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Texas Insurance Board Cuts Title Fees by 6%

DALLAS-Economic pressures push a rate slash that's double one meted in 1998 by the state board. The Texas Land Title Association says the rate is less than it was a decade ago. The new fee scale takes effect Nov. 1.

By Connie Gore | Updated on October 06, 2002

DALLAS-A Texas Insurance Board ruling is slashing title insurance rates to levels of a decade ago. The mandated 6% cut in title fees takes effect Nov. 1.

“The Texas Land Title Association is disappointed that Insurance Commissioner Jose Montemayor severely cut the title insurance premium rate,” Jack Rattikin III, president the of Texas Land Title Association, said in a prepared statement about the recent decision. In 1998, the board ordered a 3% cut. “This latest decision means that title companies will have to provide title policies and services at substantially less than what they were authorized to charge a decade ago,” he explained in the statement.

With the decision cast in stone, some title insurance companies are lobbing a public relations play to alert customers of the change. Philip J. Shea, executive vice president of Fidelity National Title Co. in Dallas, has been kicking out e-mails and including the rate scale for the closing calculations.

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