Industry News

Title insurance industry answers GAO criticism

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Calling a GAO study that was critical of the way title insurance is marketed to consumers a "fair and thorough review," the American Land Title Association on Tuesday rolled out an industry plan to increase competition in the industry. Consumers have relied on their real estate agent, attorney or lender to choose their title insurance provider, said ALTA President Gregory Kosin, "and are not always aware that they have a choice." ALTA has launched a consumer education campaign that includes a Web site, homeclosing101.org, describing how consumers can shop and compare prices for title insurance. The industry group also unveiled new "Principles of Fair Conduct," which instruct members to provide consumers with comprehensive information on their policies, services, products and prices to enable comparison shopping. In its April report, the Government Accountability Office called for greater oversight of the title insurance industry. The GAO called on HUD to improve its en...