Author Archives: Hallmark Abstract Service

About Hallmark Abstract Service

Hallmark Abstract Service provides title insurance for residential and commercial real estate transactions in New York State and nationwide, underwriting through Chicago Title. HAS opened its doors in 2008 with two primary goals in mind! Number one was to create a title insurance company that would provide our clients with a superior finished product while affording them a seamless and stress-free process. Number two was to make the experience of working with Hallmark Abstract Service as easy and as pleasurable as obtaining title insurance for a real estate transaction could possibly be! From the sheer number of satisfied clients who keep coming back to Hallmark Abstract Service for their title insurance needs, I believe that we have accomplished our goals in the past, and we will continue striving to improve on them in the future! My Background In 1980 I earned an undergraduate degree in economics followed in 1984 by an MBA in finance with a concentration in the tax-exempt market. With this focus on the municipal market I became a municipal bond analyst at Shearson/Lehman Brothers tasked with following both general obligation issuers on the city and state level as well as housing bonds secured by mortgage pools. This experience at Shearson/Lehman Brothers followed by stints at PaineWebber and Citigroup provided a broad framework of understanding concerning the mechanics of mortgage debt in terms of prepayment experience, mortgage quality and the expected duration of a portfolio. Leaving Wall Street I started Exeter Commercial which funded commercial mortgage loans. Title insurance was a critical part of the underwriting and closing process. At the peak of the financial crisis, I recognized both an opportunity and need as many title firms, for a variety of reasons, closed their doors. Out of this, Hallmark Abstract Service was born.

The Mortgage Market Melt-Up In Rates?

As the data below shows, courtesy of the Freddie Mac Primary Mortgage Market Survey, the average 30-year fixed rate mortgage rate no longer has a 3-handle and instead is now 4!

The good news is that the 4.04% number is below the 4.30% level in the survey back in March 2017, but not by much.

This news is consistent with the fact that the 10-year treasury is trading at levels not seen for quite some time as the economy seems to be picking-up steam, inflation indicators may be poised for a move higher and the labor markets are tightening.

historical 10-year treasury yield chart

Source: MarketWatch

According to the Fed’s mandate of full employment and inflation staying within a prescribed band, this may be indicating that as expected by the forecasters around Wall Street that there likely will be several 2018 hikes in the fed funds rate.

Freddie Mac Primary Mortgage Market Survey

If the forecasts for movement by the Fed are correct, what impact will rising mortgage rates have on the real estate market? Keep your eye on the data!

1-year average mortgage rates

Source: Freddie Mac

mortgage rates historical chart

Source: Freddie Mac

Questions about this subject or anything to do with the title insurance industry in New York State, please contact Hallmark Abstract Service at info@hallmarkabstractllc.com or (646) 741-6101.

Related Articles
Are 10-year Treasury Yields A Shot Across The Bow Of The Real Estate Market?

Flattening Treasury Yield Curve And Recession: This Time Is Different?

Tax Reform And It’s Impact On New York, New Jersey And Connecticut Real Estate!

New York State Title Insurance Industry: ‘I’m Mad As Hell And I’m Not Going To Take It Anymore’!

paint brush photo

Update January 16, 2018: ‘The New York State Senate unanimously passed a bill Tuesday that will allow title companies to resume buying clients coffee, taking them out for lunch or treating them to a round of golf.

Sponsored by Sen. James Seward of Oneonta, the bill — which now heads to the Assembly and Gov. Andrew Cuomo…‘ (Source: The Real Deal)

Now the question is how the Assembly will vote and, if passed there, what Cuomo will decide to do? I suppose the question is what would be the most politically expedient decision for the Governor to make!

_______________________________________________

January 12, 2018, the New York State Assembly Insurance Committee held a hearing to discuss the title insurance industry and the new regulations put into place by the Department of Financial Services (NYSDFS)!

