As PLTA previously reported, President Biden announced in his State of the Union address that he would waive the requirement for title insurance for federally-backed refinance mortgages.  The stated goal is to help Americans afford homeownership.  However, the elimination of title insurance on a refinance transaction has no effect on the ability of Americans to purchase a home.  Moreover, waiving title insurance places the risk assumed by the title insurance industry onto the Government Sponsored Entities Fannie Mae and Freddie Mac, which is simply an unsound policy.  Indeed, the pilot program being championed by the White House in the name of affordability was previously abandoned by FHFA.  Additionally, the Protecting America’s Property Rights Act was introduced with bi-partisan support in both the Senate and House, seeking to amend the Charters of Fannie Mae and Freddie Mac to require that all loans purchased by the GSEs are protected by a title insurance policy issued by a state licensed and regulated title insurance company. 

PLTA stands with ALTA in opposing efforts to eliminate title insurance and we are seeking your support.  Here is what you can do:

1. Respond to Calls to Action through Voter Voice to your U.S. Senator and Representative in support of the Protecting America’s Property Rights Act.
2. Join ALTA’s Title Action Network (TAN) and support their efforts in Washington
3. Join PLTA’s PAC to support PLTA’s legislative efforts.
4. Join PLTA’s Ad Hoc Committee on Title Insurance Alternatives.  Email Executive Director Robin Kelsh and co-chairs Phil Janny and Carrie Mann.
5. Join other members of PLTA and attend the ALTA Advocacy Summit in Washington, DC May 6-8, 2024.
6. Attend PLTI’s Title Insurance Alternatives Webinar held on May 2, 2024, to learn more about the issues.

Below you will find links containing additional information on the Pilot Program and Title Insurance Alternatives:

ALTA’s response
ALTA’s page on Title Insurance Alternatives
MBA’s response
Housing Policy response
 

Thank you,

Robin Kelsh
Executive Director
Pennsylvania Land Title Association
1010 W. 8th Avenue, Suite H
King of Prussia, PA  19406
Phone: 610-265-5980 or 800-545-7584
Cell: 610-496-9754
Fax:  610-265-5998
Email: rkelsh@plta.org