Philadelphia Title Insurance Rate Change

Philadelphia Title Insurance is set to change due to a Rate Simplification submitted by the Title Insurance Rating Bureau of Pennsylvania (TIRBOP) and approved by the PA Department of Insurance.  The new rates are effective July 1, 2012.

There are no longer any rules regarding the length of time since the last insured transaction there is just one simple rate for refinances.  The same is true for Philadelphia title insurance pursuant to a Philadelphia home purchase, one single rate for a purchase. The simplified rate tables included in this filing reflect a rate increase of 7%. Hence, yes Philadelphia Title Insurance has gone up a tad.

The Approved Attorney rate is unchanged.  However, the following rates have been withdrawn: The Basic and Reissue; Mortgage Loans 2-4 year and 0-2 year; Operative Builder, Community Reinvestment Act/PHFA; and Permanent Loan following a Construction Loan Rates.