Real Estate News

EnTitle Direct discovers lost title insurance savings in Pennsylvania market

Published: 27 Mar 2017

In 2015, Pennsylvania homeowners may have paid more for title insurance than they needed to, according to a newly published EnTitle Direct Insurance pricing study. While some residents may turn to the Title Insurance Rating Bureau of Pennsylvania for policies, EnTitle had rates that were 35 percent less expensive

By EnTitle's calculations, 2015 saw approximately 306,574 transactions that could have been less expensive under EnTitle's rates. In fact, the study would have added up to around $440 for each of these transactions, or a total of $135 million. For a purchase liability of $100,000, for example, TIRBOP would have charged a $1,025 premium, as opposed to EnTitle's price of $657.

There are a few reasons for this:

  • Direct PID access: EnTitle can file with the Pennsylvania Insurance Department without checking with a third party. Because EnTitle doesn't have the complexity of TIRBOP, it can offer leaner rates.
  • Fewer Approved Agent Attorney Procedures: Over the years, fewer attorneys have been involved with TIRBOP transactions, in part because the attorney fees are put to the homebuyer. However, the Approved Attorney Procedure actually has lower premium rates, the source said.
  • Lower/eliminated fees: Although it's not clear exactly how "normal" EnTitle's fees are compared to others on average, there are some savings customers can expect. EnTitle doesn't charge for wire or electronic delivered document printing at all, and the closing protection letter fee is $50 than some in the same market.

Steven Palmer, the head of EnTitle Direct Insurance owner Entitle Direct Group, Inc, described the EnTitle advantage in a recent statement.

"Our company has always strived to create the same pricing transparency in the title insurance industry that exists in the vast majority of all other industries in the United States," Palmer said. "In that process, we constantly have to challenge myths such as that title insurance premium rates are set by the state in PA and everyone has to charge the same, which is not true."

You can learn more and get a quote on a new policy here.