Housing Wire

DECEMBER 5, 2022

As the mortgage rate environment became increasingly volatile in August and early September, one in three title insurers reported order volume that was below or far below average. The vast majority of respondents (82%) work at independent title companies or law firms and 67% have 25 or few employees at their organization.

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Insurance Bracketing HOA Law 364

Housing Wire

FEBRUARY 27, 2023

RMK Financial Corporation , which does business as Majestic Home Loans , has been permanently banned by the Consumer Financial Protection Bureau (CFPB) from the mortgage lending industry following a series of repeat offenses — which occurred despite the CFPB’s law enforcement order issued in 2015. government.

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Lending Advertising Mortgage Law 359

Housing Wire

NOVEMBER 22, 2023

FNF blocked access to certain systems, which resulted in disruptions to title insurance, escrow and other title-related services, as well as mortgage transactions and technology for the real estate and mortgage industries, according to a filing with the U.S. Securities and Exchange Commission (SEC) on Tuesday.

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Insurance Law Technology Real Estate 385

Appraisal Buzz

JUNE 4, 2024

Federal and state laws ban a host of coercive contract clauses that censor and restrict individual freedoms and rights,” said CFPB Director Rohit Chopra. A common example is the general liability waiver, which purports to fully insulate companies from suits even though most states have laws that create hosts of exemptions to these waivers.

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Contracts Law Mortgage Legal 383

Housing Wire

SEPTEMBER 27, 2023

Many of these laws target specific types of real estate deemed crucial to national security, such as farmland or property near military installations, while other laws apply more broadly to all types of land. Laws should also be clear on the role title insurance professionals play in facilitating transactions with foreign owners.

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Law Real Estate Legal Insurance 336

Housing Wire

DECEMBER 21, 2023

Unfortunately, too many misconceptions persist among real estate and even mortgage industry professionals about the VA home loan, and those misconceptions have big (and negative) impacts. VA mortgage loans generally provide veterans and active-duty service members with more favorable terms than other loans on the market.

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Mortgage Renovations Appraisal Process Finance 424

Housing Wire

NOVEMBER 2, 2022

In the midst of this, a potential lapse in the National Flood Insurance is top of mind for many. . We have lenders coming to us asking about the potential impact of a mortgage loan closing should the NFIP lapse. And yes, some homeowners are looking for answers as to how to reduce flood insurance premiums.”.

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Real Estate Agent Insurance Mortgage Real Estate 338

Housing Wire

JANUARY 31, 2024

When loanDepot announced that it was the victim of a cybersecurity incident in early January, it became the fourth publicly traded mortgage or title firm to absorb an attack in as many months. The recent spate of high-profile cybersecurity incidents kicked off with a data breach at nonbank mortgage lender and servicer Mr. Cooper.

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Mortgage Insurance Tools Business 385

Housing Wire

MARCH 8, 2023

The Consumer Financial Protection Bureau (CFPB) on Wednesday released a special edition of its Supervisory Highlights report that profiles “unlawful junk fees uncovered in deposit accounts and in multiple loan servicing markets,” including among mortgage servicers.

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Mortgage Inspection Law Contracts 303

Housing Wire

JANUARY 12, 2024

A proprietary reverse mortgage from Finance of America Companies (FOA) now secures the home of Rhode Island ’s honorary historian laureate after the property was returned to the owner after attempts to bequeath it to a nonprofit historical society he founded. This is according to reporting from The Providence Journal.

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Tools Mortgage Finance Lending 352

Housing Wire

APRIL 1, 2024

Originally announced late last year, the new rules seek to modernize the CRA — originally passed by Congress in 1977 and signed into law by President Jimmy Carter that October — by taking advancements including online and mobile banking into account, as well as by addressing systemic inequalities in access to credit.

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Modernization Law Lending Insurance 354

Housing Wire

NOVEMBER 8, 2023

The National Association of Realtors (NAR) on Wednesday unveiled its state flood disclosure tracker tool , aiming to offer clarity and access to survey existing state disclosure requirements for flood insurance. Data from the Legal Research Center concluded that all 50 states and Washington, D.C., 17 unless Congress acts.

