California Insurance Commissioner John Garamendi has upheld an administrative law judge's ruling that Radian Lien Protection is title insurance.Mr. Garamendi had rejected the decision in April and offered all parties the chance to offer additional evidence. In a portion of his ruling called "Determination of Issues," the commissioner ruled that none of the additional evidence "is relevant to the legal question presented" and therefore did not consider the evidence in reaching his decision. The next sentence tersely states: "The Radian Lien Protection Policy constitutes title insurance pursuant to California Insurance Code Section 12340.1." The ruling means Philadelphia-based Radian Guaranty cannot offer the product anywhere in the U.S. without risking the loss of its license in California. "Radian should become a licensed title insurer to issue this product and submit to the regulatory oversight that is in place to safeguard consumers," said James Maher, executive vice president of the American Land Title Association. Radian said it will appeal the order. "We are disappointed with Commissioner Garamendi's decision, and we respectfully disagree with his assessment of our product," said Howard S. Yaruss, Radian's executive vice president and general counsel. "Radian, along with various consumer groups, will take this fight to the California State Legislature, in order to break the title insurance industry's monopoly and put an end to years of price gouging."
-
Make the right lending decisions by being informed and knowledgeable on the impact of flooring during appraisals, upgrades, and resale evaluations.
September 12 -
Roof damage can reduce a property's value and loan security. Lenders must know the warning signs that indicate major structural and financial risks.
September 12 -
The federal regulator terminated the wholesale lender's FHA approvals in six jurisdictions because of certain elevated default and claim rate data.
September 12 -
The Mortgage Bankers Association leader cited past objections on anti-competitive grounds as Trump administration officials showed signs of progress on reform.
September 12 -
Homes for sale inventory reached pre-COVID levels for the first time in years, while contract activity continued to soar last month, HouseCanary said.
September 12 -
The new litUSD is being issued on Ethereum and backed one-to-one with the dollar using cash and cash equivalents being held by LitFinancial in reserve.
September 12