Friday, November 30, 2012

Florida Regulators OK New Form Of Title Insurance For Loan Modifications

In West Palm Beach, Florida, The Palm Beach Post reports:

  • Efforts to reduce or even review Florida title insurance rates have stalled for 20 years, but state regulators said Monday they have approved three insurers to offer a new lower-priced form of title insurance for loan modifications designed to help struggling homeowners avoid foreclosure.

    A new product, a Mortgage Priority Guarantee Policy, comes at a minimal flat cost of $125, instead of the many hundreds of dollars otherwise required, state officials said.

    This product is being offered at a time when innovative solutions from the insurance industry are needed to assist businesses and consumers,” Florida’s Insurance Commissioner Kevin McCarty said in a statement.

    Approved to offer it: Old Republic National Title Insurance Co., Westcor Land Title Insurance Co. and WFG National Title Insurance Co.

    The new product “is used when lenders amend an existing mortgage loan agreement in order to help a struggling homeowner remain in their home and prevent a foreclosure,” officials said.

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