We know June is full of many milestones and celebrations, but don’t forget about one that should matter to all of us in real estate. It’s National Homeownership Month! To our loan officer, Realtor and attorney friends, this is a perfect time to remind your team and customers about the value you bring to every transaction.
Which is exactly what we’re doing with this email. As you may know, title insurance has been in the news for the last couple of months, thanks to a proposal earlier this year that would’ve eliminated the requirement for lender’s insurance for certain refi transactions. Not only was this a bad idea, it was also misleading. Since the proposal focused on refis, it wouldn’t have done anything to reduce costs for first-time homebuyers or low-income families.
This proposal and its fallout have also set a dangerous precedent that might lead buyers to assume they should forego title insurance. Don’t do that. As we sometimes say in the industry, “Title insurance is where the smart is.” Here are three more things to know about title insurance and how much Fortune Title cares about it.
- Title insurance and an accompanying title search done by dedicated title professionals like us remain the best (and ONLY) protections for property rights now and in the future. For lenders, it lowers their risk by ensuring the property they’re financing has a clear title. For homeowners, it provides peace of mind knowing that their property rights are protected.
- Our CEO, Nicole Timpanaro, remains committed to leading this topic. That’s why she attended last month’s American Land Title Association’s Advocacy Summit in Washington, D.C., and why our entire team is always ready to talk title with you.
- Title insurance is a one-time affordable fee included as a closing cost. We are all for housing affordability, but this fact again shows that targeting title insurance as too costly is misguided and wrong.
If you’re a fellow title professional or simply want to add your voice as a friend of our industry, we invite you to join ALTA’s Title Action Network (TAN) with us. TAN allows industry professionals to stay updated on the latest developments in title insurance and advocate for its importance. Visit www.alta.org/advocacy/tan and get started today.