Constituencies from every side of the argument were present including NYSDFS Superintendent Maria Vullo, representatives from a variety of consumer watchdog groups, title insurance underwriters, title insurance abstract companies, the Title Insurance Rate Service Association (TIRSA), title closers and the NYS Land Title Association (NYSLTA).

Maria Vullo had the job of defending new Regulations 206 and 208 while the consumer watchdogs were there to vilify the New York State title insurance industry as marauding thieves robbing from the consumer vis a vis real estate transactions in order to line their own pockets.

The industry representatives were in many cases operating at cross-purposes because, contrary to the position taken by Maria Vullo and the NYSDFS, all who operate in the New York title insurance industry cannot be painted using one broad brush!

The hearing was chaired by Assemblyman Kevin A. Cahill who did an excellent, and in my opinion, very fair job asking questions that got to the heart of specific issues concerning those who testified.

With Title Insurance Companies, If A=B And B=C, Then Does A Always = C?

To Paint With A Broad Brush: ‘To describe a class of objects or a kind of phenomenon in general terms, without specific details and without attention to individual variations.‘ (Google)

During the marathon session in Albany discussing the pros and cons of the way in which the title insurance industry in New York operates, Superintendent Vullo basically described all providers of title insurance as companies who induce attorney’s to send them deals with little regard to the prices being paid by the consumer.

The methods of inducements she mentioned include, but apparently are not limited to, trips to strip clubs, luxury boxes at stadiums, $1,000 gift cards and very expensive dinners. According to Ms. Vullo the consumer, who typically relies on the attorney or mortgage lender to choose the title insurance provider, pays the price for these activities through costs that are higher than necessary.

So let’s summarize…Are there some companies who engage in activities such as the ones described above? Absolutely in the same way that every industry has some bad actors.

But do ALL companies therefore act in this way necessitating that the entire industry be precluded from even the most basic of business development activities such as taking a client or prospect out for lunch?

Absolutely Not!

It’s my fear that collateral damage resulting from the implementation of Regulations 206 and 208 will be that many of the smaller title insurance providers go out of the business along with some number of title closers who have seen their compensation dramatically cut.

And who will pay the price for this? The consumer of course! The very same people that these regulations were put into place to protect!

What Has Hallmark Abstract Service Always Preached?

From ‘Albany Contends That New York Title Insurance Providers Are ‘Unscrupulous’ (No Moral Principles)‘:

  1. The consumer has the right to choose the title insurance provider,
  2. The consumer needs to check on the financial strength of the underwriter issuing the policy,
  3. The consumer needs to explore the claims experience of the title insurance provider as it varies between companies, and
  4. That the consumer needs to be aware of the fact that the non-title insurance premium fees can, and to this point, have varied widely between title insurance firms. We go on to advise that to make certain the consumer was not being charged too much, they should get a title bill from a second firm to use as comparison.

Finally, while the NYSDFS is likely intransigent in its position concerning, and opinion of, the NYS title insurance industry it is my hope that as a result of the hearing held January 12 that some level of compromise can be reached between all of the parties involved!

Thoughts, questions or comments? Please let me know.

Michael Haltman, President
Hallmark Abstract Service
mhaltman@hallmarkabstractllc.com, (646) 741-6101

Related Articles

Prohibition Of Inducements Provided In Return For Business Delayed From December 18th to February 1, 2018

December 18 New Rules Concerning Title Closer Compensation Go Into Effect!

The Ostrich Effect And The New York State Title Insurance Industry

Title Insurance And Havoc In The New York Real Estate Market?

January 12, 2018: New York State Title Insurance Industry Showdown With Regulators And Politicians In Albany!

Albany photo

Photo by jimbowen0306

Due to some of the more onerous provisions of New York State Department of Financial Services (NYSDFS) Regulation 208 that went into effect December 18, 2017, the various ‘constituencies‘ involved and affected will be meeting in Albany January 12, 2018! 

