The following bills were signed by the Governor and chaptered.
A4390 / S5221 Extends limitations on the shift between classes of taxable property in the town of Orangetown, County of Rockland
A5329 / S432 Extends the expiration of the mortgage recording tax imposed by the city of Yonkers
A7793 / S8187 Extends the effectiveness of article 19-b of the real property actions
and proceedings law providing for special proceedings to convey title to
abandoned commercial and industrial real property
A8069a / S8342 Extends provisions of law relating to the acquisition and disposition of
real property by the metropolitan transportation authority SUMM : Amd Part P §2, Chap 39 of 2019 Extends provisions of law
relating to the acquisition and disposition of real property by the
metropolitan transportation authority.
Eff. Date 06/20/2025
S8346 / A8794 Extends the provisions of accepting payment in lieu of taxes for property acquired for parks or recreational purposes SUMM : Amd §2, Chap 846 of 1970 Extends the provisions of
accepting payment in lieu of taxes for property acquired for parks or
recreational purposes.
Eff. Date 06/18/2025
Posted By Tommy Tafuri - EC Member,
Thursday, June 12, 2025
New York State Real Property Law Article 14 (the Property Condition Disclosure Act) has been amended.
Effective July 1, 2025, a revised Property Condition Disclosure Statement (PCDS) is required. This updated form slightly changed the existing PCDS by adding information regarding the Department of Health (see item No. 36 of the form).
Download a the revised PCDS using the link below.
Except for the updated form, all other rules and conditions set forth in Article 14 remain the same.
Fannie Mae issued an update to its Multifamily Selling and Servicing Guide that modified title and closing requirements for multifamily mortgages.
The changes went into effect for loan applications received on or after May 8.
The published changes to Form 4650 include requirements for:
acceptable title insurers
ordering title commitments
due diligence for the borrower’s organizational documents and the property’s title condition
closing and funding multifamily mortgages with the title company
the issued title policy
The major change impacting title agents is that Fannie Mae now requires title insurance underwriters to perform all funding functions—except where limited by law. This would be in jurisdictions where holding of escrows or funding loan proceeds is considered the practice of law. In these instances, Fannie Mae says a title agent may be perform the funding functions as long as it is reviewed and approved by an underwriter.
These changes are similar to escrow and settlement function requirements Freddie Mac announced last year.
ALTA has met with Fannie Mae and Freddie Mac since last year about these funding changes. ALTA will continue to engage with the agencies to share concerns members have with the new requirements.
After Fannie Mae announced some minor changes last year, it was expected the agency would make additional changes after it identified gaps in its processes for managing multifamily loan origination fraud risk and for overseeing its multifamily seller/servicer counterparties. In its quarterly SEC filing, Fannie Mae reported it has “discovered instances of multifamily lending transactions in which one or more of the parties involved engaged in mortgage fraud or possible mortgage fraud, and we continue to investigate additional multifamily lending transactions in which we suspect fraud may have occurred.”
Fannie Mae said it delegates underwriting in which lenders make specific representations and warranties about the characteristics of the mortgage loans it purchases and securitizes.
“As a result, we do not independently verify most borrower information that is provided to us,” Fannie Mae said in its filing. “This exposes us to the risk that one or more of the parties involved in a transaction (such as the borrower, borrower’s attorney, sponsor, seller, broker, appraiser, property inspector, title agent, lender or servicer) will engage in fraud by misrepresenting facts about a mortgage loan.”
In February 2024, Fannie Mae notified its lenders that it would no longer accept loans from Riverside Abstract and Madison Title. The title companies were involved in deals with New York City-based investor Boruch Drillman, who pleaded guilty in a $165 million mortgage fraud case last year.
Additionally, three real estate investors pleaded guilty to conspiracy in a $119 million mortgage fraud scheme involving a Fannie Mae loan, according to the Department of Justice.
Best Practices
Title companies are encouraged to implement ALTA’s Best Practices and showcase to their lender clients the policies and procedures that are followed to ensure a positive and compliant real estate settlement experience.
Specifically, Pillar 2 of Best Practices recommends procedures to help ensure accuracy and minimize the risk of loss of funds.
