California Insurance Commissioner John Garamendi has upheld an administrative law judge's ruling that Radian Lien Protection is title insurance.Mr. Garamendi had rejected the decision in April and offered all parties the chance to offer additional evidence. In a portion of his ruling called "Determination of Issues," the commissioner ruled that none of the additional evidence "is relevant to the legal question presented" and therefore did not consider the evidence in reaching his decision. The next sentence tersely states: "The Radian Lien Protection Policy constitutes title insurance pursuant to California Insurance Code Section 12340.1." The ruling means Philadelphia-based Radian Guaranty cannot offer the product anywhere in the U.S. without risking the loss of its license in California. "Radian should become a licensed title insurer to issue this product and submit to the regulatory oversight that is in place to safeguard consumers," said James Maher, executive vice president of the American Land Title Association. Radian said it will appeal the order. "We are disappointed with Commissioner Garamendi's decision, and we respectfully disagree with his assessment of our product," said Howard S. Yaruss, Radian's executive vice president and general counsel. "Radian, along with various consumer groups, will take this fight to the California State Legislature, in order to break the title insurance industry's monopoly and put an end to years of price gouging."
-
Even as home equity withdrawals hit a two-year high, utilization rate remained less than half of normal, ICE Mortgage Technology said.
5h ago -
Sens. Elizabeth Warren and John Hickenlooper say recent data suggests there is "no need for restrictive interest rates" and easier monetary policy is necessary to lower housing costs.
8h ago -
The joint venture with Smith Douglas Homes will expand Loandepot's market presence in states including Georgia, Alabama and Texas.
9h ago -
Flueid, which provides verification of title services, has raised $8.3 million of new capital, with lead investor LiveOak Ventures along with Gilbert's Detroit Venture Partners.
11h ago -
Mortgage professionals are focusing on housing policies and the Federal Reserve this November.
November 4 -
Esusu, Foyer, Divvy Homes and Tomo Mortgage are among the fintechs trying to give first-time homebuyers a break, alongside community development financial institutions like Southern Bancorp.
November 3