Todd Zywicki on Fannie Mae’s Title Insurance Project
Research by ICLE Nonresident Scholar Todd Zywicki about Fannie Mae’s pilot project to use artificial intelligence for property title searches was cited in an article in HousingWire. You can read the full piece here.
Fannie Mae’s title insurance pilot program could save borrowers up to $2.19 billion. This is according to a study released in January by Legal Economics’ Andrew Rodrigo Nigrinis and Todd Zywicki of the George Mason University’s Antonin Scalia School of Law. Nigrinis is a former enforcement economist at the Consumer Financial Protection Bureau (CFPB).
In their analysis, Nigrinis and Zywicki found that borrowers refinancing their mortgage could save an estimated $2.19 billion in total or as much as $1,692 per loan. The Federal Housing Finance Agency had previously estimated that the pilot could save consumers between $500 and $1,500 per transaction.