Title Insurance And Governor Cuomo’s Proposed Regulatory Changes: An Industry’s Response!

An Industry’s Response To The Press Release Issued By New York State Governor Andrew Cuomo!

Immediately following the release of New York State Governor Andrew Cuomo’s press release concerning proposed new regulations for the title insurance industry, the two trade associations representing industry participants issued the following statements.

From the New York State Land Title Association:

“The New York State Land Title Association has been working cooperatively with the New York State Department of Financial Services (NYSDFS) to ensure that consumers are protected from unscrupulous actions, receive the benefits of greater transparency and work within an appropriate regulatory structure. In 2014, the Association provided important feedback on legislation establishing the licensing of title agents, and intends to provide valuable input on today’s the proposed regulations”.

From the American Land Title Association:

“We’ve seen reports that the New York State Department of Financial Services found that kickbacks have occurred in the real estate industry,” said Michelle Korsmo, ALTA’s chief executive officer. “Those participating individuals should be held accountable to the full extent of the law for the sake of consumers and the real estate industry professionals who work to remain compliant with state and federal regulations.”

“In communities throughout New York state, the title insurance industry involves more than 9,600 professionals and pays $283 million annually in wages. These individuals range from administrative professionals to title examiners to real estate attorneys. The land title insurance industry assists New York municipalities to collect nearly $1.7 billion in property tax transfers each year. Nationally, the land title insurance industry helps collect more than $4.8 billion in back income taxes and recovers more than $325 million in unpaid child support each year.”

“We look forward to learning more about the Department’s proposed regulations and we encourage all members of the land title insurance industry to submit public comment.”

We anticipate that as new developments present themselves that the industry along with the real estate buying and selling public will continue to be kept apprised by both ALTA and NYSLTA!

New York State Governor Andrew Cuomo Proposes ‘Crack Down’ On The Title Insurance Industry!

Title Insurance And Governor Cuomo’s Proposed Regulatory Changes: Our Thoughts!

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Michael Haltman, President of Hallmark Abstract Service, New York.

HAS is a provider of title insurance in New York State for residential and commercial real estate transactions.

And, for anyone either buying a property or refinancing, remember that although your attorney will likely recommend a title insurance provider you always have the right to choose your own (click here to learn more)!

If you have any questions you can reach Michael by email at mhaltman@hallmarkabstractllc.com.

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