February 16, 2017
OneTitle gets rate-reduction approval
As seen in The Title Report
The New York State Department of Financial Services has approved OneTitle National Guaranty’s request to reduce rates on real estate transactions of more than $15 million, including purchases, loans, and refinances.
According to the company, the newly approved rates are 25 percent lower than the prevailing rates and will be available to commercial and residential customers in New York exclusively through OneTitle.
“Across all facets of real estate, commercial clients and individuals alike are showing a strong preference for more streamlined, affordable and client-friendly partners,” OneTitle’s co-founder, President and CEO Daniel C. Price said in a press release. “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.”
Since 2014, OneTitle, which touts itself as the only exclusively direct title insurer working directly with attorneys, lenders, developers, brokers and consumers, has offered title insurance services at fees which at lower than the prevailing rates.
According to figures provided by OneTitle, buyer closing on a $100 million purchase with a $70 million mortgage would save approximately $84,000 with OneTitle’s new rates.
OneTitle has also introduced a free condominium offering plan library with search, download, and printing features. The library is designed for developers designing new products as well as attorneys serving residential and commercial clients.