Title insurance

The new law, which went into effect on July 19, also has provisions that deal with heirs property, an issue that clouds ownership.

Interested participants will have until July 26 to submit responses through the enterprise's contractor platform.

In the first quarter of the fiscal year, many mortgage-related companies posted profits after a year-end that didn't exceed expectations. Here's how major publicly traded players in the industry performed in the first quarter.

The lender will take care of settlement agent duties for a flat $1,850 fee, expanding on its previous title alternative program.

Mother Lode Holdings' purchase of Wisconsin Title Service adds to its network, which is concentrated in the Western U.S.

Title insurers, whose activity is highly correlated to mortgage production, wrote $15.1 billion in premiums during 2023, down from $21 billion in 2022 and $26.2 billion for the year before that.

Both quasi-public mortgage investors have new requirements for when borrowers question valuations. Freddie Mac is expanding use of title insurance alternatives.

The move advances the Biden administration's interest in testing whether skipping a title insurance policy or an alternative for some mortgages would be a cost-saver.

Doma leadership said it has the technology and underwriting capabilities to allow the government-sponsored enterprises to handle the risk refi loans eligible for title waivers under a pilot announced by President Biden last week.

The American Land Title Association, which represents the title insurance industry, argued that the program would not cut costs for those who really needed it.

The Old Dominion State has joined 30 others with pending or existing legal protections against the real estate agreements, which affect the right to sell.

In a new filing with the Securities and Exchange Commission, the company attributed delayed transactions, loss of business to other providers and one-time expenses to reduced revenue but expected a limited effect on financial health.

The effects of rate pressure helped push the volume of premiums written in the third quarter downward, as the industry also encounters pressure from housing stakeholders looking for viable alternative products.

In a filing, the company's subservicing subsidiary Loancare said 1.3 million customers had their data compromised, while in an ongoing situation, customers of fellow title insurer First American find themselves without email or online access after a separate incident last week.

The American Land Title Association pushed back against the move to allow attorney opinion letters in the financing of condo units and certain other properties.

This business, tied to the mortgage origination outlook, is becoming ly attractive for 2024, according to BTIG.

First American Financial agreed to pay the New York Attorney General $4.5 million to resolve no-poaching agreement allegations; Old Republic, the first, paid just $1 million.

The large companies are facing macroeconomic pressures because of high mortgage rates, Fitch said, but the American Land Title Association noted the industry's strong financial position.

The decision highlighted conflicts between insurance providers and detractors, with supporters of alternative products underscoring it had no effect on the services they offer, while a major industry trade group critical of the program lauded the outcome.

All six companies reported a shift on a quarter-to-quarter basis, and most were still off from a year ago.