News Blog https://www.nyslta.org/members/blog_view.asp?id=1230749&rss=9iS2gveV Wed, 22 Apr 2026 05:20:35 GMT Mon, 30 Mar 2026 18:23:12 GMT Copyright © 2026 New York State Land Title Association Monroe County erects paywall to impede data-harvesting https://www.nyslta.org/members/blog_view.asp?id=1230749&post=518284 https://www.nyslta.org/members/blog_view.asp?id=1230749&post=518284 (From RochesterFirst.COM)

The Monroe County Clerk’s Office announced earlier this month that searching public records will still be an option, but starting April 1, a subscription plan is needed to view document images within the indexing.

Here’s a breakdown of the prices:

  • An account for an in-state resident for 30 days is $35
  • An account for an out-of-state resident for 30 days is $100
  • A one-day account is $10
  • The cost per page is 65 cents
  • An academic account is free

https://www.rochesterfirst.com/monroe-county/monroe-county-clerks-online-record-subscription-starts-this-week/

 

]]> Mon, 30 Mar 2026 19:23:12 GMT Overview of Regulation 206 https://www.nyslta.org/members/blog_view.asp?id=1230749&post=518218 https://www.nyslta.org/members/blog_view.asp?id=1230749&post=518218 An overview of Regulation 206 has been drafted and approved by the Executive Committee.

The document may be downloaded with the link below.

 

]]> Wed, 25 Mar 2026 21:38:30 GMT Ulster County Clerk Round-up of Land Record Fees https://www.nyslta.org/members/blog_view.asp?id=1230749&post=517952 https://www.nyslta.org/members/blog_view.asp?id=1230749&post=517952 Please follow link below to Ulster County Clerk website for updates to:

  • City of Kingston,
  • Towns of Gardiner
  • Town of Marbletown,
  • Town and Village of New Paltz,
  • Town of Rochester.

https://clerk.ulstercountyny.gov/countyclerk/land-records/recording-deed#Rochester

 

 

]]> Fri, 13 Mar 2026 20:46:45 GMT Bills Signed by Governor / Bills add sponsors https://www.nyslta.org/members/blog_view.asp?id=1230749&post=517299 https://www.nyslta.org/members/blog_view.asp?id=1230749&post=517299  
  • A7856/S7416 – (ranked 3) has been signed by the Governor into law.
  •  
  • A9431/S8829 – (ranked 2) has been signed by the Governor into law.

  • A9447/S8768 – (ranked 2) Chapter Amendment to A2739 has been signed by the Governor into law.

  • A9457/S8761 – Chapter amendment of A357/S3799 – Has been signed by the Governor into law.

  • A9467/S8766 – (ranked 1)  Chapter Amendment of A5886-C – Has been signed by the Governor into law.

  • A9499/S8760 – (ranked 2) Chapter amendment of A1820/S3178 has been signed by the Governor into law.

  • A10147/S7732 – (ranked 1) was picked up by a new prime sponsor in the assembly.

  • A10173/S7647 – (ranked 1) was picked up by a new prime sponsor in the assembly.
    • ]]>     Tue, 17 Feb 2026 16:24:11 GMT     New TP-584 Form Required as of March 1, 2026 https://www.nyslta.org/members/blog_view.asp?id=1230749&post=517276 https://www.nyslta.org/members/blog_view.asp?id=1230749&post=517276 The newTP-584 form is required for deeds dated on or after March 1,2026.

     

    CLICK THE LINK BELOW TO DOWNLOAD FILLABLE PDF OF FORM TP-584

    ]]>     Mon, 16 Feb 2026 18:55:08 GMT     Reprompt: When AI Assistants Become Data Thieves https://www.nyslta.org/members/blog_view.asp?id=1230749&post=517109 https://www.nyslta.org/members/blog_view.asp?id=1230749&post=517109 [Reposted from ALTA Forum with permission]

    You click a link that appears to be from Microsoft. It takes you to Copilot, the legitimate site. But behind the scenes, your AI assistant quietly packages your username, location, and recent conversations and sends them to a hacker. You close the tab thinking you're done, but the data theft continues in the background.

    This actually happened. Researchers at Varonis identified a vulnerability in Microsoft Copilot Personal, called "Reprompt," that enabled silent data theft via a single click. Microsoft patched it on January 26, 2026, but this attack reveals how AI tools can be weaponized in ways most of us would never suspect.

    Here's how it worked.
     
    Attackers created links that pointed to the legitimate copilot.microsoft.com website. Hidden within the web address was additional text, typically used to pre-fill search fields, that injected malicious instructions as soon as the page loaded. Think of it this way. Imagine someone sending you a link to your company's internal system, but the link secretly contains hidden commands that run automatically when you open it. You land on the real system, but those commands are already running without your knowledge.

    What made Reprompt particularly clever was its double-request technique. Copilot has built-in safety controls that block suspicious requests. So, attackers instructed the AI to make every request twice. The first attempt would trigger the safety check and get blocked. The second attempt, identical to the first, would sail through undetected.

    Once inside, the attack worked in stages. First, it extracted your username. Then your location. Then, any personal information Copilot had learned about you. Finally, it summarized your recent conversations. All the malicious commands originated on the attacker's computer after that initial click, so they weren't visible in the original link.

     

    Takeaways:

    • Hover before you click on AI tool links. Look for unusually long web addresses or extra characters after question marks. When in doubt, type the address yourself instead of clicking

    • Question any text that appears automatically. If you arrive at an AI tool and there is already a question or command typed in the input box that you did not write, stop immediately. Close the tab rather than letting it run

    • Notice unusual AI behavior. Your AI assistant making requests you did not ask for, or accessing files and information without your prompting, signals that something is wrong. Exit the session completely if this happens

    • Enable automatic updates. Microsoft fixed this specific vulnerability, but similar techniques could emerge in other AI assistants. Set your tools to update automatically so you are protected as patches are released

    • Use the direct approach. Access AI tools the same way you access your bank: type the address yourself or use a trusted bookmark. Never click links to these tools from emails or messages, even from people you trust whose accounts might be compromised
    So what could have prevented this attack? Not clicking the link in the first place. Even though it pointed to Microsoft's website, the hidden text in the URL contained instructions you never intended to execute.

     

    Genady Vishnevetsky
    Chief Info Security Officer
    Stewart Title Guaranty Company

    ]]>     Mon, 9 Feb 2026 18:53:24 GMT     Tom Glatthaar has died https://www.nyslta.org/members/blog_view.asp?id=1230749&post=516287 https://www.nyslta.org/members/blog_view.asp?id=1230749&post=516287 This morning, we received the following message from TIRSA Executive Director Madeline Nagy.

    It is with the heaviest of hearts that I share the news of the passing of Tom Glatthaar yesterday, a highly respected leader in the New York title industry and a valued leader of TIRSA. Tom made an extraordinary impact through his work, dedication, and leadership, shaping the title industry for all of  New Yorkers.

    Without Tom’s vision and countless hours drafting of the TIRSA rate manual, neither TIRSA nor the New York title industry would have the comprehensive rate manual we rely on today. His commitment to excellence ensured that the industry had the best possible resource to support the transfer of real property in New York State. Tom’s legacy of integrity and knowledge of title insurance and real property law will continue to impact TIRSA and New York title insurance industry for years to come.

    We will share details regarding memorial arrangements as soon as they are available. In the meantime, please join us in keeping Tom’s family and loved ones in your thoughts during this difficult time.

     

    Tom Glatthaar collaborated with NYSLTA on many issues over the years. He was an important contributor in many ways.  On behalf of the Executive Committee, we offer our condolences.

     

    ]]>     Thu, 8 Jan 2026 16:59:51 GMT     Mike Berey and Adam Leitman Bailey Honored by NYSBA https://www.nyslta.org/members/blog_view.asp?id=1230749&post=516059 https://www.nyslta.org/members/blog_view.asp?id=1230749&post=516059

     


    ]]>     Mon, 29 Dec 2025 21:11:18 GMT     Market Share by State - Jan-June 2025 https://www.nyslta.org/members/blog_view.asp?id=1230749&post=515996 https://www.nyslta.org/members/blog_view.asp?id=1230749&post=515996
    State Summary
    Market Share Analysis
    Based on 2025 Total Premium
    as of 6/30/25










    Premium Written
    % Increase/
    State
    6/30/2025
    6/30/2024
    Decrease







    1 Texas
    1,252,235,418
    1,099,821,264
    13.9% 2 Florida
    984,523,335
    947,395,487
    3.9% 3 California
    733,237,708
    671,159,269
    9.2% 4 New York 537,447,301 418,087,459 28.5% 5 Pennsylvania
    305,711,028
    280,849,981
    8.9% 6 Georgia
    301,531,203
    264,441,838
    14.0% 7 Arizona
    272,099,836
    243,802,129
    11.6% 8 Ohio
    263,216,305
    213,136,297
    23.5% 9 Illinois
    263,178,342
    233,424,322
    12.7% 10 New Jersey
    257,866,729
    211,509,508
    21.9% 11 Virginia
    224,436,910
    184,527,692
    21.6% 12 Michigan
    221,209,627
    193,920,453
    14.1% 13 Colorado
    174,816,197
    142,294,529
    22.9% 14 Tennessee
    165,805,021
    149,966,444
    10.6% 15 Washington
    163,009,957
    138,786,852
    17.5% 16 Canada
    160,291,249
    151,249,010
    6.0% 17 Maryland
    147,635,937
    128,092,384
    15.3% 18 Massachusetts
    144,721,235
    129,970,919
    11.3% 19 Utah
    140,803,959
    123,107,615
    14.4% 20 North Carolina
    129,079,904
    115,420,501
    11.8% 21 Wisconsin
    116,047,916
    107,408,017
    8.0% 22 South Carolina
    107,668,072
    101,497,829
    6.1% 23 Nevada
    96,226,389
    83,437,326
    15.3% 24 Oregon
    88,118,568
    78,328,362
    12.5% 25 Indiana
    87,024,739
    77,484,650
    12.3%
    ]]>     Tue, 23 Dec 2025 16:53:55 GMT     Gov Hochul signs two bills on December 19th https://www.nyslta.org/members/blog_view.asp?id=1230749&post=515960 https://www.nyslta.org/members/blog_view.asp?id=1230749&post=515960 S52

    LIU CO: FERNANDEZ, GALLIVAN, SKOUFIS
    Authorizes the use of an electronic signature by a person granted a power of attorney with respect to tax documents submitted
    Same as A 249 Magnarelli

    SUMM : Amd S171-k, Tax L Authorizes the use of an electronic signature by a person granted a power of attorney by a taxpayer with respect to documents submitted to the New York state department of taxation and finance and the New York city department of finance.

