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 justin@alta.org if you have any questions.