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Posted By Robert Treuber,
Friday, April 4, 2025
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Superintendent Harris’s Operations and Technology Transformation Hits
Major Milestones with DFS Connect Launch and 1000 Hires and Promotions
Since January 2022 The New York State Department of Financial Services
(DFS) today launched the DFS Connect platform, marking a significant
milestone in the Department’s ongoing operations and technology
transformation. Under Superintendent Adrienne Harris’s leadership, over
the past three years, DFS has executed a strategic plan to invest in
human capital, modernize technological resources, and streamline
processes. These efforts ensure that DFS remains a forward-thinking,
responsive regulator in an evolving financial landscape. “Over the
last three years, we have cultivated a culture of innovation, invested
in new technological infrastructure, and updated key processes,” said Superintendent Harris. “DFS
Connect is a pivotal example of how we are innovating to enhance
regulatory oversight while making it easier for New Yorkers and
businesses to engage directly with the agency,” Over the course of
the next three years, the DFS Connect digital portal will centralize
the Department’s interactions with regulated entities and consumers. DFS
Connect is eliminating outdated, fragmented systems and replacing them
with a single, streamlined platform that enhances efficiency, improves
oversight, and ensures better service to businesses and consumers. With
today’s launch, New Yorkers can now submit complaints about
prescription drug costs, pharmacy benefit managers (PBMs), and drug
manufacturers. Once a complaint is submitted, an individual can track
its status in real-time and communicate directly with DFS staff about
their issue. By 2027, all consumer complaints and regulatory functions
agency-wide, such as licensing, renewals, examinations, financial
statements and legal filings, will be handled seamlessly through DFS
Connect. Since 2022, DFS has prioritized modernizing its
regulatory infrastructure to ensure it is well-equipped to manage
emerging risks. This has included a comprehensive technology overhaul,
the establishment of the agency’s first Data Governance Office, and the
hiring of the Department’s first-ever Chief Technology Officer and Chief
Risk Officer. These steps have allowed DFS to enhance its analytical
capabilities, implement real-time risk monitoring, and improve
decision-making processes. DFS has also invested heavily in
strengthening its workforce, hiring and promoting more than 1,000
individuals over the past three years, including the first class of
financial services examiner trainees since 2018. Additionally, the
Department has expanded its regulatory capabilities by establishing the
Climate Division and the Pharmacy Benefit Unit and elevating key
operational functions by creating an executive leadership role dedicated
to internal operations. These staffing investments, combined with
business process redesign efforts, have eliminated backlogs that had
persisted for years. Since implementing a new regulatory tracking system
in 2023, DFS has now cleared more than 30,000 backlogged regulatory
filings, ensuring more efficient oversight of financial institutions. The
Department will continue to invest in cutting-edge technology,
data-driven oversight, and a highly skilled workforce to maintain its
status as a 21st-century regulator. By enhancing its efficiency and
responsiveness, DFS is not only adapting to the complexities of the
modern financial landscape but also strengthening protections for New
Yorkers and the financial system at large. For more information or to sign up for DFS Connect, visit the DFS website or the DFS Connect platform.
Tags:
consumer
DFS
portal
Regulations
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Posted By Bill Collins,
Thursday, March 20, 2025
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IQS will be taking over Monroe County’s Land Records starting 4/1/2025. There will be eventually be a paywall to view said records. To aid with the transition, no instruments will be put on record on 3/28, or accepted electronically, though instruments will be accepted and time stamped if presented personally at the MCCO desk. No receipts for the instruments will be given at the counter that day.
