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Texas orders cut to title insurance premiums

Housing Wire

A 10% reduction in title insurance premiums was recently ordered by the Texas Department of Insurance (TDI), with the regulator citing profit ratios that were deemed to be excessive. According to the order, TLTA advocated for no changes to title insurance premiums while OPIC recommended a reduction of 8.9% between 2003 and 2022.

Insurance 392
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Harvard study suggests inflation, labor shortages threaten remodeling industry

Housing Wire

They accounted for 23% of improvement expenditures, up from 14% in 2003. Immigrant homeowners also account for a growing share of the market, up from 8% of expenditures in 2003 to 13% in 2023. JCHS found that in 2023, homeowners ages 65 and older contributed 27% of total improvement outlays, up from 14% in 2003.

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New American Funding partners with Matic Insurance and OneSource Solution

Housing Wire

New American Funding ’s partnership with Matic Insurance and OneSource Solution will provide insurance and home setup services for existing and new customers while NAF is processing the loan. Mortgage customers can bundle food, wind, auto, pet, life and other personal lines of insurance through NAF Insurance, which is powered by Matic.

Insurance 459
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Fannie Mae announces title insurance shake up

Housing Wire

In a selling guide announcement released last week, Fannie Mae announced that it would be accepting written opinion letters from an attorney in lieu of a title insurance policy “in limited circumstances.”. If a lender receives an AOL in lieu of a title insurance policy, the lender must report Special Feature Code 155 when delivering the loan.

Insurance 435
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How will Malibu wildfire affect California homeowners insurance?

Housing Wire

Malibu’s Franklin Fire torched over 4,000 acres this week in one of the country’s most expensive housing markets, putting more pressure on homeowners insurance premiums in a state that is already facing an insurance crisis. What will happen to insurance costs in California now?

Insurance 370
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Three title insurance firms make the Inc. 5000 list in 2023

Housing Wire

With the housing industry down across the board, upstart title insurance firms couldn’t maintain strong growth rates in 2023. Just three title insurance firms made the annual Inc. Nine title insurers made the list in 2022. It’s the third consecutive year that AccuTitle, founded in 2003, has made the Inc.

Insurance 370
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Labor Shortages Hindering U.S. Remodeling Demand 

Appraisal Buzz

Although few homes perform mitigation retrofits, the average homeowner insurance price increased by 17% between 2021 and 2023, which may serve as a catalyst for homeowners to do so. Additionally, the market proportion of immigrant owners is increasing, rising from 8% of expenditures in 2003 to 13% in 2023.