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 info@nailta.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
Washington, D.C., June 3, 2013 — The American Land Title Association (ALTA), the national trade association of the land title insurance industry, announced today that it has launched a new mobile website to expand and facilitate access to industry news and member resources.
Visit m.alta.org on any mobile device to view the website.
“ALTA is excited to provide our members with more access to valuable industry information,” said ALTA President Frank Pellegrini. “Using this new mobile website, our members can keep updated with ALTA news, title industry developments, and interact with us on social media in a simple, user-friendly format.”
“The launch of this mobile site marks another step in ALTA’s continued efforts to deliver innovative and relevant resources to our members,” said Michelle Korsmo, ALTA’s CEO. “By providing on-the-go access to industry news and social networks, this tool meets the needs of title professionals working in a fast-paced and increasingly mobile world.”
Click here to watch a brief video summarizing the mobile site’s features and explore the new site from any mobile device by clicking here.
