On July 10, the Federal Insurance Office (FIO) hosted a roundtable discussion with representatives from the financial services sector and consumer groups to discuss the title insurance industry and analyze potential reforms, as part of the Biden administration’s efforts to lower costs for homebuyers.
Senior Treasury officials led discussions that addressed the structure of the title insurance industry, the costs and benefits of title insurance, consumer awareness and protection, and various proposals for reforms to lower costs for homebuyers. Participants in the roundtable included representatives of groups that advocate for consumers and housing access, as well as title insurers and agents, lenders, state insurance regulators, academics, and other stakeholders.
FIO was tasked with convening the roundtable in connection with President Biden’s call for federal agencies to take all available actions to lower home closing costs and help more Americans access homeownership.
Among its other statutory duties, FIO monitors the extent to which traditionally underserved communities and consumers, minorities, and low- and moderate-income persons have access to affordable insurance products; advises the Secretary of the Treasury on major domestic insurance matters; and consults with state insurance regulators regarding insurance matters of national importance. The roundtable will assist FIO in its work as it continues to consider policy options with regard to title insurance.
The American Land Title Association had the following to say after the roundtable: “Last week, title industry representatives participated in a roundtable hosted by the FIO at the U.S. Department of the Treasury. The FIO and Treasury officials convened the roundtable as a part of the Biden administration’s efforts to address housing affordability in the context of mortgage closing costs. The group shared the important role the title industry plays in protecting homebuyers and lenders. ALTA and its members will continue to engage with federal agencies and stakeholders to share the industry’s value and perspectives, including about the risks associated with the Federal Housing Finance Agency's title waiver pilot and other unregulated title insurance alternatives, alongside thoughtful ideas to further address housing affordability.”
Did you attend the FIO roundtable discussion? If so, we’d like to speak with you. Please contact Editor Andrea Golby here.