Housing Wire

SEPTEMBER 19, 2024

With home sale prices continuing to rise, wire fraud prevention firm CertifID announced Thursday that it is increasing its direct, first-party insurance coverage maximum to $2 million. This means that up to $2 million of a wire transfer verified by CertifID can receive direct, first-party insurance coverage.

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Housing Wire

DECEMBER 20, 2024

House of Representatives proposes to relieve Federal Housing Administration (FHA) borrowers of mortgage insurance premiums (MIPs) once they reach a certain level of home equity , aligning FHA policies with those of conventional loans. Mortgage insurance exists as protection from foreclosure on low equity loans. Introduced by Reps.

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Housing Wire

JULY 24, 2024

While it may be easy to attribute the slower market conditions to the state’s well-publicized insurance issues , local agents say there is a perfect storm of factors. “It Insurance is still a major hurdle for many. Altos’ data shows that the 90-day median time on market jumped from 49 days a year ago to 70 days as of mid-July.

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Housing Wire

JANUARY 14, 2025

As wildfires continue to ravage the LA area a week after starting, the impact on insurance premiums and costs to rebuild are still very uncertain. SW: Insurance costs are expected to rise in the aftermath of these fires. What are you predicting in terms of insurance pricing in the area?

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Housing Wire

JULY 22, 2024

In a recent episode of “Ten Minute Talks,” HousingWire President Diego Sanchez and Alita Group President Stacy Mestayer discussed an alternative option to title insurance. Sanchez addresses the current version of title insurance and why an alternative is needed.

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Housing Wire

FEBRUARY 28, 2024

Rocket Companies will soon shut down Rocket Pro Originate , a mortgage origination platform for real estate agents, insurance agents, tax professionals and other financial professionals who are also licensed to originate mortgages.

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Housing Wire

AUGUST 22, 2024

The Federal Housing Finance Agency (FHFA) on Wednesday updated its capital requirements for private mortgage insurers and allowed rules established during the COVID-19 pandemic to sunset. According to the USMI, private mortgage insurers held more than $26.8 Companies will have two years to fully implement the changes.

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Housing Wire

AUGUST 26, 2024

retirement system due to the rising prices of home insurance across the country, according to an analysis from online insurance marketplace Insurify. “A Insurify’s data science team analyzed the rising costs of essentials, including home insurance in every state, to find out how inflation is affecting retirees in 2024.”

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Housing Wire

OCTOBER 4, 2024

For the title insurance industry, this meant an uptick in title insurance premium volume, which came in at $4.09 Title insurance professionals continue to play a critical role in preventing fraud and protecting property rights, ensuring secure real estate transactions in this evolving market.” billion in Q1 2024 and $3.92

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Housing Wire

JULY 24, 2024

A freshly minted tech startup based in Palo Alto, California, and Seattle believes it has a solution for homeowners looking for insurance. Finaya is adding a marketplace for assessing and comparing home insurance offerings. Homeowners can choose from standalone home insurance or a bundle of insurance options.

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Housing Wire

OCTOBER 9, 2024

The home insurance marketplace has been facing a reckoning. With the death toll from Helene crossing the grim milestone of 230 this week — and with thousands of impacted homes without flood insurance wiped away — this could lead to a ripple effect that drives homeowners insurance premiums even higher.

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Housing Wire

SEPTEMBER 9, 2024

Why is homeowners insurance so expensive in the Upper Midwest? The growing prevalence of extreme weather events and the high cost of construction are pushing property insurers to significantly raise their prices , even in places you might not expect. More: catastrophic weather events are “a key driver” of the premium hikes.

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Housing Wire

JULY 30, 2024

As the mortgage and real estate markets continue to face challenges, nearly 800,000 low down payment home purchases in 2023 leveraged private mortgage insurance (PMI), with first-time homebuyers accounting for 64% of the total. Mortgage Insurers (USMI). In terms of outstanding debt, the industry insures approximately $1.6

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Housing Wire

MAY 21, 2024

After two years of limited demand, private equity and insurance companies are increasing their allocations to single family residential mortgages. This increased interest is being led by private equity investors and insurance companies.

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Housing Wire

MARCH 14, 2024

Department of Housing and Urban Development (HUD) is being sued in federal court over accusations that it failed to refund nearly $385 million in mortgage insurance premiums (MIP) to borrowers over a period of more than two decades. The lawsuit was previously reported by National Mortgage News and Law360.

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Appraisal Buzz

OCTOBER 3, 2024

First American Financial Corporation , a provider of title, settlement and risk solutions for real estate transactions, has published a data-driven analysis of the vital role that the title insurance industry plays in protecting the smooth functioning of the real estate economy in the United States.

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Appraisal Buzz

NOVEMBER 26, 2024

Matic announced that it has published its annual year-end trends and predictions report, which examines significant developments in the house insurance market and their effects on mortgage lenders and homeowners. In the second half of 2024, premium growth slowed considerably, with average rate increases for new plans being 6.6%

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Housing Wire

SEPTEMBER 26, 2024

Real estate data company StreetWire has partnered with Northern California MLS MetroList to produce an insurance product called Home Value Lock. The coverage is good for three years after the closing date on a home purchase, and the insurance covers up to 10% of the original purchase price.

