New York Gov. Andrew Cuomo will propose legislation that would slash title insurance premiums by 20 percent on home purchases and more than 60 percent on refinancings, the New York Post reports, citing anonymous sources.
According to bankrate.com, New Yorkers pay $5,435 in closing costs including title insurance on a $200,000 home, compared with the U.S. average of $3,754.
The governor’s plan would also require title insurance agents to be licensed by the state Department of Financial Services, and increase penalties for kickbacks and overcharges. Lawyers and brokers would be required to disclose affiliated business arrangements in which title companies pay referral fees. Source: nypost.com.