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Behind the Curtain: Slow, hard AI [from Axiois]

Posted By Robert Treuber, Tuesday, September 9, 2025

Julie Sweet, CEO of consulting giant Accenture, has a rare line of sight into the AI ambitions and worries of the world's biggest companies.

https://www.axios.com/2025/09/09/behind-the-curtain-slow-hard-ai?stream=top

 

"...companies need more than AI-proficient staff. They need leaders, often different from the ones existing today, who can figure out how to pull AI levers across the company to truly move the needle meaningfully...."

 

 

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Change in classificatin of property in Rockland town of Haverstraw

Posted By Robert Treuber, Monday, August 25, 2025

A5364

Carroll P
Limiting the shift between classes of taxable property in the town of Haverstraw, county of Rockland
Same as S 5233 WEBER
SUMM :Amd S1903, RPT L Relates to limiting the shift between classes of taxable property in the town of Haverstraw, county of Rockland for 2025-2026.

Tags:  Chaptered bills  Rockland County 

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Gov Hochul signs 18 bills effective Aug 7

Posted By Robert Treuber, Monday, August 11, 2025


Bill No.     
A5380    Bronson
Extends the authorization for the county of Monroe to impose certain sales and compensating use taxes
Same as S 6669 COONEY
SUMM : Amd S1210, Tax L Extends the authorization for the county of Monroe to impose certain sales and compensating use taxes to November 30, 2027.
Eff. Date 08/07/2025

A6531    Miller
Extends authorization of the county of Herkimer to impose a county recording tax on obligation secured by a mortgage on real property
Same as S 5607 WALCZYK
SUMM : Amd S2, Chap 549 of 2005 Extends authorization of the county of Herkimer to impose a county recording tax on obligation secured by a mortgage on real property to 12/01/2027.
Eff. Date 08/07/2025 



A8210    Kelles CO: Gallahan
Extends provisions of law authorizing the county of Cortland to impose an additional mortgage recording tax
Same as S 7912 WEBB
SUMM : Amd S2, Chap 443 of 2007 Extends provisions of law authorizing the county of Cortland to impose an additional mortgage recording tax until December 1, 2027.
Eff. Date 08/07/2025 


S21    STEC
Relates to expenditures for Warren county community colleges; extends the effectiveness of provisions relating to an additional Warren county mortgage recording tax
Same as A 3980 Simpson
SUMM : Amd S261, Tax L; amd S2, Chap 368 of 2008 Relates to Warren county no longer providing community colleges funding with excess funds from the collection of mortgage recording taxes as such money is allocated to the CDTA; extends the effectiveness of provisions relating to an additional Warren county mortgage recording tax to December 1, 2027.
Eff. Date 08/07/2025 


S1078A    HELMING
Extends provisions of law authorizing the county of Livingston to impose an additional mortgage recording tax
Same as A 2728-A Bailey
SUMM : Amd S2, Chap 373 of 2019 Extends provisions of law authorizing the county of Livingston to impose an additional mortgage recording tax until December 1, 2027.
Eff. Date 08/07/2025


S2111    OBERACKER
Relates to the authority for the impose an additional mortgage recording tax in Otsego county
Same as A 5479 Tague
SUMM : Amd S2, Chap 374 of 2024 Extends the authority for the county of Otsego to impose an additional mortgage recording tax.
Eff. Date 08/07/2025

S3495    O'MARA
Extends provisions relating to the mortgage tax in the county of Steuben
Same as A 6659 Palmesano
SUMM : Amd S3, Chap 365 of 2005 Extends provisions relating to the mortgage tax in the county of Steuben until December 1, 2027.
Eff. Date 08/07/2025 


S3497    O'MARA
Extends provisions relating to the mortgage tax in the county of Yates
Same as A 4069 Palmesano
SUMM : Amd S2, Chap 366 of 2005 Extends provisions relating to the mortgage tax in the county of Yates until December 1, 2027.
Eff. Date 08/07/2025


S3626    OBERACKER
Extends the authorization for the county of Schoharie to impose a county recording tax on obligation secured by a mortgage on real property
Same as A 4135 Tague
SUMM : Amd S2, Chap 333 of 2006 Extends the authorization for the county of Schoharie to impose a county recording tax on obligation secured by a mortgage on real property.
Eff. Date 08/07/2025


S4543    OBERACKER
Extends the mortgage recording tax for Chenango county and relates to the depositing of mortgage recording tax funds into the general fund of the county of Chenango
Same as A 5351 Angelino
SUMM : Amd S2, Chap 376 of 2024; amd S261, Tax L Extends the mortgage recording tax for Chenango county; relates to the depositing of mortgage recording tax funds into the general fund of the county of Chenango.
Eff. Date 08/07/2025


S6212    HINCHEY
Extends the authorization of the county of Greene to impose an additional mortgage recording tax
Same as A 5007 Tague
SUMM : Amd S2, Chap 218 of 2009 Extends the authorization of the county of Greene to impose an additional mortgage recording tax.
Eff. Date 08/07/2025


