Chris Morton takes helm at ALTA amid industry scrutiny and title insurance challenges
The American Land Title Association (ALTA) has announced the appointment of Chris Morton as its new chief executive officer, effective immediately. Morton succeeds Diane Tomb, who has held the position for six years. Richard Welshons, ALTA's president, expressed confidence in Morton's ability, describing him as possessing a "mix of experience, vision and steady leadership" critical for guiding the association forward. Tomb's leadership will be acknowledged as a significant chapter in ALTA's history.
Morton brings considerable expertise to his new role, having served as ALTA's senior vice president of public affairs and chief advocacy officer, where he has actively engaged in public policy and advocacy strategies that underscore the importance of title insurance in safeguarding homeowners' rights. His extensive career spans over 25 years within the financial services sector, including previous positions at the Association for Advanced Life Underwriting, where he influenced major legislative developments like the Dodd-Frank Act and SECURE Act.
In his first remarks as CEO, Morton emphasised a commitment to the core mission of ALTA, which is focused on supporting its members while tackling ongoing challenges such as housing supply and affordability. He stated, "I am humbled by the industry's faith and trust in me," indicating his intention to fortify the association's legacy of advocating for professionals within the title industry. Alongside him, David Townsend, the incoming president-elect, reiterated confidence in Morton's ability to build upon existing initiatives and extend ALTA's influence.
However, Morton's elevation to CEO comes during a period of significant scrutiny for the title insurance industry. Recent criticisms have highlighted concerns about the classification of title insurance as a 'junk fee' by regulatory bodies such as the Consumer Financial Protection Bureau. Under Morton's earlier stewardship as chief advocacy officer, ALTA has actively defended the critical role of title insurance, asserting that it provides essential protections for homeowners. The association’s engagement with regulators reflects its commitment to ensuring that the industry's value is accurately represented in ongoing discussions.
In addition, Morton has addressed the rise of alternative title products, such as attorney opinion letters, which lack the regulatory oversight inherent in traditional title insurance. He has articulated concerns over how these alternatives could affect market dynamics and consumer protections—issues that are likely to remain at the forefront of ALTA's advocacy efforts under his leadership. Speaking to industry insights, Morton has previously noted that while these alternatives might present short-term savings, they potentially expose homebuyers to risks related to title defects.
Industry observers are keenly watching how Morton will navigate these challenges while reinforcing ALTA’s mission amid calls for reform. The departure of Tomb—a leader recognised for her ability to champion the association's goals—leaves substantial expectations for Morton to fulfil.
As ALTA charts a path forward, it remains crucial for stakeholders to stay attuned to how the association adapts to the evolving landscape, particularly regarding maintaining stringent consumer protections and advocating for the rights of homeowners across the United States.