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Legal Law Insurance Real Estate 318

Housing Wire

DECEMBER 26, 2023

Mortgage subservicer Loancare informed authorities that the data of about 1.3 19 , FNF said it suffered a “ cybersecurity incident ” that led the system to shut down some of its networks, causing disruptions to its title insurance, escrow and other title-related services, as well as mortgage transactions.

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Law Contracts Insurance Clients 475

Housing Wire

NOVEMBER 10, 2021

The federal government’s top regulators announced Wednesday that they are collectively resuming mortgage servicing supervisory and enforcement practices in full, ending certain flexibilities it offered mortgage servicers at the onset of the Covid-19 pandemic. Compliance as a Competitive Edge in a Purchase Market.

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Mortgage Law Insurance Government 387

Housing Wire

NOVEMBER 18, 2022

When the FHLB Act was adopted in 1932, membership was limited to mortgage lenders (e.g., 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.

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Legal Law Insurance Finance 294

Housing Wire

MAY 10, 2022

Eric Hill, an Atlanta real estate agent representing a nationwide homebuilder, had a plan to help more than 100 homebuyers get mortgages. In the end, some $850,000 in claims had to be paid on defaulted government-backed mortgages insured by the Federal Housing Administration (FHA). Million — [Tampa, Florida].

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Mortgage Marketing Finance Insurance 377

Housing Wire

JANUARY 19, 2023

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.

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Insurance HOA Real Estate Law 428

Housing Wire

NOVEMBER 13, 2023

In recent years, the value proposition of title insurance has come under attack following Fannie Mae’s announcement that it would accept attorney opinion letters in lieu of title insurance, as well as Fannie Mae and Freddie Mac’s title waiver programs , which were eventually scrapped. “If

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Insurance Real Estate Agents Real Estate Agent 382

Housing Wire

FEBRUARY 20, 2024

In today’s rapidly changing technology landscape, businesses in the title insurance , mortgage and real estate industries must prioritize cybersecurity response planning and business continuity. These procedures may involve isolating affected systems, contacting law enforcement if necessary, and notifying affected parties.

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Real Estate Mortgage Business Development 311

Housing Wire

APRIL 19, 2021

The Consumer Financial Protection Bureau (CFPB) is making good on its threats to police mortgage servicers. The agency sent data requests to mortgage servicers on how they are handling forbearance programs and whether the temporary debt relief is likely to get borrowers back on their feet, unnamed sources told Reuters.

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Mortgage Government Law Insurance 392

Housing Wire

JUNE 30, 2023

Indian Land, South Carolina-based lender Movement Mortgage has agreed to pay $23.75 million to settle allegations that it improperly originated and underwrote mortgages insured by the Federal Housing Administration (FHA) and Department of Veterans Affairs (VA) programs. Attorney Carla Freedman said in a statement.

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Government Insurance Mortgage Legal 369

Housing Wire

NOVEMBER 2, 2023

Smart Rate Mortgage, LLC is no longer licensed as a residential mortgage company in Illinois. Smart Rate marked Strauss’s return to the mortgage market after abruptly shuttering Sprout Mortgage in July 2022. Mortgage tech platform Modex shows that Strauss, the only mortgage loan officer at Smart Rate, originated $5.56

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Business Loan Officers Law Mortgage 401

Housing Wire

OCTOBER 25, 2021

According to a source, the expectation from the mortgage industry is that the governor will sign the bill – if so, it will become law 90 days later. Presented by: Angel Oak Mortgage Solutions. The bill has received strong opposition from much of the mortgage industry, which these days is dominated by nonbanks.

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Law Lending Insurance Mortgage 409

Housing Wire

JANUARY 19, 2021

The Consumer Financial Protection Bureau issued a final rule Tuesday clarifying that supervisory guidance is not backed by the same force as law or regulation. The agencies included the Federal Reserve Board , the CFPB, the Federal Deposit Insurance Corp.,

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Law Insurance Mortgage 318

Housing Wire

JANUARY 27, 2022

housing entities are at odds over the future of the federal government’s cash-strapped flood insurance program. But Fannie Mae , the government-sponsored entity that backstops a significant portion of the country’s mortgages, does not seek an exception to the 1974 Federal Privacy Act. Two of the most powerful U.S.

