For Immediate Release

U.S. House Passes ALTA-Driven TRID Bill with Veto-Proof Majority

Washington, DC, October 7, 2015 — The American Land Title Association (ALTA), the national trade association of the land title insurance and real estate settlement services industries, released the following statement following tonight’s passage of the Homebuyers Assistance Act, H.R. 3192, by a vote 303 to 121 in the U.S. House of Representatives:

“Tonight’s overwhelming bipartisan and veto-proof vote shows that the House of Representatives recognizes the need for consumers to continue to receive a positive and compliant real estate transaction,” said Michelle Korsmo, ALTA’s chief executive officer. “We greatly appreciate the support of Reps. Reps. French Hill (R-AK) and Brad Sherman (D-CA) and their efforts to pass this important legislation.”

"We urge the Senate to pass this bill immediately so that our ALTA members and the broader real estate members can focus on delivering quality service to consumers when buying a home or refinancing a mortgage. Without certainty, service providers are likely to close fewer transactions to ensure compliance with TRID, which will delay homeownership for consumers around the country,” Korsmo continued.

“Members of the Title Action Network sent nearly 8,000 emails and letters supporting H.R. 3192. We look forward to activating our grassroots network once again to support Sens. Tim Scott (R-SC) and Joe Donnelly (D-IN) to bring S. 1711, the Senate version of H.R. 3192, to the Senate floor as soon as possible.”

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The American Land Title Association, founded in 1907, is the national trade association representing more than 6,000 title insurance companies, title and settlement agents, independent abstracters, title searchers, and real estate attorneys. With offices throughout the United States, ALTA members conduct title searches, examinations, closings, and issue title insurance that protects real property owners and mortgage lenders against losses from defects in titles.

Connect with ALTA on Facebook here. Follow ALTA on Twitter here.

Contact: Jeremy Yohe
Office: 202-261-2938
Email: jyohe@alta.org

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