Tags:
County Clerks
IQS
Monroe County
recording
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Posted By Robert Treuber,
Monday, March 10, 2025
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EXECUTIVE COMMITTEE MEETING
New York State Land Title Association
First American Title Insurance
666 Third Ave, NY.NY
March 11, 225
10:30 AM
AGENDA
1. Call to order – President Canino
2. Roll call - Executive Director Treuber
3. President’s Greeting – President Canino
4. Approval of February Minutes - Executive Director Treuber
5. Exec Director Report – Executive Director Treuber
6. Treasurer’s Report – Ms. Schwartzman
7. Title Section Report – Chair Alonso
8. Agent Section Report – Chair Giliotti
a. Municipal Charges
b. Infographics
c. Reg. 208
d. Yonkers
e. PAC- Expanding
9. Advocacy Committee Report – Chair Pereyo & Chair Stancanelli
10. Education Committee – Chair Carrillo
11. Career Development Committee – Chair Vozza
12. Legislative Committee Report – Chair Pro Tem Spinner
13. Municipal Liaison Committee Report – Chair Bivona
14. Charitable Works Committee – Chair Roper
15. New Business
16. Adjourn
The twelve voting members of the Agents and Abstracters Section will be:
Richard Giliotti
John Burke
Sarah Labar
Bill Collins
Phil O’Hara
Linda Lynch
Andrew Zankel
DeAnna Stancanelli
Sal Turano
Mark D’Addona
The next Executive Committee Meeting will be held at 10:30 am on April 8, 2025 via ZOOM.
Tags:
Executive Committee
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Posted By Vinny Bivona - Chair of Municipal Liaison Committee,
Wednesday, January 29, 2025
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Please note the NYC HPD Online website has been experiencing display issues affecting the system’s ability to display open work orders with dollar amounts that have been completed by HPD but not yet transferred to DOF for collection. The municipal liaison committee is aware of this issue and is communicating with HPD as they work towards a solution. There have been multiple maintenances to the site recently with hopes that each maintenance would correct the issue. Last night’s maintenance was the latest performed maintenance still without resolve. The individual service companies are carefully reviewing the HPD records and those searches that are accurate are being sent timely. Those that are shown to have issues are being held or completed with a disclaimer until HPD corrects the problem. We will continue to monitor and stay in communication with HPD until this is resolved.
Tags:
NY DOF
NY HPB
NYC
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Posted By Vinny Bivona - Chair, Municipal Liaison Committee,
Tuesday, January 28, 2025
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Effective February 1, 2025, the Town of Cortlandt in Westchester County will increase their Municipal Title Search Fees to $150 per search fee plus $20 per copy.
See attached Town of Cortlandt Master Fee List.
A chart of municipal search fees is posted to the County & Municipal File Library in the Member Resources Section . You must be signed in to your member account to access the Resource Section.
You can download the current chart from the first link below. Logged-in members can find an updated chart of all available municipal fees in the 2nd link below
Attached Files:
Tags:
fee chart
Municipal Liaison
Town of Cortlandt
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Posted By Robert Treuber,
Monday, January 27, 2025
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A2739 |
NYS Assembly Member Cruz introduced a bill, A2739, this week.
The bill, if it becomes law, will regulate the
business practices of mortgage pay-off servicers and mortgagees as it
pertains to payment acceptance.
This measure originated with the NYSLTA. We met with
Assembly Member Cruz to present the problem of pay-off servicers
destroying bank checks, blocking our ability to contact the services for
remedy and other problems for title companies and their clients.
The result of such practices created interest
windfalls for lenders, the risk of foreclosure by sellers and
purchasers, and delays in remedying a payoff due to improper lender
notification.
Our Greenberg-Traurig consultants and the Advocacy Committee drafted sample language that is presented in this bill.
Conversations are being held to find a Senate sponsor to introduce a "same-as" bill in the State Senate..
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If payment is received at the location and in the manner specified by the mortgagee:
- The pay-off servicer / the mortgagee must accept and may not return or destroy any payment received in reliance on a payoff statement;
- The pay-off servicer / the mortgagee must promptly apply such payment to the unpaid principal, interest or any other amounts due under the mortgage.
Failure to comply results in fines to the mortgagee.
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- Title companies would now have the force of law and the remedy
of escalating fines to correct pay-off servicer business practices.
- This bill is a milestone for NYSLTA, as it is the first time we have proposed a legislative cure for a title industry problem.
- By first strategically presenting this issue to the DFS Banking
Division and Insurance Division and gaining their understanding of the
problem, we are positioned to have the regulator's acknowledgement for
the need to cure when queried by the legislative staff.
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- The NYSLTA furthers its credentials as a consumer advocate.
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After several title agents reported problems with
pay-off services, the NYSLTA began outreach in 2019 and succeeded in
arranging meetings with senior executives at SPS. Although solutions and
changes in their business practices were discussed and promised, the
change never came about.
We continued to seek corrections with
payoff-servicers. We had a series of email and ZOOM communications with
the Mr. Cooper company. Small improvements were accomplished but the
problems persisted industry-wide.
