The insurance commissioner for Washington state has issued a report maintaining that title insurers "routinely" break state law by allegedly using illegal incentives and inducements to attract business.The real shocker, said Mike Kreider, "was the scope and the extent of the abuse." Washington state law limits incentives and inducements to $25 per person per year. Even companies that received praise for being in substantial compliance had a number of violations over the 18-month period studied, the report said. The department said it will issue no fines, but will focus on prevention and compliance. Mr. Kreider also announced the formation of a work group to study issues such as whether Washington state should adopt a system similar to one used in Iowa, under which there is no title insurance but the state government provides title protection services. A statement from LandAmerica, one of the companies cited, said: "All too often, these laws and regulations are unclear at the state and federal level. There are many ambiguities in the current regulations regarding inducements, producing disagreement between the title insurance industry and the Washington DOI concerning what's proper and improper." Other national companies cited in the report are Fidelity, First American, Old Republic, and Stewart.
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The increasing frequency and severity of droughts was top of mind for panelists at AmeriCatalyst's "Going to Extremes" conference Thursday.
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In a Senate hearing, Director Sandra Thompson said a raise to the required income threshold provided to affordable housing was on the table, while housing regulators also faced questions related to property insurance hikes and title insurance waivers.
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The nonpayment rate for non-qualified mortgages is up 21 basis points from February and 134 basis points from March 2023, Morningstar DBRS said.
April 18 -
The government mortgage-bond guarantor will require additional information on foreclosure prevention actions, and retire some forbearance reporting.
April 18 -
But views are split, at least in the near-term on whether rising mortgage rates are holding back the Spring home purchase season.
April 18 -
The top five producers had an average dollar volume of FHA loans of more than $50 million in 2023.
April 18