Knowledge Coop’s Post

Transcript

Hey there, I'm Mac and I'm Kirk. And we're going to talk again about the FHFA title waiver proposal that maybe being delayed again, coming under some heat. And I don't know why it's so hard for me to say FHFA. That's the first time I've said it even remotely correctly. But this is a really interesting process. It's so it's so interesting that the legislators have come up and said put the brakes on this, put the brakes on this. They're not really coming out and scolding FHFA for doing it, but they're basically saying, hey, maybe it's a little premature to just dump. Title insurance on first time home buyers or home buyers who were trying to expand home buying opportunities for. And I would agree it's kind of a risky move. At least that's my assessment of eliminating title insurance. It serves a really valuable purpose. Yeah. One of the things that we've seen is that title insurance claims average in the five figures typically, which is a lot of money that a lot of home buyers or home owners won't be able to have if they do need to deal with some type of title defect after they've purchased a property. Yeah, I mean, it's a big number for anybody. It's especially a big number for. Somebody who's working really hard to scrape together enough for that down payment and closing cost to buy their first home. So we kind of tend to think this is a pretty prudent move to at least put the brakes on this and take another look at it. And I'm not sure how it's going to finally work itself out, but I'm glad they're slowing their roll on this one. Yeah, there's been bipartisan support for slowing this down and reevaluating this pilot program and a lot of support from the housing and mortgage industry, from all of the sides of the industry saying, hold on, this may not be. The right way to what they were hoping to minimize cost for home buyers and people refinancing their properties. But is the, you know, is the juice really worth the squeeze on this one? Yeah, the intentions were right. Clearly, they were trying to expand home ownership opportunities for more Americans, and that's great. We love that. However, the methodology might be a little bit suspect in this case or at least worth much greater evaluation. So we're going to stay tuned on this because it is an ongoing process. FHFA has not actually halted this yet, but they are being urged strongly from Congress. And from industry to. Pause and. And reevaluate. So we'll keep an eye on it. We'll keep getting you guys information on this and we'll go from there. For more information, check us out at knowledgecoopplus.com.