     

    S8416

    COMRIE CO: BAILEY, BROUK, CLEARE, FAHY, FERNANDEZ, GOUNARDES, HARCKHAM, HINCHEY, HOYLMAN-SIGAL, JACKSON, KAVANAGH, KRUEGER, LIU, MAY, MAYER, PERSAUD, RIVERA, SALAZAR, SEPULVEDA, SKOUFIS, WEBB
    Enacts the "fostering affordability and integrity through reasonable (FAIR) business practices act"
    Same as A 8427-A Lasher


    SUMM : Add Art 22-A S348, amd Art 22-A Art Head, S349, Gen Bus L Enacts the "fostering affordability and integrity through reasonable (FAIR) business practices act", to expand the attorney general's ability to protect New Yorkers from unfair, deceptive and abusive business practices

     

    ]]>     Mon, 22 Dec 2025 17:21:18 GMT     Gov. Hochul vetoes LLC Transparency Bill https://www.nyslta.org/members/blog_view.asp?id=1230749&post=515958 https://www.nyslta.org/members/blog_view.asp?id=1230749&post=515958 This bill would have amended the state’s Limited Liability Company (LLC) law to clarify and expand how “beneficial ownership” reporting works under the New York LLC Transparency Act.

     

     

    Key features of vetoed bill

    • Redefined key terms like “beneficial owner,” “reporting company,” and “exempt company” in state law so they weren’t dependent on changing federal standards.


    • Made New York’s reporting requirements independent of the federal Corporate Transparency Act (CTA), meaning domestic LLCs and those otherwise covered could be required to report ownership information to the New York Department of State even if federal requirements no longer applied.

     

    What this means

    Governor Hochul vetoed S. 8432 late Friday night. A new bill would have be introduced for consideration by the Legislature next session. 


    The veto message indicated some inconsistency with federal law which impose a unique mandate on NY businesses. Proponents of LLC transparency will also have to find a new Senate sponsor and make revisions to the bill.

     

    CLICK HERE FOR TEXT OF VETOED BILL

     VETO MESSAGE - No. 164

     

    TO THE SENATE:

     

    I am returning herewith, without my approval, the following bill:

     

    Senate Bill Number 8432, entitled:

     

        "AN  ACT  to amend the limited liability company law, in relation to

          the scope of certain provisions relating to beneficial  owners  of

          limited liability companies"

     

        NOT APPROVED

     

      The  legislation  would  modify  the LLC Transparency Act, in light of

    changes to the federal Corporate Transparency Act (CTA). The LLC  Trans-

    parency Act was enacted to ensure that the state would receive reporting

    similar  to that which is required under the federal CTA, thereby ensur-

    ing  transparency  regarding  ownership  while  not  placing  additional

    burdens on limited liability companies (LLCs). Since the LLC Transparen-

    cy  Act was passed, the Federal Government has established new reporting

    criteria, limiting requirements under the CTA. This bill would create  a

    mandate  for  businesses  in New York that is not required under federal

    law.

     

      As the LLC Transparency Act is  implemented  next  year,  we  want  to

    ensure  that those required to provide updated reporting, continue to do

    so, but imposing additional requirements on LLCs is not in the  interest

    of New York State. Therefore, I am constrained to veto.

     

      The bill is disapproved.                       (signed) KATHY HOCHUL

     


    ]]>     Mon, 22 Dec 2025 15:54:47 GMT     ONTARIO COUNTY CLERK’S OFFICE ANNOUNCES TEMPORARY CLOSURE FOR SOFTWARE UPGRADE https://www.nyslta.org/members/blog_view.asp?id=1230749&post=515941 https://www.nyslta.org/members/blog_view.asp?id=1230749&post=515941 Ontario County Clerk’s Office Announces Temporary Closure For Software Upgrade

    Canandaigua, NY – December 18, 2025 – The Ontario County Clerk’s Office will be implementing a significant software upgrade designed to improve efficiency and enhance public service. To complete this transition, the office will be closed to the public at the following times:

    • Wednesday, December 31, 2025 – beginning at 12:00 p.m.
    • Friday, January 2, 2026 – closed all day
    • Monday, January 5, 2026 – closed all day

    County Clerk Jean Chrisman noted that this short-term closure is essential to ensure a seamless transition to the new system. The upgraded platform will strengthen document management capabilities and deliver improved services for residents and businesses across Ontario County.

    The Clerk’s Office thanks the public for their patience and understanding during this important upgrade. Normal recording operations will resume on Tuesday, January 6, 2026, at 8:30 a.m.

    For emergency filings or further information, please contact the Ontario County Clerk’s Office at (585) 396-4200 or visit the official website:  https://www.ontariocountyny.gov/102/County-Clerk

    ]]>     Fri, 19 Dec 2025 20:44:31 GMT     Manufactured Housing Bill Signed by Governor https://www.nyslta.org/members/blog_view.asp?id=1230749&post=515848 https://www.nyslta.org/members/blog_view.asp?id=1230749&post=515848 Mon, 15 Dec 2025 16:59:24 GMT A Bill Signed. A Bill Vetoed. https://www.nyslta.org/members/blog_view.asp?id=1230749&post=515691 https://www.nyslta.org/members/blog_view.asp?id=1230749&post=515691 A3307-A / S1840-A
    Amends the Uniform Commercial Code to provide for emerging technologies

    "Amd UCC, generally Incorporates the 2022 Uniform Law Commission recommended amendments to the Uniform Commercial Code to provide for emerging technologies; addresses emerging technologies, providing updated rules for commercial transactions involving virtual currencies, distributed ledger technologies (including blockchain), artificial intelligence, and other technological developments."

    12/01/25 delivered to governor
    12/05/25 signed chap.579

     

    A3279-A / S 4728-A
    Establishes the New York state cryptocurrency and blockchain study task force

    "Establishes the New York state cryptocurrency and blockchain study task force to provide the governor and the legislature with information on the effects of the widespread use of cryptocurrencies and other forms of digital currencies and their ancillary systems, including but not limited to blockchain technology, in the state."

    12/01/25 delivered to governor
    12/05/25 vetoed memo.62

     

    ]]>     Mon, 8 Dec 2025 18:09:13 GMT     A Conversation About the 50-year Mortgage https://www.nyslta.org/members/blog_view.asp?id=1230749&post=515076 https://www.nyslta.org/members/blog_view.asp?id=1230749&post=515076 What the Trump administration's 50-year mortgage plan could mean for homebuyers - CBS News

    On November 10th, CBS News broadcast the story about the 50-year mortgage proposal from FHFA Secretary Bill Pulte – see link below.

    https://www.cbsnews.com/news/trump-50-year-mortgage-loan-bill-pulte-cost/

    Several Land Title Association Members had a conversation about this proposal via email.  With their permission, it is reprinted below.

    NOTE – All statements are the sender's and do not reflect the opinion or the view of the sender's company or NYSLTA.

    BOB TREUBER, NYSLTA EXECUTIVE  VP

    I'd like to see an email-debate between two people on opposite sides of the 50-year mortgage.

    Who benefits? Homeowners or Lenders?

    Is it good for Title?

    KEN WARNER, VP & Senior Counsel LandStar Title Agency

    How we look at a 50-year homebuyer mortgage may largely depend upon the amount of risk we think a homeowner should be allowed to take vs. how much protection we think they need.

     Some fear that if people can suddenly afford a bigger mortgage, then more people may compete for housing, thereby causing home prices to rise. Others fear that if homeowners don’t substantially pay down mortgage balances over time, they are more likely to go into a negative equity situation when home prices eventually dip. 

     Homeowners with negative equity could find themselves unable to sell or refinance.  Lots of negative equity could destabilize both the housing and mortgage markets.

     The reality is that most people who have a 30-year mortgage won’t keep it forever and won’t pay it down much in the early years.  Even in a rising interest rate environment, most people will pay off their 30-year mortgage on sale or refinance within 7 to 10 years.

     A 30-year $100,000.00 mortgage at 7% paid for 7 years will have a balance of approximately $91,147.38

    A 50-year $100,000.00 mortgage at 7% paid for 7 years will have a balance of approximately $98,017.71

    Do we trust home buyers to use the increased purchasing power associated with a 50-year mortgage prudently?  Most residential mortgages can be prepaid, in whole or in part, at any time without penalty so a homeowner with a 50-year mortgage is free to make extra principal payments at any time. 

     We also need to consider whether the mortgage crisis of 2008 and our experience with negatively amortizing mortgage products taught us that homebuyers are not to be trusted with the assumption of increased risk.

    BILL COLLINS, DIRECTOR OF TITLE INSURANCE, FRONTIER ABSTRACT & RESEARCH

    Besides the likely increase in sales prices that Ken pointed out, a 50 year mortgage seems like it would have a significant “tail-end” problem.  Assuming a 30 year old couple when purchasing a house, they would be around 60 when a 30 year mortgage is paid off, getting ready to retire and use their equity to fund their retirement.  If they had  a 50 year mortgage, they’d be looking at 20 more years to pay it off- and it’s VERY unlikely that they’d be working that long to do so.  We’d be looking at a significant rise in mortgage delinquencies and foreclosures and an large increase in financial distress among elderly homeowners.

    The 50 year mortgage is really just a prescription to keep homeowners permanently in debt.

    MATT CAHILL, VP & CORPORATE UNDERWRITING COUNSEL, FIRST AMERICAN

    Dan Buchanan plugged it into ChatGPT to see what it had to say about a 50 year loan.

    Comparison summary

    Term

    Monthly Payment

    Total Interest

    Total Paid

    30 years

    $2,398

    $463,359

    $863,359

    50 years

    $2,146

    $887,720

    $1,287,720

    Bottom line

    Stretching the loan from 30 to 50 years lowers your monthly payment by about $250, but nearly doubles the total interest — roughly $424,000 more over the life of the loan.

    That’s a very expensive way to buy smaller monthly peace of mind — sort of like paying for Netflix for 20 extra years, but you only get reruns of Your Loan Statement.