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Insurance Government Law Real Estate Agent 346

Housing Wire

JUNE 1, 2023

The proposed rule would also implement quality control standards that govern the use of automated valuation models (AVMs) used by mortgage originators and secondary market issuers in valuing real estate collateral securing mortgage loans. Department of the Treasury ; and the Federal Reserve System. “The

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Valuation Design Law Real Estate 354

Appraisal Buzz

JUNE 7, 2024

As Director, Chopra is also a member of the Board of Directors of the Federal Deposit Insurance Corporation (FDIC) and the Financial Stability Oversight Council (FSOC). The CFPB recently launched an inquiry into junk fees that are increasing mortgage closing costs. In 2018, Chopra was unanimously confirmed by the U.S.

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Contracts Insurance Legal Business 195

Housing Wire

APRIL 29, 2022

While other “big four” title insurers discussed the “transitional period” in the housing market during their first quarter 2022 earnings calls with investors, Old Republic International Corp. ’s As expected, the firm’s title insurance segment did not have the greatest quarter. While net premiums and fees earned increased 3.2%

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Insurance Investors Housing Market Law 357

Housing Wire

DECEMBER 7, 2020

Cooper , the nation’s largest nonbank servicer of mortgage loans, will refund customers nearly $90 million and pay a civil penalty of more than $6.5 We are holding Nationstar accountable for harming homeowners by improperly servicing their mortgage loans,” said Delaware Attorney General Kathy Jennings. “[Mr.

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Law Insurance Mortgage Investing 533

Housing Wire

MARCH 1, 2023

And yes, this certainly has had an impact on insurance companies from coast to coast, as we’ve seen insurers retreat en masse from states such as California , Florida , and Texas , which have all seen record losses in recent years from wildfires, earthquakes, hurricanes, severe winter storms, sinkholes, and more.

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Insurance Supply Chain Design Government 342

Housing Wire

OCTOBER 11, 2023

Loan servicers can use predictive analytics that map natural disasters to prepare for a wave of mortgage delinquencies after a natural disaster strikes. “As As professionals are underwriting loans, servicing them or investing in loan portfolios, there is a big increase in the price of homeowners insurance ,” Gallagher highlighted. “And

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Real Estate Insurance Investors Law 398

Housing Wire

SEPTEMBER 15, 2023

Listen to all of these really great mortgage programs (most agents and buyers don’t know about these!) FHA mortgage programs The Federal Housing Administration (FHA) provides easy-to-qualify government insured loans. 30% of the buyer’s gross income should be available to use towards their mortgage payments.

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Real Estate Government Law Buyers 387

Housing Wire

APRIL 12, 2024

While the slowdown has resulted in a return to pre-pandemic levels of market activity, real estate agents across the state believe that an issue far greater than 7% mortgage rates may cause the housing market to slow further. “We We have an insurance problem,” said Charlotte Johnson , a Keller Williams agent based in Mandeville.

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Insurance Housing Market Marketing Agents 383

Housing Wire

MAY 27, 2022

All lenders must explain their rationale when denying credit to loan applicants, the Consumer Financial Protection Bureau affirmed Thursday, after looking into whether companies claiming exemption because they rely on “complex algorithms” were in violation of federal anti-discrimination law. Presented by: Mortgage Coach.

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Law Valuation Legal Government 409

Housing Wire

DECEMBER 16, 2020

Title Leader is designed specifically for default services law firms, whether you have a captive title company or not. Industry-first automation of the 11, mandatory steps of the title-search handling process… AND you gain access to our search-fulfillment partner, which serves all national title insurance underwriters. Get More Info.

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Mortgage Training Law Design 167

Housing Wire

FEBRUARY 1, 2021

When Calabria first took over as head of the agency, he focused on mortgage giants Fannie Mae and Freddie Mac and their future in conservatorship. Presented by: Motto Mortgage. He has also served on several presidential mortgage fraud task forces and as a member of the Administrative Conference of the United States.

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Legal Law Brokerage Finance 439

Housing Wire

APRIL 3, 2024

Late last month, FHA addressed a common question the agency had received from interested stakeholders, who asked how the proposed settlement agreement will affect the treatment of seller-paid buyer broker fees in transactions that use FHA-insured mortgage financing.

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Sellers Buyers Agents Real Estate Agent 363