With fraud continuing to increase, it’s important settlement service providers understand the demands being put on lenders. Financial institutions will be more inclined to work with title companies, attorneys and settlement service providers that can ensure the least amount of risk when closing real estate transactions.
Anthropic CEO Dario Amodei's warning in our column last week about a looming AI-driven
white-collar job apocalypse ignited a national conversation that pulled
in everyone from former President Obama to President Trump's AI czar.
Critics
saw the warning as alarmist, saying the "doomer" attitude fails to
account for the new jobs and economic riches AI might shower on the U.S.
public.
On the flip side, Obama and others saw the interview as
vital truth-telling — a clear-eyed warning that government and
companies should consider deeply and urgently.
Why it matters:
In the flood of conflicting views, one broad consensus emerged. Every
U.S. citizen should start preparing today for society-shifting AI
advancements coming soon.
So we plucked the best of what AI
experts, government officials, business leaders, AI-savvy college
students and Axios readers sent us to compile a toolkit for turning AI
into a force multiplier for you.
Learn the models: There
are many generative AI models you can use now for free. Here's a cheat
sheet for where to get each one, what it's best for, and what you get if
you upgrade to paid version, via Axios chief tech correspondent Ina Fried:
ChatGPT (OpenAI): The pioneering chatbot offers image and video generation, and can be used through mobile and computer apps as well as via ChatGPT.com (and even an 800 number). ChatGPT Plus service ($20/month)
offers more and earlier access to the latest models, plus additional
privacy options. Check out the advanced voice mode's natural
back-and-forth conversation.
Claude (Anthropic): Though
less-known than ChatGPT, Claude is favored by many businesses for its
impressive coding skills and neutral, helpful tone. The $20-per-month version allows for more usage, priority during busy times and early access to new models.
Grok(X): Built
into X (formerly Twitter), Grok pitches itself as a "truth-seeking AI
companion for unfiltered answers" — though its responses tend to be
similar to those of other engines. Free users get a limited number of
queries and image generations. Paid options include the $30-per-month
SuperGrok and premium subscriptions to X (starting at $8/month).
Perplexity: Perplexity
has carved out a niche as a combination of AI chatbot + search engine.
The $20-per-month Perplexity Pro service offers image generation and
access to a range of models, allowing you to see their different
responses in one place.
Gemini (Google):
Google's assistant can integrate with Gmail and offers a well-regarded
tool called NotebookLM that can turn your notes (or any document) into a podcast. The $19.99-per-month Pro plan includes more access to its Whisk and Veo video tools plus more storage.
Meta AI:
Meta's AI assistant is available across Facebook, WhatsApp and
Instagram, with free access to image generation and a chatbot based on
the company's Llama model.
Apple: Apple has the
most limited AI of the group. But Apple Intelligence offers a taste of
the technology in the apps you already use on your iPhone or Mac,
including tools to tweak your writing, create a custom emoji or generate
images. Apple Intelligence is free but requires a recent Mac or iPhone.
Experiment aggressively: You only see the possible magic by experimenting. Three easy ways to start:
Writing:
Train the model to write in your voice by asking the LLM to save your
writing style after feeding in things you've written in the past. The
more you feed, the better it mimics. Jim has a JimGPT, trained on
hundreds of speeches and columns, as well as a saved version of our
Smart Brevity™ style, fine-tuned to his personal quirks.
Health:
Feed in as much health information as you feel comfortable, including
lab results, and you'll be amazed by generative AI's ability to help
guide you on health choices, workouts, warning signs and supplements.
(Always consult a doctor where appropriate!)
Research: AI
chatbots can be great for preparing for a meeting, understanding a new
subject or planning a trip. Just ask for what you want to know —
background on a person or company, or some good day trips in the city
you're visiting.
Master the prompts: This
is the first advanced technology that you don't need to be a computer
nerd or coder to master. You simply need to master the art of prompting.
