NEW YORK--(BUSINESS WIRE)--OneTitle National Guaranty Company, Inc. (www.onetitle.com) today announced that the New York State Department of Financial Services has approved new, lower title insurance rates for real estate transactions of $15 million or more, including purchases, loans and refinances. These rates – which are 25% lower than the prevailing rates – are available exclusively through OneTitle and apply to commercial and residential customers throughout New York.
Beginning in 2014, OneTitle broke with the title insurance industry’s practice in which companies work together to set and maintain a single set of identical rates. Instead, OneTitle filed – and won approval from New York State – for lower rates that save commercial and residential real estate buyers and borrowers significant amounts on both purchases and refinances. OneTitle is the only exclusively direct title insurer, working directly with attorneys, lenders, developers, brokers and consumers. Today’s announcement represents a significant new cornerstone of that business plan.
In addition to the lower rates, OneTitle today launched a new, free condominium offering plan library with search, download and printing features that make it particularly useful, fast and easy for developers designing new projects, as well as attorneys serving both commercial and residential clients. The “OneTitle Offering Plan Library” is available at onetitle.com/offering-plans/.
Because title insurance costs increase with the size of real estate transactions, savings for high-priced properties are particularly significant. For example, data from New York State tax and transaction records show that the 822 buyers of properties exceeding $15 million in 2015 could have saved $47.3 million had buyers been insured by OneTitle with the 2017 rates in place; this figure would increase dramatically with the inclusion of refinances, construction loans and new mortgages. An individual buyer closing on a $100 million purchase with a $70 million mortgage would save approximately $84,000 by taking advantage of OneTitle’s new low rates.
“Across all facets of real estate, commercial clients and individuals alike are showing a strong preference for more streamlined, affordable and client-friendly partners,” said Daniel C. Price, Co-Founder, President and CEO of OneTitle. “The creation of OneTitle was built on this premise. We put our customers first by offering the industry’s most competitive rates and other savings, high-quality customer service and financial accountability.”
In July 2016, OneTitle further established itself as a partner for large, commercial real estate clients with news that the company was dramatically expanding both its capacity to insure large transactions and the protection it offers to policyholders. Under the new program, OneTitle policies over $250,000 are directly and individually backed by a $1.5 billion global insurer rated A-(excellent) by A.M. Best at no cost to the company’s clients.
About OneTitle National Guaranty Company, Inc.
OneTitle National Guaranty Company, Inc. is a direct title insurance underwriter that generally saves investors, homeowners, and homebuyers at least 20% on most transactions thanks to a combination of premium rates that are 10%-25% lower than OneTitle’s major competitors, and a decision to eliminate nearly all of the fees commonly charged in New York. OneTitle is licensed by the New York State Department of Financial Services. OneTitle policies above $250,000 are backed by risk attaching, reinsurance coverage by a $1.5 billion global reinsurer rated A-(excellent) by A.M. Best. For more information, visit www.onetitle.com.