In 2023, the NYSLTA Advocacy Committee met with the
DFS Banking Division to alert them to these issues. In 2024, our DFS
Consultant at Greenberg-Traurig addressed the problems with pay-off
servicers and other title insurance issues with the DFS Insurance
Division.
Late in 2024, the NYSLTA discussed this issue with
Assembly Member Catalina Cruz, who expressed interest in helping us.
Working with our lobbyists at Greenberg-Traurig, the Advocacy Committee
outlined a legislative measure which Assembly Member Cruz and her staff
turned into the bill attached to this email.
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- We will work with a member of the Senate to introduce a senate version of the bill.
- Make sure your TAN membership is current. Go HERE to check or sign-up.
- Respond to TAN alerts. It is the easiest way for you to tell your representatives WHY this bill is important.
- Read NYSLTA email for updates and check the Newsblog on the NYSLTA website.
Tags:
Catalina Cruz
mortgage pay-off
mortgage servicers
mortgagee
NYS Assembly
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Posted By Robert Treuber,
Tuesday, January 7, 2025
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We are informed by the City of Beacon Building Department of the following.
Please note that effective January 1, 2025, our fee for municipals (title searches) will increase from $150.00
to $175.00. Mercedes Perez Municipal Secretary Building Department P: 845-838-5002 City of Beacon One Municipal Plaza, Suite 4 Beacon, NY 12508 Building Department: https://beaconny.gov/index.php/departments/building-department/ Planning Board: https://beaconny.gov/index.php/government/boards-committees/planning-board/ Zoning Board: https://beaconny.gov/index.php/government/boards-committees/zoning-board/
Tags:
Beacon
Municipal Liaison
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Posted By Robert Treuber,
Monday, January 6, 2025
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Every year the New York State Department of Taxation and Finance (DTF) updates forms IT-2663 and IT-2664. The forms are income tax forms (thus the “IT”) and are required when an out of state resident transfers real property (IT-2663) or a coop apartment (IT-2664) in New York State. The dates on the forms change every January 1. Therefore, the 2024 form will not be accepted for any 2025 transfers. Attached are the new 2025 IT-2663 and IT-2664 forms, along with instructions. Be sure to use same for all transactions that close in 2025 when the transferor is an out of state resident (individual, estate or trust) See download links below.
Attached Files:
Tags:
NYS Dept Tax & Finance
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Posted By Robert Treuber,
Monday, January 6, 2025
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New York State Department of Taxation and Finance sent this bulletin at 01/03/2025 01:21 PM EST Effective
January 1, 2025, the mortgage recording tax imposed on the recording of
mortgages on real property located in Chenango, Cortland, and Otsego
Counties has changed. For more information, see the following mortgage
recording tax rate change notices: -
MT-24-1, Changes to the Mortgage Recording Tax Rates Affecting Chenango County
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MT-24-2, Changes to the Mortgage Recording Tax Rates Affecting Cortland County
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MT-24-3, Changes to the Mortgage Recording Tax Rates Affecting Otsego County
For additional information on mortgage recording tax, visit Mortgage recording tax.
Tags:
NYS Dept Tax & Finance
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Posted By Vinny Bivona - Chair Municipal Liaison Committee,
Thursday, January 2, 2025
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- Recently, the City of Yonkers began an imaging project using an off-site third party vendor to image all of their Building Department files and folders.
- Initially, the project would occur Section by Section (there are 6) and any requests for a folder that was currently off-site, would be requested directly with the vendor and returned within a week or two.
- Since then, it was decided that all the files will be moved off-site one time and none of the originals remain in the Building Department file room.
- Of the approximately 16,500 City of Yonkers parcels, about 200 have been imaged and returned to the Yonkers Building Department.
- The file room appointments to review and request files have been reduced to Tuesdays and Thursdays only.
- Yonkers is addressing our requests with the vendor, but the files are taking longer than the initial 1-2 weeks we were told it would take to be scanned and returned to the file room.
- At this time the City of Yonkers Building Department has not released any update for an estimated project completion date.
Municipal Liaison Committee
Vinny Bivona - Chair
Nick Coffaro - Vice-chair
Tags:
MLC
Municipal Liaison Committee
Yonkers
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