Refinance title insurance waivers could soon reach far more homeowners across the country. On October 22, 2026, President Donald Trump signed Executive Order 14438, which targets several costs tied to borrowing and refinancing. Among its most significant parts, the order calls for a nationwide expansion of the title acceptance pilot, a program that lets an automated review stand in for a lender’s title insurance policy.
For real estate agents, lenders, and attorneys, the change raises a practical question about whether lower closing costs will come at the expense of protection against fraud and title defects. So far, the answer depends on how the plan is carried out by federal regulators. The title industry supports affordability, yet it warns that title risk does not disappear when a policy is removed.
How Refinance Title Insurance Waivers Would Expand Nationwide
According to the full text of Executive Order 14438, the Federal Housing Finance Agency (FHFA) director is directed to turn the existing title acceptance pilot into an ongoing nationwide program. Under that program, Fannie Mae and Freddie Mac could accept an automated title review or another FHFA-approved risk assessment in place of a lender’s title policy on eligible refinances. The current pilot was launched in 2024, which drew pushback from title industry groups over consumer protections. Now, the order would move that effort toward much broader use.
To expand the program, the FHFA director must consider several changes:
Extending eligibility to refinances above the current 80% loan-to-value limit
Removing geographic limits on where the program applies
Certifying more title-assessment providers to boost competition
Waiving appraisals and income checks on certain limited cash-out refinances
Reducing or eliminating loan-level price adjustments and other fees
In addition, any savings from the program must be passed through to borrowers, and lenders must tell borrowers about those savings. However, most of these provisions only direct the FHFA to consider changes rather than put them into effect right away. Existing refinance rules stay in place until regulators act.
Why Title Professionals Urge Caution Over President Trump’s Executive Order
Shortly after the signing, the American Land Title Association (ALTA) voiced support for affordable homeownership while cautioning that cost cuts should not shift risk onto consumers and taxpayers. Notably, ALTA research found that 59% of title firms faced seller impersonation fraud attempts in 2025, more than double the 28% reported in 2024. Fraud and forgery also account for more than 40% of title insurance losses tied to mortgage refinances. On average, those refinance fraud claims approach $207,000.
These numbers matter because seller impersonation fraud is often not discovered until after a deal closes. A title policy pays for that kind of hidden loss. On the other hand, an automated review may not offer the same backstop if a defect slips through. As ALTA CEO Chris Morton put it, “Fraud is unaffordable.”
Meanwhile, ALTA points out that the inflation-adjusted cost of title coverage already dropped 32% between 2016 and 2024. Additionally, First American estimates that $600 billion to $900 billion in annual title risk is prevented by industry work on property records. Similar concerns were raised by the American Action Forum, which warned that automated reviews could create risk if responsibility for title defects is unclear.
What Refinance Title Insurance Waivers Mean at Closing
For homeowners, the potential savings are real but modest. Former FHFA director Sandra Thompson estimated in 2024 that the pilot could save consumers $500 to $1,500 in closing costs. The program was limited at that time to refinances below 80% loan-to-value in a handful of states. Even so, HSH vice president Keith Gumbinger told CNBC the change may only help a little, since home prices and mortgage rates still drive most housing costs. As of October 23, the average 30-year fixed rate stood at 7.32%, and refinance demand was down 59% from a year earlier.
Support from lenders has been strong. The Community Home Lenders of America called lower refinance title costs a longtime priority. The Mortgage Bankers Association also welcomed the order and plans to work with regulators on the details. Still, the FHFA director must first decide whether a larger program meets the order’s safety and legal conditions.
For background, the original title acceptance pilot already waives lender’s coverage on a narrow set of refinances. Importantly, the program targets the lender’s policy only, so the owner’s title insurance that protects buyers at purchase is not affected.
What Comes Next for Borrowing Costs & Refinancing
Ultimately, the order signals a federal push to lower borrowing costs without waiting for rates to fall. Still, the real details will be decided through FHFA action, not the signature alone. Existing refinance and title requirements remain in effect until then. In the meantime, real estate professionals can prepare by watching for FHFA guidance and explaining the tradeoffs to clients.
Lower upfront costs may appeal to borrowers, especially those weighing whether a refinance pays off. However, title risk stays with the property whether or not it is covered by a policy, and rising fraud, forged documents, and recording errors still threaten owners and lenders alike. For that reason, careful title work remains one of the strongest protections at closing.
To keep every refinance on solid ground, contact the team at Plymouth Title Guaranty Corporation.
