Revealing a Powerful Washington Secret – Advocacy Puts Us in a Position to Make Changes…For the Better

Two weeks ago, I attended the American Land Title Association (ALTA) Federal Conference and Lobby Day in Washington, D.C.  And, while I have been a participant in prior activities on the state and local level – I left Washington with a sense that I needed to share with NYSLTA’s members a line of sight to my experience.

This wasn’t a weekend in Vegas - but rather three days on the Hill – and the opportunity to raise the voice of the Title Insurance Agent and Real Estate Professional directly with key members of Congress.  And, more importantly, what became crystal clear was this – advocacy works. 

Speaking directly to Members of Congress, and their key staff, allows us to inform their opinion, educate decision makers, and improve upon their understanding of what is important in our business.   

NYSLTA members joined forces with title professionals from across the country to help strengthen the industry and advance the interest of our membership as well as consumers.  Our colleagues included DeAnna Stancanelli of National Granite, Vince Danzi of First Nationwide, Deb Paoli of First Nationwide, Tony Maiocchi of Perfect Abstract, Bill Treuber of New York Metro, Ted Werner of Fidelity National Title Group, and Bob Treuber of NYSLTA. [See attached image]

Specifically, we spoke with members of Congress regarding the Consumer Financial Protection Bureau’s (CFPB) recent regulations issued on the Know Before You Owe mortgage disclosure rule. While we applauded the CFPB on collaborating with key industry stakeholders to make mortgage transactions easier for consumers to understand, we encouraged lawmakers to address the regulation’s requirement that prohibits our industry from disclosing the actual cost of the title insurance policies.

[ See attached letters to the CFPB ]

This requirement is causing consumers to receive incorrect title insurance premium disclosures, and at times creating even more confusion for consumers during mortgage transactions – defeating the rule’s intended purpose. What’s more, the rule as currently written, actively dissuades buyers from purchasing financial protection for their largest investment, their home.

Lawmakers have an opportunity to encourage the CFPB to fix this issue during the TRID review in July, ensuring all consumers receive accurate information about the true costs of buying a home.

Homebuyer Outreach Program (HOP)

Additionally, we discussed ALTA’s Homebuyer Outreach Program (HOP). Today, consumers want more information from expert sources about the real estate process (including title insurance and settlement services) and how to best protect their investment. ALTA members can educate homebuyers about what to expect when buying a home and how an owner’s title insurance policy helps provide peace of mind by reducing their risk and protects their property rights. We encouraged lawmakers to use the HOP as a resource and contact an ALTA member with any questions.

Traveling to Washington to connect with New York Representatives, Nydia Velasquez, Carolyn Maloney, Peter King and Lee Zeldin to make sure our voice is heard was a powerful experience. I highly recommend all NYSLTA members to get involved. 

If you’d like to learn more, please contact me (347-987-0677) or Bob Treuber of NYSLTA (212-964-3701).

- Marianne Mathieu, President, NYSLTA