How Thoroughbred Can Offer Lower Premium Rates
Nothing sets Thoroughbred Title Services apart from our competition as much as our lower rates. And even though we’ve been offering them for years, we still get questions about how we’re able to do this. After all, almost every other title service in the state offers the same standard rates. So how are we able to offer something lower?
Almost every licensed title underwriter in New York State is a member of the Title Insurance Rate Service Association, Inc. (TIRSA). It’s a common misconception that TIRSA is a state organization or that membership is mandatory, when neither is the case; TIRSA is a voluntary organization, and our underwriter isn’t a member. Because they have chosen not to join TIRSA, our underwriter was able to negotiate a separate rate, and in 2010, they were able to secure approval from the New York State Department of Insurance (now the New York State Department of Financial Services) to offer premium rates 10% below our competitors. We’re able to offer the same reduced rate through our affiliation.
Thoroughbred Title Services is fully compliant with all laws and regulations, including RESPA, New York State Insurance Law, and New York State Bar Association ethics regulations. Additionally, our underwriter has an “A” rating by Demotech, and is extremely well-capitalized relative to its outstanding risk.
In other words, we are both legally and financially able to offer the services at the rates we do. And that means we can save you and your clients up to 26% on closing costs.