An alternative to title insurance called an attorney-opinion letter might help buyers save money.
Title insurance, which is required to close on most properties in the US, can cost hundreds or thousands of dollars.
The savings from using attorney-opinion letters could help Americans facing high prices and high borrowing costs better afford homeownership.
Some say title insurance is obsolete, since modern technology has improved access to public records essential for confirming a home's title or owner.
"It's been clear for years that something is seriously wrong with title insurance," Schwartz wrote in 2022.
Persons:
—, Insider's Mattathias Schwartz, Fannie Mae, Schwartz, Homebuyers, Forbes
Organizations:
Service, Street, Mortgage, Iowa, The New York Times
Locations:
Philadelphia, Midwest