Live Insurance News

Force placed insurance crackdown launched in the United States

March 27, 2013March 26, 2013 G. Turner

American housing regulators are putting a stop to wrongful practices in this sector of the market. Housing regulators in the United States have commenced a crackdown on the practices surrounding force placed insurance, which is an entirely legal and often necessary form of coverage that has been abused in recent years in the American marketplace. The problem is that this misuse is causing harm to struggling borrowers which is sometimes unnecessary. The issue is that the coverage that is purchased through force placed insurance is often considerably more expensive than…

Mortgage insurance sector sees improvements from housing market growth

March 7, 2013March 7, 2013 G. Turner

This sector of the industry is experiencing considerable benefits from the steady increase in real estate activity. Radian Group and MGIC Investment have experienced a boost this year as the data that supports the recovery for the American housing market continues to be collected, and is indicating that the mortgage insurance sector of the industry is experiencing measurable improvements. Two important reports were issued last week that show that home prices and sales in the U.S. are improving. The report entitled Research Driven Investing looked more deeply into the various…

Force placed insurance company may slash rates by 19 percent

December 21, 2012April 30, 2013

Florida may see a considerable reduction from QBE following state regulator criticism. The biggest force placed insurance company in Florida, QBE, has responded to the criticisms that it has received from regulators by making an offer to decrease its rates by 19 percent. This could make a significant difference in the coverage and real estate marketplaces of the state. Force placed insurance is purchased by lenders – typically mortgage lenders – on behalf of homeowners who have failed to purchase their own coverage or who have let their policies expire.…

Insurance news from Lloyds shows that mis-sold loan policies will cost $1.6 billion more

November 2, 2012 Julie Campbell

The scandal will now have cost the company approximately £5.3 billion. Lloyds Banking Group has just released their latest insurance news statement regarding the mis-sold loan policy compensation, which now involves an additional $1.6 billion (£1 billion), bringing the total amount of these payouts up to £5.3 billion, which has yanked its numbers downwards to result in a third quarter loss. However, the largest retail bank in the U.K. is still optimistic and is encouraging customers to remain that way. Lloyds has released a positive message regarding the decreasing losses…

Mortgage insurance under investigation by Consumer Financial Protection Bureau

August 6, 2012April 30, 2013

Potential kickback deals being checked into over billions in premiums. The consumer finance watchdog group for the government is currently performing an examination and analysis of deals that brought in billions of dollars in premiums that were charged by mortgage insurance companies to borrowers through the banks that made the loans. These deals were suspected to have brought in kickback. According to the civil lawsuits which have been filed by legal experts and borrowers, this is because the banks were said to have applied pressure to the mortgage insurance companies…

New buy-back mortgage insurance option now available through Ellie Mae

May 9, 2012May 25, 2012 Julie Campbell

New Total Quality Loan program offers protection against compliance and fraud claims. Ellie Mae, one of the top enterprise level providers of automated on-demand residential loan industry solutions has revealed that it will be offering a buy-back mortgage insurance option as a part of its Total Quality Loan (TQL) program. The TQL program is an effort that has been created to improve the quality of loans, as well as their salability and compliance which originate from the Encompass360 mortgage management software system at Ellie Mae. It provides a suite of…

Genworth announces lower prices and broader credit guidelines in its mortgage insurance unit

May 8, 2012May 25, 2012 Julie Campbell

The new regulations are designed to help its lenders to assist a larger number of home buyers. Genworth Financial Inc’s U.S. Mortgage Insurance (USMI) unit, released a statement that said that it will be making a number of adjustments starting on May 14, 2012, which will decrease prices and broaden the underwriting guidelines to help to lower the mortgage insurance costs for most of the mortgage loans that are offered to customers by the lenders. The changes will help more borrowers to qualify for standard mortgage loans. They will also…