Servicing

The impact of extreme weather remains top of mind for many, with a majority of homeowners citing it as a factor behind purchase or relocation considerations.

In a world assailed by extreme weather, homeowners and purchasers need to know their property's vulnerability to wildfire or flooding. Ratings like those Zillow took down are a big improvement on often outdated federal flood maps and state wildfire maps. 

Flood Quotes and the Flood Insurance Portal allows users to compare quotes and purchase policies directly through the platforms.

The average premium increase is 64% or $600 a year more, and in some states the rate would go up by more than $1,000, the comparison shopping platform found.

This is the second acquisition deal Old Republic has been involved in this year, after selling its title production business in January.

Premiums for property insurance have risen over 69% since 2019, far outpacing other components of the monthly mortgage payment, ICE Mortgage Technology found.

Between rising home costs and the end of mortgage relief programs, many homeowners are struggling to stay above water, especially in the South and West.

More powerful storms and pricier building costs are behind the increases in premiums, said the report's authors.

Numbers on use and performance point to potential for nonpublic insurers to take on a greater role but also suggest there are limits to it, Fitch Ratings found.

Lenders and other businesses active in the state also stepped up with large donations and charitable campaigns in the days following the flooding disaster.

Insurers had already doled out more than $12 billion to pay for wildfire damages as of early March, according to California state officials.

Publicly traded lenders, including UWM, Rocket Mortgage and Guild Mortgage, saw personnel expenses increase significantly throughout last year.

The measure applies to mortgages closed in the months prior to the Southern California wildfires, which are now experiencing early-stage distress.

Scott Turner, secretary of the Department of Housing and Urban Development, extended borrowers more leeway after he toured the region with a local official.

The jump, which represents an ICE Mortgage Technology survey high, reflects the past cost of natural disasters like hurricanes in the Southeast.

The rapid rise in the cost of both insurance coverage and taxes leaves close to half of homeowners worried about their ability to make payments.

The private mortgage insurers reported just 5% less business versus the third quarter and 33% more new insurance written over the fourth quarter 2023.

Members whose districts include Altadena and Pacific Palisades are behind the measure, which calls for an initial 180-day forbearance period.

Impacted borrowers should anticipate some breaks from insurance coverage and home loan payments, but timelines and relief funds could vary significantly.

Financial profiles of borrowers in the coastal areas where insurance coverage is required vary significantly from at-risk homeowners inland, CFPB's analysis found.