    BILL COLLINS

    Lenders (and investors) would have to price that risk (that borrowers are VERY unlikely to be able to work long enough to pay off their debt) into their interest rate  calculations, so the interest rate on a 50 year seems like it would be significantly higher than a 30 year. Possibly high enough that it would offset any monthly payment savings on the 50 year.  

    KEN WARNER

    Matt,

     There is also a big difference in total interest paid between a 15-year mortgage and a 30-year mortgage.

     Where do you draw the regulatory line in protecting homebuyers?

     In “small commercial mortgage loan world”, interest only loans are typical.

    RICH ESTRELLA Esq., SENIOR VP & NYS AGENCY MANAGER,FIDELITY

    Very interesting discussion and thank you all for your well reasoned thoughts.

     After listening to the grown ups speak, I would think it makes no sense for someone to try and keep a 50 year old mortgage to maturity as Matt pointed out.

     Ken pointed out that after a 7 year repayment between a 30 year and 50 year mortgage the difference in principal balance was only a few thousand dollars so it appeared acceptable for someone to take a 50 year old mortgage and then refinance it. But I think taking a 30 year mortgage with a 7 year arm and refinancing it would be better option because your principal balance would be less.

     So I don’t see the benefit of a 50 year old mortgage

    JAMEDS SCATURRO, AVP BUSINESS ADVISIOR, NY AGENCY FIDELITY

    Bingo Bill ! The 50 year would easily be 60bps higher. If not a full point. You can't do the math with the same rate as a 30. Same as you can't do a 30 with a 15 year rate. 

    PLEASE FEEL FREE TO POST YOUR COMMENTS.]]>     Wed, 12 Nov 2025 15:00:36 GMT     DFS Industry October 21, 2025 Letter on Cybersecurity https://www.nyslta.org/members/blog_view.asp?id=1230749&post=514624 https://www.nyslta.org/members/blog_view.asp?id=1230749&post=514624 To:     The executives and information security personnel at all entities regulated by the New York State Department of Financial Services (“DFS” or the “Department”)

    Re:   Guidance on Managing Risks Related to Third-Party Service Providers

    Date: October 21, 2025

    Covered Entities[1] have become more reliant on Third-Party Service Providers[2] (“TPSP” or “TPSPs”) for services that involve access to Information Systems[3] or Nonpublic Information[4] (“NPI”).  Although there are many potential benefits to engaging TPSPs, Covered Entities must understand and address the risks posed by such reliance. For example, reliance on TPSPs introduces the risk of Cybersecurity Incidents[5] at the TPSP, which can have a significant impact on Covered Entities’ operations and NPI.  Appropriately managing these risks remains a crucial element of a Covered Entity’s cybersecurity program.

    Covered Entities’ exposure to threats will continue to grow as their reliance on technologies managed by TPSPs—such as cloud computing, file transfer systems, artificial intelligence (“AI”), and fintech solutions—increases.  The growing scale and complexity of cyber risks posed by TPSPs demands a proactive, risk-based, and continuously adaptive approach to third-party governance.  Senior Governing Bodies[6] and Senior Officers[7] must engage actively in cybersecurity risk management, including the oversight of TPSP-related risks.[8]  Unless a Covered Entity qualifies for an applicable exemption, Senior Governing Bodies must have a sufficient understanding of cybersecurity-related matters to exercise appropriate oversight, which includes the ability to provide a credible challenge to management’s cybersecurity-related decisions to ensure that those decisions align with the entity’s overall risk posture and resiliency objectives.[9]  The Cybersecurity Regulation (“Part 500”) also requires a Senior Officer or the Senior Governing Body to review and approve the Covered Entity’s cybersecurity policies and procedures at least annually.[10]

    The Department reviews Covered Entities’ information security policies and procedures, including those addressing TPSP risk, during examinations and investigations. In these reviews, DFS has identified areas where Covered Entities should strengthen their TPSP programs, including how they monitor, assess, and manage TPSP cybersecurity risk.  Specifically, DFS has identified the need for more robust due diligence, contractual provisions, monitoring and oversight, and TPSP risk management policies and procedures.  Moreover, DFS has observed a trend in which some Covered Entities outsource critical cybersecurity compliance obligations to TPSPs without ensuring appropriate oversight and verification by Senior Governing Bodies or Senior Officers.  As noted in previous guidance, Covered Entities may not delegate responsibility for compliance with the Cybersecurity Regulation to an affiliate or a TPSP.[11]  DFS has and will continue to consider the absence of appropriate TPSP risk management practices by Covered Entities in its examinations, investigations, and enforcement actions.[12]

    The Department is issuing this guidance on managing risks related to Third-Party Service Providers (“Guidance”) to assist Covered Entities of all sizes[13] in addressing risks associated with the use of TPSPs.  The Guidance does not impose new requirements or obligations on Covered Entities; rather, it is intended to clarify regulatory requirements, recommend industry best practices to mitigate common risks associated with TPSPs, and promote compliance with relevant sections of Part 500, including Section 500.11.[14]  In addition to clarifying regulatory requirements, the Guidance describes steps Covered Entities should consider taking to assess and address cybersecurity risks throughout the lifecycle of a TPSP relationship, beginning with the due diligence and selection processes, continuing through contracting, ongoing oversight and management of the relationship, and ending with the termination of the TPSP relationship.

    Identification, Due Diligence, and Selection

    When selecting a TPSP, Covered Entities must assess the cybersecurity risks the TPSP poses to the Covered Entity’s Information Systems and NPI.  Policies and procedures should outline how these risks are evaluated, including minimum cybersecurity standards required for engagement, and procedures for assessing the TPSP’s cybersecurity practices and controls based on the unique risks presented by the TPSP.[15]

    Covered Entities should classify TPSPs based on the latter’s risk profile, considering factors such as system access, data sensitivity, location, and how critical the service provided to the Covered Entity is to its operations. For example, a TPSP with privileged access[16] to a Covered Entity’s Information Systems and significant amounts of NPI presents a greater risk than a TPSP that provides services operating outside of the Covered Entity’s Information Systems.  Providers of critical services that often have a high degree of system-level access and the ability to access sensitive NPI include companies that provide IT managed services, outsourced help desk services, and insurance claims management services.

    Additionally, Covered Entities should develop a tailored, risk-based plan to mitigate risks posed by each TPSP.  The following is a non-exhaustive list of considerations that Covered Entities should assess when performing due diligence on TPSPs:

    • The type and extent of access to Information Systems and NPI.
    • The TPSP’s reputation within the industry, including its cybersecurity history and financial stability.
    • Whether the TPSP has developed and implemented a strong cybersecurity program that addresses, at a minimum, the cybersecurity practices and controls required by the Covered Entity and Part 500.
    • The access controls implemented by the TPSP for its own systems and data, as well as to access the Covered Entity’s Information Systems, and the proposed handling and storage of Covered Entity data, including whether appropriate controls, such as data segmentation and encryption, are applied based on the sensitivity of the data.[17]
    • The criticality of the service(s) provided and the availability of alternative TPSPs.
    • Whether the TPSP uses unique, traceable accounts for personnel accessing the Covered Entity’s systems and data and whether it maintains audit trails meeting the requirements of Section 500.6.
    • Whether the TPSP, its affiliates, or vendors are located in, or operate from, a country or territory jurisdictions that is considered high-risk based on geopolitical, legal, socio-economic, operational, or other regulatory risks.
    • Whether the TPSP maintains and regularly tests its incident response and business continuity plans.[18]
    • The TPSP’s practices for selecting, monitoring, and contracting with downstream service providers (“fourth parties”).
    • Whether the TPSP undergoes external audits or independent assessments (e.g., ISO/IEC 27000 series, HITRUST) or can otherwise demonstrate, in writing, compliance with Part 500 or industry frameworks such as the National Institute of Standards and Technology’s (“NIST”) Cybersecurity Framework.[19]

    Covered Entities should also consider how best to obtain, review, and validate information provided by prospective TPSPs.  For example, a standardized questionnaire may assist in gathering responses, but qualified personnel will need to interpret the responses to make risk-informed decisions, ask follow-up questions as necessary, and determine appropriate mitigation strategies.

    In some instances, Covered Entities may face constraints when selecting, contracting with, or transitioning away from a TPSP due to limited vendor options, industry concentration, or legacy system dependencies.  In such cases, organizations should make risk-informed decisions, document the relevant risks, take steps to implement compensating controls (e.g., monitoring, segmentation, contract triggers), and conduct regular assessments of the TPSP to evaluate whether viable alternative TPSPs have emerged over time.

    Contracting

    The Cybersecurity Regulation requires Covered Entities that utilize TPSPs to develop and implement written policies and procedures that address due diligence and contractual protections.[20]  These policies must be risked-based and tailored to the services and sensitivity of the data and Information Systems that will be accessed by the TPSP.  Below are a few examples of baseline contract provisions Covered Entities should consider incorporating into their agreements[21] with TPSPs:

    • Access Controls – Requirements for TPSPs to develop and implement policies and procedures addressing access controls, including multi-factor authentication, that comply with requirements in Sections 500.7 and 500.12.[22]
    • Data Encryption – Obligations to develop and implement policies and procedures addressing encryption in transit and at rest as required by Section 500.15.[23]  Although Covered Entities qualifying for exemptions under Section 500.19 are not required to comply with this obligation, given the sensitivity of NPI, such Covered Entities should consider requiring TPSPs encrypt sensitive data, including NPI, in transit and at rest.
    • Cybersecurity Event Notification – Provisions related to the immediate or timely notice to the Covered Entity upon the occurrence of a Cybersecurity Event directly impacting the Covered Entity’s Information Systems or NPI being held by the TPSP.[24]
    • Compliance Representations – Obligations for the TPSP to provide representations and warranties regarding compliance with applicable laws and regulations, including applicable requirements of Part 500.[25]
    • Data Location and Transfer Restrictions – Requirements for the TPSP to disclose where data may be stored, processed, or accessed; obtain prior written approval for cross-border transfers (or full prohibitions of this practice); and comply with applicable data residency or localization laws.  Although this contractual provision is not explicitly required by the Cybersecurity Regulation, the Department recommends incorporating this provision in contracts because Covered Entities can more effectively analyze the risk to sensitive data, including NPI, when they understand where data is stored and processed.
    • Subcontractors – Requirements for the TPSP to disclose the use of subcontractors that may have access to or use the Covered Entity’s Information Systems or NPI, as well as the ability of the Covered Entity to reject the use of certain subcontractors for work on its Information Systems or NPI after conducting appropriate due diligence.  Although this practice is not required by the Cybersecurity Regulation, the Department recommends adoption of this practice so Covered Entities are better able to analyze the risk to sensitive data, including NPI.
    • Data Use and Exit Obligations – Restrictions related to the use and sharing of data, obligations to delete[26] or migrate data held by the TPSP upon termination of the relationship, and obligations to obtain appropriate certifications confirming the completion of these steps.

