NEW YORK–(BUSINESS WIRE)–OneTitle National Guaranty Company, Inc. (www.onetitle.com)today announced that the New York State Department of Financial Serviceshas approved new, lower title insurance rates for real estatetransactions of $15 million or more, including purchases, loans andrefinances. These rates – which are 25% lower than the prevailing rates– are available exclusively through OneTitle and apply to commercial andresidential customers throughout New York.
Beginning in 2014, OneTitle broke with the title insurance industry’spractice in which companies work together to set and maintain a singleset of identical rates. Instead, OneTitle filed – and won approval fromNew York State – for lower rates that save commercial and residentialreal estate buyers and borrowers significant amounts on both purchasesand refinances. OneTitle is the only exclusively direct title insurer,working directly with attorneys, lenders, developers, brokers andconsumers. Today’s announcement represents a significant new cornerstoneof that business plan.
In addition to the lower rates, OneTitle today launched a new, freecondominium offering plan library with search, download and printingfeatures that make it particularly useful, fast and easy for developersdesigning new projects, as well as attorneys serving both commercial andresidential clients. The “OneTitle Offering Plan Library” is availableat onetitle.com/offering-plans/.
Because title insurance costs increase with the size of real estatetransactions, savings for high-priced properties are particularlysignificant. For example, data from New York State tax and transactionrecords show that the 822 buyers of properties exceeding $15 million in2015 could have saved $47.3 million had buyers been insured by OneTitlewith the 2017 rates in place; this figure would increase dramaticallywith the inclusion of refinances, construction loans and new mortgages.An individual buyer closing on a $100 million purchase with a $70million mortgage would save approximately $84,000 by taking advantage ofOneTitle’s new low rates.
“Across all facets of real estate, commercial clients and individualsalike are showing a strong preference for more streamlined, affordableand client-friendly partners,” said Daniel C. Price, Co-Founder,President and CEO of OneTitle. “The creation of OneTitle was built onthis premise. We put our customers first by offering the industry’s mostcompetitive rates and other savings, high-quality customer service andfinancial accountability.”
In July 2016, OneTitle further established itself as a partner forlarge, commercial real estate clients with newsthat the company was dramatically expanding both its capacity to insurelarge transactions and the protection it offers to policyholders. Underthe new program, OneTitle policies over $250,000 are directly andindividually 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 insuranceunderwriter that generally saves investors, homeowners, and homebuyersat least 20% on most transactions thanks to a combination of premiumrates that are 10%-25% lower than OneTitle’s major competitors, and adecision to eliminate nearly all of the fees commonly charged in NewYork. OneTitle is licensed by the New York State Department of FinancialServices. OneTitle policies above $250,000 are backed by risk attaching,reinsurance coverage by a $1.5 billion global reinsurer ratedA-(excellent) by A.M. Best. For more information, visit www.onetitle.com.