Chris Morton, previously senior vice president of public affairs and chief advocacy officer, has been named as Tomb's replacement. Morton had been in that role since 2020 when he first joined ALTA.

"We thank Diane Tomb for her years of service and wish her well in future endeavors," Richard Welshons, president of ALTA, said in a press release which did not provide a reason for her leaving.

What happened with the CEO of ALTA?

Rumors about Tomb's possible departure have been around for some time. Sources indicated she was not a good communicator and may not have been as effective on Capitol Hill as the trade group would have liked.

Tomb had been the face of the industry's opposition to title insurance alternatives. Recent comments by Federal Housing Finance Agency Director Bill Pulte about saving consumers money during the mortgage origination process likely means those aren't going away, even if he pushes aside title insurance waiver pilots the Biden Administration sought at the government-sponsored enterprises. The pilot sought to eliminate the lender's title policy [or even the use of alternatives] on certain conforming refinancings.

Who is ALTA's new CEO?

"As the leader of our advocacy efforts, Chris Morton has been the public voice of our industry in Washington," Welshons said. "He brings the right mix of experience, vision and steady leadership to guide ALTA."

The Hill, a newspaper which covers Congress and politics, called Morton a "Top Lobbyist," ALTA noted.

"I am humbled by the industry's faith and trust in me," Morton said. "Our leadership remains deeply committed to continuing ALTA's legacy of promoting the title industry and the tens of thousands of title professionals across the country."

Before joining ALTA, Morton spent over 11 years at the Association for Advanced Life Underwriting, now known as Finseca, and also worked at Fannie Mae and the FHFA.

What does title insurance do for lenders and owners?

Title underwriters produced $16.2 billion in premiums last year, a gain of 7% over 2023, ALTA previously said. It paid more than $676 million in claims in 2024, versus $638 million for 2023. Borrowers are required to purchase a policy for the lender; a second policy for themselves is optional but typically bought alongside the lender's.

It is a business highly correlated to mortgage origination volume, with purchase activity generating higher premiums than refinances. But title alternatives cut into that finite market share.

In 2024, mortgage originations totaled $1.799 trillion, approximately 22% higher than the prior year.

The near doubling of the refi share to 28% from 15% likely accounts for a fair portion of the growth differential.

"Our focus remains on executing our core mission, supporting our members and continuing to build an association that reflects our values," said David Townsend, ALTA's president-elect. "Chris has demonstrated success in numerous roles over his career, and we are confident he will build on the great work of the association."

Tomb served as ALTA's CEO for just shy of six years, having started in the position on July 1, 2019. Immediately prior, she was CEO of the National Rental Home Council. From 2001 to 2004, she was the Department of Housing and Urban Development assistant secretary for public affairs.