{"id":165286,"date":"2024-01-26T14:18:27","date_gmt":"2024-01-26T21:18:27","guid":{"rendered":"https:\/\/www.biggerpockets.com\/blog\/?p=165286"},"modified":"2024-02-07T04:16:00","modified_gmt":"2024-02-07T11:16:00","slug":"fannie-maes-plan-to-remove-title-insurance-is-met-with-industry-backlash","status":"publish","type":"post","link":"https:\/\/www.biggerpockets.com\/blog\/fannie-maes-plan-to-remove-title-insurance-is-met-with-industry-backlash","title":{"rendered":"Fannie Mae Expands Allowance for Attorney-Opinion Letters Instead of Title Insurance. What Is the Backlash All About?"},"content":{"rendered":"\n\n      <iframe loading=\"lazy\" frameborder=\"0\" height=\"200\" scrolling=\"no\" src=\"https:\/\/playlist.megaphone.fm\/?e=BIGPOC9884480062\" width=\"100%\"><\/iframe>\r\n  \n\n\n\n\n<p><span data-preserver-spaces=\"true\">As part of its goal to increase affordable mortgage access for homebuyers in the United States, Fannie Mae&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.wsj.com\/politics\/policy\/inside-a-plan-to-save-homeowners-hundreds-of-dollars-closing-their-mortgages-9b5c3d32\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">announced<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;in December that it would accept attorney-opinion letters (AOLs) in place of title insurance with more mortgages. While AOLs have been allowed by the government-sponsored enterprise on select mortgages&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/nationalmortgageprofessional.com\/news\/fannie-mae-expands-use-attorney-opinion-letters-aols-title-insurance-alternatives\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">since 2022<\/span><\/a><span data-preserver-spaces=\"true\">, the decision expands&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/selling-guide.fanniemae.com\/Selling-Guide\/Origination-through-Closing\/Subpart-B7-Insurance\/Chapter-B7-2-Title-Insurance\/2522435591\/B7-2-06-Attorney-Title-Opinion-Letter-Requirements-12-13-2023.htm\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">eligible mortgages<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;to include condo units and properties with homeowners association (HOA) restrictions, potentially assisting more first-time homebuyers with the&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/the-real-story-of-housing-prices-why-growth-is-not-as-important-as-you-think\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">high costs of homeownership<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;by trimming about $1,000 off their mortgage closing costs.&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">The Community Home Lenders of America&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/nationalmortgageprofessional.com\/news\/chla-advocates-attorney-opinion-letters-alternatives-title-insurance\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">expressed support<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;for the alternative as a way to tackle homeownership affordability challenges. But the American Land Title Association (ALTA), the nation\u2019s largest title insurance trade organization, has consistently&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.alta.org\/news-and-publications\/news\/20221018-ALTA-Informs-FHFA-About-Risk-of-Using-Attorney-Opinion-Letter-Alternatives\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">pushed back<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;against attempts to allow title insurance alternatives, citing gaps in protection for homeowners and lenders.&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">The association joined lawmakers from both political parties in criticizing an earlier pilot program that may have eliminated the title insurance requirement altogether on select mortgages. Fannie Mae&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.wsj.com\/finance\/regulation\/washington-quietly-scrapped-a-plan-to-save-home-buyers-thousands-of-dollars-03dae13e\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">abandoned<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;the pilot program last year based on guidance from the Federal Housing Finance Agency (FHFA).&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">Though AOLs will now be an option for lenders originating many government-backed mortgages, critics claim lenders will need to sacrifice essential protections to make the alternative available to borrowers, which may limit the impact of Fannie Mae\u2019s decision.&nbsp;<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">What Is Title Insurance?<\/span><\/h2>\n\n\n\n<p><span data-preserver-spaces=\"true\">First, it\u2019s helpful to understand what&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/what-is-title-insurance\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">title insurance<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;is. This type of insurance protects against defects in the&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/what-is-a-house-title\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">title<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;that were present before the home sale but may threaten the buyer\u2019s ownership rights or cause monetary losses in the future.&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">The vast majority of mortgage lenders require borrowers to purchase a&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.consumerfinance.gov\/ask-cfpb\/what-is-lenders-title-insurance-en-163\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">lender\u2019s title insurance policy<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;with a limit that covers the mortgage principal. This means buyers must pay a sizable one-time premium at closing, which provides coverage until the mortgage is fully paid or the home is sold.