American Land Title Association
Print Friendly
Home  >  News Room
News Room

SoftPro is the nation's leading provider of Real Estate Closing and Title Insurance software

North American Title Insurance Company is a seasoned title insurance underwriter that has been helping customers achieve the American dream of homeownership for more than 50 years. In the past several years, we have become known as the “underwriter next door,� because our associates are always easy to reach and our processes are, at all times, quick and straightforward. Our agency application process is fast and transparent for qualified agents. NATIC offers a one-hour underwriting response guarantee that is unparallelled in our industry. In addition, we value our agents based on their title industry knowledge and experience, not just on profits alone.

Indictments, Arrests, Prosecutions

February 20, 2002

Federal Housing Department Takes Hard Line On Predatory Lending

Inman News Features

The U.S. Department of Housing and Urban Development today announced that a crackdown on predatory lending in Baltimore last year netted 40 indictments, six federal arrests, two state arrests, 27 successful prosecutions, 66 Federal Housing Administration debarments and $2.7 million in insurance recoveries.

"HUD's predatory lending initiatives are making the Baltimore housing market safer for hard-working families," said HUD Secretary Mel Martinez. "Our efforts in Baltimore have laid the groundwork for protecting more Americans throughout the country, as we work to combat predatory lending."

HUD is focusing anti-predatory lending efforts in areas with high foreclosure rates. Baltimore topped the nation in foreclosures and has emerged as HUD?s operational predatory lending laboratory.

Practices HUD is targeting include: flipping or repeated financings that result in point and fee revenue for lenders without benefits for the borrower; inflating a home's appraisal value; charging and financing excessive points and fees; packing loans with such additional products as credit insurance and memberships; charging extended repayment penalties that trap homeowners in high-interest loans; and conspiring with home improvement contractors to solicit loans on damaging terms or paying contractors directly and leaving borrower with no way to ensure the work is done.

Copyright: Inman News Service

Print Friendly

How To Find Us:
American Land Title Association
1800 M Street, NW, Suite 300S
Washington, D.C. 20036-5828
P. 202.296.3671 F. 202.223.5843
Copyright © 2004-2016 American Land Title Association. All rights reserved.
SecurityMetrics for PCI Compliance, QSA, IDS, Penetration Testing, Forensics, and Vulnerability Assessment