American Land Title Association
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.

Study Praises State Lending Laws

February 24, 2006

   Related Information
The Best Value in the Subprime Market
State Predatory Lending Reforms [pdf]

State laws passed to prevent predatory lending are working and have reduced abusive loans without stopping the flow of credit, according to a study released on Thursday by the Center for Responsible Lending. The study was based on examining more than 6 million subprime mortgages from 1998 through 2004. The researchers found that states with the strongest laws -- Massachusetts, New Jersey, New Mexico, New York, North Carolina and West Virginia -- showed the largest declines in loans with predatory terms. In many of the 28 states that have passed some kind of reforms against predatory lending, the number of predatory loans dropped by almost a third.

The research also found that these laws did not decrease the number of loans available and did not raise the interest rates for subprime loans. For example, interest rates on fixed-rate mortgages showed no statistically significant differences in eight states and were lower in 19 states.

"This study demonstrates that critics who claim anti-predatory lending laws will dry up people's access to credit are just plain wrong,” said Iowa Attorney General Tom Miller. “Consumers would be harmed if federal law preempted state regulation,” he added.

Source: Center for Responsible Lending

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 © 2004-2015 American Land Title Association. All rights reserved.
SecurityMetrics for PCI Compliance, QSA, IDS, Penetration Testing, Forensics, and Vulnerability Assessment