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 (NYSDFS) Regulation 208 will go into effect impacting the title insurance industry vis a vis both residential and commercial real estate purchase transactions and mortgage lending.
Unfortunately, however, it seems as if some in the industry are denying that this is in fact the case.
Reg. 208, particularly for those who have been involved with title for a number of years, will have what would have to termed as a generational impact on the way that business will be conducted going forward.
Title closer compensation is going to be changed in a way that the attorney’s, banks, buyers and sellers need to be aware of.
Further, the amount title firms can charge for ‘junk fees’ and other ancillary items on the title bill will be capped.
And finally, in a turn of events that may come as a financial shock to New York restaurants, sports venues and other high-priced entertainment establishments, marketing of just about every kind will be prohibited.
The Times They Are A-Changin’
New York State Closer Compensation Information: Please Read –
Title Insurance Company Prohibited Activities: Please Read –
Here’s an update in the event you needed convincing that December 18, 2017 is indeed coming:
Michael Haltman, President
Hallmark Abstract Service