The National Council of Insurance Legislators and 14 attorneys general have also pushed for the termination of the title insurance waiver pilot program proposed by the FHFA.
Lawmakers on both sides of the aisle have expressed concerns over the FHFA's pilot program, arguing it will not responsibly reduce closing costs for homeowners.
The caucus argues that the pilot program suggests title insurance is a junk fee, which could irreparably damage homeowners and mortgage lenders if implemented.
Buying a home is the most significant acquisition for many Americans, and title insurance is crucial to protect against threats like unrecorded liens, fraud, and forgery.
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