    Where relevant, Covered Entities should consider including a clause related to the acceptable use of Artificial Intelligence (“AI”), and whether the Covered Entity’s data may be used to train AI models or be otherwise disclosed to additional parties.  In addition, the TPSP agreement should include remedies in the event the Covered Entity reasonably determines that the TPSP has breached any material terms of the agreement related to cybersecurity.  These remedies may include requiring timely remediation or permitting early termination of the service agreement.

    This is not an exhaustive list of contractual provisions that Covered Entities should consider, nor is this list of terms viable or appropriate in all situations.[27]  Covered Entities should carefully evaluate terms based on the nature of the engagement, market conditions, and the sensitivity of data, among other factors.

    Ongoing Monitoring and Oversight

    As described above, each Covered Entity’s TPSP policy or policies must address, to the extent applicable, the periodic assessment of TPSPs based upon the risk each presents.[28]  The TPSP risk management procedures should include layered, risk-informed oversight processes and controls designed to confirm that TPSP cybersecurity programs are aligned with the Covered Entity’s cybersecurity expectations.[29]  Accordingly, Covered Entities should develop and implement policies and procedures for the ongoing monitoring and oversight of TPSPs.  The policies should be informed by a variety of factors, including the evolving threat and regulatory landscape, changes to products and services, and whether the TPSP has experienced a Cybersecurity Event.  While many of the initial due diligence considerations remain relevant throughout the relationship, once active, Covered Entities must conduct periodic assessments based on the risk(s) a TPSP presents and the continued adequacy of their cybersecurity practices.[30]  These assessments may consider, among other things, security attestations (e.g., SOC2, ISO 27001), penetration testing summaries, policy updates, evidence of security awareness training, and compliance audits.

    Moreover, where relevant, Covered Entities should request updates on vulnerability management, assess patching practices, and confirm remediation of previously identified deficiencies.  Material or unresolved risk should be documented in the Covered Entity’s risk assessment and escalated through appropriate internal risk governance channels.  As part of a broader resiliency strategy, Covered Entities should incorporate third-party risk into their incident response and business continuity planning.[31]  For example, Covered Entities should assess how they would rapidly transition to alternate systems or providers in the event of a disruption and consider testing relevant portions of their business continuity and incident response plans with their TPSPs.

    Termination

    When preparing for the end of a TPSP relationship, Covered Entities must disable the TPSP’s access to the Covered Entity’s Information Systems.[32]  This includes revoking system access for TPSP personnel and subcontractors and deactivating service accounts.  For TPSPs providing cloud-based services, organizations should revoke identity federation tools (e.g., SSO, OAuth tokens), API integrations, and external storage access.  Covered Entities generally should require certification of destruction of NPI, secure return of data to the Covered Entity, or migration of data to another TPSP or internal environment.  As part of this process, Covered Entities should confirm that any remaining snapshots, backups, or cached datasets are deleted from TPSP systems and TPSP access to any shared resources is revoked.

    Additionally, Covered Entities should give special attention to residual or unmonitored access points that may fall outside routine access provisioning systems.  Access points that become redundant or unnecessary during the course of the TPSP relationship should be addressed or eliminated on an ongoing basis, rather than being left in place until the end of the relationship. Procedures should align with the Covered Entity’s cybersecurity program and comply with Section 500.7.

    To ensure a secure and orderly termination, Covered Entities should develop a transition plan for critical services with clearly defined timelines, roles and responsibilities.  Management should engage key stakeholders, including IT, legal, compliance, procurement, and business units, to identify strategies to mitigate potential risks.  Prior to termination, Covered Entities should review the agreement with the TPSP to identify offboarding obligations and protections.  In addition, Covered Entities should verify and retain any data subject to legal, regulatory, or litigation hold requirements before initiating data return or destruction processes.

    After termination is completed, a final risk review should be conducted to confirm that all obligations have been fulfilled, and that access and data controls have been properly enforced.  The offboarding process should be documented and relevant audit logs retained to support accountability and future verification.  Finally, any lessons learned should be incorporated into future third-party risk assessments and contracting practices to refine and improve TPSP lifecycle management.

    Conclusion

    Covered Entities must evaluate and mitigate cybersecurity risks relevant to their own business.  To that end, this Guidance highlights risks associated with TPSPs as well as strategies to manage these risks as part of an effective cybersecurity program.  As third-party service offerings expand and evolve, so too will TPSP-related cybersecurity risks.  Managing these risks appropriately requires performing, at regular intervals, careful analysis of the sufficiency of administrative, technical, and physical controls to manage third-party risk, as required by Part 500.


     

    [1] A Covered Entity is defined in § 500.1(e) as “any person operating under or required to operate under a license, registration, charter, certificate, permit, accreditation or similar authorization under the Banking Law, the Insurance Law or the Financial Services Law, regardless of whether the covered entity is also regulated by other government agencies.”  N.Y. Comp. Codes R. & Regs. tit. 23, § 500.1(e) (2025). References to Sections hereinafter refer to those in the Cybersecurity Regulation.  Capitalized terms used hereinafter are defined in the Cybersecurity Regulation.

    [2] Third-Party Service Provider is defined in § 500.1(s) as “a person that: (1) is not an affiliate of the covered entity; (2) is not a governmental entity; (3) provides services to the covered entity; and (4) maintains, processes or otherwise is permitted access to nonpublic information through its provision of services to the covered entity.”

    [3] An Information System is defined in § 500.1(i) as “a discrete set of electronic information resources organized for the collection, processing, maintenance, use, sharing, dissemination or disposition of electronic information, as well as any specialized system such as industrial/process controls systems, telephone switching and private branch exchange systems, and environmental control systems.”

    [4] Nonpublic Information is defined in § 500.1(k) as ”all electronic information that is not publicly available information and is: (1) business related information of a covered entity the tampering with which, or unauthorized disclosure, access or use of which, would cause a material adverse impact to the business, operations or security of the covered entity; (2) any information concerning an individual which because of name, number, personal mark, or other identifier can be used to identify such individual, in combination with any one or more of the following data elements: (i) social security number; (ii) drivers’ license number or non-driver identification card number; (iii) account number, credit or debit card number; (iv) any security code, access code or password that would permit access to an individual’s financial account; or (v) biometric records; (3) any information or data, except age or gender, in any form or medium created by or derived from a health care provider or an individual and that relates to: (i) the past, present or future physical, mental or behavioral health or condition of any individual or a member of the individual's family; (ii) the provision of health care to any individual; or (iii) payment for the provision of health care to any individual.”

    [5] A Cybersecurity Incident is defined in § 500.1(g) as “a cybersecurity event that has occurred at the covered entity, its affiliates, or a third-party service provider that: (1) impacts the covered entity and requires the covered entity to notify any government body, self-regulatory agency or any other supervisory body; (2) has a reasonable likelihood of materially harming any material part of the normal operation(s) of the covered entity; or (3) results in the deployment of ransomware within a material part of the covered entity’s information systems.”  A Cybersecurity Event is defined in § 500.1(f) as “any act or attempt, successful or unsuccessful, to gain unauthorized access to, disrupt or misuse an information system or information stored on such information system.”

    [6] A Senior Governing Body is defined in § 500.1(q) as “the board of directors (or an appropriate committee thereof) or equivalent governing body or, if neither of those exist, the senior officer or officers of a covered entity responsible for the covered entity’s cybersecurity program. For any cybersecurity program or part of a cybersecurity program adopted from an affiliate under section 500.2(d) of this Part, the senior governing body may be that of the affiliate.”

    [7] A Senior Officer(s) is defined in § 500.1(r) as “the senior individual or individuals (acting collectively or as a committee) responsible for the management, operations, security, information systems, compliance and/or risk of a covered entity, including a branch or agency of a foreign banking organization subject to this Part.”

    [8] Tit. 23, § 500.4(d).  While Covered Entities that qualify for exemptions under § 500.19 do not need to comply with the requirements of § 500.4, Covered Entities must still maintain a written cybersecurity policy or policies that are approved at least annually by a Senior Officer(s) or the Senior Governing Body who oversee its implementation. Tit. 23, § 500.3.

    [9]  See, e.g., Federal Financial Institutions Examination Council Information Technology Examination Handbook, Management Booklet, at I.A.1 Board of Directors Oversight, n.3, https://ithandbook.ffiec.gov/it-booklets/management/i-governance/ia-it-governance/ia1-board-of-directors-oversight/ which states that “[a] credible challenge involves being actively engaged, asking thoughtful questions, and exercising independent judgment.”

    [10] Tit. 23, § 500.3.

    [11] See N.Y. State Dep’t of Fin. Servs., Industry Letter on Adoption of an Affiliate’s Cybersecurity Program (Oct. 22, 2021), available at https://www.dfs.ny.gov/industry_guidance/industry_letters/il20211022_affiliates_cybersecurity_program; see also, Bd. of Governors of the Fed. Rsrv. Sys., Fed. Deposit Ins. Corp., Off. of the Comptroller of the Currency, Interagency Guidance on Third-Party Relationships: Risk Management, 88 Fed. Reg. 37920 (June 9, 2023); see also id. tit. 23, § 500.4(a)(1).

    [12] See, In the Matter of LifeMark Securities Corporation (2021), available at https://www.dfs.ny.gov/system/files/documents/2021/10/ea20210920_co_lifemark.pdf; see also, In the Matter of OneMain Financial Group, LLC (2023), available at https://www.dfs.ny.gov/system/files/documents/2023/05/ea20230524_co_onemain.pdf.