&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">If issues with the title arise that challenge the buyer\u2019s right to ownership, such as boundary disputes, unpaid real estate taxes, contractor claims, errors in property records, or fraud, these issues could put the lender\u2019s security interest in the property at risk. The lender\u2019s title insurance policy protects the lender against monetary losses in the event a third party successfully claims ownership of the buyer\u2019s home. It does not cover the buyer\u2019s legal fees or protect their home equity.&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">That\u2019s why most attorneys recommend that buyers purchase an&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.consumerfinance.gov\/ask-cfpb\/what-is-owners-title-insurance-en-164\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">owner\u2019s title insurance policy<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;as well. These are often sold as a package. The owner\u2019s title insurance policy typically covers the homeowner as long as they own the home.&nbsp;<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Is Title Insurance Necessary?<\/span><\/h2>\n\n\n\n<p><span data-preserver-spaces=\"true\">Title insurance critics contend that attorney-opinion letters, which are now allowed on many mortgages backed by Fannie Mae and, in more limited circumstances,&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/guide.freddiemac.com\/app\/guide\/section\/4702.3\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Freddie Mac<\/span><\/a><span data-preserver-spaces=\"true\">, provide sufficient protection against title risks.<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">According to Fannie Mae\u2019s guidance, attorneys issuing the letters must have errors and omissions insurance, which can protect against losses the lender incurs due to attorney negligence during the title examination. For example, SingleSource, which provides services to mortgage originators, now offers an&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.singlesourceproperty.com\/act\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Attorney Conclusion of Title<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;that includes a transactional liability insurance policy that lists the lender as a third-party beneficiary and covers the loan principal for the length of the loan.&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">But if the buyer discovers title issues that are not due to attorney negligence, any resulting losses may not be covered. And&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.alta.org\/news-and-publications\/news\/20221003-ALTA-Warns-Alternatives-to-Title-Insurance-Increase-Lender-and-Consumer-Risk\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">foreclosure<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;may need to occur before even filing a claim. It\u2019s also not clear whether the buyer\u2019s or lender\u2019s legal fees would be covered in a title dispute or whether an AOL provides any protection against title issues related to fraud, according to&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.alta.org\/media\/pdf\/advocacy\/unregulated-title-insurance-alternatives-risks-to-homeowners-and-lenders.pdf\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">ALTA<\/span><\/a><span data-preserver-spaces=\"true\">.&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">For these reasons, lenders and buyers may opt for title insurance to get access to broader coverage for a wider range of title defects, even if a cheaper alternative is available. Some members of Congress have&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/luetkemeyer.house.gov\/uploadedfiles\/final_fhfa_title_pp_10.11.22.pdf?source=email\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">expressed concern<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;about how AOLs will be marketed to homeowners and have asked the FHFA for clarification on what disclosures will be required to prevent consumer protection violations. Without proper education on the differences between title insurance and AOLs, homebuyers might not understand the protections they\u2019re giving up to save money on&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/who-pays-closing-costs\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">closing costs<\/span><\/a><span data-preserver-spaces=\"true\">.&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">That said, title issues are relatively rare. In fact, of the more than 10,000 AOL-supported mortgages that Fannie Mae has purchased since 2009, none have resulted in losses for the mortgage company. While title defects have caused homeowners to lose their properties in rare cases, mechanics\u2019&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/what-is-a-lien\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">liens<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;are more common and not as catastrophic, according to the&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.urban.org\/urban-wire\/rethinking-title-insurance-could-dramatically-lower-costs-homebuyers\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Urban Institute<\/span><\/a><span data-preserver-spaces=\"true\">.&nbsp;<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Reducing Title Insurance Costs<\/span><\/h2>\n\n\n\n<p><span data-preserver-spaces=\"true\">Despite the broad coverage that title insurance policies provide, many people criticize the high costs to consumers and how that money is spent. With most insurance products, providers spend about 70% or more of the premium dollars they collect paying out claims to policyholders. Title insurers, by contrast, only put about 5% of premiums toward covering losses.