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Estate News
Real Estate Services Company Settles Privacy and Security Charge
A title company that promised consumers it maintained "physical, electronic and procedural safeguards" to protect their confidential financial information, but tossed consumer home loan applications in an open dumpster, agreed to settle Federal Trade Commission charges that its inadequate storage and disposal procedures for sensitive consumer information violated federal laws. The settlement with Nations Title Agency, Inc., Nations Holding Company, and Christopher M. Likens bars deceptive claims about privacy and security policies, and requires that they implement a comprehensive information security program and obtain audits by an independent third-party security professional every other year for 20 years.
NHC, based in Kansas City, Kansas, is a privately held holding company that provides real estate services in 44 states. Its subsidiary, NTA, provides a variety of services in connection with financing home purchases and refinancing existing home mortgages. Likens is the president and sole owner of NHC and its subsidiaries.
"Careless handling of consumers’ sensitive financial information is an open invitation to identity thieves,” said Deborah Platt Majoras, Chairman of the FTC. “Enforcing the laws designed to protect consumers’ sensitive financial data is a priority at the FTC. This is the thirteenth case challenging faulty data security practices, and we will bring more cases if companies continue to fail consumers."
Proposed Construction is properties approved for mortgage insurance prior to the beginning of construction
This means that the DE Statement of Appraised Value or Early Start letter has been issued by the DE Underwriter for the property prior to pouring of the footing. For high ratio loans, provide either the appraisal or Early Start letter AND at least three inspections (initial, framing and final) by a HUD fee approved panel inspector or approved local jurisdiction.
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Hud Housing Program
The Uniform Act, passed by Congress in 1970, is a federal law that establishes minimum standards for federally funded programs and projects that re... Read more >
Definition:
This is a notice that may be given to a person who will be required to move a residence, business or personal property as a result of your agency's project.
Good faith estimate
Definition:
An estimate of all closing fees including pre-paid and escrow items as well as lender charges; must be given to the borrower within three days after submission of a loan application.
Delinquency
Definition:
Failure of a borrower to make timely mortgage payments under a loan agreement.
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