Title Insurance Just Got Cheaper!

By now you have probably heard some of the ongoing drama relating to New York State’s newest regulations for the title industry (often referred to as Regulations 206 & 208). First, they were on, then they were annulled, then they were appealed. After months of debates, protests, and legal battles, the question seemed to be: Will it ever end?

Well thankfully, with the recent appellate court decisions, some things have indeed been settled. We are pleased to announce that as a part of the decision, we will be experiencing a statewide reduction in title insurance rates. In conjunction with the regulations and the Appeallate Division upholding those regulations in part, the Title Insurance Rating Service Association (TIRSA) has reduced the basic rates for insuring titles in New York by 5%. These rates become effective for every closing beginning this coming Friday, February 15, 2019.

We are excited to spread the word about this reduction in price, since it will obviously come as a welcome surprise to many of your clients who are in contract to buy homes. As representatives of these homebuyers, you are in a better position than most to understand the stresses and financial hurdles that can often come with purchasing a home. We hope that this reduction in our rates will relieve some of that pressure!

Any invoices that you may have received prior to today reflected the old (higher) premiums. However, starting this morning, your new invoices will reflect the new (lower) rates. If you have a closing scheduled for 2/15/2019 or later and need to see the new numbers, please contact our office for an updated invoice. If your closing has not yet been scheduled, when it is, the invoice will be updated with the correct rates at that time.

Obviously, this rate reduction is difficult for many Title Insurance agencies and underwriters to celebrate, since it represents a direct decrease in revenue across the board for our industry. But at MacGregor we believe that any changes that make home-buying more affordable and fair will only help the viability of the New York State real estate market going forward.