Westcor joins Fannie Mae Title Insurance Waiver Pilot

The pilot is limited to certain refinancing loans with loan value ratios of less than 80% in certain geographical areas. Doma was the first title insurance company that participated in the program.

Westcor – the largest independent insurer in the country – works together with analysis company X1 Analytics And Mortgage Connect LP when participating.

“We are proud of supporting the modernization goals of the companies sponsored by the government, while we continue to maintain the core value of the title insurance – protecting ownership rights,” said Westcor Cceo Mary O’Donnell in a statement. “This pilot proves that innovation and consumer protection can go hand in hand.

“We are grateful to Pulte and his team of FHFA and Fannie Mae for recognizing that innovation in title can both lower costs and maintain protection while the competition is promoted.”

Doma also expressed support for the announcement of Pulte.

“It is exciting to see a major player in the title insurance sector joining the Fannie Mae pilot program, which saves homeowners and makes the closing process much more efficient,” said Doma Technology Operating Officer Wendy Zorick. “We welcome director Pulte for his dedication to lower the closing costs for hard -working Americans.”

Industrial groups have pronounced both cautious support and skepticism – with reference to the importance of maintaining robust consumer protection and the market experiments with title innovation.

“Alta and the title industry continue to develop innovative solutions with the help of title insurance that support the affordability of housing and expand access to homeowners, while protecting the places people call at home,” said Chris Morton, CEO of the American Land Title Association (Alta).

“Title insurance and the more than 100,000 title professionals who work in every community throughout the country are vital to provide certainty on the real estate market and to guarantee safe and efficient real estate transactions.”

When you speak Housing Earlier this year, United Wholesale Mortgage And Better mortgage Reported average savings on the customer per transaction from $ 1,000 to $ 3,000 by using the title loss pilot.