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April Executive Commitee Agenda

Posted By Robert Treuber, Friday, April 6, 2018
Updated: Friday, April 6, 2018

 


EXECUTIVE COMMITTEE MEETING

New York State Land Title Association
First American Title Insurance Company
666 Third Avenue
New York NY 10017
April 10, 2018

10:30 AM

 

AGENDA

1. Call to order – President Estrella
2. President’s Greeting – President Estrella
3. Approval of March 2018 Minutes - Executive Director Treuber
4. Exec Director Report – Executive Director Treuber
5. Treasurer Report – Executive Director Treuber
6. Article 78 Litigation Report – President Estrella & Chair Giliotti
7. Legislative Advocacy Report – President-elect Stancanelli & Exec. Dir. Treuber
8. Title Section Report – Chair Keyse
9. Agent Section Report – Chair Giliotti
10. Education Committee – Chair Labar
11. Government Regulations Committee Report – Chair Partridge
12. Law Committee – Chair Danzi
13. Legislative Committee Report – Chair Keyse
14. New Business
15. Adjourn

 

 

Tags:  Agenda  EC  Executive Committee 

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March Exec Committee Rescheduled to 3/15

Posted By Robert Treuber, Monday, March 12, 2018
Updated: Monday, March 12, 2018

 

Ole Man Winter not done with us yet!

 

The March EC meeting is rescheduled to Thursday March 15.

 

See the CALENDAR & EVENTS tab for details.

 

 

Tags:  EC  Executive Committee 

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Executive Committee Agenda - March 13, 2018

Posted By Robert Treuber, Friday, March 9, 2018
Updated: Friday, March 9, 2018

 

EXECUTIVE COMMITTEE MEETING

New York State Land Title Association

Benchmark Title Agency

222 Bloomingdale Road

White Plains, NY 10605

March 13, 2018

10:30 AM

 

 

AGENDA

  1. Call to order – President-elect Stancanelli
  2. President’s Greeting – President-elect Stancanelli
  3. Approval of February Minutes - Executive Director Treuber
  4. Exec Director Report – Executive Director Treuber
    1. Sabol Award Nominating Committee Report
  5. Treasurer’s Report – Ms. Pereyo
  6. Title Section Report – Chair Keyse
  7. Legislative Update – President-elect Stancanelli
  8. Agent Section Report – Chair Giliotti
    • Cybersecurity reporting issues
    • PAC
    • Legal Defense Fund
    • Agents are looking for rules what they can and cannot charge
    • New TIRSA manual
    • Mutual Letter of Indemnity
  9. Report Article 78 proceeding – Chair Giliotti
  10. New Business
  11. Adjourn

Tags:  Agenda  EC  Executive Committee 

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February Executive Committee Meeting Agenda

Posted By Robert Treuber, Friday, February 9, 2018
Updated: Friday, February 9, 2018

 


EXECUTIVE COMMITTEE MEETING


New York State Land Title Association
First Nationwide Title Agency
50 Charles Lindbergh Blvd
Uniondale, NY
February 13, 2018
10:30 AM



AGENDA


1.    Call to order – President Estrella
2.    President’s Greeting – President Estrella
3.    Approval of January Minutes - Executive Director Treuber
4.    Exec Director Report – Executive Director Treuber
       a.    Nominees for 2018 Sabol Award
5.    Treasurer Report – Ms. Pereyo
6.    Title Section Report – Chair Keyse
7.    Agent Section Report – Chair Giliotti
      a.    Closers
      b.    Pick-up fees on various items
      c.    Lender attorney confusion
      d.    Creativity
      e.    What we are doing for the Agents
8.    Status Report on Regulation 208 – President Estrella & Chair Giliotti
       a.    Expedited authority discussion
9.    Education Committee – Chair Labar
10.    Law Committee – Chair Danzi
11.    Legislative Committee Report – Chair Keyse
12.    Public Relations Committee Report – Chair Collins
13.    New Business
14.    Adjourn

The eleven voting members of the Agents and Abstracters Section will be:
DeAnna Stancanelli
Bill Collins    
Eric Swarthout    
John Burke
Jean Partridge    
Sarah LaBar    
Tommy Tafuri    
Vincent Danzi
Richard Giliotti    
Mark D’Adonna    
Paul Spano    
Susan Donofrio

Tags:  Agenda  Executive Committee 

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January 2018 Executive Committee Agenda

Posted By Robert Treuber, Monday, January 8, 2018
Updated: Monday, January 8, 2018

