FHFA: Fannie/Freddie Title Insurance Waiver Pilot Project

White House announces pilot project to waive requirement for lenders' title insurance on certain refinances.

In addition to official statements issued March 7, 2024, President Biden addressed the project during his State of the Union speech: "And my administration is also eliminating title insurance on federally backed mortgages. When you refinance your home, you can save $1,000 or more as a consequence."

TLTA Will Be Actively Engaged in Opposing This Policy Shift

"We maintain our opposition to this pilot program and any other program that undermines the importance of title insurance in all real estate and mortgage transactions," said Rodney Anderson, President of Texas Land Title Association. "We will be actively engaged in the effort to educate lawmakers and regulatory officials about the value of title insurance, the misinformation surrounding the touted benefits of this pilot project, and our strong opposition to this latest policy change which will negatively affect consumers and homebuyers, adding risk to their transactions without the purported cost savings."

Studies and Resources

ALTA Title Insurance Curative Work Study »

Industry Responses

TLTA Breaking News Report »
MARCH 08, 2024

ALTA's Official Statement »
MARCH 07, 2024

Housing Policy Counsel Letter »
MARCH 15, 2024

Statements from Stakeholders

Information from White House on Pilot Project »
MARCH 07, 2024

FHFA Director Sandra Thompson's Statement on Title Acceptance Pilot »
MARCH 07, 2024

Congressional Response

Many members of Congress are voicing their discontent with the tile waiver pilot. During a hearing before the House Financial Services Subcommittee on Housing and Insurance, Rep. Andrew Garbarino (R-NY) 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. Watch the video here.

State Attorneys Generals Letter to FHFA Director Sandra Thompson »
Attorney General Ken Paxton, and others
JULY 22, 2024

National Council of Insurance Legislation letter to FHFA Director Sandra Thompson »
Rep. Tom Oliverson
MAY 9, 2024

House Democrats letter to President Biden »
Rep. Wiley Nickle (R-CA), and others
APRIL 17, 2024

Member letter to FHFA Director Sandra Thompson »
Reps. Garbarino (R-NY), Bill Huizenga (R-MI), and Warren Davidson (R-OH)
MARCH 15, 2024