But sitting in front of this golden, taxpayer-backed bridge to financial security is a private tollbooth. The product is title insurance.
that the title company stepped in to pay for. Exactly how often that happens is a trade secret; the industry doesn't disclose the frequency of claims. But payouts on title insurance have been dwindling in recent years, even as revenue from premiums has soared.
In the old days, keeping track of all the records was hard work. Insurance companies had to conduct title searches by hand at"title plants" — warehouses full of filing cabinets stuffed with deed records and cadastral maps. The industry continues to use the convoluted search process to justify its prices: One industry-backed study found that the average property had five"matters" to be"addressed or cured" before a policy could be issued.
Forcing those who refinance their homes to buy title insurance contributes to racial disparity. The high price of refinancing is particularly burdensome for Black homeowners, who have. White homeowners are twice as likely to refinance their homes and obtain a lower interest rate. Black homeowners, meanwhile, are twice as likely to lose their homes.
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