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Artificial intelligence (AI), predictive underwriting , and blockchain technology are becoming more common in todays real estate industry. However, long-standing challenges still persist within foreclosure firms, title and escrow companies, and title insurance underwriters. You can’t be fully dependent on technology.
Annual property insurance costs for mortgaged single-family homes rose by a record $276 (or 14%) to $2,290 in 2024, per the latest Intercontinental Exchange (ICE) Mortgage Monitor Report released Monday. of borrowers switched insurance providers in 2024, up from 9.4% ICE loan-level data shows that a record 11.4%
American homeowners are struggling to keep up with unpredictable natural disasters and the rising homeowners insurance premiums that follow them. Residents are more willing to move if it means avoiding high insurance rates, according to a new study from mortgage technology company Maxwell.
According to the report , as weather-related natural disasters increase in frequency and severity, home insurers have responded to the increased risk by dramatically increasing premiums or simply ceasing to issue new policies in heavily impacted regions. The post Mortgage Insurance Defects on the Rise first appeared on The MortgagePoint.
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.
Property insurance costs for mortgaged single-family homes increased a record $276 or 14% to an average of $2,290 per year in 2024, according to ICE Mortgage Technologys latest Mortgage Monitor report. percent of borrowers switched insurance providers in 2024, up from 9.4 Among the major U.S. Among the major U.S.
Intercontinental Exchange (ICE) launched a mortgage insurance (MI) center on its Encompass loan origination system, part of the company’s vision to to become a ‘ life-of-loan’ platform.
Insurance brokerage platform VIU by HUB has partnered with mortgage servicing company Valon to provide homeowners with streamlined insurance options amid rising costs. Through the partnership, Valon customers will have access to instant insurance quotes from multiple carriers along with guidance from licensed agents.
As the speed of technological innovation in our industry accelerates, partnering with Qualia will help us provide an improved experience for both our agents and our insureds, Carolyn Monroe, the president and CEO of Old Republic Title, said in a statement. We are just really excited for this partnership, Baker said.
The Tech Trendsetters are made up of the top product and technology leaders who have been essential in bringing innovative tech solutions to market for mortgage and real estate clients.
This new funding demonstrates that we’ve hit the milestones to prove our software is best in class and will allow us to double down on our technology to deliver even more value to the industry.” That means bringing transparency, efficiency, and improved customer experience to mortgage servicing,” Wang said in a statement.
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.
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.
This system worked remarkably well until fraudsters developed technology to defeat the notarial process. Despite this grim outlook, there is a title insurance product that offers homeowners immediate peace of mind. They should be prepared for some pushback, as even many title insurance professionals are unaware of this option.
With flood insurance premiums commanding ever-higher prices, a U.S. senator recently described a hardship faced by a constituent who endured challenges with higher flood insurance costs while keeping a reverse mortgage in good standing. That’s on top of what they pay for homeowners insurance.” Bill Cassidy (R-La.).
Multiple listing services (MLSs) have a wealth of data, and one technology company thinks it has found an innovative way to use it. Real estate data company StreetWire has partnered with Northern California MLS MetroList to produce an insurance product called Home Value Lock.
The rising cost of homeowners insurance is weighing more heavily on American homeowners and buyers, according to a survey published Wednesday by Mphasis Digital Risk , a technology services company serving the residential real estate lending industry. average, according to estimates from the Insurance Information Institute.
Customer engagement platform Total Expert is launching a marketplace this week for financial institutions to build their marketing technology stack. Customers, including banks, lenders and insurance companies, will have access to data and action systems under “one roof.” That is not our model,” Welu said.
Grid151 , a technology products provider for the mortgage and real estate industries, has acquired Simply Secure Sign , an eClosing technology platform, the company announced Tuesday. The platform will be renamed “Ink’d.”
Potential homeowners should be able to handle this confusion in a world where technology and digital tools rule customer service. The lender offers innovative tools and technology to make the home buying process more accessible, transparent, and personalized. Fortunately, home buying doesn’t have to remain confusing for new buyers.
Getting the home insurance required to close is often more complicated than it needs to be. HousingWire recently spoke with Tom Kriby, vice president of client development and partnerships at Westwood Insurance Agency , about the home insurance shopping process and how lenders can help make it simpler for their borrowers.
National Mortgage Insurance Corporation (National MI) announced on Tuesday its integration with Vesta , a loan origination system (LOS) provider and software-as-a-service company. “We are thrilled to add Vesta, a leading SaaS company building next-generation LOS technology, to our list of integration partners.”
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.
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.
HousingWire recently spoke to Tom Kriby, vice president of client development and partnerships at Westwood Insurance Agency, about how working with an insurance agency can simplify the closing process for their customers, even in times of interest rate uncertainty. Take insurance, for example.
