During the 2018 World Cub the perennial soccer giant Argentina sat on the ‘brink of elimination, desperately needing both a Plan A AND a Plan B!
Speaking to the strategy being employed by Argentina’s coach Jorge Sampaoli, an article in The New York Times had the following to say, ‘…There was no plan B, to be used in an emergency, because he had not yet settled on plan A…‘
So For New York Real Estate Attorney’s And Mortgage Originators, When It Comes To Your Title Insurance Provider Do You Have A Viable Plan B?
Real estate attorney’s around New York State will typically have one, two or three title insurance companies with which they work and are no doubt happy with.
But that said, when Hallmark Abstract Service opened its doors in 2008 during the financial crisis it was a time of title insurance industry dislocation, as firms around New York State were financially forced to close their doors.
The real estate attorneys and mortgage companies who relied on those firms potentially found themselves in the position of using title insurance providers they had no track record with, and so therefore did not know the quality of their work!
So The Question For Attorneys And Mortgage Providers In New York State: Do You Have A Title Insurance Plan B?
If the lasting impact of the 2007-2008 financial crisis, and now New York State Department of Financial Services Regulations 206 and 208 (Regulation 208 has since been annulled by the court although the NYSDFS is appealing the ruling) provide any lessons for the real estate industry, it’s that nothing lasts forever!
Not the real estate bubble that inflated and then burst in 2008 and, given the regulations mentioned above, potentially not all title insurance companies either.
With that in mind it is critical to have a viable title insurance Plan B at the ready, ‘just in case’!
As an industry leader, Hallmark Abstract Service would love the opportunity to potentially fill that role.
Briefly Hallmark Abstract Service was ‘born’ in 2008 at the depths of the financial crisis, with the principals possessing the confidence of knowing that given the title insurance/real estate expertise that was being brought to the table, the tireless work ethic of all involved and a laser focus on providing clients with a superior product and experience, the company would succeed!
And succeed it has!
With Hallmark Abstract Services’ stellar track record concerning title claims, the financial strength of its underwriters, the dedication and knowledge base of its staff and of course focus on service and outcome for clients, HAS has become one of the go-to title resources for a great number of firms around New York State!
Dedication And Loyalty!
All of that said, at Hallmark Abstract Service we fully and completely understand the dedication and loyalty that is hard-earned within title insurance/attorney relationships, and we never seek to supplant or usurp that with any firm!
After all, Hallmark Abstract very much appreciates that same relationship with our firms clients.
We merely ask the question about having a viable Plan B, because the last place an attorney wants to be is searching the internet for a title insurance provider in the unexpected event that need becomes a reality!
Michael Haltman, President
Hallmark Abstract Service
Phone: (646) 741-6101