LandAmerica Financial Group Inc., Richmond, Va., has reported an agreement with the Arizona Department of Insurance under which it will resolve disagreements over captive reinsurance transactions by voluntarily contributing $1 million to relief efforts related to Hurricane Katrina.LandAmerica said the "discussions over the propriety and legality" of such arrangements had been resolved "cooperatively and creatively" because the department agreed that no Arizona consumer had paid more for title insurance under captive reinsurance transactions. "We especially appreciate the willingness of the Arizona DOI to seek a creative resolution to our discussions and are grateful for this novel approach in a time of crisis for so many," said Theodore L. Chandler Jr., LandMark's president and chief executive officer. The $1 million will be given to Arizona chapters of the American Red Cross to benefit Arizona citizens and the hurricane victims recently evacuated to Arizona.
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The lender recorded a $59 million net loss in the fourth quarter, an 83% improvement from its third quarter performance.
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Initial analyses of Home Mortgage Disclosure Act data show UWM ahead in 2023 loan numbers and dollar volume, but Rocket's market share still looks competitive.
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Last year, the Raleigh, N.C.-based Integrated called off a deal to sell itself to MVB Financial after bank stocks took a hit in the aftermath of the regional bank failures. Capital hopes to expand its government-guaranteed lending with the transaction.
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The pending end of the program comes as over half of U.S. states have already ceased accepting new applicants for federal aid aimed to help struggling households with mortgage payments.
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But the 30-year fixed rate mortgage is still near 7%, and that remains the overhang on the housing market, Freddie Mac said.
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Mortgage payments rose 10% year-over-year to an all-time high for March, Redfin said.
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