    [13] Note that the Cybersecurity Regulation imposes different requirements on organizations based on their size and resources. See id. § 500.1(d) (describing the qualifying conditions for Class A Companies) and § 500.19(a) (describing the qualifying factors for Covered Entities that are granted limited exemptions based upon the number of Covered Entity personnel, revenue, and assets).

    [14] For larger Covered Entities, including Class A Companies, a risk-based approach and solutions may require different steps based upon the unique circumstances, technologies, and other factors relevant to the entity.

    [15] Tit. 23, § 500.11(a).

    [16] Privileged access refers to the access an Information System user has where the user “is authorized (and therefore, trusted) to perform security-relevant functions that ordinary users are not authorized to perform.”  See, definition of a “privileged user,” National Institute of Standards and Technology, SP 800-53r5, Appendix A: Glossary, Security and Privacy Controls for Information Systems and Organizations (Sep. 2020, updated Dec. 10, 2020), available at https://csrc.nist.gov/pubs/sp/800/53/r5/upd1/final.

    [17] Tit. 23, §§ 500.11(b)(1)-(2).

    [18] Tit. 23, § 500.16(d).

    [19] NIST, The NIST Cybersecurity Framework (CSF) 2.0, available at: https://nvlpubs.nist.gov/nistpubs/CSWP/NIST.CSWP.29.pdf.

    [20] Tit. 23, § 500.11(b).

    [21] The type of agreement, provisions, and exhibits will vary depending on the nature of the services provided and type and breadth of data the TPSP will access.  For example, when using cloud-based service providers such as Software-as-a-Service and Infrastructure-as-a-Service, among others, Covered Entities may want to append a service-level agreement, which typically defines service quality expectations, system availability of the product or service for use (commonly referred to as “up-time”), and response and recovery times.  Alternatively, organizations providing professional services (e.g., developer, consultant, auditor) generally append Statements of Work to address project-specific obligations, such as deliverables, timelines, and scope.  Both documents serve as contractual supplements that clarify roles and expectations under a broader agreement.  DFS understands that these types of service-level agreements are often drafted by the TPSP, and that Covered Entities may not always have sufficient leverage to negotiate many of the terms.

    [22] Tit. 23, § 500.11(b)(1).

    [23] Tit. 23, § 500.11(b)(2).

    [24] Section500.11 requires a Covered Entity’s policies and procedures to include relevant guidelines covering, among other things, contractual provisions addressing a TPSP’s obligation to provide notice of Cybersecurity Events.  A Covered Entity’s policies and procedures must include guidelines and/or contractual protections that address the notice to be provided in the event of a Cybersecurity Event directly impacting the Covered Entity’s Information Systems or the Covered Entity’s NPI being held by the TPSP. See supra note 5 (observing that Cybersecurity Events include more than Cybersecurity Incidents).

    [25] Tit. 23, § 500.11(b)(4).

    [26] See, e.g., tit. 23, § 500.13(b) (requiring each Covered Entity to have policies and procedures for the secure disposal on a periodic basis of certain NPI no longer necessary for business operations or other legitimate business purposes).

    [27] In this circumstance, Covered Entities should still seek to secure reasonable protections, such as breach notification clauses, data use, and assurances regarding access controls and data handling.  Additionally, they should consider limiting the volume and sensitivity of data shared, using tokenization to replace sensitive data elements and applying pseudonymization techniques to obscure individual identities, where appropriate.  Independent third-party assessments or certifications (e.g., SOC 2, ISO 27001) should also be reviewed and required where feasible.  In parallel, organizations should develop medium- to long-term strategi

    es to reduce dependency, such as enabling data portability, modularizing services, or evaluating alternative providers.  Moreover, high-risk TPSP relationships should be appropriately escalated through risk governance frameworks and reflected in the Covered Entity’s risk assessments and board-level reporting.

    [28] See tit. 23, § 500.11(a)(4).

    [29] See, e.g., FINRA, Regulatory Notice 21–29, FINRA Reminds Firms of Their Supervisory Obligations Related to Outsourcing to Third-Party Vendors (Aug. 13, 2021), available at https://www.finra.org/rules-guidance/notices/21-29 (Guidance noting that member firms should consider, among other things, vendor self-assessments, including certified reporting, as well as conducting onsite visits) and NIST SP 800-161r1-upd1, Cybersecurity Supply Chain Risk Management Practices for Systems and Organizations (May 5, 2022, rev. Nov. 1, 2024), available at https://nvlpubs.nist.gov/nistpubs/SpecialPublications/NIST.SP.800-161r1-upd1.pdf (Publication recommending that organizations audit Information and Communication Technology “supply chain-relevant events within their information system boundaries” using mechanisms such as system logs, intrusion detection system logs, firewall reports, and other evidence trails.

    [30] Tit. 23, § 500.11(a)(4).

    [31] See, e.g., tit. 23, § 500.16.

    [32] Tit. 23, § 500.7(a)(4).

    ]]>     Thu, 23 Oct 2025 14:59:39 GMT     Six bills signed by Governor https://www.nyslta.org/members/blog_view.asp?id=1230749&post=514539 https://www.nyslta.org/members/blog_view.asp?id=1230749&post=514539 These bills have impact on the Town of Chester, Co-ops, electronic records, corporate fines and tax exemptions in Nassau County.

     

    A3028

    Dilan CO: O'Pharrow
    Allows domestic insurers to make certain records available by electronic means
    Same as S 4674-A JACKSON
    SUMM :Amd S325, Ins L Allows domestic insurers to make certain records available by electronic means if they are easily accessible from the insurer's principal office in this state and the insurer complies with all applicable state and federal laws and regulations.
    Eff. Date 10/16/2025

     

    A8651A

    Simone CO: Rosenthal
    Relates to the tax exemption of a mutual redevelopment company
    Same as S 7780-B HOYLMAN-SIGAL
    SUMM :Amd S125, Priv Hous Fin L Relates to the extension of a tax exemption for a mutual redevelopment company in a city having a population of one million or more persons.
    Eff. Date 10/14/2025

     

    S277A

    SKOUFIS
    Relates to community preservation funds for the town of Chester
    Same as A 2022-A Maher
    SUMM :Add S64-l, Town L; add Art 31-A-4 SS1439-aaa - 1439-ppp, Tax L Authorizes the town of Chester to establish community preservation funds; establishes a real estate transfer tax with revenues therefrom to be deposited in said community preservation fund.
    Eff. Date 10/16/2025

     

    S2551

    MYRIE CO: HOYLMAN-SIGAL, WEBB
    Increases the fines imposed on a corporation for an offense defined within the penal law
    Same as A 3858 Rozic
    SUMM :Amd S80.10, Pen L Increases the fines imposed on a corporation for an offense defined within the penal law.
    Criminal Sanction Impact.

     

    S6818

    BYNOE
    Authorizes the county of Nassau assessor to accept an application for a real property tax exemption from The Cathedral of the Incarnation in the Diocese of Long Island
    Same as A 2595 Ra
    SUMM :Authorizes the county of Nassau assessor to accept an application for a real property tax exemption from The Cathedral of the Incarnation in the Diocese of Long Island.
    Eff. Date 10/16/2025

     

    S6819A

    BYNOE
    Authorizes the county of Nassau assessor to accept an application for a real property tax exemption from Chabad of West Hempstead
    Same as A 6614-A Ra
    SUMM :Authorizes the county of Nassau assessor to accept an application for a real property tax exemption from Chabad of West Hempstead for a portion of the 2022-2023 school taxes, a portion of the 2023 general taxes; all of the 2023-2024 school taxes and all of the 2024 general taxes; and all of the restored 2024-2025 school taxes and all of the restored 2025 general taxes.
    Eff. Date 10/16/2025

     

     

     

     


    ]]>     Mon, 20 Oct 2025 18:37:20 GMT     Governor signs three bills affecting appriasals, exemptions and foreclosures https://www.nyslta.org/members/blog_view.asp?id=1230749&post=514486 https://www.nyslta.org/members/blog_view.asp?id=1230749&post=514486 The following bills were signed and chaptered.

    A3470
    Lavine CO: Seawright
    Relates to notice to be provided prior to a foreclosure action by a homeowners' association
    Same as S 7413 KAVANAGH
    Requires notice to be provided ninety days prior to commencement of a foreclosure action by a homeowners' association or condominium board to enforce a lien for unpaid common charges, assessments, fines or fees.
    Eff. Date 10/16/2025

     

    A6770
    Griffin
    Relates to the applicability of the residential redevelopment inhibited property exemption
    Same as S 7285 RYAN S
    Relates to expanding the applicability of the residential redevelopment inhibited property exemption to all cities, town, or villages in the state.
    Eff. Date 11/15/2025

     

    A6869
    Alvarez
    Prohibits discriminatory practices by real estate appraisers and furthers fair housing compliance
    Same as S 7320 KAVANAGH
    Prohibits discriminatory practices by real estate appraisers; furthers fair housing compliance.
    Eff. Date 10/16/2025

    ]]>     Fri, 17 Oct 2025 14:33:01 GMT     Bill Signed - Extends Co-Op Tax Exemption in NYC https://www.nyslta.org/members/blog_view.asp?id=1230749&post=514414 https://www.nyslta.org/members/blog_view.asp?id=1230749&post=514414 Governor Hochul has signed A8651-a/S7780-b.

    TITLE OF BILL:
 
An act to amend the private housing finance law, in relation to the
amount of taxes paid by a cooperative
 
 
PURPOSE OF BILL:
 
This bill would authorize Article V mutual redevelopment companies in
cities with a population of over one million people to pay no more than
five percent tax on their shelter rent
 
 
SUMMARY OF PROVISIONS:
 
Section 1 of the bill amends section 125 of the private housing finance
law to ensure that.the shelter tax minimum rate for article five co-ops
is no greater than five percent

Section 2 is the effective date
 
 
JUSTIFICATION:
 
This bill would provide relief to Penn South, the only remaining Article
V co-op property. Penn South faces rising operational costs, which
threaten to impact building quality and financial health. There is an
acute shortage of affordable housing and this legislation would ensure
the viability of what already exists.
 
Additionally, this bill would ensure that Penn South receives equal tax
treatment compared to Article II Mitchell Lama developments.  These
properties were previously treated similarly and this bill would restore
that equal treatment.

