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.


Industry News

Countrywide pulls out of Georgia

February 13, 2003

Will no longer offer subprime mortgages because of new restrictions


Inman News Features

Countrywide Financial Corp. said today it will no longer offer subprime mortgage loans in Georgia as a result of the state's restrictive lending law.

The company said its Countrywide Home Loans and Full Spectrum Lending branches won't accept applications for subprime mortgages less than $322,700 in the state.

Georgia's Fair Lending Act is designed to protect borrowers from predatory lending by imposing new restrictions on the so-called "predatory loans" based on the annual percentage interest rate and the amount of points and fees charged by the lender.

Predatory lending laws aren't new. Several states have passed laws in recent years, but Georgia's law is different because of its "assignee liability" clause, which allows borrowers to seek punitive damages against the lender and any company that bought the loan after it was made.

Countrywide said that rating agency and investor reaction to Georgia's "unduly restrictive" law have made it infeasible to continue subprime lending in the state, but that it continues to support federal legislation that aims to protect borrowers from unscrupulous lending practices.

Countrywide Financial Corp., through its subsidiaries, provides mortgage banking and diversified financial services in domestic and international markets.

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