October 16, 2012
ALTA has stated that one point that continues to be brought up by the membership in connection with the vetting of settlement agents is that very few agents know how much of their business they get from the lenders (especially warehouse lenders) that have instituted these vetting programs.
ALTA suggest that one way way to figure this out is by asking bankers and brokers about their sources of funding. An alternative is to review the federal government’s Home Mortgage Disclosure Act (HMDA) data. HMDA was passed in 1975 and requires lenders to report information about the loans they make each calendar year (including the principal size, property location and race of the borrower). This data is available in an easy to search database. The most recent data is from 2010. For instructions on accessing the date base click here. Heather – link the paragraph below and don’t include it in the text.