     

     

    ]]>     Wed, 15 Oct 2025 15:08:20 GMT     Important: Windows OS Vulnerability https://www.nyslta.org/members/blog_view.asp?id=1230749&post=514230 https://www.nyslta.org/members/blog_view.asp?id=1230749&post=514230 Dear Colleagues,

    On October 14, 2025, Microsoft will officially end all support for Windows 10. After this date, Windows 10 machines will no longer receive security updates or patches, leaving them dangerously exposed to hackers and other cyber threats.

    This change is not optional and it will impact many of us directly. While some computers can be upgraded to Windows 11, a large number of office machines will not meet the requirements. That means many devices will need to be replaced entirely to remain secure and compliant.

    Continuing to operate on unsupported systems is a serious risk,  both to your own data and to your clients’ information. The title industry is a prime target for cyberattacks, and leaving Windows 10 machines in service after October 14 invites unnecessary vulnerability.

    Please take time now to:

    • Identify all computers in your office still running Windows 10.
    • Confirm whether they can be upgraded to Windows 11.
    • Make replacement plans immediately for any systems that cannot.

    This is a significant change with a firm deadline. Acting today will help ensure your business operations remain secure and uninterrupted.

    Thank you for your attention to this urgent matter.

     

    Best regards,

    Andrew Zankel, NTP - Technology Committee Chair

    Dan Celikoyar – Technology Committee Vice-Chair


    ]]>     Mon, 6 Oct 2025 16:32:20 GMT     Behind the Curtain: Slow, hard AI [from Axiois] https://www.nyslta.org/members/blog_view.asp?id=1230749&post=513649 https://www.nyslta.org/members/blog_view.asp?id=1230749&post=513649 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...."

     

     

    ]]>     Tue, 9 Sep 2025 17:15:48 GMT     Change in classificatin of property in Rockland town of Haverstraw https://www.nyslta.org/members/blog_view.asp?id=1230749&post=513316 https://www.nyslta.org/members/blog_view.asp?id=1230749&post=513316

    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.

    ]]>     Mon, 25 Aug 2025 15:32:00 GMT     Gov Hochul signs 18 bills effective Aug 7 https://www.nyslta.org/members/blog_view.asp?id=1230749&post=513021 https://www.nyslta.org/members/blog_view.asp?id=1230749&post=513021
    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





    ]]>     Mon, 11 Aug 2025 14:40:06 GMT     Greene County Bill Signed by Governor Hochul https://www.nyslta.org/members/blog_view.asp?id=1230749&post=512937 https://www.nyslta.org/members/blog_view.asp?id=1230749&post=512937 Tue, 5 Aug 2025 19:45:11 GMT Rockland County Bill Signed https://www.nyslta.org/members/blog_view.asp?id=1230749&post=512788 https://www.nyslta.org/members/blog_view.asp?id=1230749&post=512788 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.

     

    ]]>     Wed, 30 Jul 2025 21:09:58 GMT     FinCEN Provides Real Estate Reporting Resources https://www.nyslta.org/members/blog_view.asp?id=1230749&post=512129 https://www.nyslta.org/members/blog_view.asp?id=1230749&post=512129 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.

    ]]>     Mon, 7 Jul 2025 17:45:26 GMT     Bills signed for Orangetown, Yonkers & Article 19B https://www.nyslta.org/members/blog_view.asp?id=1230749&post=511956 https://www.nyslta.org/members/blog_view.asp?id=1230749&post=511956 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

     

    ]]>     Fri, 27 Jun 2025 14:47:16 GMT     Bills Signed & Chaptered https://www.nyslta.org/members/blog_view.asp?id=1230749&post=511854 https://www.nyslta.org/members/blog_view.asp?id=1230749&post=511854 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

    ]]>     Mon, 23 Jun 2025 18:35:54 GMT     The Property Condition Disclosure Act is Amended https://www.nyslta.org/members/blog_view.asp?id=1230749&post=511565 https://www.nyslta.org/members/blog_view.asp?id=1230749&post=511565 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.

    ]]>     Thu, 12 Jun 2025 15:33:30 GMT     Fannie Mae Updates Title and Closing Requirements for Multifamily Mortgages https://www.nyslta.org/members/blog_view.asp?id=1230749&post=511460 https://www.nyslta.org/members/blog_view.asp?id=1230749&post=511460 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.

     

    ]]>     Tue, 10 Jun 2025 19:51:02 GMT     Agenda for the June 10, 2025 meeting of the Executive Committee https://www.nyslta.org/members/blog_view.asp?id=1230749&post=511427 https://www.nyslta.org/members/blog_view.asp?id=1230749&post=511427 EXECUTIVE COMMITTEE MEETING
    New York State Land Title Association
    Via ZOOM
    June 10, 2025
    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 May Minutes - Executive Director Treuber
    5.    Exec Director Report – Executive Director Treuber
    6.    Treasurer’s Report – Ms. Schwartzman
    7.    Section nominations for 2025-26 Officers – Chair Alonso & Chair Giliotti
    8.    Title Section Report – Chair Alonso
    9.    Agent Section Report – Chair Giliotti
           a.    Redaction
           b.    Oath judgements
           c.    FinCEN
           d.    Agent licensing fail consequences
           e.    Privatization of GSEs (Fannie & Freddi) 
    10.    Political Action Committee – Chair Stancanelli
    11.    ALTA/FinCEN Report – Mr. Swarthout
    12.    Advocacy Committee Report – Chairs Stancanelli & Chair Pereyo
    13.    Charitable Works Committee Report – Chair Roper
    14.    Education Committee – Chair Carrillo
    15.    Legislative Committee Report – Vice-chair Warner
    16.    Membership Committee Report – Chair O’Hara
    17.    New Business
    18.    Adjourn

    ]]>     Mon, 9 Jun 2025 19:40:47 GMT     AI Cheat Sheet - from Axios https://www.nyslta.org/members/blog_view.asp?id=1230749&post=511299 https://www.nyslta.org/members/blog_view.asp?id=1230749&post=511299 https://www.axios.com/2025/06/04/ai-cheat-sheet-chatgpt-grok-gemini-claude

    (This article is from the Axios Newsletter)

    Anthropic CEO Dario Amodei's warning in our column last week about a looming AI-driven white-collar job apocalypse ignited a national conversation that pulled in everyone from former President Obama to President Trump's AI czar.

    • Critics saw the warning as alarmist, saying the "doomer" attitude fails to account for the new jobs and economic riches AI might shower on the U.S. public.
    • On the flip side, Obama and others saw the interview as vital truth-telling — a clear-eyed warning that government and companies should consider deeply and urgently.

    Why it matters: In the flood of conflicting views, one broad consensus emerged. Every U.S. citizen should start preparing today for society-shifting AI advancements coming soon.

    • So we plucked the best of what AI experts, government officials, business leaders, AI-savvy college students and Axios readers sent us to compile a toolkit for turning AI into a force multiplier for you.

    Learn the models: There are many generative AI models you can use now for free. Here's a cheat sheet for where to get each one, what it's best for, and what you get if you upgrade to paid version, via Axios chief tech correspondent Ina Fried:

    • ChatGPT (OpenAI): The pioneering chatbot offers image and video generation, and can be used through mobile and computer apps as well as via ChatGPT.com (and even an 800 number). ChatGPT Plus service ($20/month) offers more and earlier access to the latest models, plus additional privacy options. Check out the advanced voice mode's natural back-and-forth conversation.
    • Claude (Anthropic): Though less-known than ChatGPT, Claude is favored by many businesses for its impressive coding skills and neutral, helpful tone. The $20-per-month version allows for more usage, priority during busy times and early access to new models.
    • Grok (X): Built into X (formerly Twitter), Grok pitches itself as a "truth-seeking AI companion for unfiltered answers" — though its responses tend to be similar to those of other engines. Free users get a limited number of queries and image generations. Paid options include the $30-per-month SuperGrok and premium subscriptions to X (starting at $8/month).
    • Perplexity: Perplexity has carved out a niche as a combination of AI chatbot + search engine. The $20-per-month Perplexity Pro service offers image generation and access to a range of models, allowing you to see their different responses in one place.
    • Gemini (Google): Google's assistant can integrate with Gmail and offers a well-regarded tool called NotebookLM that can turn your notes (or any document) into a podcast. The $19.99-per-month Pro plan includes more access to its Whisk and Veo video tools plus more storage.
    • Meta AI: Meta's AI assistant is available across Facebook, WhatsApp and Instagram, with free access to image generation and a chatbot based on the company's Llama model.
    • Apple: Apple has the most limited AI of the group. But Apple Intelligence offers a taste of the technology in the apps you already use on your iPhone or Mac, including tools to tweak your writing, create a custom emoji or generate images. Apple Intelligence is free but requires a recent Mac or iPhone.

    Experiment aggressively: You only see the possible magic by experimenting. Three easy ways to start:

    1. Writing: Train the model to write in your voice by asking the LLM to save your writing style after feeding in things you've written in the past. The more you feed, the better it mimics. Jim has a JimGPT, trained on hundreds of speeches and columns, as well as a saved version of our Smart Brevity™ style, fine-tuned to his personal quirks.
    2. Health: Feed in as much health information as you feel comfortable, including lab results, and you'll be amazed by generative AI's ability to help guide you on health choices, workouts, warning signs and supplements. (Always consult a doctor where appropriate!)
    3. Research: AI chatbots can be great for preparing for a meeting, understanding a new subject or planning a trip. Just ask for what you want to know — background on a person or company, or some good day trips in the city you're visiting.

    Master the prompts: This is the first advanced technology that you don't need to be a computer nerd or coder to master. You simply need to master the art of prompting. These tips are excerpted from a Substack synthesis by Elvis Saravia, a U.K.-based machine-learning research scientist, summarizing a Y Combinator roundtable:

    1. Be hyper-specific & detailed (the "manager" approach): Treat your LLM like a new employee. Provide very long, detailed prompts that clearly define their role, the task, the desired output, and any constraints.
    2. Assign a clear role (persona prompting): Start by telling the LLM who it should act like (e.g., "You are a manager of a customer service agent," "You are an expert prompt engineer"). This sets the context, tone, and expected expertise.
    3. Outline the task & provide a plan: Clearly state the LLM's primary task (e.g., "Your task is to approve or reject a tool called..."). Break down complex tasks into a step-by-step plan for the LLM to follow.
    4. Meta-prompting ("LLM, improve thyself!"): Use an LLM to help you write or refine your prompts. Give it your current prompt, examples of good/bad outputs, and ask it to "make this prompt better" or critique it.