The Assembly Insurance Committee is holding a hearing about DFS regulation of the Title Insurance Industry on Friday January 12.

Title agents, Underwriters and Closers have been invited to present testimony and answer questions from the Insurance Committee Members.

Also in attendance will of course be politicians as well as the NYSDFS.


Who are the varied title insurance industry ‘constituencies’  that will be in Albany tomorrow and, are they united in opposition to the provisions of Reg 208? Or, in some cases, are they at cross-purposes?

Truth be told the changes to the way in which the title insurance has done business for decades are many and varied (‘Title Insurance And Havoc In The New York Real Estate Market?‘) but to summarize involve marketing expenditures, the ancillary fee structure, compensation of title closers and ultimately a reduction in premiums. There is no doubt that this will have a great impact on the way companies can conduct business and for some, longterm viability as an ongoing concern.

Soon after taking effect, the marketing prohibition that is particularly onerous for anyone involved in business development of any kind, was been stayed to February 2, 2018.

And, suffice it to say, Regulation 208 will impact different firms in different way! For brevity let’s focus on the area of marketing and business development.

At the meeting you will have title insurance underwriters and title insurance abstract firms of varied size and financial strength. Some of the abstract companies are only involved with large commercial real estate deals while others have a mix of residential and commercial and still others work with residential real estate only.

Given the varied size, financial wherewithal and product mix, what’s considered marketing expenditures at one firm might be considered petty cash at another. This fact renders the term being used by the NYSDFS, inducement for business, somewhat vague. Is taking a prospect to a diner for lunch an inducement or is taking a prospect to a luxury suite at Yankee Stadium an inducement? Or is neither an inducement and merely marketing tools that are used across the spectrum of industries?

‘Inducement for business’ is therefore a very gray area that for the purposes of Regulation 208 has been painted with one large brush.

Independent title closers, key cogs to the closing process, have seen their normal payment mechanisms changed to where they rely on the title companies who engage them for compensation (‘…December 18 New Rules Concerning Title Closer Compensation Go Into Effect!‘). In some cases title companies have not necessarily made adequate provisions and so some closers will have to think twice before accepting a job for certain firms. While this new layer to the cost structure is painful, title closers are very necessary to the process of protecting our clients and so it is something that needed to be addressed in a way that was as acceptable to all parties involved as possible.

Thoughts And Ideas

These were some thoughts that I passed along concerning certain aspects of Regulation 208 with focus on the area of business development. The bottomline, however, is that whatever the outcome tomorrow the consumer needs to be protected in what for may will be the largest financial transaction of their lives!

Dated December 24, 2017
Subject: January 12 Examination of Recent Title Insurance Regulations in New York State

Good afternoon:

I would like to offer my opinion on the potential outcomes from the January 12th Public Hearing in Albany that I believe would be a reasonable compromise for the industry:

1) Refinance deals should have pick-up fees, if applicable, paid to the closer. Otherwise for refinance transactions at approximately $250,000 and below that includes a salesperson, according to the Hallmark Abstract schedule for title closer compensation, my firm and I assume others as well will be losing money. This situation could lead to firms choosing not to accept these transactions causing a disruption to the consumer and banking industry.

2) Section 228.2 of Regulation 208: It was interesting that of all of the new guidelines facing title insurance firms, that this was the portion of Regulation 208 receiving a stay until February 2, 2018. 

It seems that if the DFS is concerned with title firms providing inducements in return for business then allowing them to continue doing so runs contrary to that goal.

By the same token it is unreasonable, in any industry, to outlaw basic business development and business continuity activities such as a lunch. My recommendation would be to reinstate activities such as lunches with the proviso that the expenditure for that activity is ‘reasonable’. 

For example if a limit of $50 per person for a meal were to be imposed it would allow for business development to take place while not being grand enough to be considered an inducement. This, as opposed to a client or prospect being given floor seats to a Knicks game.