&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">Title insurance agents retain about 70% of buyers\u2019 premiums, according to a&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.gao.gov\/assets\/gao-07-401.pdf\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">report<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;from the U.S. Government Accountability Office (GAO). While the role of the title insurance agent is sometimes labor intensive, in other instances, it can be mostly automated, with the title search and examination taking as little as 60 seconds.&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">The Consumer Financial Protection Bureau&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.consumerfinance.gov\/owning-a-home\/close\/shop-title-insurance\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">encourages<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;homebuyers to shop around for a title insurance company since research shows comparison shopping can save consumers as much as $500 on title insurance. However, some people question whether real estate brokers or lenders may be steering homebuyers toward title companies with which they have Affiliate Business Arrangements (ABAs) that provide financial incentives.&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">For example,&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.denverpost.com\/2016\/11\/27\/real-estate-brokers-title-insurers-ties-harm-colorado-consumers\/\" target=\"_blank\" rel=\"noopener\"><em><span data-preserver-spaces=\"true\">The Denver Post<\/span><\/em><\/a><em><span data-preserver-spaces=\"true\">&nbsp;<\/span><\/em><span data-preserver-spaces=\"true\">investigated 2,200 home sales for which real estate brokers had profitable partnerships with title companies and found that most homeowners chose the title insurance company that financially benefited their broker. Agents are required to register ABAs with the state of Colorado and disclose those relationships with homebuyers, but the investigation revealed at least three dozen agents with unregistered ABAs.&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">And there was evidence to suggest that even some brokers with registered ABAs weren\u2019t giving their clients options. For example, 100% of three brokers\u2019 home sales used their affiliate title insurance company. If brokers had provided homebuyers with three options to compare with each other, as industry protocol suggests, that outcome would be highly unlikely.&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">Title insurance typically costs about 0.5% of a home\u2019s purchase price, which is more than $2,000 on a median-priced home. Even in the absence of affordable alternatives that provide sufficient protection for homeowners, the Urban Institute notes there are ways to control excessive costs. Self-insurance by secondary market entities, like the pilot program Fannie Mae dropped after backlash from the title insurance industry, could be one potential strategy.&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">State regulations can also make an impact. For example, the state of Iowa, which prohibits the sale of commercial title insurance, operates&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.iowafinance.com\/about-iowa-title-guaranty\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Iowa Title Guaranty<\/span><\/a><span data-preserver-spaces=\"true\">, which provides similar coverage as a commercial title insurance policy to both the lender and the owner at a flat fee of $175 for properties that sell for $750,000 or less. Any surplus profits go toward Iowa\u2019s housing program fund.&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">Iowa&#8217;s homebuyers are also required to pay for an attorney-abstract opinion, but they still pay far less than the typical title insurance premium in other states. Additionally, Iowa Title Guaranty won\u2019t insure titles that haven\u2019t been thoroughly examined by an attorney. Because this system has been in place for decades, the state is well known for its&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/lawreviewdrake.files.wordpress.com\/2015\/04\/strickler_note.pdf\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">clean titles<\/span><\/a><span data-preserver-spaces=\"true\">.&nbsp;<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">The Bottom Line<\/span><\/h2>\n\n\n\n<p><span data-preserver-spaces=\"true\">While $1,000 in savings may seem minor relative to the cost of buying a home, homebuyers today need any edge they can get.&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.jpmorganchase.com\/institute\/research\/household-debt\/report-trading-equity-for-liquidity\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Research shows<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;that even an extra mortgage payment\u2019s worth of post-closing reserves can dramatically decrease the risk of default.&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">The FHFA&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.fhfa.gov\/Videos\/Pages\/Enterprise-Equitable-Housing-Finance-Plans-RFI.aspx\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">requires<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;Fannie Mae to make efforts toward advancing housing finance equity, which is a challenging task given high mortgage rates and high housing prices. Expanded acceptance of AOLs in place of title insurance is one aspect of Fannie Mae\u2019s plan, but in&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.forbes.com\/sites\/forbesbusinesscouncil\/2023\/05\/09\/attorney-opinion-letters-versus-title-insurance\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">some situations<\/span><\/a><span data-preserver-spaces=\"true\">, forgoing title insurance could leave homeowners vulnerable to unaffordable costs down the road. Lawmakers and title industry advocates have been vocal about their concerns, and their criticism may impact lenders\u2019 decision to allow the alternative.