For Immediate Release
American Land Title Association Statement on FHFA Decision to Delay Implementation of Adverse Market Refinance Fee
Washington, DC, August 25, 2020 — The American Land Title Association (ALTA), the national trade association of the land title insurance industry, issued the following statement regarding a decision by the Federal Housing Finance Agency to delay implementation of an Adverse Market Refinance Fee until Dec. 1, 2020.
“ALTA thanks the FHFA for listening to concerns from a broad coalition of organizations—ranging from consumer groups to policymakers—and delaying implementation of the Adverse Market Refinance Fee,” said Diane Tomb, ALTA’s chief executive officer. “Doing so ensures homeowners can continue to take advantage of historic low mortgage rates and lower their monthly payments during the pandemic. ALTA will continue to work with FHA, Fannie Mae and Freddie Mac during these challenging times to find a balance between managing risk while giving borrowers access to affordable refinance options.”
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About ALTA
The American Land Title Association, founded in 1907, is a national trade association representing more than 6,400 title insurance companies, title and settlement agents, independent abstracters, title searchers and real estate attorneys. ALTA members conduct title searches, examinations, closings and issue title insurance that protects real property owners and mortgage lenders against losses from defects in titles.
Contact: Megan Hernandez
Office: 202-261-0315
Email: [email protected]