Groundbreaking Title Insurance Initiative, with Rates Approved by N.Y. State Insurance Department, Initiates Competition in Title Insurance Market and Brings Value to Homebuyers
NEW YORK — Thoroughbred Title Services, LLC, a full-service title insurance agency affiliated with Houlihan Lawrence Real Estate, today announced that its underwriter, EnTitle Insurance Company, has received approval from the New York State Insurance Department to reduce its title insurance rates by 10 percent below the rate table used by other underwriters in New York. This marks the first time a title insurance company has initiated a reduction in title insurance agency rates in New York State, bringing not only savings to consumers but new transparency to the title insurance industry.
EnTitle Insurance Company, licensed in 35 states and Washington D.C., filed for the rate reduction as a result of a shared commitment with Houlihan Lawrence to minimize real estate settlement and closing costs for consumers. In addition to the 10 percent reduction in title insurance rates, Thoroughbred’s clients will typically receive an additional 5 – 16 percent savings on ancillary fees, resulting in a total savings of 15 – 26 percent on title-related closing costs for homebuyers in New York.
“Houlihan Lawrence is always seeking to bring greater value to our customers and make the home buying process simpler. Title insurance is one area that we have felt created unnecessarily high costs for home buyers and typically lacked in transparency,” said Christopher Meyers, COO of Houlihan Lawrence. “Our relationship with EnTitle Insurance allows us to provide our customers with unique savings and a more efficient home purchase transaction.”
Title insurance protects new home buyers from financial loss on a property that might occur as a result of previous faults on the deed of a property such as liens, clerical errors, misrepresentation, etc. Title insurance premium rates are regulated but not set by the state and are based on the purchase price and mortgage amount of the home. A title insurance policy is typically requested by the attorney representing the home buyer after the terms for a home purchase are agreed upon by the seller and buyer.
“Consumers should be aware that they have choices when it comes to title insurance and the ability to shop for competitive rates and fees. We are confident that this is just the beginning of a shift in the title insurance market challenging the status quo of the rate-setting process,“ said Timothy M. Dwyer, Chairman of EnTitle Insurance Company. “Houlihan Lawrence and EnTitle Insurance Company share similar philosophies of pioneering new ways to better serve consumers and bringing transparency to real estate transactions.”
With over 17 years of experience, Thoroughbred Title Services offers customers a less expensive, faster and easier home closing experience – utilizing the latest technology and personalized “white glove” service. For more information about Thoroughbred Title Services, please visit http://www.thoroughbredtitleservices.com/.
About Thoroughbred Title Services:
Prior to becoming Thoroughbred Title Services, Electronic Land Services was founded in 1993 by Ted Dacey, a recognized leader and innovator in the title insurance industry. In 2009, Electronic Land joined forces with Houlihan Lawrence, Westchester County’s market leader in nearly all categories of residential real estate, to create Thoroughbred Title Services. The company has processed thousands of title orders ranging in size from a single home mortgage refinance to a $200 million dollar development.
About Houlihan Lawrence Real Estate:
Founded in 1888, Houlihan Lawrence is the largest independently owned and operated residential real estate brokerage serving the Westchester, Dutchess and Putnam County markets in New York. The firm’s 1,200 licensed real estate agents service clients from 25 regional offices and participate in more than 30 percent of the area’s residential real estate transactions. Houlihan Lawrence provides global marketing services through its exclusive affiliations with Christie’s Great Estates, Luxury Portfolio and LuxuryRealEstate.com. To complement brokerage services with home financing options, Houlihan Lawrence formed Thoroughbred Mortgage, a joint venture with Wells Fargo Home Mortgage, one of the nation’s leading retail mortgage lenders. Houlihan Lawrence is also the exclusive listing provider for www.westchestermagazine.com.
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