 

EXECUTIVE COMMITTEE MEETING

New York State Land Title Association

First American Title Insurance Company

666 Third Avenue

New York NY 10017

January 9, 2018

10:30 AM

 

 

AGENDA

  1. Call to order – President Estrella
  2. President’s Greeting – President Estrella
  3. Status Report on NYSLTA activities concerning DFS – President Estrella
  4. Approval of December Minutes - Executive Director Treuber
  5. Exec Director Report – Executive Director Treuber
  6. Treasurer Report – Ms. Pereyo
  7. Title Section Report – Chair Keyse
  8. Agent Section Report – Chair Giliotti
  9. Municipal Liaison Committee Report – Chair Scaturro
  10. Education Committee – Chair Labar
  11. Government Regulations Committee Report – Chair Partridge
  12. Land Records Committee – Chair Tafuri
  13. Law Committee – Chair Danzi
  14. Membership Committee Report – Chair O’Hara
  15. Adjourn

 

The eleven voting members of the Agents and Abstracters Section will be:

 

 

 

 

DeAnna Stancanelli

Richard Giliotti

Charlie Wimer

Sal Turnao

Eric Swarthout

Mark D’Adonna

Vincent Danzi

Susan Donofrio

Jean Partridge

Tommy Tafuri

Terrence Guerriere

Larry Litwack

 

 

 

 

 

 

 

 

Tags:  EC  Executive Committee 

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Oct EC Meeting Notes

Posted By Robert Treuber, Friday, October 20, 2017
Updated: Friday, October 20, 2017

 

Folks who called in to the conference line for Wednesday’s EC meeting encountered a 90+ minutes interruption due technical issues. NYSLTA appreciates the fast response and assistance from the tech staff at our host First American.

 

This report is not the official minutes of the meeting. It is a recap of the discussion about the new DFS regulations.

 

Call to order at 10:32 AM

 

President Rich Estrella:

 

Welcomes attendees and thanks everyone for joining today’s meeting

 

The regulations are the primary focus of today’s meeting. And the following are some of the issues we should be aware of and may be discussing

 

What do the regs say?

When and how will they be adopted?

Will NYSLTA be able to meet with DFS to discuss the Regulations?

How shall we respond to the DFS press release announcing the Regulations?

What impact will the State Comptroller’s audit of DFS have?

What assistance and support can we expect to receive from the Legislators?

How do the Underwriters plan to respond?

Is litigation an option? What will it cost and what are the odds of success?

What are the consequences of litigation?

 

The Officers, the Government Regulation Committee, the PR Committee, our lobbyist and our communications consultants have been meeting to look at all aspects of the regulations.  We are in the process of gathering information. 

 

We have 60 days before Regulation 208 takes effect. So let’s not act on impulse and understand the consequences of our decisions.

 

 Title Section Report – President Estrella

 

Noted that the Title Section spoke a few days earlier to discuss a press release and the need for the Underwriters to seek direction from their corporate offices as to the direction they should proceed.

 

Government Regulations Committee (Chair- Jean Partridge; Vice Chair-Judy Lanahan):

NOTE – The GR Committee is developing a bulletin comparing emergency reg 206 and the newly published reg 206. It will be issued in a few days, after thorough review by all members of the committee. The following comments are non-comprehensive highlights offered during the meeting.

 

Regulation 206

 

As of today, October 18, regulation 206 is in effect. There are a number of differences from the emergency regulation 206, which we have been operating under for three years.  The GR Committee is going to issue a memo comparing the two versions.

 

DFS now says the common practice of a clearance account or exchange account is acceptable and permissible. The prohibition on co-mingling of funds stands.

 

The DFS does not believe agents “remit” to the UW. The DFS believe the agents portion of the premium is a commission.

 

Affiliated businesses and joint ventures are required to provide all core title services as a distinct business entity. The requirement of “multiple and significant” source of business is removed. The attorney exemption is retained.  Affiliated businesses and joint ventures must compete for clients in the open marketplace.

 

The agent and/or Underwriter liability for Closer actions was reiterated.

 

Regulation 208

 

The DFS’s stated purpose of the regulation is to “protect the consumer and the public welfare. The Department claims agent expenses cause the premium rate to be needlessly excessive.

 

Special attention should be given to the definitions section 228.1.

 

Applicant is defined as the fee insured or owner or purchasers of the property. The real estate attorney is not the applicant.

 

Escrow is only a fee collateral to pay a lien. Agents may charge $50 per escrow. They may be unbundled.  An escrow is not a disbursement or down payment.

