Explaining Variation in Title Charges: A Study of Five Metropolitan Residential Real Estate Markets

详细信息    查看全文

• 作者：Robert M. Feinberg (1)
  Daniel Kuehn (1) (2)
  Signe-Mary McKernan (2)
  Doug Wissoker (2)
  Sisi Zhang (3)
  
  1. Department of Economics ; American University ; 4400 Massachusetts Avenue ; Washington DC ; NW ; 20016 ; USA
  2. The Urban Institute ; 2100 M Street ; Washington DC ; NW ; 20037 ; USA
  3. Shanghai University of Finance and Economics ; 777 Guoding Road ; Shanghai ; 200433 ; China
  
• 关键词：Title insurance ; Real estate settlement ; Housing
• 刊名：Review of Industrial Organization
• 出版年：2015
• 出版时间：March 2015
• 年：2015
• 卷：46
• 期：2
• 页码：145-167
• 全文大小：197 KB
• 参考文献：1. Birnbaum, B. (2005). An analysis of competition in the California title insurance and Escrow industry. / Report to the California Insurance Commissioner. Retrieved from: http://www.insurance.ca.gov/0400-news/0200-studies-reports/upload/CATitleCompetitionReport0512Public.pdf
  2. The Chicago Bar Association v. Quinlan and Tyson, Inc. 34 Ill. 2d 117, 1966.
  3. Dumm, R. E., Macpherson, D. A., & Sirmans, G. S. (2007). The title insurance industry: Examining a decade of growth. / Journal of Insurance Regulation, / 25(4), 24鈥?1.
  4. Eaton, J. W. (2009, May 28). Title insurance reform: A long overlooked target of opportunity鈥擳he governor and the legislature should embrace it. / Testimony to the hearing on title insurance rate regulation under the auspices of the Pennsylvania Insurance Commission. Harrisburg, PA.
  5. Eaton, J., & Eaton, D. (2007). / The American Title Insurance Industry: How a Cartel Fleeces the American Consumer. New York: NYU Press.
  6. Elder, Harold, Zumpano, Leonard, & Baryla, Edward. (2000). Buyer-brokers: Do they make a difference? Their influence on selling price and search duration. / Real Estate Economics, / 28(2), 337鈥?62. CrossRef
  7. Jaffee, D. (2006). Monoline restrictions, with applications to mortgage insurance and title insurance. / Review of Industrial Organization, / 28(2), 83鈥?08. CrossRef
  8. Lacko, James, & Pappalardo, Janis. (2010). The failures and promise of mandated consumer mortgage disclosures: Evidence from qualitative interviews and a controlled experiment with mortgage borrowers. / The American Economic Review, / 100(2), 516鈥?21. CrossRef
  9. Lewis, H. (2014). Closing Costs Study. Bankrate.com. Retrieved from: http://www.bankrate.com/finance/mortgages/closing-costs/closing-costs-by-state.aspx
  10. McKernan, S., Wissoker, D., Ratcliffe, C., Van Order, B., & Scott, M. (2009). / Descriptive analysis of FHA settlement charges. Report prepared for the U.S. Department of Housing and Urban Development. Washington, DC: The Urban Institute.
  11. Owen, B. M. (1977). Kickbacks, specialization, price fixing, and efficiency in residential real estate markets. / Stanford Law Review, / 29(5), 931鈥?67. CrossRef
  12. Roussel, H. L., & Rosenberg, M. K. (1981). The high price of 鈥楻eform鈥? Title insurance rates and the benefits of rating bureaus. / Journal of Risk and Insurance, / 48(4), 638鈥?48. CrossRef
  13. Turner, M. A., Ross, S. L., Galster, G. C., & Yinger, J. (2002). / Discrimination in metropolitan housing markets: National results from phase I HDS2000. Report prepared for the U.S. Department of Housing and Urban Development. Washington, DC: The Urban Institute.
  14. U.S. Government Accountability Office. (2007). / Title insurance: Actions needed to improve oversight of the title industry and better protect consumers. Washington, DC: GAO.
  15. White, L. J. (1984). The title insurance industry, reverse competition, and controlled business: A different view. / Journal of Risk and Insurance, / 51(2), 308鈥?19. CrossRef
  16. Woodward, S. E. (2008). / A study of closing costs for FHA mortgages. Report prepared for the U.S. Department of Housing and Urban Development, Washington, DC: The Urban Institute.
  17. Woodward, S. E., & Hall, R. (2010). Consumer confusion in the mortgage market: Evidence of less than a perfectly transparent and competitive market. / American Economic Review: Papers and Proceedings, / 100, 511鈥?15. CrossRef
  
• 刊物类别：Business and Economics
• 刊物主题：Economics
  Industrial Organization
  Microeconomics
  
• 出版者：Springer Netherlands
• ISSN：1573-7160

文摘

Title charges are costs that are related to establishing and insuring title in a real estate transaction. These charges vary considerably and include title insurance premiums and other fees involved in closing a mortgage loan. This study analyzes the variation in title charges using data from almost 3,000 FHA-insured, 30-year fixed-rate home purchase loans in five metropolitan areas. Even after controlling for cost-related and other characteristics, more than one-half of the variation in title charges remains unexplained in four of the five markets. Substantial differences in charges between settlement agents suggest that consumers would benefit by shopping for settlement services.