disasters. And homeowners insurance costs are three times higher in Florida than the national average.

HOA 485
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GAO highlights reverse mortgage counseling in new report

Housing Wire

Department of Housing and Urban Development (HUD)’s Home Equity Conversion Mortgage (HECM) counseling program was cited as an example. This program provides counseling to all applicants of the federally insured reverse mortgage program, the Home Equity Conversion Mortgage program,” the report stated.

Mortgage 414
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Opinion: Two legal issues relevant to FHFA’s review of FHLB system

Housing Wire

savings and loan associations, savings banks, and cooperative banks) and insurance companies. It was not until 1989 that Congress expanded membership to all federally insured depository institutions. Thus, if there is a conflict between the super lien and state insurance law, it is unclear which statutory system would prevail.

Legal 370
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The title industry’s role in uncertain times

Housing Wire

Title insurance is one such proven product with a long history of protecting homeowners’ right to property. Before title insurance, property rights were not guaranteed. But in 1868, a Pennsylvania Supreme Court decision led to the codification of the incorporation and regulation of title insurance companies into law.

Insurance 450
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Federal agencies seek input on proposed AVM credibility, integrity rule

Housing Wire

The agencies involved include the Federal Housing Finance Agency ; the Consumer Financial Protection Bureau ; the National Credit Union Administration ; the Federal Deposit Insurance Corporation ; the U.S. And the design and development of the models and algorithms can reflect the biases and blind spots of the developers.”

Valuation 397