You’re probably familiar with AOLs (Attorney Opinion Letters) being used in lieu of title insurance and concerns about how a lack of substantial protection provided could impact lenders and consumers. There’s a new program that Fannie Mae is piloting that would eliminate the requirement for title insurance altogether in specific circumstances.
Our guest, Chris Morton, is the SVP of Public Affairs and Chief Advocacy Officer for the American Land Title Association. This episode is pulled from our live Q&A webinar with Chris that was recorded on June 20th, 2023.
In this episode, we explore what the pilot program is, how little is actually known about it, and the impacts it could have on lenders, consumers, and the greater real estate industry as a whole.
ALTA is asking title professionals to write to their lawmakers to urge them to halt the program and stop overreach from Fannie Mae. ALTA has created a fillable form to make it easier, which can be found here.
Resources:
- Fannie Mae to Test Drive Ditching Title Insurance [National Law Review]
- Risks of Alternatives to Title Insurance [ALTA]
- The Risk of Fannie Mae’s Mission Creep [HousingWire, Opinion Letter]
Get involved with the conversation!
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Guest: Chris Morton, ALTA’s SVP of Public Affairs and Chief Advocacy Officer
Guest Host: Becky Tassell of PropLogix