 

Residential real property is a 1-4 unit dwelling, coop or condo. Vacant land, hotel, motel and mixed use property is not deemed residential.

 

Section 228.2 has major changes. It contains a listing of permissible and prohibited expenditures for marketing and entertainment. Reference to section 6409d, wherein anything of value is deemed an inducement, including instance where there is no quid pro quo.

 

Comment was made here about bills entered into the legislature in the 2017 session by Sen. Seward and Assembly member Cahill, S6704 and A8467, which clarifies the legislature’s intent in 6409d and counters the DFS re-interpretation.

 

Part 228.2 (b) is the list of prohibited activities, part (c) is the permitted activities. The Association is seeking clarification from DFS on several items which are confusing and inconsistent.

 

Section 228.3 requires a re-statement of data for the previous six years, excluding expensed newly defined as prohibited, for th purpose of rate calculation.  In lieu, the Underwriter may reduce premium rates 5% across the board. This must be completed by June 2018.

 

A number of comments at this time questioned TIRSA’s role. Ms. Shapiro of AmTrust, formerly Executive Director of TISA, explained per statute rates must be based on statistical analysis of data. Furthermore, title agent expenses are not a factor in the rate calculation.

 

Section 228.5 seeks to bring charges for ancillary services under DFS control. The limits apply only to residential properties.  It was clarified that “200%” means a cost to applicant of twice the original expense, not an incremental charge of 200% in addition to the original expense.

 

Problems in the text of the regulation were noted in reference to certain municipals charged directly by the government body or not meeting the definition of a search or a recording.

 

This section also cites restrictions on compensation to Closers. The collection of a payoff or pick-up fee must be disclosed to the applicant three days in advance by the agent and appear on the invoice.  Pick-up fees must be reasonable and consistent.

 

Gratuities to Closers are prohibited and they may not accept payment from the applicant either directly or indirectly.

 

Title Section Report – President Estrella

 

Noted the Title Section had met a few days earlier and agreed they needed to seek direction from corporate as soon as possible.

 

Agent Section Report – Chair Giliotti

 

Characterized the regulations in disparaging terms. He urged the Members to use the 60 days before 208 is in effect to “figure this out” and noted 208 contradicts itself and contradicts the TIRSA rate manual.

 

Rhetorically queried the attendees on options: meet with DFS and seek changes; pursue Senate and Assembly Insurance Committees to hold hearings; seek legislation; litigate; file TRO; article 78 proceeding.

 

Speculated one-third of Closers and one-third of agents could be put out of business.

 

Sentiment of the Agent Section is to support Underwriters against DFS.

 

Comments from Scott Wexler, NYSLTA Lobbyist:

 

Noted that he has identified Deputy Superintendent Cassandra Lentchner as “go to” person for follow-up questions and clarifications. Also, he is pursuing the DFS issued “Full Assessment of Public Comments.

 

Public relations and Advocacy – Noted any news stories that come out following the DFS news release are not significant to the legislative process. Strategic messages that shape the public perception of the NYSLTA are helpful.

 

A meeting with Superintend Vullo can be accomplished but the value of the meeting depends on what the goal of the meeting is. It is possible to be professional and aggressive without being nasty.

 

The Seward/Cahill bills address 6409d only. A senate hearing can be a useful tactic by putting pressure on DFS, give them less wiggle room and to set the stage for legislation.  If NYSLTA had a legislative solution, we would have good (not great) support.

 

The value of litigation is as a tactic that supports a legislative solution.

 

Communications consultant Rich Bamberger

He stressed the short-term issue of responding to the DFS regs versus the long term solution of shifting the perception of the title industry in New York.

 

Next steps

 

NYSLTA is going to organize Town Hall meetings in early November for Members.

“Explainer” bulletins will be issued by the Government Regulations Committee

Options for litigation will be explored pending responses from the underwriters.

