Industry News
August 16, 2011
ALTA Responds to Bankrate Study on Closing Costs
ALTA sent this letter to Bankrate.com outlining significant problems and concerns with how title insurance costs are calculated and portrayed in their 2011 study. "Because Bankrate's survey takes its numbers from online GFEs, it provides an inaccurate picture of the true costs homebuyers actually pay at the closing table," said Michelle Korsmo, ALTA's Chief Operating Officer. Due to these concerns about Bankrate's methodology, ALTA has reached out to the online mortgage information provider to offer its help in developing a more accurate study in 2012. In California, the consumer can compare title insurance costs by using CLTA’s Title Wizard. As featured in a recent newspaper article, “A great place for comparing title insurance costs in California is the California Land Title Association's TitleWizard site, where a few inputs will spit out a list of title companies and their policy premiums.”
