As part of the Title Agent Network, I received this info today:
We wanted you to know that today Senators Bob Corker (R-TN), Mark Warner (D-VA), Mike Johanns (R-NE), Jon Tester (D-MT), Dean Heller (R-NV), Heidi Heitkamp (D-ND), Jerry Moran (R-KS) and Kay Hagan (D-NC) introduced a GSE reform bill that recognizes the value of title insurance. This is great news!
What is GSE reform? GSE (short for government sponsored enterprise) reform aims to fundamentally alter Fannie Mae and Freddie Mac. This is important to the land title industry because Fannie Mae and Freddie Mac currently require title insurance in their service guides. If Fannie/Freddie are replaced, we must ensure standards for title insurance remain in place as a risk-management standard for lenders and consumers.
ALTA’s CEO, Michelle Korsmo released a brief statement today thanking Senators Corker and Warner for recognizing the importance of title insurance in their legislation. Read Michelle’s statement here.
ALTA is working very hard for our members as Congress begins to consider GSE reform, but we will continue to need your help to explain the land title industry to legislators and regulators. Our members continue to be our very best advocates. If you want to learn about ways that you can help locally, please email ALTA’s manager of external communications, Wayne Stanley.
We will continue to pass along important updates on GSE reform as they become available. As always, I can be reached at email@example.com if you have any questions.
This may have significant impact on the title insurance industry. Fannie and Freddie both require title insurance. If they go away, whatever takes their place may not. Hard to imaging that investors would not want their investment insured but it is impossible to predect what our fine legislator might come up with.
Senators propose overhaul of housing finance – KXNet – Bismarck/Minot/Williston/Dickinson.
Here is ALTA’s reaction:
This is taken from the Linkedin Group: National Association of Independent Land Title Agents. It was posted there by Robert Holman on 6/6
Several weeks ago, we let you know about a potentially harmful bill known as H.R. 1077, the Consumer Mortgage Choice Act, that currently resides in the House Financial Services Committee for further consideration. The bill is an attempt to give affiliated business arrangements and their title insurance partners an exemption from Dodd Frank requirements that count affiliate charges as part of the 3% cap on points and fees.
Congress understood that affiliate service providers such as AfBAs and CBAs are fundamentally different than your businesses. They also understood that affiliate providers eliminate important checks and balances on the title insurance process and limit the amount of meaningful choice provided to a consumer. With the introduction of H.R. 1077 by the banking lobby, we are going to have to re-convince Congress of why the dichotomy between affiliate providers and independent providers matters.
NAILTA is the only national title insurance trade organization to state a public position in support of independent title insurance agents. In light of this fact, it is very important that you join our efforts and have your voice heard!
For more information on our opposition to this bill, please visit our website at www.nailta.org.
We need you to contact your member of Congress and tell them that independent land title agents do not support H.R. 1077 or S.949 which would give lenders and their affiliates carte blanche control over the selection of settlement service provider and remove a consumer’s right to choice.
Members have already graciously taken to the task of sending emails, telephoning Congress and faxing the prepared letters to their Representative. The effort has been strong, but we continue to need your help!
To find out how you can help in contacting members of Congress, please contact us at firstname.lastname@example.org.
The power to change minds in Washington, D.C. is in your capable hands. We urge you to take a few minutes over the next couple of days to help voice your stand against H.R. 1077 and for consumers and small businesses across the United States.
Posted By Robert Holman