 

 

 

Tags:  DFS  EC  Executive Committee  Reg 206  Reg 208 

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October 2017 Executive Committee Agenda

Posted By Robert Treuber, Tuesday, October 17, 2017
Updated: Tuesday, October 17, 2017


EXECUTIVE COMMITTEE MEETING

New York State Land Title Association
First American Title Insurance Company
666 Third Avenue
New York NY 10017
October 18, 2017
10:30 AM


AGENDA

Call to order – President Estrella
President’s Greeting – President Estrella
Approval of September Minutes - Executive Director Treuber
Exec Director Report – Executive Director Treuber
Approval of the 2018 Budget - Executive Director Treuber
Treasurer’s Report – Ms. Pereyo
Discussion of DFS regulations 206 & 208 – President Estrella
     Government Regulations - Chair Partridge
     Section Chairs Keyse & Giliotti

Committee Reports
New Business
Adjourn

The eleven voting members of the Agents and Abstracters Section will be:
Richard Giliotti  

Bill Collins    

Jean Partridge    

Mark D’Addona
DeAnna Stancanelli    

Paul Spano    

Tommy Tafuri    

Susan Donofrio
Terence Guerriere    

Vince Danzi    

Sarah LaBar    

The next Executive Committee Meeting will be held at 10:30 am on November 14, 2017 at First Nationwide Title Agency, 50 Charles Lindbergh Blvd. Uniondale, NY 11553.

Tags:  DFS  EC  Executive Committee  Reg 206  Reg 208  Regulations 

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Executive Committee Agenda for September 12, 2017

Posted By Robert Treuber, Friday, September 8, 2017
Updated: Friday, September 8, 2017

EXECUTIVE COMMITTEE MEETING

New York State Land Title Association

Benchmark Title Agency

222 Bloomingdale Road, White Plains, NY

September 12, 2017

10:30 AM

 

AGENDA

  • Call to order – President Estrella
  • President’s Greeting – President Estrella
  • Approval of Minutes August 21, 2017 - Executive Director Treuber
  • Exec Director Report – Executive Director Treuber
  • Treasurer Report – Ms. Pereyo
  • Title Section Report – Chair Keyse
  • Agent Section Report – Chair Giliotti
    • NYC Rejects and Richmond County
    • Resolution Committee
    • 206 and 208 Where are we and what course of action will we be taking.
    • Public Relation firm
    •  Fin-CEN 8300
    •  Mutual Indemnification Agreement
    • PAC
  • Charitable Works Committee Report – Chair Roper
    • Convention auction
    • Hurricane Harvey support for Stewart families in Houston
  • Education Committee Report – Chair Labar
  • Government Regulations Committee Report – Chair Partridge
  • Land Records Committee – Chair Tafuri
  • Law Committee – Chair Danzi
  • Municipal Liaison Committee Report – Chair Scaturro
  • Newsletter Committee Report – Chair Schirtzer
  • New Business
  • Adjourn

The eleven voting members of the Agents and Abstracters Section will be:

R. Giliotti

D. Stancanelli

R. Castellanos

J.Partridge

E. Swarthout

M.Lisk

V. Danzi

M.D’Addona

P.Spano

T.Tafuri

S.Labar

 

Tags:  Agenda  EC  Executive Committee 

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Formal Comments on DFS' Proposed Regulations

Posted By Robert Treuber, Monday, June 19, 2017
Updated: Monday, June 19, 2017

On Monday, June 16, 2017 the NYSLTA submitted formal comments to the NY Department of Financial Services via email.

 

The letters are attached to this blog post.

 

The content of the letters was approved by the Executive Committee.

 

The effort to product these comment letters was a led by the Government Regulations Committee with support from the Officers.

 

 

Download File (PDF)

 Attached Files:

Tags:  DFS  EC  Executive Committee  Reg 206  Reg 208  Regulations 

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June Executive Committee Meeting Agenda

Posted By Robert Treuber, Monday, June 12, 2017
Updated: Monday, June 12, 2017

EXECUTIVE COMMITTEE MEETING
New York State Land Title Association
First Nationwide Title Agency
50 Charles Lindbergh Boulevard
Uniondale, NY 11553
June 13, 2017
10:30 AM


AGENDA
1.    Call to order – President Collins
2.    President’s Greeting – President Collins
3.    Approval of May Minutes - Executive Director Treuber
4.    Exec Director Report – Executive Director Treuber
5.    Nomination of Officers for the 2017-2018 Membership Year – Executive Director Treuber
a.    The Executive Committee will take nominations for President-elect and Treasurer
6.    Treasurer Report – Ms. Pereyo
7.    Title Section Report – Chair Bagwell
8.    Agent Section Report – Chair Giliotti
9.    Government Regulations Committee Report – President Collins
a.    Update on the progress of the response to proposed regulations
b.    Time frame to completion
c.    War gaming/scenario planning for outcomes
d.    Options for Litigation – Legislation
e.    Next steps – phone vote, July EC meeting
10.    Adjourn

Tags:  DFS  EC  Executive Committee  Regulations 

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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.