Conclusion: The ultimate goal should be for title firms of all sizes and economic resources to compete for a clients business based not on the things we give, but on the work product that we provide! I believe that the compromise position in #2 would allow for that to happen.

Mike

Michael Haltman, President
Hallmark Abstract Service
(646) 741-6101, (516) 741-4723
mhaltman@hallmarkabstractllc.com

Are 10-year Treasury Yields A Shot Across The Bow Of The Real Estate Market?

Over the past month or so Hallmark Abstract Service has explored whether blockchain may at some point in the future disrupt the title insurance industry (‘Can Blockchain Technology Ultimately Eradicate Any Need For Title Insurance In New York State?‘) !

In addition, potentially affecting real estate and real estate transactions are the issues surrounding the loss of the SALT deduction through the new tax bill. This new law may be an impediment, if not to transaction volume, then likely in terms of price action. And, unfortunately for current homeowners but as a potential benefit to potential homebuyers particularly in lower New York State, that price action is likely to be down.

Mortgage Rates May Be A More Immediate Problem

But, for those potential homebuyers who will be financing their purchase with a mortgage, the move-up in the yield of the 10-year treasury note may put a crimp in those plans or at least make the effort more expensive!

Interestingly enough, the two graphs below showing the current 6-month move in the 10-year treasury note and 30-year mortgage rates indicate that mortgage rates have stayed relatively stable while the treasury yield has broken-out to new near-term highs.

Where do they go from here?

10-year treasury note chart

Source: MarketWatch

30-year mortgage rate chart

Source: YCharts

Mortgage Loan Application Defects: Where Are They Most Prevalent?

Source: First American

After the financial crisis that was in no small part brought on through mortgage products such as ‘liar loans*’, lending institutions have become much more conservative!

Some of this conservatism was mandated through imposed federal government regulation such as Dodd-Frank while some was through the publics distaste for these types of loans. But lending institutions now have no appetite for consumer fraud and misinformation provided on mortgage loan applications.

Enter the First American Loan Application Defect Index that ‘estimates the level of defects detected in the information submitted in mortgage loan applications processed by the First American FraudGuard® system.’ So while this is not an industry wide indicator, it may provide some useful anecdotal evidence concerning the stability of the mortgage marketplace.

And while there has been a decline in the Index with 2016 seeing its lowest point since it began in 2011, with the advent of some riskier loan products the numbers have begun to creep-up.

Findings Of The November 2017 Loan Application Defect Index

The First American Loan Application Defect Index showed that in November 2017:

  • The frequency of defects, fraudulence and misrepresentation in the information submitted in mortgage loan applications remained the same compared with the previous month.
  • Compared to November 2016, the Defect Index increased by 22.1 percent.
  • The Defect Index is down 18.6 percent from the high point of risk in October 2013.
  • The Defect Index for refinance transactions remained unchanged compared with the previous month, and is 23.2 percent higher than a year ago.
  • The Defect Index for purchase transactions increased 1.1 percent month over month, and is up 13.8 percent compared with a year ago.

“As 2017 ends and we look forward to 2018, there is reason to be optimistic about defect, fraud and misrepresentation risk. After a year of significant change, defect risk has stabilized, with no change in the overall level of defect risk in three of the last four months,” said Mark Fleming, chief economist at First American. “Keep in mind that the Loan Application Defect Index was at its lowest point ever in November 2016, before defect risk surged by 24 percent in the following seven months, one of the fastest changes the defect index has recorded since its inception in 2011. The increase was primarily driven by an increase in the share of purchase mortgage transactions, which tend to carry more risk, and more transactions in riskier markets. This fall, we have seen some moderation and stabilization of these market dynamics and, as a result, no further increase.”

You can read all the findings and watch a short video about loan defects at the First American website here.

*Liar Loans: Mortgage applicants basically filled-out applications where the information provided was not rigorously verified or potentially not verified at all.

