The residential real estate industry is going to see plenty of changes as of August 1. 2015. However, the CFPB’s “Know Before You Owe” rule is not the only change taking place on this date. The New York title insurance rating manual will change to
benefit the consumer in a big way. NY Title Insurance rates will see a significant decrease for refinance transactions. The section of the code that defines Refinance and Subordinate Mortgage title insurance rates, has been amended to implement further discounts when certain conditions are established.
Click here for the amended Section 14. Section 14
In addition to existing Section 14 of the Rate Manual being amended, two additional sections have been added as follows:
Examples following Section 14 A and B: Examples for Section 14A and 14B
In short, a refinance loans with the same borrower and same lender for a one to four family residential properties shall be 70% of the refinance premium, hence a 30% discount compared to the same transaction with out the change.
An owner occupied one to four family residential property be refinanced, where the lender changes but the borrower remains the same, the rate shall be 85% of the applicable premium, hence a 15% discount as compared to the same transaction without the change.
*Important note is the elimination of the prior ten (10) year period which previously applied to providing the reissue rate. Under the new Sections, for owner occupied one to four family residential properties, the discounted applies regardless.
World Wide Land Transfer is a full service Settlement and Escrow Company also providing comprehensive title insurance services for all forms of real estate transactions ranging from a home purchase or refinance to the most complex commercial transaction. World Wide Land Transfer started predominantly as a PA Title Insurance Company but grew quickly and started issuing NJ Title Insurance, NY Title Insurance, MD Title Insurance, VA Title Insurance and FL Title Insurance. World Wide now covers most counties throughout the nation.