Inside a Plan to Save Homeowners Hundreds of Dollars Closing Their Mortgages

Wall Street Journal, Jan. 16, 2024–Andrew Ackerman
Fannie Mae last month said it would expand the types of mortgages it will purchase that rely on a cheaper alternative to title insurance, which is one of the biggest fixed costs tied to closing a mortgage.

The alternative, called an attorney-opinion letter, allows a real estate attorney to essentially attest that there are no problems with a property’s title. The average borrower relying on such a letter has saved more than $1,000 compared with more traditional title insurance, Fannie Mae said.
Click here for more. (subscription)