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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 393
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Harvard study suggests inflation, labor shortages threaten remodeling industry

Housing Wire

Looking at the repair and remodeling market by demographic, JCHS found that households headed by a person of color contribute more to the home improvement market. They accounted for 23% of improvement expenditures, 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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Labor Shortages Hindering U.S. Remodeling Demand 

Appraisal Buzz

After the pandemic, the U.S.renovation market surged above $600 billion and, even with a recent slowdown, is still 50% higher than it was before the outbreak. In 2023, homeowners spent an average of about $4,700 on upgrades, which was approximately 9% more than they did during the previous market boom in 2007.

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Market Correction or Seller Panic?

Appraisal Buzz

Assuming a $250,000 loan was committed on December 31, 2021, your monthly payment was approximately $1,007 exclusive of escrow for real estate taxes and insurance. Naturally, this has forced buyers to seek lower price points or has completely eliminated them from the market. Another trend to be aware of is the days on market metric.

Sellers 435