Articles from The Massachusetts Focus
Newsletter of Stewart Title Guaranty Company, Massachusetts Offices
Summer 2003, Volume 2, Number 3
by Thomas M. Flynn, Vice President and New England Division Manager
Freddie Mac has raised its forecast for origination volume for 2003 to almost $3.3 trillion in expectation of higher home sales and greater refinancing levels. This updated forecast is in part due to the continued drop in mortgage rates, treasury rates and bond yields.
According to ALTA (American Land Title Association), 2002 was the strongest year on record for title insurance revenues. Gross revenue for the industry was up 30% over 2001 at $12.68 billion. ALTA also released the results of a recent survey showing that title insurers paid approximately $582.7 million in claims in 2002, compared with $465.1 million the previous year. These payments were made to or on the behalf of insured homeowners for losses they experienced under policies issued to them or their lender, or to defend those titles from the claims of others.
Stewart Title announces record first quarter 2003 revenues and earnings. Revenues for the first quarter increased 27% to $441 million, and earnings were $19.9 million compared to $11.3 million for the first quarter of 2002.
Radian Lien Protection Update - In mid-April new California insurance commissioner John Garamendi overruled the Judge's ruling that had upheld the cease and desist order and is reviewing the situation further to decide on his own whether the Radian product is, indeed, title insurance, which Radian and similar companies are prohibited from issuing. The Commissioner has indicated that he should render a decision sometime in August of this year.