Like Everything Else, Title Rates Rising
By: Myles, March 2nd, 2009
After cutting thousands of employees to stem losses in 2008, title insurers have finally seen a dramatic increase in business in recent months that’s largely driven by homeowners rushing to refinance loans to take advantage of low interest rates. This refinance-mania represents more than 40% of all policies written.
As business picks up, First American Corp. and Fidelity National Financial Inc. — parent companies of underwriters that if you can believe it, with all the mergers and consolidation, insure about three-quarters (3/4’s) of all title insurance policies — have increased or plan to increase rates by up to twenty percent (20%) in the states that generate most of their business.
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