    Reality check: AI bots are known to sometimes make things up, known as hallucinating. Verify the information you get if you plan to rely on it.

    • Be sure you're comfortable with the information you're sharing with an AI assistant. In some cases, companies may use the data you share to train the models or serve advertising. Paid versions sometimes allow you to limit this. This Axios series, "What AI knows about you," details how the various chatbots train their systems.

    Know the danger zones: If you're worried about your current major or job, be clear-eyed that the following list is areas AI experts think are most vulnerable:

    • Programming and coding jobs, particularly entry-level, are likely to be the first to be hit.
    • Telemarketers, some types of teachers, political scientists and arbitrators are quite vulnerable to automation by LLMs, a study by professors at Princeton, NYU and the University of Pennsylvania found.
    • Image-generating AI will affect opportunities for interior designers, architects, art directors and mechanical drafters, the study says.

    Own it: Figure out, now, ways to leverage LLMs to vastly improve your productivity, creativity and enjoyment. This is a snooze-you-lose moment. But if you jump in, start to master LLMs, and try to 2x your output this year and 10x it down the road, this could be a game-changer for your career.

    • We encourage Axios colleagues to share their best findings with others in related gigs so that everyone grows with AI.

    Go deeper: "Behind the Curtain: A white-collar bloodbath."

    ]]>     Wed, 4 Jun 2025 17:55:13 GMT     Beyond the backlash: What evidence shows about the economic impact of DEI https://www.nyslta.org/members/blog_view.asp?id=1230749&post=511158 https://www.nyslta.org/members/blog_view.asp?id=1230749&post=511158 https://theconversation.com/beyond-the-backlash-what-evidence-shows-about-the-economic-impact-of-dei-252143

    Few issues in the U.S. today are as controversial as diversity, equity and inclusion – commonly referred to as DEI.

    Although the term didn’t come into common usage until the 21st century, DEI is best understood as the latest stage in a long American project. Its egalitarian principles are seen in America’s founding documents, and its roots lie in landmark 20th-century efforts such as the 1964 Civil Rights Act and affirmative action policies, as well as movements for racial justice, gender equity, disability rights, veterans and immigrants.

    These movements sought to expand who gets to participate in economic, educational and civic life. DEI programs, in many ways, are their legacy.

    Critics argue that DEI is antidemocratic, that it fosters ideological conformity and that it leads to discriminatory initiatives, which they say disadvantage white people and undermine meritocracy. Those defending DEI argue just the opposite: that it encourages critical thinking and promotes democracy − and that attacks on DEI amount to a retreat from long-standing civil rights law.

    Yet missing from much of the debate is a crucial question: What are the tangible costs and benefits of DEI? Who benefits, who doesn’t, and what are the broader effects on society and the economy?

    As a sociologist, I believe any productive conversation about DEI should be rooted in evidence, not ideology. So let’s look at the research.

    Who gains from DEI?

    In the corporate world, DEI initiatives are intended to promote diversity, and research consistently shows that diversity is good for business. Companies with more diverse teams tend to perform better across several key metrics, including revenue, profitability and worker satisfaction.

    Businesses with diverse workforces also have an edge in innovation, recruitment and competitiveness, research shows. The general trend holds for many types of diversity, including age, race and ethnicity, and gender.

    A focus on diversity can also offer profit opportunities for businesses seeking new markets. Two-thirds of American consumers consider diversity when making their shopping choices, a 2021 survey found. So-called “inclusive consumers” tend to be female, younger and more ethnically and racially diverse. Ignoring their values can be costly: When Target backed away from its DEI efforts, the resulting backlash contributed to a sales decline.

    But DEI goes beyond corporate policy. At its core, it’s about expanding access to opportunities for groups historically excluded from full participation in American life. From this broader perspective, many 20th-century reforms can be seen as part of the DEI arc.

    Consider higher education. Many elite U.S. universities refused to admit women until well into the 1960s and 1970s. Columbia, the last Ivy League university to go co-ed, started admitting women in 1982. Since the advent of affirmative action, women haven’t just closed the gender gap in higher education – they outpace men in college completion across all racial groups. DEI policies have particularly benefited women, especially white women, by expanding workforce access.

     
    Many Ivy League universities didn’t admit women until surprisingly recently.

    Similarly, the push to desegregate American universities was followed by an explosion in the number of Black college students – a number that has increased by 125% since the 1970s, twice the national rate. With college gates open to more people than ever, overall enrollment at U.S. colleges has quadrupled since 1965. While there are many reasons for this, expanding opportunity no doubt plays a role. And a better-educated population has had significant implications for productivity and economic growth.

    The 1965 Immigration Act also exemplifies DEI’s impact. It abolished racial and national quotas, enabling the immigration of more diverse populations, including from Asia, Africa, southern and eastern Europe and Latin America. Many of these immigrants were highly educated, and their presence has boosted U.S. productivity and innovation.

    Ultimately, the U.S. economy is more profitable and productive as a result of immigrants.

    What does DEI cost?

    While DEI generates returns for many businesses and institutions, it does come with costs. In 2020, corporate America spent an estimated US$7.5 billion on DEI programs. And in 2023, the federal government spent more than $100 million on DEI, including $38.7 million by the Department of Health and Human Services and another $86.5 million by the Department of Defense.

    The government will no doubt be spending less on DEI in 2025. One of President Donald Trump’s first acts in his second term was to sign an executive order banning DEI practices in federal agencies – one of several anti-DEI executive orders currently facing legal challenges. More than 30 states have also introduced or enacted bills to limit or entirely restrict DEI in recent years. Central to many of these policies is the belief that diversity lowers standards, replacing meritocracy with mediocrity.

    But a large body of research disputes this claim. For example, a 2023 McKinsey & Company report found that companies with higher levels of gender and ethnic diversity will likely financially outperform those with the least diversity by at least 39%. Similarly, concerns that DEI in science and technology education leads to lowering standards aren’t backed up by scholarship. Instead, scholars are increasingly pointing out that disparities in performance are linked to built-in biases in courses themselves.

    That said, legal concerns about DEI are rising. The Equal Employment Opportunity Commission and Department of Justice have recently warned employers that some DEI programs may violate Title VII of the Civil Rights Act of 1964. Anecdotal evidence suggests that reverse discrimination claims, particularly from white men, are increasing, and legal experts expect the Supreme Court to lower the burden of proof needed by complainants for such cases.

    The issue remains legally unsettled. But while the cases work their way through the courts, women and people of color will continue to shoulder much of the unpaid volunteer work that powers corporate DEI initiatives. This pattern raises important equity concerns within DEI itself.

    What lies ahead for DEI?

    People’s fears of DEI are partly rooted in demographic anxiety. Since the U.S. Census Bureau projected in 2008 that non-Hispanic white people would become a minority in the U.S by the year 2042, nationwide news coverage has amplified white fears of displacement.

    Research indicates many white men experience this change as a crisis of identity and masculinity, particularly amid economic shifts such as the decline of blue-collar work. This perception aligns with research showing that white Americans are more likely to believe DEI policies disadvantage white men than white women.

    At the same time, in spite of DEI initiatives, women and people of color are most likely to be underemployed and living in poverty regardless of how much education they attain. The gender wage gap remains stark: In 2023, women working full time earned a median weekly salary of $1,005 compared with $1,202 for men − just 83.6% of what men earned. Over a 40-year career, that adds up to hundreds of thousands of dollars in lost earnings. For Black and Latina women, the disparities are even worse, with one source estimating lifetime losses at $976,800 and $1.2 million, respectively.

    Racism, too, carries an economic toll. A 2020 analysis from Citi found that systemic racism has cost the U.S. economy $16 trillion since 2000. The same analysis found that addressing these disparities could have boosted Black wages by $2.7 trillion, added up to $113 billion in lifetime earnings through higher college enrollment, and generated $13 trillion in business revenue, creating 6.1 million jobs annually.

    In a moment of backlash and uncertainty, I believe DEI remains a vital if imperfect tool in the American experiment of inclusion. Rather than abandon it, the challenge now, from my perspective, is how to refine it: grounding efforts not in slogans or fear, but in fairness and evidence.

    ]]>     Fri, 30 May 2025 20:31:47 GMT     EVENT ALERT - Appraising Real vs Personal Property -- A Legal Guide for Attorneys https://www.nyslta.org/members/blog_view.asp?id=1230749&post=511111 https://www.nyslta.org/members/blog_view.asp?id=1230749&post=511111 American Bar Association - Real Property, Trust and Estate Law

    DATE: Wednesday, June 4, 2025
    TIME: 1:00 – 2:30 p.m. ET

    This webinar teaches attorneys how to vet, challenge, differentiate and defend real and personal property appraisals by understanding USPAP and industry standards, spotting common errors, and properly qualifying experts. It covers key differences between asset types, real case studies, and strategies to ensure credible valuation evidence in litigation.

    Speaker:  Daniel Boring, Kidder Mathews Inc., Nakomis, FL

     

     

    ]]>     Thu, 29 May 2025 19:36:54 GMT     EVENT ALERT - New York CE/CLE Webinar: Title Surveys https://www.nyslta.org/members/blog_view.asp?id=1230749&post=511067 https://www.nyslta.org/members/blog_view.asp?id=1230749&post=511067 New York CE/CLE Webinar:Title SurveysDate & TimeMay 29, 2025 11:00 AM Eastern Time (US and Canada)Webinar ID943 9350 4764Participant ID431513Passcode930168DescriptionJoin WFG National Title Insurance Company for a 1-hour CE/CLE webinar aimed at educating title agents and attorneys about land surveys.

    After attending this course, you will have a clear understanding of transactional issues related to surveys and how to resolve these types of issues before you get to the closing table.