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Housing Wire

DECEMBER 13, 2024

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?

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Housing Wire

NOVEMBER 21, 2024

Home insurance premiums continue to rise, but the severity of the increases have cooled in recent months, which suggests that a semblance of stability is returning to the market. In 2024, many homeowners faced challenges finding coverage as insurers tightened underwriting criteria or withdrew from high-risk regions,” the analysis stated.

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Housing Wire

JANUARY 15, 2025

Rising personal home insurance rates, fueled by escalating claims costs, increasing property values and the growing frequency of natural disasters, will all have a profound impact on market dynamics and homeowners insurance costs. In the first half of 2024 alone, insured losses hit $62 billion , 70% above the 10-year average.

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Housing Wire

OCTOBER 16, 2024

United Wholesale Mortgage (UWM) announced on Wednesday that it’s offering a conventional cash-out loan product with a loan-to-value (LTV) ratio of up to 90% and no mortgage insurance. The announcement comes after interest rates have dropped and competition for refinances has increased.

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Appraisal Buzz

OCTOBER 2, 2024

The title insurance industry mitigates more than $600 billion in estimated risk exposure annually for home buyers, according to a report from First American. The curative work conducted by the U.S.

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Housing Wire

DECEMBER 18, 2024

As the housing market picked up in much of the country during the third quarter of 2024, so did business for the title insurance industry. In total, during the first nine months of the year, title insurance premiums are up 3.2% Top underwriters for the quarter by market share included First American Title insurance Co.

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Housing Wire

MAY 16, 2024

UWM’s TRAC+ announcement comes as the federal government pushes title insurance alternatives designed to save consumers money. The product is available on conventional, Federal Housing Administration (FHA), and U.S. Department of Veteran Affairs (V.A.) loans but only for refinances. 0% down During UWM Live!

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Housing Wire

JANUARY 20, 2025

A comprehensive report on homeowners insurance released by the Treasury Department this week outlined the cost of climate challenges on homeowners. It was also released alongside the most comprehensive data on homeowners insurance in history, Treasury added. million policies. million policies.

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Housing Wire

JANUARY 10, 2025

“In line with guidelines from our lending partners and other entities that own or insure mortgages, NAF will offer forbearance assistance to customers whose homes are uninhabitable or who cannot work due to the wildfires,” the company told RMD in a statement.

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Housing Wire

FEBRUARY 15, 2024

More than 80% of survey respondents said they know what an escrow account is and its primary purpose — to pay property taxes and other expenses, such as homeowners insurance , flood insurance and mortgage insurance premiums. The average U.S. About 80% of all U.S. mortgage holders have an escrow account, LERETA reported.

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Housing Wire

OCTOBER 21, 2024

The construction activity is likely to place the housing industry and its financing partners on a “collision course” with insurers, the outlet said. Big payouts from natural disasters are driving insurers to raise rates and pull back on coverage,” the report stated.

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Housing Wire

NOVEMBER 19, 2024

The Bipartisan Congressional Real Estate Caucus is calling on the Federal Housing Finance Agency (FHFA) to cease its pilot program for title insurance waivers until the program is vetted and the agency seeks public input on it. The National Council of Insurance Legislators and 14 attorneys general have also pushed for its termination.

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Housing Wire

AUGUST 13, 2024

The American Land Title Association is making it clear that it won’t have the Consumer Financial Protection Bureau making drastic changes to title insurance without first at least hearing the trade groups thoughts on the issue. 2, the trade group stressed the importance of title insurance.

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Housing Wire

SEPTEMBER 11, 2024

Other holding costs for real estate include taxes and insurance. According to S&P Global, insurance premiums increased nationally by 34% between 2017 and 2023, with even more increases hitting homeowners in 2024. In particular, insurance can be a significant portion of monthly payments.

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Housing Wire

AUGUST 21, 2024

Both insurers and consumers have a role to play to ensure adequate protection. Rising insurance costs have hammered homeowners in areas exposed to climate change risks, including wildfires. The report uses California as an example, highlighting a new policy passed in June by the California Department of Insurance.

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Housing Wire

OCTOBER 24, 2024

states that the insured “shall not give or receive, directly or indirectly, any consideration for the referral of title insurance business or escrow or other service provided by a title insurer.” My office is committed to ending illegal kickback schemes in the title insurance industry,” Schwalb said in a statement.

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Housing Wire

JULY 24, 2024

In the letter, the officials expressed concerns over the revived pilot program that aims to remove the title insurance requirement for certain loans sold to Fannie Mae. The pilot program will shift title risk on refinanced loans purchased by Fannie Mae from state-regulated title insurance companies to Fannie Mae itself,” the letter stated.

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Housing Wire

SEPTEMBER 27, 2024

The storm comes at a time when Florida homeowners are already dealing with rising insurance premiums and even the potential loss of coverage as insurers face heavy financial losses and closures. A report released earlier this year by S&P Global found that homeowners insurance rates in Florida rose by 43% from 2018 to 2023.

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Housing Wire

FEBRUARY 26, 2024

The cost of homeowners insurance has surged in Florida as insurance companies have grappled with significant losses due to an increase in natural disasters. And homeowners insurance costs are three times higher in Florida than the national average.

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