Flattening Treasury Yield Curve And Recession: This Time Is Different?

bond market photo

Photo by investmentzen

Economic theory has always held that an inverted U.S. treasury yield curve could be used as a reliable signal for a recession looming on the horizon. According to the Federal Reserve, however, this time is different!

This Time Is Different

“How different the position of the investor today!” was the headline for an ad that ran in The Saturday Evening Post* just one month prior to the 1929 stock market crash. Now while no one is calling for a stock market crash today, just how certain is the Fed that if the yield curve actually does invert a recession actually is not imminent?

The answer of course is not certain at all. The rationale for the flattening yield curve is that there is massive demand for U.S. Treasury’s due to the paucity in yields available from the long-end of bond markets around the world.

As an example Spain, one of the EU PIIGS (Are The EU PIIGS About To Start Squealing?) that most weeks has another article written about the fragile condition of its banking system, sports a 2-year sovereign yield of -.254%.

This while the Fed is hiking short-term rates and the long-end of the treasury market is not following along (see chart below). Higher long yields would typically result when a hot economy fans the flame of inflation fears. And the thinking is that 2018 will see more than one Fed hike.

So is the flattening yield curve different this time due to a global supply, demand and yield level imbalance that has investors piling into the U.S. government debt market?

Time will tell, and while the treasury yield curve is not yet close to inverting, such an occurrence would be a very good sign that recession is coming.

Flattening Of The U.S. Treasury Yield Curve

Maturity          1/3/2017          12/28/2017

3 month              .52%                   1.27%
1-year                  .89%                   1.62%
5-year                1.94%                   2.13%
10-year              2.45%                   2.37%
30-year             3.04%                   2.76%

Steepness 3 months-30 years:

                252 Basis Points    149 Basis Points

Michael Haltman, President
Hallmark Abstract Service
Board Chair, Heroes To Heroes Foundation

*Source: NY Times

Can Blockchain Technology Ultimately Eradicate Any Need For Title Insurance In New York State? (Video)

blockchain photo

Photo by MikeBlogs

At some point in the future will blockchain eradicate the need for title insurance in New York State, as this revolutionary technology will maintain a 100% accurate chain of title for any property?

While I suppose that anything is possible, an explanation first of what a blockchain is would likely be helpful…

Blockchain: “an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way.”For use as a distributed ledger, a blockchain is typically managed by a peer-to-peer network collectively adhering to a protocol for validating new blocks. Once recorded, the data in any given block cannot be altered retroactively without the alteration of all subsequent blocks, which requires collusion of the network majority… (Source)

From the standpoint of title insurance, anyone who has ever visited the real estate records archive in the various jurisdictions across New York State will likely tell you that an often non-computerized decentralized record-keeping system and a paper-based trail would make it extremely difficult to implement an historical blockchain.

But, is it possible to take the title analysis compiled on a property by property basis going forward to create a blockchain of ownership?

The caveat is that this would of course assume that the title analysis done was good and that no defects to the chain of title were missed (i.e. the title report is only as good as the title company creating the report).

Additionally any analysis would likely only be done as a real property was changing hands, meaning that a truly valuable blockchain would be decades in the making.

That is of course unless jurisdictions around New York State, many already cash-strapped, took a real property blockchain upon themselves to create. Unlikely!

Theoretically a property title blockchain would reduce actuarial risk, in-turn reducing the premiums needed to be charged by title insurance underwriters as claims would be rare. Records kept on the blockchain would also reduce the headcount needed by title companies as the work required would be lessened due to information being reliable and readily available.

Conclusion: While reliable real property records on blockchain would prove useful for any number of reasons, a viable commercial use of the technology for the real estate industry in New York appears to be years off.

If you have thoughts or opinions on the subject leave them in the comments section below or let me know by sending me an email.

Mike Haltman, President
Hallmark Abstract Service
(516) 741-4723, (646) 741-6101, mhaltman@hallmarkabstractllc.com

What Is Blockchain Technology?

