“Under the new CFPB rules, about half the prospective homeowners in this country can’t get a mortgage from a bank because the new laws have greatly restricted credit access.” ─ Chris Whalen, EVP and managing director of Carrington Holding Company.

An estimated 47 percent of bank-owned homes nationwide are still occupied by the previous owner who was foreclosed on.  Source:  RealtyTrac 

Only 380,000 new households were created over the past 12 months compared with an historic average of 1.1 million new households annually. Source:  U.S. Census Bureau

Of the 1.25 million homeowners whose trouble mortgages have been modified under the Treasury Department’s HAMP program, 27 percent have re-defaulted on their loans.  Source: Treasury Department Report

Title underwriters generated $3.4 billion in premiums in the third quarter of last year, a 1.4 percent increase over the $3 billion originated in the same quarter of 2012. ─ Source: National Mortgage News.

Q: Does the Consumer Financial Protection Bureau regulate title insurance agents? My understanding is, it does not, and, that being the case, I don’t understand how the agency can require agents to comply with data security and other requirements that apply to financial institutions the CFPB does regulate. A: You are correct – the CFPB… Read More »

Q: What is the required timing for providing the new Integrated Disclosures to consumers? A: Lenders have to provide the new “Loan Estimate” (combining the old Good Faith Estimate and initial Truth-in-Lending disclosures) within three business days after a borrower submits a loan application. The “Closing Disclosure” (combining the HUD-1 settlement statement and revised Truth-in-Lending… Read More »

Q: I’ve been hearing a lot about the need to encrypt e-mails in order to prevent the disclosure of sensitive, personal information they might contain. Are title agents required to encrypt their e-mails? If so, how do we go about that and exactly what information should we be concerned about protecting? A: Yes, title agents… Read More »

In that vein, Ragas’ report revealed rising prices for homes that have not been repaired since Katrina. The price of homes in fair and poor condition rose 40.6 percent to $45 per square foot in Orleans Parish last year. The price per square foot nearly doubled in the 70118 area of Uptown and was up… Read More »