&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">Real estate investors may also continue to purchase title insurance, even if more affordable alternatives are available, in order to secure the broadest possible protection for their investments. But regardless of the impact of Fannie Mae\u2019s decision, there may be room for further innovation and cost control measures related to title insurance.<\/span><\/p>\n\n\n\n    \n  <div id=\"visibility-group-block_300e06277b123ba24e065050c146b59f\" class=\"visibility-group  hidden\">\n        \n\n<div id=\"hero-block_ab059b90693a5bb2846198c334008626\" class=\"first:mt-0 hero-block py-4  alignwide   has-background has-theme-gold-light-background-color has-text-color has-theme-gold-color\">\n    <div\n        class=\" flex flex-wrap lg:flex-nowrap max-w-screen-xl mx-auto px-4 relative lg:items-center \">\n\n        <div class=\"relative z-30 w-full \">\n            <main class=\"py-4\">\n                \n\n<p class=\"has-theme-gold-color has-text-color has-large-font-size\" style=\"font-style:normal;font-weight:800\">Get the Best Loan Today<\/p>\n\n\n\n<p class=\"my-3 md:my-5 lg:my-8 has-slate-900-color has-text-color\" style=\"font-size:16px\">Find trusted, <em><strong>investor-friendly<\/strong><\/em> lenders who specialize in your strategy. <\/p>\n\n\n\n<p><\/p>\n\n\n\n<div id=button-custom-event-block_413f8b488b28f806b825dbedc5c642ff class='button-custom-event'>\n      <a href=\"https:\/\/www.biggerpockets.com\/business\/finder\/lenders\" x-on:click=\"window.analytics.track(&#039;Blog Block | B2C Marketplace Lender Finder&#039;, {\n      referrer: &#039;https:\/\/www.biggerpockets.com\/blog\/fannie-maes-plan-to-remove-title-insurance-is-met-with-industry-backlash&#039;,\n    });\" class=\" btn-shape inline-block no-underline has-background has-theme-gold-background-color has-text-color has-white-color\" target=\"_blank\">Find a Lender<\/a>\n  <\/div>\n\n            <\/main>\n        <\/div>\n\n                <div class=\" first:mt-0 relative h-full lg:flex lg:items-center\">\n            <img decoding=\"async\" class=\"object-cover w-full relative z-20 my-0  rounded-md hidden lg:block\" src=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/08\/Marketplace-Blog-Blocks-Lender-v3.png\" alt=\"investor friendly lender, investor friendly real estate loans\" title=\"\">\n        <\/div>\n            <\/div>\n<\/div>\n\n  <\/div>\n  \n\n\n<div class=\"wp-block-group\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n    \n  <div id=\"visibility-group-block_64dd31c79f00f\" class=\"visibility-group  \">\n        \n\n<div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<div id=\"hero-block_64dd2875dba9d\" class=\"first:mt-0 hero-block py-4    has-background has-slate-100-background-color has-text-color has-theme-slate-color\">\n    <div\n        class=\" flex flex-wrap lg:flex-nowrap max-w-screen-xl mx-auto px-4 relative lg:items-center \">\n\n        <div class=\"relative z-30 w-full \">\n            <main class=\"py-4\">\n                \n\n<h3 class=\"wp-block-heading my-0 tracking-tight font-extrabold has-theme-slate-dark-color has-text-color has-large-font-size\">Join the community<\/h3>\n\n\n\n<p class=\"my-3 md:my-5 lg:my-8 has-theme-slate-color has-text-color\" style=\"font-size:16px;font-style:normal;font-weight:400\">Ready to succeed in real estate investing? Create a free BiggerPockets account to learn about investment strategies; ask questions and get answers from our community of +2 million members; connect with investor-friendly agents; and so much more. <\/p>\n\n\n\n<div id=button-custom-event-block_64dd2888dba9e class='button-custom-event'>\n      <a href=\"https:\/\/www.biggerpockets.com\/signup\" x-on:click=\"window.analytics.track(&#039;Blog Block | Acquisition | Free Membership Signup&#039;, {\n      referrer: &#039;https:\/\/www.biggerpockets.com\/blog\/fannie-maes-plan-to-remove-title-insurance-is-met-with-industry-backlash&#039;,\n    });\" class=\" btn-shape inline-block no-underline has-background has-theme-blue-background-color has-text-color has-white-color\" target=\"_blank\">Sign Up<\/a>\n  <\/div>\n\n            <\/main>\n        <\/div>\n\n            <\/div>\n<\/div>\n\n\n<div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n  <\/div>\n  <\/div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>As part of its goal to increase affordable mortgage access for homebuyers in the United States, Fannie Mae&nbsp;announced&nbsp;in December that it would accept attorney-opinion letters (AOLs) in place of title [&hellip;]<\/p>\n","protected":false},"author":613615,"featured_media":165289,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[7384,7119],"tags":[],"class_list":["post-165286","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-politics-policy","category-biggerpockets-daily"],"acf":[],"comment_count":0,"_links":{"self":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts\/165286","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/users\/613615"}],"replies":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/comments?post=165286"}],"version-history":[{"count":0,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts\/165286\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/media\/165289"}],"wp:attachment":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/media?parent=165286"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/categories?post=165286"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/tags?post=165286"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}