Friday, June 01, 2012

a comparison of the old versus new PA title insurance rates for a refinance

Closings on or after July 1, 2012 will be charged according to a new rate schedule which offers only two rate categories, SALE and NON-SALE.  For our example, today, I am using a $150,000 refinance.

Under the old system I would need to know when the last insurable transaction took place because our old rate categories are tiered based on a timeline.  For our example I am presuming that the last transaction was three years ago.  That would make our consumer eligible for the 80ML/Refinance rate.  At $150,000 the premium would be $798.30.

Under the new system there is no timeline, only a distinction between a sale or non-sale transaction.  The NON-SALE rate at $150,000 is $1002.50.

Today is June 1, 2012.  If a consumer is considering refinancing today - and interest rates are great BTW - they may have a shot at closing before July 1, 2012 and avoiding the $204.20 rate increase.

We have made a marketing decision here at The Closing Specialists and with the implementation of the new rate structure we are amending our fee structure to ELIMINATE THE SETTLEMENT FEE.  We've only been charging $150 for out of office closings anyway and that's a very competitive rate, however, we've decided to just make things easy.  The $150 is GONE.

To keep things simple, we are also eliminating our Choose and Save Program.   So all of our consumers, even those who do not give us a deposit up front will save the $150 and HAVE NO SETTLEMENT FEE.

We think that's a rocking good deal!

So, FYI, starting with closings July 1, 2012 we'll be charging the all-inclusive PA title rates which will include out of office and after hours closings in our market area.

We will still charge for optional additional insurance or services such as:


  • endorsements [as application with the typical being $150]
  • closing services letter $75
  • printing electronically delivered lender document packages $50
  • courier for lender doc return $10
  • document prep, if needed, $95 [for things such as deed or specific POA]
  • outgoing wire $25
  • incoming wire $5
If you have any questions, please shoot me an email.

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