Title Insurance And Havoc In The New York Real Estate Market?

December 19, 2017: After Regulation 208 Went Into Effect On December 18th, The Following Day NYSDFS Issued A Stay Expiring February 2, 2018 That Will Allow One Specific Activity Eradicated By The Regulation To Continue…

Candidly, of all the new directives in Regulation 208 that will impact title companies, a stay on this specific one is not the one I would have guessed.

And while done in moderation this activity is critical for business development, mandating that it stop immediately would not in my humble opinion create havoc in the real estate market!

DFS Statement Regarding 11 NYCRR 228

Given the important consumer protections and impact of the necessary reforms of the title insurance industry that DFS has implemented pursuant to Regulation 208, DFS recognizes that a longer implementation period may be necessary to ensure full compliance.  Accordingly, DFS will commence enforcement of Section 228.2, Prohibition on Inducements for Future Title Insurance Business on February 1, 2018.

So what exactly does Section 228.2 say and why, specifically, was the implementation of this portion of Regulation 208 the only one delayed?

In other words what exactly is it about Section 228.2 that could, according to some politicians and industry lobbyists, destabilize the title insurance industry and result in a ‘series of unintended consequences causing higher costs for consumers while creating havoc in the real estate market’?

So, again, what exactly is it about Section 228.2 that could result in the turmoil described above?

Section 228.2 in essence ‘applies to a specific part of the new regulations that banned title companies from treating clients to meals, tickets, entertainment or gifts (including donations to charitable organizations).’ (Source)

Hmmm. So while it sounds as if Regulation 208, and specifically Section 228.2, could put a severe crimp in the ability of title insurance companies to market and develop business, will its implementation actually create havoc in the New York real estate market?

What Are Some Of The Other Limitations And Restrictions In Regulation 208 That ACTUALLY COULD Affect The Viability Of Some Title Insurance Providers?

Separate in Regulation 208 are requirements that stand a much better chance of hurting title companies, title closers and the financial viability of some to be going concerns in the future than Section 228.2.

  1. Specifically Regulation 208 caps what companies can charge for ancillary fees and other elements of title such as a survey. Some firms depended on these charges to provide extra income from a deal.
  2. Title closer compensation has been changed which will be an added expense borne by the title insurance or abstract company that the closer is representing. For some title providers the implementation of a plan for doing this could take more time.
  3. Finally, at some point during 2018, the title insurance premium that a consumer will be charged for a real estate purchase or a mortgage refinance will be reduced by an amount expected to be 5%.

These three issues in their entirety or separately have the potential to impact the bottom-line of companies in what could potentially be a significant way.

Don’t get me wrong. I appreciate the stay that will allow me to take a client or a prospect out for lunch until the end of January. This is basic business development and relationship building.

I would simply like clarification as to why it was solely Section 228.2, the one that allows for exorbitant gifts, luxury suites at area arenas and more, that was brought back into the mix.

The following statement was a comment I made after reading an article on the stay that appeared at The Real Deal

Cynically it seems possible that political donations, incredibly still permitted under Regulation 208, may have had the intended lobbying impact by temporarily delaying the regulations full implementation until 2/1/18.

I’m not entirely clear about how being prohibited from taking people to a luxury suite at a Knicks game or Myrtle Beach to play golf (if that actually happens) would have the effect of increasing the cost to consumers, destabilize the title insurance industry or lead to havoc in the real estate market.

It sounds more like the DFS is giving itself the wiggle room to reverse some of the barriers to marketing imposed December 18th. If the marketing portion of the regulation were to be reversed or softened vis a vis excessive expenditures, that would simply tip the playing field back towards those title insurance firms who have deep marketing pockets.

Lunch with a client? That is reasonable! I guess we just have to wait and see.

Thoughts or comments? Please let me know.

