President Joe Biden’s new plan to lower housing costs includes a pilot program that waives the requirement for lender’s title insurance on certain refinance transactions, according to the White House. The plan will be announced during his 2024 State of the Union address on Thursday night.

However, that’s a controversial topic for the mortgage industry and it’s already facing resistance from trade groups. Regulators believe reducing title requirements would cut closing costs, but title and mortgage companies challenge the argument and point to elevated risks.

On Thursday afternoon, the White House announced that the Federal details ⇒