The National Association of Land Title Examiners and Abstractors (NALTEA) is responding to the recent State of the Union address regarding title insurance reform.   

President Biden:  “My administration is also eliminating title insurance fees for federally backed mortgages.  When you refinance your home, this can save you $1000.00 or more.”

We feel this action will further affect our livelihoods.  Eliminating title insurance will not save American homeowners' money.  What it will do is systematically eliminate the need for our place in the industry.   

We are currently watching the responses from our own State representatives and are contacting our local title associations to gauge their reactions and discuss how we proceed with the information we currently have.  However, we are being proactive in reaching out to our State representatives, Senate and House respectively, and voicing our concerns.   

We're urging you to take action and contact your own State representatives.  We have put together a suggested response (see below) that you may use, or you can create your own tailored to your personal experience. Also, please pass on this information to your clients, colleagues and friends.  It’s important for us to get the word out.  

You can use democracy.io to find your representatives and send your message to all at once.  This is a free service.  

Subject: President Biden’s State of the Union statement on Title Insurance

Dear (Representative),

I’m urging you not to back the current Administration's plan to eliminate Title Insurance fees for Federally backed mortgages.  Owning property is considered part of the American dream, and title insurance protects this investment through lenders’ and owners’ policies.  Title insurance is the essential protective by-product of the title search/abstract, which is the thorough examination of the public records.  Collectively as a whole, it is designed to protect the investment by revealing potential defects in the title.  

Small businesses and independent title examiners and abstractors across the country will be affected negatively with the passage of legislation that eliminates title insurance or any products or requirements that pertains to a title search.  I am aware that some reform should be taken across the board on many issues to help the American people obtain their own Dream.  But destroying another’s Dream is not the answer.  Please take into account the many small businesses and jobs that may be affected with any passage of legislature that will impact removing this requirement. 

Please support H.B. 5837, Protecting America Property Rights Act. 

Sincerely,