Michael Haltman, President
Hallmark Abstract Service
(646) 741-6101, mhaltman@hallmarkabstractllc.com

Related Articles

NYS Title Closer Compensation Information – 

For Commercial And Residential Real Estate Attorney’s In New York State, December 18 New Rules Concerning Title Closer Compensation Go Into Effect!

Prohibited Activities For NYS Title Insurance Companies – 

New York Title Insurance Industry Prohibition Of Inducements Provided In Return For Business Delayed From December 18th to February 1, 2018

Tax Reform And It’s Impact On New York, New Jersey And Connecticut Real Estate!

net migration by state

Net Migration By State, Source Medium.com

With the passage of the ‘Tax Cuts and Jobs Act’ (name subject to change) some aspects of the legislation are very clear and some things will take some time to play out such as real estate valuation!

So what do we know concerning the tax bill?

There are seven tax brackets as there were before, the standard deduction has increased to $24,000 for joint filers, the child tax credit has increased to $2,000, the mortgage interest deduction for new originations has been capped at $750,000, the corporate tax rate will decrease to 21% and more.

And of great importance particularly to residents in high-tax states such as New York, New Jersey and Connecticut, state and local tax deductions or SALT have been capped at $10,000.

The reason this cap will be so significant for some in these high-tax states is based on the following statistics concerning the percentage of homeowners who pay more than $10,000 in property taxes:

Connecticut: 13% pay more than $10K in property taxes
New York:     19% pay more than $10K in property taxes
New Jersey:  30% pay more than $10K in property taxes (Source: Forbes)

High-Tax States And Property Taxes – What Don’t We Know?

So that said, what are some things that remain unclear about the fact that so many in the states highlighted above will be disadvantaged by the new tax bill, at least in terms of property tax deductibility?

And further, in New York State, will the potential impact on real estate be exacerbated by the fact that so many of these tax disadvantaged homeowners are concentrated in the downstate region (Long Island, New York City, Westchester)?

A few questions that come to mind…

  1. The first question that comes to mind is what number of homeowners, if any, will take the new tax bill as a sign that it’s time to move to states that have far less egregious property tax levels?
  2. The second question is whether the political leaders in these high-tax states will ‘get religion’ and work to cut expenditures so that the tax levy in so many of their jurisdictions can be brought under control? And, with the degree of going-forward expenses they face such as pension liabilities that in many instances are already underfunded, are budget cuts even possible (Connecticut pensions 52% funded, New Jersey 60% funded, New York well funded at 98% but 0% funded in terms of other post-employment benefits Source: Mercatus)?
  3. Third and on a more local level, in lieu of raising property taxes just how high can entities like Nassau and Suffolk Counties in New York increase fees on items such as recording documents (Nassau County, New York Is At It Again! New Fee Proposal On The Table To Gouge The Real Estate Industry…Or,)?
  4. Finally, what impact will property tax levels combined with deductibility restrictions combined with potential supply factors in terms of houses coming onto the market have on home prices and by extension banks who may face collateral issues?

As we’ve said in this space many times in the past, we will have to wait and see when the potential impact of this tax legislation becomes reality!

Michael Haltman, President
Hallmark Abstract Service
(646) 741-6101, mhaltman@hallmarkabstractllc.com

Interactive Tax Plan Calculator: Determine What The New Tax Bill Will Cost You Or Save You!

By visiting the Tax Plan Calculator created by Maxim Lott, an individual or family living in any state can enter their various inputs and get an idea of how the newly passed tax bill will affect their bottom-line!

If you’re like the average American, particularly in the high-tax states like New York, California and New Jersey, you likely have absolutely no idea as to the impact the tax bill will have on your spendable income.

You may be surprised by it having a net benefit or, you may be disappointed/angry by the fact that it is a net negative.

To Visit The Tax Plan Calculator* Simply Click On the Picture Below

Tax Plan Calculator

  • Hallmark Abstract Service cannot guaranty the accuracy of the Tax Plan Calculators output.