Old Republic national title insurance has thrown a monkey wrench into the ability of lenders to sell their foreclosures: on September 29, the company announced that it will no longer issue policies to properties that have been foreclosed by JP Morgan Chase and Ally Financial, Inc. (GMAC).
The acquired assets are located within the 17 states in which the company operates and contain mainly non-performing properties, development and construction loans and, lots,
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How about some private mortgage insurance and title insurance news? The industry is certainly waiting for. MGIC is the nation’s largest private mortgage insurer. Old Republic Title Insurance Group.
There is no prohibition on writing title insurance on short sales or following a deed-in-lieu of foreclosure involving these lenders or any prohibition against insuring titles where a mortgage foreclosure by Ally Bank/GMAC, JP Morgan Chase or Bank of America appears in the back chain of title.
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Old Republic Will No Longer Insure JPMorgan and GMAC REOs Roland Contents mortgage guaranty insurance corporation Gmac mortgage unit Casualty commercial insurance market Title insurance company Elden campbell lakers Ninth st.;.
Old Republic Will No Longer Insure JPMorgan and GMAC REOs Even more questions about the legality of foreclosure proceedings have prompted Old Republic National Title Insurance to decide it will no longer insure titles to homes foreclosed by JPMorgan Chase and GMAC Mortgage.
Nevada: Foreclosure-Gate Causing Chaos In The Mortgage Industry.. one title insurance company, Old Republic National Title Insurance, has announced that it will no longer write new insurance policies for homes that have been foreclosed on by JPMorgan Chase and GMAC Mortgage.
REO stands for real estate owned and occurs when a house goes into foreclosure after a property owner cannot make principal and/or interest payments on a loan. The property then goes through the foreclosure process and is placed for sale by auction. If the opening bid is not met, the property becomes a REO or real estate owned.
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