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.

Industry News

Mortgage Bankers urge action

September 16, 2002

MBA applauds legislation that would slim downpayment requirements for FHA-insured mortgages

Inman News Features

The Mortgage Bankers Association of America applauded the Senate Banking Committee for its vote late yesterday to bring to the Senate floor a bill it believes will advance affordable housing in America.

The FHA Downpayment Simplification Act of 2002 (S. 2339) introduced by Senate Banking Committee Chairman Paul S. Sarbanes (D-MD) and Sen. John Ensign (R-NV), would amend the National Housing Act to permanently simplify the downpayment requirements for FHA-insured mortgages for single-family homebuyers.

The Committee also added an amendment to the bill that would repeal the 50 percent increase in the Ginnie Mae guarantee fee, scheduled to go into effect in 2004.

A second amendment incorporating a bill introduced last month by Sen. Jon Corzine (D-NJ), to index and increase multifamily loan limits in high-cost areas, was offered as an amendment during the mark-up and subsequently withdrawn. Corzine's bill would amend the National Housing Act to require HUD to index the multifamily mortgage limits each year to the annual construction cost index of the Bureau of Census.

The Committee asked MBA and other industry trade associations to supply economic data on the different formulas for determining how to index the FHA multifamily loan limits.

"We encourage the Senate to pass this housing bill, so that the FHA single-family housing program can continue to serve the broadest range of borrowers, especially first-time, minority and low- to moderate-income borrowers," said Kurt Pfotenhauer, MBA's SVP Government Affairs.

The Housing Affordability for America Act (H.R. 3995), which includes these provisions and many others, introduced by Rep. Marge Roukema (R-NJ) was reported out of the House Financial Services Committee in July, but has yet to be scheduled for a floor vote.

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