article thumbnail

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 464
article thumbnail

ALTA on new Fannie policy: title insurance “will always be essential”

Housing Wire

Fannie Mae generated some buzz last week when it announced it would be accepting written attorney opinion letters in lieu of a title insurance policy “in limited circumstances.”. Title insurance came to be because attorney title opinions were not adequate for the marketplace.

Insurance 373
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Biden outlines housing proposals during State of the Union

Housing Wire

Then he spoke about a more controversial element to the housing plan announced earlier on Thursday: cutting the requirement for title insurance on some loans. And my administration is also eliminating title insurance on federally-backed mortgages,” he said. When you refinance your home, you can save $1,000 more as a consequence.”

article thumbnail

Compass’s title firm runs into trouble in Washington

Housing Wire

The Insurance Commissioner for the state of Washington apparently concluded that Modus offered real estate agents and their clients a “thing of value,” such as free home warranties, other closing-related services, in exchange for switching their escrow and title services to Modus.

Insurance 423
article thumbnail

Biden makes case for housing proposals in Las Vegas speech

Housing Wire

You’re investing more in building and renovating an affordable home than almost any other […] state in the country. That’s going to save folks as much as $1,500 — the federal government can afford to do that,” Biden said of the title insurance proposal. “In That’s how they work it out.

Realtors 402
article thumbnail

Busting VA mortgage loan myths

Housing Wire

The great news is that the program has undergone significant improvements, particularly after the Blue Water Navy Vietnam Veterans Act was signed into law in 2019. My favorite, and one of the most valuable and underutilized products in today’s low-inventory market , is the VA renovation loan. Who is eligible?

Mortgage 428
article thumbnail

Rhode Island historian uses a reverse mortgage as an estate planning tool

Housing Wire

“The foundation would get what was described, in a January 2023 fundraising package, as a ‘prestigious headquarters … [and] site for small scale, but elegant events’ with its ‘voluminous library on American legal and constitutional development’ as a resource for nearby Roger Williams University ‘s law school.”

Tools 358