Thoroughbred Title Services, a title insurance agency affiliated with Houlihan Lawrence Real Estate, said that its underwriter, EnTitle Insurance Company, has received approval from from the New York State Insurance Department, to reduce its title insurance rates by 10% below rate table used by other underwriters in New York.
According to Houlihan Lawrence, EnTitle Insurance Company had filed for rate reduction as a result of a shared commitment with it to minimize real estate settlement and closing costs for consumers.
In addition to 10% reduction in title insurance rates, Thoroughbred’s clients will also receive an additional 5-16% savings on ancillary fees, resulting in a total savings of 15-26% on title-related closing costs for homebuyers in New York.
Christopher Meyers, COO of Houlihan Lawrence, said: “Title insurance is one area that we have felt created unnecessarily high costs for home buyers and typically lacked in transparency. Our relationship with EnTitle Insurance allows us to provide our customers with unique savings and a more efficient home purchase transaction.”