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These may be mortgages , tax liens, HOA liens, child support judgments, etc. Critical role of title insurance Thats where the story of title insurance begins. Title insurance policies solve these problems by protecting buyers against legal challenges to their ownership.
Hladik, Chair, Legal League This article originally appeared in the March 2025 edition of MortgagePoint magazine, online now. Hladik serves as Chair of Legal League , and is a Partner at Hladik, Onorato & Federman LLP. Q: What were some of the key accomplishments of Legal League in 2024?
It also operates outside of the regulatory purview of other home-equity tapping products, including the Federal Housing Administration (FHA)-sponsored Home Equity Conversion Mortgage ( HECM ). But HECM loans are insured and regulated by the FHA, and they are only available for homeowners who are at least 62 years old.
Once out of harms way, we encourage homeowners in these affected areas to contact their mortgage servicer to learn about relief options. If homeowners have been impacted by the fires, we encourage them to call their mortgage servicer for assistance as soon as possible, she said in a statement.
Rocket Mortgage scored a big win this week after the Fourth Circuit on Thursday vacated a $10 million judgment in a class action over a decade old. Rocket Mortgage has faced other legal activity over the last year. The latest ruling from the U.S
There is constant movement in the mortgage industry with the desire for growth and expansion. Thus, it has never been more important to focus on due diligence in analyzing a mortgage industry acquisition target. Regulatory compliance The mortgage industry is heavily regulated and subject to scrutiny by both State and Federal agencies.
The passage of the mortgage trigger lead bill as proposed in the U.S. The amendment addresses mortgage trigger leads , which occur when a potential borrower’s credit score is pulled for a new home loan application and credit bureaus sell the data to other companies interested in reaching the customer. included U.S.
The Tech100 Mortgage award recognizes the most innovative and impactful organizations driving the mortgage industry forward. More than just an accolade, this award highlights organizations that are transforming the housing sectorenhancing efficiency, transparency, and accessibility in ways that reshape the future of mortgage lending.
For most real estate industry professionals, title insurance needs no introduction. A trusted product , title insurance has been used to protect real estate transactions and property rights for over a century. Title insurance is different than most other insurance products. Diane Tomb, ALTA CEO Contributor.
Department of Housing and Urban Development (HUD) is being sued in federal court over accusations that it failed to refund nearly $385 million in mortgageinsurance premiums (MIP) to borrowers over a period of more than two decades. The lawsuit was previously reported by National Mortgage News and Law360.
Fortunately, there are ways to detect deed fraud attempts early, but mortgage professionals need to be well-informed to protect themselves and their clients. In some cases, AI and other digital tools have also been used to create convincing forgeries of documents or to automate the process of generating fake deeds and other legal documents.
Incenter Lender Services Chief Legal Counsel Kathleen Dutill Kathleen Dutill , an experienced mortgage industry attorney, has joined Incenter Lender Services as Chief Legal Counsel. The post Incenter Adds New Chief Legal Counsel first appeared on The MortgagePoint. Dutill earned her J.D.
Open to all mortgage lending and servicing professionals, GSEs , government entities, and Legal League members, the annual Spring Servicer Summit gathers the nations elite financial services law firms to discuss default policies, procedures, and emerging issues with leading mortgage servicing executives.
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.
The mortgage servicing landscape has long been a crucible of change, where today’s decisions lay the groundwork for the industry’s future. Formed in 2023, the MSEA is a platform for nurturing the next generation of mortgage leaders. Here’s what our panel of mortgage servicing executives had to share.
Prior to the advent and widespread use of title insurance, before taking title to a property, the buyer required that the title be free of any rights, interests, liens or encumbrances of others for which the buyer would be responsible for. We haven’t seen any real data based on the conversation that it is going to save money.
Trigger leads occur when a potential borrower’s credit score is pulled for a mortgage application and credit bureaus sell this data to companies seeking to contact the borrower. While legal, this practice often results in borrowers receiving a flood of unsolicited calls, texts and emails.
All but 11 states allow for at least the medical consumption of marijuana, and it is also legal for both medical and recreational use in the District of Columbia , itself a federal district. Payments from the program being made on his mortgage will end on Jan. I was born with scoliosis, Kemp told station WNDU. [My] 31, he said.
This article addresses two legal issues relevant to the review: FHFA’s statutory authority to reduce the number of Federal Home Loan Banks, and The application of the FHLBank statutory “super lien”. This provision may be challenged by the affected FHLBank under legal process. Short-term advances are not so restricted.
But what does virtual real estate mean for real-world mortgage professionals? There is a legal description. In Decentraland or Sandbox, for example, the legal descriptions are individual pixels (essentially code) that define the “parcels.” Is there demand for “mortgages” to buy virtual real estate in the Metaverse?
According to SingleSource, under the authority of the supreme court of the state where the property is located, attorneys who issue an ACT will be protected by a comprehensive liability wrapper – enabling SingleSource to provide comparable coverage as a title insurance policy at a much lower cost to the consumer.
Title theft occurs when a criminal impersonates a property owner and sells or takes out a second mortgage on the owners property. In the worst-case scenario, the home goes into foreclosure and/or is deeded to a new purchaser.
Mike Hardy, a Los Angeles-based managing partner for Churchill Mortgage , is concerned about the preexisting housing shortage in LA. And so, in California, there are legal pathways to being able to carve up a single-family lot and potentially separate it into different simple properties and or build additional units there.