These tips are excerpted from a Substack synthesis by Elvis Saravia, a U.K.-based machine-learning research scientist, summarizing a Y Combinator roundtable:
Be hyper-specific & detailed
(the "manager" approach): Treat your LLM like a new employee. Provide
very long, detailed prompts that clearly define their role, the task,
the desired output, and any constraints.
Assign a clear role (persona
prompting): Start by telling the LLM who it should act like (e.g., "You
are a manager of a customer service agent," "You are an expert prompt
engineer"). This sets the context, tone, and expected expertise.
Outline the task & provide a plan:
Clearly state the LLM's primary task (e.g., "Your task is to approve or
reject a tool called..."). Break down complex tasks into a step-by-step
plan for the LLM to follow.
Meta-prompting
("LLM, improve thyself!"): Use an LLM to help you write or refine your
prompts. Give it your current prompt, examples of good/bad outputs, and
ask it to "make this prompt better" or critique it.
Reality check: AI bots are known to sometimes make things up, known as hallucinating. Verify the information you get if you plan to rely on it.
Be
sure you're comfortable with the information you're sharing with an AI
assistant. In some cases, companies may use the data you share to train
the models or serve advertising. Paid versions sometimes allow you to
limit this. This Axios series, "What AI knows about you," details how the various chatbots train their systems.
Know the danger zones:
If you're worried about your current major or job, be clear-eyed that
the following list is areas AI experts think are most vulnerable:
Programming and coding jobs, particularly entry-level, are likely to be the first to be hit.
Telemarketers, some types of teachers, political scientists and arbitrators are quite vulnerable to automation by LLMs, a study by professors at Princeton, NYU and the University of Pennsylvania found.
Image-generating
AI will affect opportunities for interior designers, architects, art
directors and mechanical drafters, the study says.
Own it:
Figure out, now, ways to leverage LLMs to vastly improve your
productivity, creativity and enjoyment. This is a snooze-you-lose
moment. But if you jump in, start to master LLMs, and try to 2x your
output this year and 10x it down the road, this could be a game-changer
for your career.
We encourage Axios colleagues to share their best findings with others in related gigs so that everyone grows with AI.
Go deeper: "Behind the Curtain: A white-collar bloodbath."
Yet missing from much of the debate is a crucial question: What are the tangible costs and benefits of DEI? Who benefits, who doesn’t, and what are the broader effects on society and the economy?
As a sociologist, I believe any productive conversation about DEI should be rooted in evidence, not ideology. So let’s look at the research.
Who gains from DEI?
In the corporate world, DEI initiatives are intended to promote diversity, and research consistently shows that diversity is good for business. Companies with more diverse teams tend to perform better across several key metrics, including revenue,
profitability and worker satisfaction.
A focus on diversity can also offer profit opportunities for businesses seeking new markets. Two-thirds of American consumers consider diversity when making their shopping choices, a 2021 survey found. So-called “inclusive consumers” tend to be female, younger and more ethnically and racially diverse. Ignoring their values can be costly:
When Target backed away from its DEI efforts, the resulting backlash contributed to a sales decline.
But DEI goes beyond corporate policy. At its core, it’s about expanding access to opportunities for groups historically excluded from full participation in American life. From this broader perspective, many 20th-century reforms can be seen as part of
the DEI arc.
Consider higher education. Many elite U.S. universities refused to admit women until well into the 1960s and 1970s. Columbia, the last Ivy League university to go co-ed,
started admitting women in 1982. Since the advent of affirmative action, women haven’t just closed the gender gap in higher education – they outpace men in college completion across all racial groups. DEI policies have particularly benefited women, especially white women, by expanding workforce access.
Many Ivy League universities didn’t admit women until surprisingly recently.
Similarly, the push to desegregate American universities was followed by an explosion in the number of Black college students – a number that has increased by 125% since the 1970s, twice the national rate. With college gates open to more people than ever, overall enrollment at U.S. colleges has quadrupled since 1965. While there are many reasons for this, expanding opportunity no doubt plays a role. And a better-educated population has had significant implications for productivity and economic growth.
While DEI generates returns for many businesses and institutions, it does come with costs. In 2020, corporate America spent an estimated US$7.5 billion on DEI programs.
