Articles from The Massachusetts Focus
Newsletter of Stewart Title Guaranty Company, Massachusetts Offices
Summer 2002, Volume 1, Number 2
by Thomas M. Flynn, Vice President and New England Division Manager
We hope you enjoyed our kick-off edition of The Massachusetts Focus. In this edition we are striving to continue to provide you with pertinent information that you can use in your everyday practice. As you folks know, business continues to be strong. Although the refinances will not be what they were last year, Fannie Mae is forecasting only a 20% reduction in residential lending, which is primarily based on a reduction in refinance activity.
On the national scene, the biggest issue is concern over alternative mortgage impairment products. Radian Guaranty Company is offering a product called Radian Lien Protection, a mortgage pool insurance policy. There is an action brought by American Land Title Association in California State court. This action is seeking to enjoin Radian from issuing its RLP product on the basis that the RLP product is title insurance and violates California law. California law requires anyone issuing title insurance to be expressly and uniquely licensed as a title insurer. More than 30 other states have similar restrictions. Radian is not so licensed. As of our publication date this action was still pending. Stay tuned.
At the local level, please be on the look out for an announcement concerning our upcoming teleconference in the fall. Also, the Boston Office has created a new Owner's Title Insurance pamphlet for your use. This new pamphlet has been revised in a Question and Answer format and is locally focused on Massachusetts' practices. Contact your Stewart Title representative for more information.