Real estate Attorney Kathleen Kilkenny owns and operates a private practice in Cape Cod, Massachusetts, where she oversees all aspects of residential real estate conveyancing. Kathleen Kilkenny recently became a member of American Land Title Association (ALTA), a professional organization supported by most banks and title insurance companies.
ALTA advocates for a number of key changes in the real estate and insurance industries, including the creation of a national mortgage database. First proposed in 2012 by the Consumer Financial Protection Bureau (CFPB) and Federal Housing Finance Agency (FHFA), a national mortgage database would provide a comprehensive listing of first-lien single-family mortgages. The two agencies would be able to use the information to draft effective policies and understand housing market trends.
ALTA believes that a national mortgage database will protect consumers in the residential mortgage market. Regulatory agencies can use real-time data from such a database to anticipate future crises and take the steps necessary to prevent them. However, ALTA argues that a national mortgage database should not compromise the title industry’s ability to facilitate transfer of interests in real property.