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CHLA Commends FHFA for Reviving Its Title Insurance Pilot Program

(Washington, D.C.) – The Community Home Lenders of America (CHLA) commends FHFA for reviving a pilot program that would offer an alternative to title insurance – an initiative that could save first-time and low- to moderate-income homeowners a significant amount of money in closing costs on their refinance.

“CHLA applauds FHFA for this title pilot as it could save homeowners thousands of dollars when refinancing their home,” said Scott Olson, executive director of CHLA. “Such affordability initiatives hold great promise of reducing mortgage closing costs for first-time and low- to moderate-income borrowers in their journey to build generational wealth.”

FHFA recently released an FAQ document on the title program which details the specifics of how the program will work and who is eligible to participate.

Last December, CHLA sent a letter to FHFA expressing support of the use of Attorney Opinion Letters (AOLs) in conjunction with Enterprise loans as an alternative to title insurance.