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Members of a “bipartisan Congressional Real Estate Caucus” endorsed by the American Land Title Association are urging federal regulators to halt a Fannie Mae pilot program aimed at letting some homeowners refinance their mortgage without having to pay for title insurance.
The Federal Housing Finance Agency, which regulates mortgage giants Fannie Mae and Freddie Mac, greenlighted the “small-scale, limited duration” pilot program on March 7, and Fannie Mae issued a request for proposal to potential industry participants in June.
In approving the pilot program, FHFA said it wanted to evaluate whether automated title reviews could substitute for title insurance or attorney title opinion letters on “low-risk refinance transactions where there is confidence …