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.

Deadline Delayed

May 6, 2002

Banks Get More Time To Implement New Disclosures

Inman News Features

The Federal Reserve Board has postponed the effective date of recent amendments to the Home Mortgage Disclosure Act from Jan. 1, 2003, to Jan. 1, 2004. The amendments expand the group of lending institutions required to file reports under the law, redefine some terminology and add additional data categories, including certain information on pricing of subprime loans.

The Fed previously announced the changes would be effective on the earlier date, but financial institutions and industry trade associations requested a postponement on the grounds that the deadline didn?t give institutions enough time to ensure compliance. Consumer and community organizations opposed postponement of the effective date.

The Fed decided that some reporting institutions, particularly the largest, wouldn?t be able to fully implement the new rules by the early deadline without jeopardizing the quality and usefulness of the data and incurring substantial additional implementation costs.

However, the Fed adopted an interim amendment that mandates the use of 2000 U.S. Census data in HMDA reporting effective Jan. 1, 2003. The Fed said in a statement that 2000 Census tracts and demographics will produce more accurate and useful data in the HMDA disclosure statements and aggregate reports than the 1990 data now in use.

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