Today, the American Land Title Association (ALTA)issued the following statement regarding the reopening of the federal government:

“The American Land Title Association is pleased that Congress and the administration have reached an agreement to reopen the federal government,” said ALTA CEO Chris Morton. “Ending the shutdown alleviates the uncertainty that homebuyers, sellers and lenders have experienced for more than a month, allowing real estate transactions to move forward without further delay. An operational government is essential to a healthy housing market and the confidence of everyone involved in property transactions.”

“Over the course of the shutdown, real estate transactions across the country faced delays due to limited access to critical federal services, including income verification through the Internal Revenue Service, Federal Housing Administration loan processing and the National Flood Insurance Program,” Morton said.

In a survey of ALTA members conducted during the shutdown, 54% of respondents said real estate transactions were impacted. The shutdown of key government agencies like the Internal Revenue Service and the Department of Agriculture also impacted transactions due to payoff delays, according to the survey.

ALTA and its members look forward to continuing their work with policymakers to promote stability, efficiency and trust in the real estate market.

About ALTA

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.