Many people have refinanced their homes in the past few years. With low interest rates, it has been an opportune time for customers to take advantage of the market. However, when a person refinances their home in Pennsylvania, they are supposed to get discounts on certain fees associated with their mortgage.
For example, title insurers in Pennsylvania may only charge a specific, regulated rate for title insurance. When a consumer refinances their home, that rate is supposed to be discounted. However, many title insurance companies are not discounting their rate. Overcharging consumers on title fees for home refinances may be a violation of Pennsylvania law.
A recent lawsuit filed against Chicago Title Insurance Company (one of several members of Pennsylvania's "Title Insurance Rating Bureau of Pennsylvania," the group responsible for setting the state's allowed rates) alleges similar overcharges in violation of state laws. The complaint contends that Chicago Title is supposed to give a 10-30% discount to people refinancing their home, but charges their full basic rate. The plaintiff is seeking a refund of the amount overcharged by Chicago Title.
Chicago Title may not be alone in overcharging for title insurance. If you have recently refinanced your home and you paid for title insurance as part of your loan, we may be able to help recover any overcharges you paid which exceed the allowed rate. To find out more, please contact us for a free consultation.
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