Westcor Land Title Insurance Co., Winter Park, Fla., has created a National Agency Division to serve independent title agents who write business in multiple states. The unit, Westcor said, was formed out of demand from the growing number of multistate agents looking for an underwriter who provided a relationship built on trust and integrity and gives their agents access to all decision makers without competing for their customers. The team will include Barbara Allen, division manager, Sara Hewitt, vice president of national accounts, Kimberly Sledd, national agency representative, and Chris Skinner, national corporate coordinator. Westcor is currently licensed in 26 states with 10 additional state licenses slated for approval this year. "Westcor does not expect to be a 50-state solution, explains Allen. "Rather, our purpose is to identify and engage a network of quality agents and vendors to support independent multistate agents in most markets even if the policy is not issued on Westcor." Westcor, according to the American Land Title Association, was the third largest regional underwriter for 2009 and seventh largest overall.
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The Community Home Lenders of America and the Community Associations Institute want the FHA to insure loans on condos approved by Fannie Mae and Freddie Mac.
September 17 -
The Federal Open Market Committee's decision to reduce interest rates for the first time in nine months lifted bank stocks Wednesday. The 25-basis-point reduction could lead to net interest income headwinds now, but loan growth later, analysts said.
September 17 -
Most lenders said they had already priced in the widely-anticipated decision to cut short-term rates for 30-year home loans but other products will benefit.
September 17 -
The deal for the Class A office building owner will be funded from Rithm's cash as well as liquidity on the balance sheets, plus possible co-investors.
September 17 -
Mortgage applications saw a significant jump for the second consecutive week, as homeowners took advantage of plummeting rates, the MBA said.
September 17 -
The government-sponsored enterprise is making changes to mortgage-backed securities and servicing disclosure files to support use of the advanced credit score.
September 17