Cyberattacks, particularly wire fraud through business email compromise, remain a major concern for the title industry. Attempted attacks increased significantly, according to a 2022 survey by the American Land Title Association, with 46% of respondents saying their employees receive at least one email a month attempting to change wire or payoff instructions. Housing Wire talked with ALTA CEO Diane Tomb about ways title insurance companies can help their customers avoid falling prey to such attempts.
Congress passed the FY 2023 Omnibus spending package late last year, narrowly avoiding a shutdown and funding the federal government through September 30, 2023. The $1.7 trillion spending package includes funding for agency programs and initiatives important to real estate.
If inflation decelerates toward the Fed’s target range in the second half of 2023 as is currently expected, then it’s possible that mortgage rates may decline modestly in the latter half of the year, according to First American Chief Economist Mark Fleming.
With the housing market slowing down from its pandemic-fueled frenzy, wire fraud threats, regulatory challenges and the perennial challenge of an aging workforce, the title insurance industry will have a lot to juggle in the new year. HousingWire breaks down the challenges the title insurance industry will be up against in 2023.
When compared to a year ago, the share of first-time home buyers dropped to a record low, while the age of a typical first-time buyer increased to an all-time high according to the National Association of Realtors®’ 2022 Profile of Home Buyers and Sellers.