Category Archives: Title Insurance New York

What Do Clients Think About Hallmark Abstract Service – A Testimonial

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Why Do People Choose To Use Hallmark Abstract Service? As many of you know by now the focus of the articles at the Hallmark Abstract Service blog tend to be about issues that either affect the entire title insurance industry, topics that we feel may be of interest to our readers across industries, available events offering business […]

In New York State The Title Insurance Industry Is Public Enemy #1 Or, Words Matter!

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Well maybe not #1, but some in Albany seem to feel that the title insurance industry in New York is solely comprised of the proverbial snake oil salesman who will do and say anything to get business! For the New York State Department of Financial Services, the operative word in the prior sentence is ‘do‘ […]

In Business Nothing Lasts Forever But Change, While Unsettling, Can Often Be A Good Thing!

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Opening the Business section of Long Island’s Newsday this morning imagine my shock to read the following headline: ‘REPLACING 1940 FOOD HOME‘ with a photo of Zorn’s Poultry Farm in the background! As someone who picks-up food from Zorn’s of Bethpage when I’m in the neighborhood, whenever we have guests at the house or for […]

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

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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. […]

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

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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 […]

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

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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 […]

No tips, please: Title closers say gratuities ban will cripple them – The Real Deal

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This headline from an article at The Real Deal describes the situation that title closers, and by extension real estate attorney’s and title companies, in New York began facing as of yesterday, December 18, 2017! This is the day that the New York State Department of Financial Services (NYSDFS) Regulation 208 officially went into effect […]

The Ostrich Effect And The New York State Title Insurance Industry

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What do some title insurance companies and title closers in New York State have in common with the ostrich? It’s the unwillingness to get bad news, understand and digest its impact and then to do what’s necessary to work within the parameters of those new rules. On December 18, 2017, New York State Department of Financial Services […]

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

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Beginning December 18, 2017, New York State Department of Financial Services Regulation 208 will prohibit the tipping of title insurance closers by anyone! Some reading this might say, ‘No big deal’ because real estate deals will still come and go. But, in essence, it is potentially a very big deal because GOOD title insurance closers, […]

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

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Breaking News December 19, 2017: The NYSDFS today issued a statement delaying the implementation of certain aspects of Regulation 208, namely the prohibition on inducements being given in return for business. We’re not sure what a one month delay will do for firms in terms of compliance, but here is the statement… DFS Statement Regarding […]