General World News

Fannie Mae announces title insurance shake up

In a selling guide announcement released last week, Fannie Mae announced that it would be accepting written opinion letters from an attorney in lieu of a title insurance policy “in limited circumstances.”

According to the announcement, lenders “must ensure the loan is covered by either a title policy issued by an acceptable insurer (including any required endorsements) or a title opinion letter issued by an attorney.”

For an attorney opinion letter (AOL) to be approved by Fannie Mae, it must come from an attorney who is properly licensed and has malpractice insurance covering title details ⇒

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