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.

Predatory pay-up kicks in

December 20, 2002

Household Finance's $484 million settlement takes effect

Inman News Features

The nationwide settlement between Household Finance and a group of attorneys general and regulatory agencies from multiple states in a predatory lending enforcement action has taken effect today.

In October, the mortgage lender agreed to pay up to $484 million in restitution to consumers nationwide, in addition to changing its lending practices.

Household was accused of practicing unfair and deceptive lending in the "subprime" lending market over the past four years.

Consent decrees have been entered in 41 states, including the District of Columbia, representing more than 80 percent of Household's non-prime real estate secured branch consumer lending business.

The agreement covers real estate loans made through the company's Household Financial Corp. and Beneficial consumer lending branches from Jan. 1, 1999 through Sept. 30, 2002.

Under the terms of the settlement, Household also agreed to limit prepayment penalties on current and future loans to only the first two years of a loan, ensure that new loans provide a benefit to consumers prior to making the loans, limit up-front points and origination fees to 5 percent, improve disclosures to consumers, reimburse states to cover the costs of the investigations and eliminate "piggyback" second mortgages.

In a company statement, Household CEO William F. Aldinger said, "The consumer protection and compliance measures endorsed by this agreement will establish a new standard for the consumer lending industry." Aldinger said the company believes these measures will make it stronger and more responsive in the future.

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