Featured Resources
Advocacy
Title Acceptance Pilot Outline
In March 2024, a Title Acceptance Pilot was announced that waives the requirement for lender’s title insurance on certain refinances. ALTA described the initiative as a policy move that offers a perceived promise of savings for homeowners while potentially exposing consumers, lenders, and taxpayers to increased financial risk.
Staff Document
Understanding the Cost of Title Insurance
Title insurance is the most effective way to protect the property rights of homeowners and the security of a lender’s mortgage. Historically, Fannie Mae and Freddie Mac (the GSEs) have required a lender’s title insurance policy on loans sold to them. The median cost of title insurance and settlement services is 0.67% of the purchase price.
Advocacy
Protecting America’s Property Rights Act
Introduced in both the Senate and House, the bipartisan Protecting America’s Property Rights Act would require all loans purchased by Fannie Mae and Freddie Mac (the GSEs) to be protected by state-regulated title insurance policies.
Advocacy & Policy
Understanding the Cost of Title Insurance
Use this document to showcase the benefits of title insurance as well as a cost breakdown analysis of how the money spent on title insurance is used. The median cost of title insurance and settlement services is 0.67% of the purchase price.
Protecting America’s Property Rights Act
Title insurance is the most effective way to protect the property rights of homeowners and the security of a lender’s mortgage. Historically, Fannie Mae and Freddie Mac (the GSEs) have required a lender’s title insurance policy on loans sold to them.
Protecting Americas Property Rights Act One Pager
This one-pager breaks down the main talking points and benefits of title insurance to the American people.
News & Insights
Fannie Mae to Charge Fee to Cover Risk Under Title Acceptance Pilot; Pushes GSEs into Insurance Business
Fannie Mae will charge lenders a fee to cover risk under a proposed title acceptance pilot program. The program essentially turns the government-sponsored entities (GSEs) into primary-market insurers and expands their authority beyond their mission and charter.
ALTA Says White House Title Acceptance Pilot Is ‘Bad Politics, Bad Process, Bad Policy’
ALTA continues to voice significant concern with the pilot program that would waive the requirement for lender’s title insurance on certain refinances.
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News
Bipartisan Congressional Real Estate Caucus Urges FHFA to Halt Title Insurance Waiver Pilot
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.
Why Misguided Calls to Scrap Title Insurance Would Make Homeownership More Costly and Threaten the Economy
Making homes more affordable for Americans is a worthy goal, but targeting title insurance—a one-time premium that is far lower than many other closing costs—would have the opposite effect, explains First American Chief Economist Mark Fleming. That’s because title insurers play a foundational but largely misunderstood role in the real estate industry: enabling the reliable transfer of property ownership.
ALTA Official Tackles Title Insurance Alternatives and Market Share
In a recent episode of “Ten Minute Talks,” HousingWire president Diego Sanchez spoke with Chris Morton of the American Land Title Association (ALTA) to shed light on the future of title insurance, alternative options, regulations, market competition and coverage costs.
House Legislators Urge FHFA Inspector General to Examine Title Waiver Pilot
During a hearing on June 26, House Republicans pressed the Federal Housing Finance Agency’s (FHFA) inspector general to look into the handling of two controversial pilot programs—including a title waiver pilot—that would expand the government’s role in the housing market.
The Threat to Undermine Property Rights & State Regulatory Authority
As part of the American Legislative Exchange Council's Women Leadership Series, Elizabeth Blosser, vice president of Government Affairs for ALTA, talks with ALEC Federalism & International Relations Task Force Senior Director Karla Jones and ALEC Health & Human Services Task Force Senior Director Brooklyn Roberts about the Biden Administration's proposal to eliminate title insurance fees on certain federally backed mortgages. Blosser shared that the plan threatens property rights, makes homeownership riskier and undermines state law governing title insurance.
Federal, State Legislators Question Title Waiver Pilot
ALTA has said the pilot pushes the government sponsored enterprises (GSEs) into the title insurance business, a primary market activity for which Fannie Mae and Freddie Mac are not chartered, licensed, regulated or reserved to provide. Many federal and state legislators have now voiced concerns with the pilot since title insurance is comprehensively regulated at the state level.
Attorney Opinions Don’t Count
The federal government continues to push proposals that would dangerously expose lenders and taxpayers to additional risk. In March, the Biden Administration released plans during the State of the Union to revive a previously discredited and shelved pilot program that would waive the requirement for lender’s title insurance on certain refinances.
18 House Democrats Question Biden Administration’s Title Waiver Program
A group of 18 Democratic members of Congress sent a letter to President Biden expressing concern with the administration’s program that will waive the requirement for lender’s title insurance on certain refinances.
Misguided Title Waiver Pilot Lacks Transparency, Review Process
More than a month after the Biden Administration revived a misguided and previously shelved plan to waive title insurance on certain refinances, Fannie Mae said it intends to request proposals from vendors to participate in the program.
Title Waiver Pilot Plan Won’t Help First-time Homebuyers, MBA Economist Says
During a hearing before the House Financial Services Subcommittee on Housing and Insurance, U.S. Rep. Andrew Garbarino (R-N.Y.), asked Michael Fratantoni, chief economist for the Mortgage Bankers Association, if he thought the Biden Administration's pilot to eliminate title insurance on refinances would help first-time homebuyers purchase their first home. “The short answer is no,” Fratantoni said.
Fannie Mae to Charge Fee to Cover Risk Under Title Waiver Pilot; Pushes GSEs into Insurance Business
Fannie Mae will charge lenders a fee to cover risk under a proposed title waiver pilot program announced by the Biden administration. The program essentially turns the government sponsored entities (GSEs) into primary market insurers and expands authority beyond their mission and charter. Read on to learn more.
ALTA Says White House Title Waiver Pilot Is ‘Bad Politics, Bad Process, Bad Policy’
ALTA continues to voice significant concern with the Biden administration’s misguided pilot program that would waive the requirement for lender’s title insurance on certain refinances. “This pilot will not help achieve the administration’s goals of expanding homebuying opportunities and affordability for first-time or lower- and moderate-income individuals," said ALTA CEO Diane Tomb. "Rather, it’s a hollow attempt by the White House to placate Americans’ current economic frustrations. The pilot is simply bad politics, bad process, and bad policy.” Read on to learn how you can help advocate for the industry and encourage your member of Congress to support the Protecting America’s Property Rights Act.