First American Title Insurance has completed its one-millionth order for FACT, the company's accelerated title and settlement product that protects home equity lenders against losses resulting from undisclosed liens, poor legal descriptions, fraud, and forgery.Introduced in 2003, FACT helps lenders complete same-day closings while also mitigating their risk. Because a pre-closing title search is not required, "FACT speeds the origination process," said Paul Dorman, equity division director at First Am Title's Lenders Advantage. With mortgage fraud on the rise, FACT's insuring provisions are particularly useful for lenders operating highly automated, "low-touch" origination channels, Mr. Dorman said. A recent enhancement includes fraud prevention notification prior to closing. First American Title is a subsidiary of First American Corp., which can be found on the Web at http://www.firstam.com.
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JPMorganChase and Bank of America raised concerns about the proposed removal of risk-weighted assets from the denominator of the short-term wholesale funding component of the GSIB surcharge — changes backed by Goldman Sachs and Morgan Stanley.
June 26 -
House Speaker Mike Johnson, R-La., reportedly plans to send the recently passed housing bill to the White House on Monday, starting a 10-day clock for the president to sign the bill.
June 26 -
The national delinquency rate rose 15 basis points to 3.5% last month due to a calendar anomaly, marking a 4.5% month-over-month incline and 9.4% annual change.
June 26 -
ICE launched a fraud detection tool for underwriters, Newrez partnered with Matic and Rate announced a free home equity monitoring tool this month.
June 26 -
Nearly one-third of states now have official nonbank standards for liquidity, capital and corporate governance that firms over a certain threshold must meet.
June 26 -
KBW now rates UWM as outperform, and BTIG calls the stock a buy, but both cite high leverage levels and industry macro trends depressing its stock price.
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