How much technology can we take on, can we absorb, can we use responsibly in order to grow our business without expanding our payments?” Just seeing the crazy increases in technology costs have skyrocketed. Remarkably, insurance agencies have blown off attempts from Federal Housing Finance Agency Sandra Thompson to meet.
The Federal Housing Administration (FHA) on Thursday announced that it has issued a waiver to a requirement that FHA-approved lenders flag rejected loans in the FHA Connection (FHAC) system, an effort the agency says will improve access to government-insured mortgage financing for qualified borrowers.
We have amazing data scientists who are building out new models — from reducing premiums on wildfire insurance in California to using image analytics so that an appraiser can capture the appraisal in real time and use it for quality assurance. The insurance commissioner there declared 13 resiliency prerequisites. Risk Rating 2.0
The title insurance industry is often bemoaned for being antiquated and making minimal changes, but that has not been the case for the past 12 months. The program would grant certain mortgage lenders a waiver on title insurance requirements for loans sold to Fannie Mae and will be rolled out this spring, according to Politico.
MLSs have been busy on the technology front. MetroList, which serves Northern California, recently partnered with real estate data provider StreetWire on a home insurance product called Home Value Lock, which gives homeowners protection in the event they have to sell their house at a loss due to an unexpected need to move.
The funding round was led by prior investors Ribbit Capital , DST Global and NFX along with new investor Progressive Insurance. Were excited to invest in Tomo and to support their mission to modernize the home buying experience, Erwin Raeth, corporate development leader at Progressive Insurance, said in a statement.
In honor of the 2025 Tech100 nomination season, HousingWire asked leaders from last year’s Tech100-winning companies including Flueid , Vesta , Gridbase and MyHome, a Williston Financial Group Company to share some examples of how their technology has helped transform a traditional real estate and mortgage process.
Evernest already offers services including brokerage , maintenance, renovation, insurance and lending. We’re excited about combining the two companies local property management operations and robust technology products. Poplar co-founder Chuck Hattemer will also join Evernest to guide integration and growth initiatives.
Technological Advancements in Real Estate: A look at emerging technologies with the potential to reshape real estate transactions and property management. Department of Labor’s Unemployment Insurance Weekly Claims Report (Thursday) The post The Week Ahead: Preparing for 2025 first appeared on The MortgagePoint.
Department of Housing and Urban Development (HUD) is considering employing cryptocurrency and blockchain technology to monitor the employment of agency grants, which some staffers believe could be a trial run for wider deployment of the technology across the federal government. Blockchain technology has been around for 15 years.
I sat down with Tim Bowler, president of ICE Mortgage Technology, a business unit of ICE, to talk about the company’s mortgage automation strategy — and what keeps him up at night. SW: ICE Mortgage Technology is known for its focus on automation. Sarah Wheeler: ICE’s acquisition of Black Knight just closed today.
Aging in place is a primary goal for most aging adults , however, without a national long-term care insurance system in the U.S., While emerging technology helps to fill part of the gap , even that element faces shortfalls. This will lead to unprecedented demand for long-term care services, according to the study.
Beyond just offering homeowners 24/7 self-service capabilities to handle day-to-day loan maintenance activities, e.g. making a mortgage payment or reviewing taxes, insurance, and loan details, the app also allows customers to better explore and manage their housing wealth.
A week after announcing a pivot in its business strategy , publicly traded title insurance firm Doma announced the sale of its retail operations in Florida on Tuesday. Doma’s Florida operation was purchased by Near North Title Group for an undisclosed sum. Near North Title Group purchased Doma’s Midwest locations in July.
Now in its 13th year, the Tech100 program serves as a trusted resource for housing professionals, providing a definitive list of the industrys top technology providers. These companies are at the forefront of solving the biggest challenges mortgage professionals face every day. Check out the full list of this years honorees below.
The industry will see declining interest rates, new capital rules for nonbanks, new open banking rules under Section 1033, huge technology changes, a new tax bill, tens of billions in damage from hurricanes, new loan limits and artificial intelligence “storming into our business,” he said. What keeps McGrath up at night? .
RealReports compiles data from more than 60 industry sources, offering agents detailed property reports that include permit history, climate risk , flood insurance costs, liens, zoning details, and other critical information.
UWM’s TRAC+ announcement comes as the federal government pushes title insurance alternatives designed to save consumers money. the company also announced ChatUWM, an AI-powered search engine that provides instant responses to clients, including guidelines, matrices, lender tools, and technology. loans but only for refinances.
HousingWire Editor in Chief Sarah Wheeler sat down with Jimmy Kelly, president and CEO of Lone Wolf Technologies , to discuss the company’s development process and his vision for a connected real estate platform. That is a lot of technology and a lot of wasted effort. This interview has been edited for length and clarity.
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