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Will the Biden administration successfully reduce title insurance costs for mortgage refinancings by end of 2024?
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Official announcements from the Biden administration or federal government publications
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Biden Administration Seeks to Reduce Misaligned Title Insurance Costs for Mortgage Refinancings
Jul 10, 2024, 03:55 PM
New data indicates that the cost of title insurance, a universally-despised mandatory fee for homeowners taking out mortgages, is significantly misaligned with the actual risk it covers, particularly in the context of mortgage refinancings. The Biden administration is aiming to reduce these costs as part of a broader initiative to lower closing costs for homebuyers. Title insurance is widely regarded as one of the most disliked fees associated with mortgages. Despite the low loss ratio due to proactive measures by title insurers, the current pricing remains a contentious issue.
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