And in 2023, the federal government spent more than $100 million on DEI, including $38.7 million by the Department
of Health and Human Services and another $86.5 million by the Department of Defense.
The government will no doubt be spending less on DEI in 2025. One of President Donald Trump’s first acts in his second term was to sign an executive order banning DEI practices in federal agencies – one of several anti-DEI executive orders currently facing legal challenges. More than 30 states have also introduced or enacted bills to limit or entirely restrict DEI in recent years. Central to many of these policies is the belief that diversity lowers standards, replacing meritocracy with mediocrity.
But a large body of research disputes this claim. For example, a 2023 McKinsey & Company report found that companies
with higher levels of gender and ethnic diversity will likely financially outperform those with the least diversity by at least 39%. Similarly, concerns that DEI in science and technology education leads to lowering standards aren’t backed up by scholarship. Instead, scholars are increasingly pointing out that disparities in performance are linked to built-in biases in courses themselves.
That said, legal concerns about DEI are rising. The Equal Employment Opportunity Commission and Department of Justice have recently warned employers that some DEI programs may violate Title VII of the Civil Rights Act of 1964. Anecdotal evidence suggests that reverse discrimination claims,
particularly from white men, are increasing, and legal experts expect the Supreme Court to lower the burden of proof needed
by complainants for such cases.
The issue remains legally unsettled. But while the cases work their way through the courts, women and people of color will continue to shoulder much of the unpaid volunteer work that powers corporate DEI initiatives. This pattern raises important equity concerns within DEI itself.
At the same time, in spite of DEI initiatives, women and people of color are most likely to be underemployed and living in poverty regardless of how much education they
attain. The gender wage gap remains stark: In 2023, women working full time earned a median weekly salary of $1,005 compared with $1,202 for men − just 83.6% of what men earned. Over a 40-year career, that adds up to hundreds of thousands of dollars in lost earnings. For Black and Latina women, the disparities are even worse, with one source estimating lifetime losses at $976,800 and $1.2 million,
respectively.
Racism, too, carries an economic toll. A 2020 analysis from Citi found that systemic racism has cost the U.S. economy $16 trillion since
2000. The same analysis found that addressing these disparities could have boosted Black wages by $2.7 trillion, added up to $113 billion in lifetime earnings through higher college enrollment, and generated $13 trillion in business revenue, creating
6.1 million jobs annually.
In a moment of backlash and uncertainty, I believe DEI remains a vital if imperfect tool in the American experiment of inclusion. Rather than abandon it, the challenge now, from my perspective, is how to refine it: grounding efforts not in slogans
or fear, but in fairness and evidence.
Posted By Dammara Lifrieri (Guest-NonMember),
Thursday, May 29, 2025
American Bar Association - Real Property, Trust and Estate Law
DATE: Wednesday, June 4, 2025 TIME: 1:00 – 2:30 p.m. ET
This
webinar teaches attorneys how to vet, challenge, differentiate and
defend real and personal property appraisals by understanding USPAP and
industry standards, spotting
common errors, and properly qualifying experts. It covers key
differences between asset types, real case studies, and strategies to
ensure credible valuation evidence in litigation.
Speaker: Daniel Boring, Kidder Mathews Inc., Nakomis, FL
Posted By Member Luis Ramos,
Wednesday, May 28, 2025
New York CE/CLE Webinar:Title Surveys
Date & Time
May 29, 2025 11:00 AM Eastern Time (US and Canada)
Webinar ID
943 9350 4764
Participant ID
431513
Passcode
930168
Description
Join WFG National Title Insurance Company for a 1-hour CE/CLE webinar aimed at educating title agents and attorneys about land surveys.
After attending this course, you will have a clear understanding of transactional issues related to surveys and how to resolve these types of issues before you get to the closing table.
*This program also provides the opportunity to earn one credit towards the professional practice requirement, appropriate for newly admitted and experienced attorneys.
The New York State Land Title Association, Inc. advances the common interests of all those engaged in the business of abstracting, examining, insuring titles, and otherwise facilitating real estate transactions. The Association promotes the business
and general welfare of its Members and protects real property title holders’ ownership rights.
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