S6216    WALCZYK
Extends provisions allowing the county of Fulton to impose a mortgage recording tax
Same as A 7443 Smullen
SUMM : Amd S2, Chap 489 of 2004 Extends provisions allowing the county of Fulton to impose a county recording tax on obligation secured by a mortgage on real property to November 30, 2027.
Eff. Date 08/07/2025


S6740    BORRELLO
Extends the authorization of the county of Cattaraugus to impose an additional mortgage recording tax
Same as A 7420 Sempolinski
SUMM : Amd S2, Chap 98 of 2009 Extends the authorization of the county of Cattaraugus to impose an additional mortgage recording tax until December 1, 2027.
Eff. Date 08/07/2025



S7080    HINCHEY
Extends the authority of the county of Columbia to impose an additional real estate transfer tax
Same as A 7665 Bendett
SUMM : Amd S2, Chap 556 of 2007 Extends the authority of the county of Columbia to impose an additional real estate transfer tax by two years.
Eff. Date 08/07/2025



S7128    WALCZYK
Extends certain provisions authorizing the county of Hamilton to impose a county recording tax on obligations secured by mortgages on real property
Same as A 7713 Smullen
SUMM : Amd S2, Chap 326 of 2006 Extends certain provisions authorizing the county of Hamilton to impose a county recording tax on obligations secured by mortgages on real property to December 1, 2027.
Eff. Date 08/07/2025


S7525A    FAHY
Extends the authorization to impose a county recording tax on obligations secured by a mortgage on real property in Albany County
Same as A 8114-A Steck
SUMM : Amd S2, Chap 405 of 2005 Extends the authorization to impose a county recording tax on obligations secured by a mortgage on real property in Albany County.
Eff. Date 08/07/2025


S8180    SEPULVEDA
Extends authorization for the city of New York to sell certain property owned by such city
Same as A 8426 Cook
SUMM : Amd S2, Chap 548 of 2010 Extends the authorization for the city of New York to sell to abutting property owners real property owned by such city, consisting of tax lots that cannot be independently developed due to the size, shape, configuration and topography of such lots and the zoning regulations applicable thereto.
Eff. Date 08/07/2025





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Greene County Bill Signed by Governor Hochul

Posted By Robert Treuber, Tuesday, August 5, 2025
 A bill was signed and chaptered to amend chapter 218 of the laws of 2009  amending the tax law relating  to  authorizing the county of Greene to impose an additional mortgage recording tax, in relation to extending  the  effectiveness thereof.

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Rockland County Bill Signed

Posted By Robert Treuber, Wednesday, July 30, 2025

A bill that extends limitations on the shift between classes of taxable property in the town of Clarkstown, county of Rockland for an additional year was signed by Governor Hochul.  This bill would limit shifts between homestead and non-homestead property classes of no more than one percent per year

Section one of the bill amends section 1903 of the real property tax law as it relates to limiting the shift between classes of taxable property to one percent in the Town of Clarkstown.
 
Section two of the bill relates to the effective date. JUSTIFICATION:
Municipalities that have classes of taxable property(homestead/nonhomestead) are often faced with drastic fluctu-
ations in shifts between the two classes of taxable property.  Current law limits those shifts at 5% but this bill would restrict the shift in the Town of Clarkstown to no more than 1%; creating stability in the tax base from year to year. Similar legislation was proposed and implemented last year, this act will extend the limitation on the shift between
classes of taxable property to one percent in the Town of Clarkstown for another year. 

Click here for the bill text.

 

Tags:  Rockland County 

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FinCEN Provides Real Estate Reporting Resources

Posted By Robert Treuber, Monday, July 7, 2025

FinCEN has launched a dedicated webpage for resources pertaining to Residential Real Estate Reporting at https://www.fincen.gov/rre.

This webpage currently houses an initial batch of frequently asked questions, and will be updated on a rolling basis with forthcoming guidance materials.

You can stay updated on FinCEN actions related to Residential Real Estate Reporting, by subscribing to FinCEN Updates.

Go to https://service.govdelivery.com/accounts/USFINCEN/subscriber/new, and select “Residential Real Estate.

Tags:  FinCEN 

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Bills signed for Orangetown, Yonkers & Article 19B

Posted By Robert Treuber, Friday, June 27, 2025

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

 

Tags:  Chaptered bills 

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Bills Signed & Chaptered

Posted By Robert Treuber, Monday, June 23, 2025

Two priority 3 bills were signed and chaptered.

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

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The Property Condition Disclosure Act is Amended

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.

 Attached Files:

Tags:  forms  PCDS 

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Fannie Mae Updates Title and Closing Requirements for Multifamily Mortgages

Posted By Robert Treuber, Tuesday, June 10, 2025

May 13, 2025

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.

 

Tags:  Fannie Mae  forms  Freddie Mac  GSE 

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Contact Us

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New York, NY 10271

212. 964. 3701

info@nyslta.org

Our Mission

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.