Main U.S. mortgage lenders United Wholesale Mortgage (UWM) and Higher have joined Fannie Mae’s pilot program that waives lender title insurance coverage necessities for sure refinance transactions, HousingWire has discovered.
The initiative, introduced by President Joe Biden throughout his March 2024 State of the Union handle, seeks to scale back closing prices as a part of his broader “war on junk fees.” The Federal Housing Finance Company (FHFA) authorised the pilot, framing it as a step towards extra inexpensive homeownership.
However this system has encountered vital opposition. The title trade, dismissive of the “junk fees” label, argues that it introduces pointless threat to the market. Many hope the Trump administration won’t advocate to advance it. And bipartisan members of Congress have urged a pause till it undergoes thorough public overview.
Within the meantime, Fannie Mae has begun to implement the pilot. UWM joined this system in November, Higher began providing it to debtors on Wednesday, and sources point out that extra lenders are in discussions about collaborating.
A consultant at Fannie Mae didn’t instantly reply to a request for remark.
How does it work?
Within the case of the UWM program, launched to its dealer companions on Nov. 20 as TRAC Lite, there is no such thing as a lender title insurance coverage on some rate-term and cash-out refinances. The transfer might enchantment to debtors as refi volumes might rise in 2025 attributable to anticipated decrease charges.
TRAC Lite was initially accessible solely for eligible standard desktop underwriter refinance transactions in 4 states: Arizona, California, New Jersey and Texas. This week, it was additionally rolled out in Colorado, Ohio and Virginia. It targets loans with a most loan-to-value (LTV) ratio of 80% and there are not any title charges. By comparability, UWM’s different applications, TRAC and TRAC+, embrace title charges of $1,600 and $1,850, respectively.
“This is a program that saves consumers money because they do not have to pay for a lender title insurance, and additionally, the closing fee, like the settlement fee, is very low as well,” mentioned Melinda Wilner, UWM’s chief working officer. “Switching to TRAC Lite has saved multiple thousands of dollars [for borrowers] in the state of Texas, where it is very expensive when it comes to title insurance.”
The Fannie Mae pilot program is executed by Higher and UWM in partnership with Doma Title, which serves because the settlement agent and is the primary vendor behind the title insurance coverage vendor pilot. UWM mentioned its program does embrace a settlement agent charge that varies by state, starting from $375 to $475.
A spokesperson for Doma didn’t reply to requests for feedback.
In an announcement, a spokesperson for Higher mentioned, “We are excited about the savings this program could provide consumers. Closing-related fees can often be cost prohibitive for borrowers, and waiving title insurance can help offer necessary relief to families seeking to refinance.”
This system can save debtors $1,500 associated to lender title insurance coverage, however it requires lenders to pay Fannie Mae a charge of $75 per transaction, based on a supply aware of the agreements between lenders and the government-sponsored enterprise.
“The average title fee on a refinance is about 50 basis points, so on a $300,000 mortgage, that’s about $1,500 in savings for borrowers,” the supply mentioned. “Fannie Mae already has that risk because it already has the existing loan — there’s no need to charge another fee.”
Challenges to the pilot
The American Land Title Affiliation (ALTA) has voiced sturdy opposition to this system, arguing that it introduces vital threat into the market and positions Fannie Mae as a major market insurer — an authority that ALTA contends exceeds its mission.
ALTA emphasizes that title insurance coverage performs a vital function in defending in opposition to dangers that come up between the origination of an previous mortgage and a brand new one, equivalent to fraud or unresolved liens from unpaid money owed.
Reflecting ALTA’s considerations, the Bipartisan Congressional Actual Property Caucus despatched a letter to FHFA Director Sandra Thompson in November, urging the company to halt the pilot program till it undergoes a radical vetting course of with public enter.
“If the FHFA allows this pilot program to move forward during this transition period, it once again raises questions about the agency not only disregarding the views of policymakers but also flaunting any semblance of an open and transparent regulatory process,” an ALTA spokesperson mentioned.
“Any program that waives title insurance is simply bad for consumers, bad for lenders and bad for taxpayers, and should be halted as bipartisan lawmakers have requested.”
However mortgage lenders have refuted these arguments, saying that the chance of a title insurance coverage declare on a refinance mortgage is awfully low. As well as, this sort of title insurance coverage goals to solely defend the lender however not the borrower, they famous.
“I’ve never run a title company. I do know what we’ve had here at UWM as far as title claims on refinances, and they don’t exist,” Wilner mentioned.
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