On a refinance, am I entitled to a credit on the loan policy if I do not close with the same title company?

The Texas Department of Insurance regulates all title premiums in the state of Texas. They do offer a credit on a refinance transaction for the loan policy premium if the last loan policy issued was seven years or less, regardless of the title company that issued the policy.

A credit is issued as follows:

  • 40% for a loan policy less than 2 years old
  • 35% for a loan policy greater than 2, but less than 3years old
  • 30% for a loan policy greater than 3, but less than 4years old
  • 25% for a loan policy greater than 4, but less than 5years old
  • 20% for a loan policy greater than 5, but less than 6years old
  • 15% for a loan policy greater than 6, but less than 7years old