At the end of August, the District of Columbia Housing Finance Agency (DCHFA) announced that it had relaunched its Reverse MortgageInsurance & Tax Payment Program (ReMIT), which originally began in 2019 and expanded in 2020 before being halted at the end of 2021. They were very vocal that there was still a need,” she said.
The overall critical defect rate for mortgages increased in the first quarter of 2024, ending five consecutive quarters of decline. The company’s Mortgage QC Industry Trends Report analyzes post-closing quality control data taken from its Quality Management & Control software platform.
“I do anticipate that in 2024 we will propose some amendments to the mortgage servicing rules that are reflective of what we learned through the pandemic,” Chopra said on Monday morning to an audience of mortgage professionals. ” Chopra spoke during the Mortgage Bankers Association (MBA) Annual Conference held Oct.
The Federal Housing Administration (FHA) on Wednesday published Mortgagee Letter (ML) 2024-18 , which implements updates to debenture interest rates and reimbursements for Home Equity Conversion Mortgage ( HECM ) program claims proposed in July. The ML goes into effect on Sept. 19, 2017,” FHA said in its announcement.
AmTrust Title Insurance Co. , and has underwritten title insurance transactions nationwide, including reinsurance and international title insurance transactions. and has underwritten title insurance transactions nationwide, including reinsurance and international title insurance transactions. said Gosdin.
4, 2024, for FHA-insured forward mortgages and Home Equity Conversion Mortgages (HECMs). As was previously the case , the relief applies to both single-family forward mortgage borrowers as well as reverse borrowers through the HECM program under specific criteria. “[M]ortgagees
Equifax’s Work Number product is too expensive for consumers and the Federal Housing Administration ( FHA ) and Federal Housing Finance Agency ( FHFA ) should potentially do something about it, an influential mortgage trade group argued this week. The trade group urged the regulators to examine Equifax’s pricing practices.
This is according to experts who spoke to personal finance website Bankrate about the concept of taking on a new mortgage in retirement. Age information is collected at the time of origination, but only for Home Mortgage Disclosure Act (HMDA) purposes. 30-year mortgages were never meant to be for them. So she was approved.”
Mortgage brokers ’ compensation is in the spotlight after a recent Federal Deposit Insurance Corporation (FDIC) test concluded that some financial institutions failed to prove that payments were “reasonably related” to the value of services provided. Violations identified vary across different stages of the loan process.
Schneiderman & Sherman PC (SSPC) , a provider of mortgage and creditors rights legal services, has announced their expansion into Ohio, Kentucky, and Indiana, bringing the total state operations to five, including Michigan and Minnesota. She is also a licensed Title Insurance Agent in Ohio and Indiana.
One of the most important roles we play at ALTA is strongly encouraging buyers to shop around for their title insurance company. The Real Estate Settlement Procedures Act (RESPA) ensures that homebuyers always have the legal right to consider alternative title insurance providers and can never be forced into using a particular provider.
Just before its stock debuted at a disappointing $15 a share, Guild Mortgage settled a federal lawsuit that claimed the lender knowingly breached legal requirements when it originated and underwrote FHA loans. Those loans, originated between 2007 and 2011, defaulted and led to claims to the FHA for mortgageinsurance.
An historic home in Chicago ’s Austin neighborhood designed by architect Frank Lloyd Wright in 1903 is in serious need of repairs and renovations, but an existing reverse mortgage loan is complicating the process of initiating the work. A couple purchased the home in 1969, but took out a $189,000 reverse mortgage on the property in 1997.
real estate with a fast, digital mortgage process. ” Waltz aims to support international buyers with a “comprehensive” solution that covers the compliance, legal, banking and regulatory processes to close the purchase process within 30 days. .” Miami -based startup Waltz Inc. residential real estate is low.
The Merriam-Webster dictionary defines fraud as the “intentional perversion of truth in order to induce another to part with something of value or to surrender a legal right,” and from identity theft to sweepstakes and investment scams, it can take countless forms at a high cost to consumers.
When industry veteran Michael Strauss abruptly shut down Long Island-based Sprout Mortgage in early July, there was uproar. There were no severance packages, and even health insurance was canceled retroactive to May 2022, leaving some on the hook for huge medical bills. Shocked employees didn’t receive their last paychecks.
According to the report, “this increase highlights the ability for bad actors to successfully gain knowledge of mortgage and real estate closings and then attempt to use spear phishing, Business Email Compromise attacks or other means to divert funds going to and out of escrows / settlement accounts.” In total, CPL issues were found on 44.6%
The founder of Oklahoma City-based lender and servicer First Mortgage Company , who was also the president of the Mortgage Bankers Association in the late 1990s, pleaded guilty to five counts of bank fraud, money laundering and false statements to a financial institution. His company serviced about 12,000 loans worth $1.8
A proprietary reverse mortgage from Finance of America Companies (FOA) now secures the home of Rhode Island ’s honorary historian laureate after the property was returned to the owner after attempts to bequeath it to a nonprofit historical society he founded. This is according to reporting from The Providence Journal.
Mortgage tech firm Lender Toolkit sued two mortgage lenders claiming that the companies failed to make payments while continuing to use its services and software solutions. Lender Toolkit accused Celebrity Home Loans and MLD Mortgage of breach of contract. That’s according to separate filings made in the U.S.
As an organization dedicated to protecting property rights, the American Land Title Association (ALTA) wants to help ensure laws do not discriminate against or prevent people from legally purchasing real estate. Laws should also be clear on the role title insurance professionals play in facilitating transactions with foreign owners.
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