The Bipartisan Congressional Real Estate Caucus is calling on the Federal Housing Finance Agency (FHFA) to cease its pilot program for title insurance waivers until the program is vetted and the agency seeks public input on it.

The caucus expressed this view in a letter written by Reps. Lou Correa (D-Calif.), Mark Alford (R-Mo.), Tracey Mann (R-Kan.) and Brittany Pettersen (D-Colo.) and sent to FHFA Director Sandra Thompson on Monday....

... In the letter, the caucus members argue that the pilot — which they said insinuates that title insurance is a “junk fee” — will cause “irreparable damage” to homeowners and mortgage lenders. A lack of title insurance “may expose homeowners and lenders to a heightened risk of future financial loss, or even the loss of their home,” they wrote.

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