Housing affordability is driving urgent efforts to modernize the mortgage and refinancing process. Among these, the Federal Housing Finance Agency’s Title Acceptance Pilot stands out as a reform that delivers real benefits for homeowners. By targeting outdated title risk practices, this pilot program is paving the way for a more accessible housing market. 

Title risk refers to the potential that someone could claim ownership of the property or that unresolved legal issues could threaten a home buyer’s investment. Title insurance is intended to protect homeowners and lenders from these risks. But homeowners are charged these fees again when refinancing, even after a thorough title check at the time of purchase. This duplication disproportionately burdens families with lower incomes and limited savings. 

The Title Acceptance Pilot addresses this by using automated title risk assessments for homeowners who refinance. For certain low-risk refinance transactions, lenders can sell loans to Fannie Mae without requiring a new lender’s title insurance policy or an attorney opinion letter, which serves as a legal assurance of a clear title.

Eliminating unnecessary requirements saves families money, making home ownership more attainable and refinancing less cumbersome. 

The results speak for themselves. A 2025 white paper projects that making the program permanent could save homeowners on average more than $1,600 per refinanced loan. That could amount to as much as $2.19 billion saved, while preserving safety for lenders and the market. These savings represent greater financial stability and opportunity for American families. The modernized process redirects money that has long been absorbed by systemic inefficiency back to the families who earned it.

Public opinion strongly favors reducing closing costs. Forthcoming polling from one of the country’s most expensive housing markets found that 82% support reducing closing costs for homeowners who refinance, and 78% say requiring them to repurchase title insurance when refinancing is excessive and unnecessary. 

HLF previously highlighted how duplicative title requirements were quietly inflating refinance costs. Since then, new research and real-world experience have strengthened the case for reform. The program’s success has also led FHFA and Fannie Mae to extend it through 2027. Now is the time to build on this progress and expand access to the modernized procedure used in the pilot program, extending the benefits to even more homeowners.