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.
White House
On March 7, the Biden Administration announced a pilot to waive the requirement for lender’s title insurance on certain refinances. Read ALTA's response.
One Pager
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.
Bipartisan LegislationIntroduced 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.
