When legislation is proposed that has the potential to impact our business, the bill is reviewed by a Legislative Committee Team. 

Bills that are relevant but not disruptive are rated Priority 3. Bills that concern title insurance but have an unclear or uncertain impact are rated Priority 2. Priority 2 bills are closely watched by our lobbyists for amendments and the velocity of its progress through the two chamber of the legislature.

Bills that directly impact title insurance, either positively or negatively call for action and are rated Priority 1 by the Legislative Committee. Priority 1 bills are taken up by the Advocacy Committee, our professional lobbyists, and any NYSLTA Committee that may be effected by the bills passage.

Each Priority 1 bill is treated separately.  The action taken may be contacting the bill sponsor to offer guidance, issuing a memorandum in support of in opposition to the bill or providing subject matter expertise.  Priority 1 bills may also involve collaborating with non-title entities such as the Association of County Clerks, the Mortgage Bankers Association, and the Bar Association - to name a few.

The current issue of City and State Magazine is dedicated to the topic of insurance.  You can read it online here - https://issuu.com/cityandstate/docs/csny_04092018_version .

This edition contains interviews with the Chairmen of the Insurance Committees in the State Senate and the Assembly, Senator Seward and Assembly Member Cahill.  Both of these gentlemen answer a question on title insurance on page 21 and I encourage you to read their comments. (I also suggest you take a look at the NYSLTA ad on page 23.)

For several months, NYSLTA Members and other concerned citizens have activity communicated with our legislators to repair DFS regulations that threaten our livelihood, disrupt the real estate finance marketplace and create new costs and complications for consumers, lenders and attorneys.

At times, it may appear our efforts are fruitless. I admit the investment is great and to date the returns have been slim. For perspective, I ask you to look closely at Chairman Cahill's reply to the title insurance question.

" Last year, the Assembly Insurance Committee held a hearing on the impact the new regulations are having or would have. The testimony and evidence from stakeholders and consumer advocates was compelling.

Since then, even more colleagues have approached me as chair of the Assembly’s Insurance Committee to discuss title insurance regulatory change.

In fact, more than any other single insurance topic, Assembly members from across the state have brought the concerns of their constituents regarding title insurance regulation to my attention.

While some would attribute the currency of the issue to heavy industry lobbying, it is clear, instead, that the disruption caused by regulatory overreach has impacted stakeholders in every phase of real estate transactions..."

This growing awareness and understanding of the problematic consequences of DFS regulation 208 is the result of YOUR phone calls, YOUR emails, YOUR person-to-person conversations with legislators and key staffers.

The process is slow but this is how we build a presence for the title insurance industry in the halls of government. One by one, one meeting at a time, with follow-up and repetition, with single-minded and consistent messaging - this is how we counter the misinformation and misunderstanding about the work we do and the financial product we provide.

Our work informing and educating the legislators and their staff does not end with Regulation 208. Next year and every year after that, we will function under the purview of the DFS.  Strong relationships in the legislature are our best means of counterbalancing onerous regulation.

If you have sent an email or made a phone call to your Senator or Assembly Member - thank you and now take the next step and meet with them in person.  If you have lobbied in the district office or in Albany - you are a champion, and we need you to bring along others as we continue the effort.

Revealing a Powerful Washington Secret – Advocacy Puts Us in a Position to Make Changes…For the Better

Two weeks ago, I attended the American Land Title Association (ALTA) Federal Conference and Lobby Day in Washington, D.C.  And, while I have been a participant in prior activities on the state and local level – I left Washington with a sense that I needed to share with NYSLTA’s members a line of sight to my experience.

This wasn’t a weekend in Vegas - but rather three days on the Hill – and the opportunity to raise the voice of the Title Insurance Agent and Real Estate Professional directly with key members of Congress.  And, more importantly, what became crystal clear was this – advocacy works. 

Speaking directly to Members of Congress, and their key staff, allows us to inform their opinion, educate decision makers, and improve upon their understanding of what is important in our business.   

NYSLTA members joined forces with title professionals from across the country to help strengthen the industry and advance the interest of our membership as well as consumers.  Our colleagues included DeAnna Stancanelli of National Granite, Vince Danzi of First Nationwide, Deb Paoli of First Nationwide, Tony Maiocchi of Perfect Abstract, Bill Treuber of New York Metro, Ted Werner of Fidelity National Title Group, and Bob Treuber of NYSLTA. [See attached image]

Specifically, we spoke with members of Congress regarding the Consumer Financial Protection Bureau’s (CFPB) recent regulations issued on the Know Before You Owe mortgage disclosure rule. While we applauded the CFPB on collaborating with key industry stakeholders to make mortgage transactions easier for consumers to understand, we encouraged lawmakers to address the regulation’s requirement that prohibits our industry from disclosing the actual cost of the title insurance policies.

[ See attached letters to the CFPB ]

This requirement is causing consumers to receive incorrect title insurance premium disclosures, and at times creating even more confusion for consumers during mortgage transactions – defeating the rule’s intended purpose. What’s more, the rule as currently written, actively dissuades buyers from purchasing financial protection for their largest investment, their home.

Lawmakers have an opportunity to encourage the CFPB to fix this issue during the TRID review in July, ensuring all consumers receive accurate information about the true costs of buying a home.

Homebuyer Outreach Program (HOP)

Additionally, we discussed ALTA’s Homebuyer Outreach Program (HOP). Today, consumers want more information from expert sources about the real estate process (including title insurance and settlement services) and how to best protect their investment. ALTA members can educate homebuyers about what to expect when buying a home and how an owner’s title insurance policy helps provide peace of mind by reducing their risk and protects their property rights. We encouraged lawmakers to use the HOP as a resource and contact an ALTA member with any questions.

Traveling to Washington to connect with New York Representatives, Nydia Velasquez, Carolyn Maloney, Peter King and Lee Zeldin to make sure our voice is heard was a powerful experience. I highly recommend all NYSLTA members to get involved. 

If you’d like to learn more, please contact me (347-987-0677) or Bob Treuber of NYSLTA (212-964-3701).

- Marianne Mathieu, President, NYSLTA