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ALTA on new Fannie policy: title insurance “will always be essential”

Housing Wire

Fannie Mae generated some buzz last week when it announced it would be accepting written attorney opinion letters in lieu of a title insurance policy “in limited circumstances.”. In an email, Fannie Mae confirmed that the impetus for this change was that the use of AOLs could potentially reduce title costs for borrowers.

Title 403
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Compass’s title firm runs into trouble in Washington

Housing Wire

The state of Washington is set to revoke the license of Modus , a title and escrow service software company owned by Compass, effective April 1. The complaint points to six separate instances where Modus gave or offered to give non title-related services without charging or receiving a fee equal in value to the services provided.

Title 441
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Fannie Mae expands use of AOLs in selling guide update

Housing Wire

In an update to its selling guide , Fannie Mae announced Wednesday that it was expanding the use of attorney opinion letters in lieu of title insurance. Fannie Mae first announced that it would accept loans secured with an AOL in lieu of title insurance in limited circumstance in April 2022.

Title 449
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reAlpha gets into the mortgage brokerage biz, acquires Be My Neighbor

Housing Wire

The Texas-based lender is licensed in 26 states and provides 15-year and 30-year fixed mortgages, including government loans, 203 (k) renovation loans and reverse mortgages. Be My Neighbor will continue to operate under its brand led by co-founders Christopher Griffith, Isabel Williams and Nathan Knottingham.

Brokerage 440
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Top lender UWM debuts a 89.99% LTV, cash-out refinance. Is it worth the risk? 

Housing Wire

United Wholesale Mortgage (UWM) has the mortgage industry abuzz over its latest product, a higher-risk, cash-out refinance at a time of economic uncertainty. That being said, they emphasize the volume and retain their title as the number one mortgage lender in the country.” Is the juice worth the squeeze? How much will borrowers pay?

Equity 430
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2020 HW Tech Trendsetter: Sean Faries

Housing Wire

Land Gorilla founder and CEO Sean Faries is relentless in his pursuit of technology innovations that drive efficiency while simultaneously reducing risk in construction and renovation lending. Faries believes technology should enhance digital experiences for all project stakeholders.

Land 317
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How to vet private money lenders for real estate investing

Housing Wire

Examine previous transactions with a lender, such as funding renovations on investment property, to better understand the lender’s experience with diverse real estate projects. Real estate is a people-oriented industry, and practically everyone in it knows that. Escrow officers and title agents.