Advocacy

Title Waiver Pilot

The Biden Administration released a plan aimed at lowering housing costs that includes a pilot to waive the requirement for lender’s title insurance on certain refinances. ALTA called the announcement a political gesture offering a false promise of savings for homeowners while exposing consumers, lenders and taxpayers to greater financial risk.

Unregulated Alternatives to Title Insurance

ALTA continues to take the lead in engaging with state regulators, the FHFA, Fannie Mae, Freddie Mac and lenders about the risks of waiving title insurance requirements.

FinCEN

Financial Crimes Enforcement Network (FinCEN) requires title companies to collect and report beneficial ownership information on certain real estate transactions.

Non-Title Recorded Agreements for Personal Service

ALTA supports efforts to protect consumers by prohibiting the filing of unfair real estate fee agreements in property records. ALTA advocates for state laws and regulations preventing enforcement of NTRAPS.

Good Funds

The use of various payment rails in real estate transactions is governed by state Good Funds laws. These laws set requirements for acceptable forms of closing funds.

Seller Impersonation Fraud

Sophisticated fraudsters are using the real property owner’s Social Security and driver’s license numbers in the transaction, as well as legitimate notary credentials, which may be applied without the notary’s knowledge.

First American Unveils Real-time Fraud Alert System

December 12, 2024

Available to all First American policy-issuing title agents, Order Insights is now included with AgentNet Services, the digital storefront for First American Title’s products and services that launched earlier this year.

FBI Warns Generative AI Used for Financial Fraud

December 10, 2024

Generative artificial intelligence reduces the time and effort criminals must expend to deceive their targets. Since it can be difficult to identify when content is AI-generated, the FBI provided several examples of how criminals may use generative AI in their fraud schemes.

How AI is Helping to Spot Email Scams

November 27, 2024

Phishing attacks pose a significant threat in today's digital landscape, but artificial intelligence (AI) can be used to combat these scams. Genady Vishnevetsky, chief info security officer for Stewart Title Guaranty Co. and chair of ALTA's Information Security Work Group, discusses how this technology can be used to detect spoofed emails.

Closinglock Unveils Wire Fraud Insurance Coverage

November 26, 2024

Closinglock provides up to $2.5 million in coverage per wire transfer verified through its secure platform. Backed by Lloyds of London, the policy offers direct coverage for Closinglock customers, helping them reduce liability and protect clients with confidence.

 9 Red Flags to Identify Deepfakes Targeting Financial Institutions

November 19, 2024

The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued an alert to help financial institutions identify fraud schemes associated with the use of deepfake media created with generative artificial intelligence (GenAI) tools.

Bipartisan Congressional Real Estate Caucus Urges FHFA to Halt Title Insurance Waiver Pilot

November 19, 2024

Led by U.S. Rep. Lou Correa (D-Calif), Mark Alford (R-Mo.), Tracey Mann (R-Kan.) and Brittany Pettersen (D-Colo.), 17 members of Congress sent a letter on Nov. 18 to FHFA Director Sandra Thompson that said the pilot will inadvertently cause irreparable damage to homeowners and lenders, and potentially leave them without critical protection against financial loss. The four representatives are co-chairs of the caucus.