Protecting America's Property Rights Act
Reps. Garbarino and Gonzalez Introduce Bipartisan Bill to Require Traditional Title Insurance for Home Loans
Legislative Progress
Key Points
Impact Analysis
Personal Impact
The bill protects homeowners by ensuring their mortgage-backed title insurance is regulated at the state level, reducing the risk of inadequate coverage against ownership disputes or hidden liens. However, by discouraging cheaper alternative title products, it could keep closing costs higher for people buying homes—traditional title insurance can cost $1,000 to $3,000 or more at closing. The tradeoff is stronger consumer protection vs. potentially higher upfront costs.
“management of risk related to loss or damage suffered by reason of liens, encumbrances upon, or defects in the title to such property, or the invalidity or unenforceability of any liens or encumbrances thereon by utilizing third party products subject to regulation by--”
Milestones
Referred to the House Committee on Financial Services.
Introduced in House
The bill was officially filed and given a number. It now enters the legislative queue.
Votes
No votes have been recorded for this legislation yet.
Related News
6 articles
House Republicans offer counterpoints to Biden's housing proposals
The Protecting America's Property Rights Act (H.R. 5837) would amend the charters of Fannie Mae and Freddie Mac to require that any loan purchased by either enterprise include title insurance coverage, effectively blocking the use of unregulated alternatives like attorney opinion letters.
Trump administration expands Fannie Mae title waiver program
The Trump administration has expanded a Fannie Mae pilot program that allows homeowners to refinance without traditional title insurance, despite opposition from lawmakers backing the Protecting America's Property Rights Act who argue the move increases risk for taxpayers and lenders.
Fannie Mae's title waiver pilot program gets second vendor
FHFA Director Bill Pulte announced the addition of Westcor Land Title Insurance Co. to Fannie Mae's title acceptance pilot. The program, which the Protecting America's Property Rights Act seeks to regulate or eliminate, aims to reduce closing costs by leveraging automated title reviews.
Source Information
Document Type
Congressional Bill
Official Title
Protecting America's Property Rights Act
Data Sources
Sponsor
Cosponsors
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