New S.T.A.R.™ reduces previous discounted rates
SAN DIEGO, CALIF. (June 9, 2008) – Effective immediately, Stewart Title of California, Inc., a wholly-owned subsidiary of Stewart Information Services Corp. (NYSE:STC), has reduced its base title insurance rates. The new rates have been approved by the California Department of Insurance and will make purchasing a home more affordable for consumers. Escrow rates are not affected by this filing and will continue to be determined on a county-by-county basis
The rate filing heralds the creation of the Stewart Title Absolute Rate™ (S.T.A.R.). The S.T.A.R.™ is lower and simpler than the previous bundled and short-term rates and offers significant savings for refinance transactions that meet specific criteria. It is available only when all title-related documents are conveyed electronically to all involved parties. Stewart has already made strides toward going paperless and can efficiently process electronic transactions using the company’s SureClose® online transaction management system. “We continue to make progress with technology in order to reduce our costs of marketing, production and delivery of title insurance products,” explains Brian Hurley, president of Stewart Title of California.
Other changes to Stewart Title’s rates include both a new, reduced residential rate (for one-to-four family homes) and a lower basic rate (for commercial, agricultural, industrial, and other related properties). “Stewart constantly works to develop new solutions to exceed our customers’ needs and our new California title rates are no exception,” said Allan Wasserman, group president – western states for Stewart Title Company. “We are always striving to meet the needs of our customers the consumer, and these lowered rates will provide an immediate benefit to consumers and businesses that are selling, purchasing or refinancing California properties.”
Stewart Title Company and Stewart Title of California, Inc. are wholly owned subsidiaries of Stewart Information Services Corp., a customer-oriented, technology-driven, strategically competitive, real estate information and transaction management company. Stewart provides title insurance and related information services required for settlement by the real estate and mortgage industries throughout the United States and international markets. Stewart also provides post-closing lender services, mortgage default management solutions, automated county clerk land records, property ownership mapping, geographic information systems, property information reports, flood certificates, document preparation, background checks and expertise in tax-deferred exchanges. More information can be found at www.stewart.com and www.stewartca.com.