On May 12th, the NY Times ran an editorial titled, The Title Insurance Scam.

NYSLTA President, Rafael Castellanos send the following letter to the editor:

The Editor
The Times Center
The New York Times
620 8th Avenue
New York, NY 10018
Submitted via E-Mail as Per Instruction

May 14, 2015

Editor,
I write in response to the May 12 editorial that conflates several matters of independent action under an inflammatory headline with a common nexus – the title insurance industry.

For more than 30 years I have worked in the industry, and today serve as the president of the New York State Land Title Association, a statewide professional organization representing hundreds of small business and thousands of trusted professionals with a record of protecting residential and commercial purchases by consumers and investors. Our actions are honorable and the service we provide to the real estate finance community is valuable.

Over the last several years, we have worked closely with the New York State Department of Financial Services and Governor Cuomo to improve upon proposed legislation that resulted in a law requiring the licensing of title professionals - a standard that ensures transparency and a more robust regulatory structure, which this Association advanced for more than 10 years prior to passage.

We also provide direct feedback to state and federal regulators who may not be familiar with the subtleties, intricacies and details of a real estate transaction or a profession that is hallmarked by integrity.

Many of the statements contained in the editorial touching on consumer abuses are not a factor in New York State, where the recommendation of a title agent is most often made by the consumer’s personal attorney.

We are saddened by the broad brush strokes used to paint our profession and our colleagues in the legal profession so unfavorably.

Rafael Castellanos
New York State Land Title Association
65 Broadway, Suite 501
New York, NY 10006
(212) 964-3701

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