    *This program also provides the opportunity to earn one credit towards the professional practice requirement, appropriate for newly admitted and experienced attorneys.
    ]]>     Wed, 28 May 2025 21:49:43 GMT     EVENT ALERT - UNCOVERING REAL ESTATE FRAUD: NAVIGATING TITLE INSURANCE CLAIMS https://www.nyslta.org/members/blog_view.asp?id=1230749&post=511065 https://www.nyslta.org/members/blog_view.asp?id=1230749&post=511065 1 CLE CREDIT IN PROFESSIONAL PRACTICE

    To register:Margaret.ling@amtrustgroup.com

    COMPLIMENTARY CONTINUING LEGAL EDUCATION SEMINAR
    UNCOVERING REAL ESTATE FRAUD:
    NAVIGATING TITLE INSURANCE CLAIMS

    WEDNESDAY, JUNE 25, 2025

    5:30 - 7:30 PM

    FLUSHING BANK

    99 PARK AVENUE (40TH ST), 1ST FLR BRANCH

    NEW YORK, NEW YORK

    REGISTER HERE
    MARGARET T. LING, ESQ.
    NYS AGENCY UNDERWRITING COUNSEL AND EDUCATION DIRECTOR
    AMTRUST TITLE

    JASON GANFER, ESQ.
    PARTNER - GOLDBERG SEGALLA

    ]]>     Wed, 28 May 2025 21:33:19 GMT     The NYC Lien Sale has been extended https://www.nyslta.org/members/blog_view.asp?id=1230749&post=510788 https://www.nyslta.org/members/blog_view.asp?id=1230749&post=510788 The NYC Lien Sale has been extended to June 3, 2025

    • The lien sale removal deadline has been extended two weeks. 
    • The last day to take action to remove your property from the sale is June 2, 2025.
    • The lien sale will be held on June 3, 2025.

    For more information on the NYC Lien Sale, please visit NYC Property Tax Lien Sale

    ]]>     Mon, 19 May 2025 17:25:43 GMT     Where does the money go? https://www.nyslta.org/members/blog_view.asp?id=1230749&post=510688 https://www.nyslta.org/members/blog_view.asp?id=1230749&post=510688 On May 13, 2025, the Executive Committee approved the distribution of the following infographic.

    This infographic may be used to respond to questions about the title bill.

    You can download a JPG by clicking the button below.

     

    ]]>     Wed, 14 May 2025 20:01:03 GMT     NYC Dept of Finance - Notice of Recorded Document Program https://www.nyslta.org/members/blog_view.asp?id=1230749&post=510223 https://www.nyslta.org/members/blog_view.asp?id=1230749&post=510223 What Is a “Notice of Recorded Document”?
    This is a notification sent to registered subscribers each time a deed, deed-related document, mortgage, or mortgagerelated document has been recorded against a specific property in New York City. You must register to receive notification.

    Property owners and their agents (including child, spouse, or domestic partner of owner if they are a designee),
    the managing agent, the property owner’s attorney, the lienor, or executors/administrators of the estate of the owner or
    leinor of the property should register to be notified of documents recorded against the property. Notification will usually
    be issued the day after a document is recorded. Note: The Department of Finance is required to record all documents
    that meet recording requirements.

    Why Should I Register to Receive Notification?
    Receiving a “Notice of Recorded Document” will alert registered property owners when documents are recorded without their knowledge and will allow them to take steps to limit the harm caused by the recording of a fraudulent document.

    How Do I Register?
    Registering is easy and fast. Register electronically by visiting the Department of Finance website, www.nyc.gov/finance, or the ACRIS website, www.nyc.gov/acris and click on the “Recorded Document Notification” link. You can register by using your property address or the borough block and lot number. You may also submit a completed "Notice by Mail of Recorded Document" application which is available on our website or by calling 311.

    Can I Register to Receive Notification for More Than One Property at a Time?
    No. You must register separately for each property.

    Are There Any Fees Involved When Registering?
    There are no fees to register or to receive a notification sent via e-mail or regular mail. However, text message rates
    may apply (please consult with your carrier).

    How Long Will My Registration Last?
    Your registration will remain in effect until you opt out of receiving notification.

    What Should I Do if I No Longer Wish to Receive Information About a Particular Property?
    You must “delete” your registration information by visiting the New York City Department of Finance website
    www.nyc.gov/finance or ACRIS website www.nyc.gov/acris and click on the “Recorded Document Notification” link. You may also delete your registration by submitting a completed “Notice by Mail of Recorded Document” application which is available on our website or is available by calling 311.

    Will I Receive Notification for Every Document Recorded on the Property?
    No, a “Notice of Recorded Document” will be sent only when the following documents have been recorded:

    Department of Finance
    Deed and Deed-Related Documents
    Agreement
    Air Rights
    Condemnation Proceedings
    Condo Declaration
    Confirmatory Deed
    Contract of Sale
    Correction Deed
    Court Order
    Deed
    In Rem Deed
    Judgment
    Life Estate Deed
    Memorandum of Contract
    Power of Attorney
    Real Estate Investment Trust Deed
    Revocation of Power of Attorney
    Sundry Agreement
    Unit Assignment

    Mortgage and Mortgage Related Documents
    Agreement
    Collateral Mortgage
    Correction Mortgage
    Court Order
    Initial UCC1 (financing statement)
    Judgment
    Mortgage
    Mortgage and Consolidation
    Mortgage Spreader Agreement
    Satisfaction of Mortgage
    Subordination of Mortgage
    Sundry Mortgage

    Should an Owner (or the designee) of an Individual Cooperative Apartment Unit or Timeshare Register?
    It is not recommended that an owner (or designee) register because individual cooperative apartments units or timeshares do not have a unique block and lot number. If an owner (or designee) of a cooperative apartment unit or Timeshare registers to receive notification, registration can only be for the entire building. The registrant will receive a Notice of Recorded Documents affecting the building rather than a particular apartment unit or timeshare. This may result in a large number of unnecessary notifications.

    What Should I Do if I Receive a “Notice of Recorded Document” and the Property is in Manhattan (New York
    County), The Bronx, Brooklyn (Kings County), or Queens?
    You should:
    1. Go to the website at www.nyc.gov/acris and click on “Search Property Records”.
    2. Enter the borough, block and lot number of the property and then you can review the document for which you have
    received a “Notice of Recorded Document.” (If you do not have access to a computer you may visit one of our City
    Register locations listed below.)
    3. If you own property with another party/parties, you may want to contact them to find out if the other party/parties
    is/are aware of the document for which you have received notice.

    What Should I Do When I Receive a “Notice of Recorded Document” and the Property is in Staten Island
    (Richmond County)?
    If the property is in Staten Island, you must visit the Office of the Richmond County Clerk to view a copy of the
    recorded document.

    What will happen after I register for notification?
    Immediately after registering, you will receive an automatically generated email confirming that you elected to receive
    email notices whenever documents are recorded against the entered BBL. If you do not receive this email within 15 minutes, please verify that you entered the correct email address. If the email address that you entered (per the confirmation screen) is incorrect, you should re-register to receive notice using the correct email address. If you had used the correct email address, please check your junk mail as the antispam and email filtering you may be running can potentially cause these emails to arrive in your junk email folder. To prevent future emails from doing the same, please add acrisnrd@finance.nyc.gov to your safe senders list. If the email address that you entered is correct and the email is not in your junk email folder, you should call 311.
    If you requested registration of notification for a BBL, then starting the day of the registration you will be notified via email
    when any deed, deed-related document, mortgage, or mortgage-related document is recorded against that BBL. The
    email will contain a reference to the document(s) recorded the previous day.
    If you register by submitting a completed "Notice by Mail of Recorded Document" application, you will receive a confirmation
    of your registration by mail and receive notices by mail whenever documents are recorded against the entered
    BBL. If you do not receive the confirmation within two weeks, you should call 311.

    What will happen after I request deletion of my registration?
    Immediately after requesting deletion of your registration you will receive an automatically generated email confirming
    that you elected to no longer receive email notices whenever documents are recorded against the entered BBL. If you
    do not receive this email within 15 minutes, please verify that you entered the correct email address. If the email address that you entered (per the confirmation screen) is incorrect, you should re-register to receive notice using the correct email address. If you had used the correct email address, please check your junk mail as the antispam and email filtering you may be running can potentially cause these emails to arrive in your junk email folder. If you request deletion of an existing registration for a BBL and any deed, deed-related document, mortgage, or mortgage-related document is recorded against that BBL the day you requested deletion, you will receive an email notification; however, you will not receive notification of any subsequent recordings unless you register again.
    If you request deletion of your registration by submitting a completed "Notice by Mail of Recorded Document" application, you will receive a confirmation by mail that you elected to no longer receive notices whenever documents are recorded against the entered BBL. If you do not receive the confirmation within two weeks, you should call 311.

    After I Review the Document, What Should I Do?
    1. If you know about the recorded document and it is correct you do not need to take any further steps.
    2. If the document is incorrect or if you were not aware of the document, call 311. If you are calling from outside of
    New York City, call 212-NEW-YORK or 212-639-9675. The call center representative will be able to refer you to an
    appropriate agency to assist you in resolving your issue.

    Department of Finance l Division of Land Records l City Register Locations
    MANHATTAN BRONX
    66 John Street, 13th Floor 3030 Third Avenue, Room 280
    New York, NY 10038 Bronx, NY 10455

    BROOKLYN QUEENS
    210 Joralemon Street, Room 2 144-06 94th Avenue
    Brooklyn, NY 11201 Jamaica, NY 11435

    OFFICE OF THE RICHMOND COUNTY CLERK
    130 Stuyvesant Place
    Staten Island, N.Y. 10301

    Disclaimer
    The Department of Finance assumes no liability for failure to provide the requested notice of
    recorded document with respect to the property for which you are registering to receive notification.
    The City of New York, including the Department of Finance, and the Office of the Richmond
    County Clerk assumes no liability for performing its legal duty to record documents, even if those
    documents are in some instances later be determined to be erroneous, fraudulent, or invalid.

    ]]>     Wed, 30 Apr 2025 21:52:09 GMT     Why people with autism struggle to get hired − and how businesses can help by changing how they look at job interviews https://www.nyslta.org/members/blog_view.asp?id=1230749&post=509989 https://www.nyslta.org/members/blog_view.asp?id=1230749&post=509989 A lot of times we think about DEI as only about race or gender, but neurodivergency is also a factor in hiring. Title insurance jobs tend to be non-customer-facing, and call for attention to detail and focus that neuro-divergent workers often excel at.

    As more and more of our older employees retire, many of our companies are looking for the best possible people as the next generation of title insurance professionals, especially searchers and readers.  The unique requirements for those jobs- careful attention to detail, intense focus, and recognition of slight differences- are often qualities held by those suffering from Autism Spectrum Disorder (ASD).  However the job interview process often shortchanges those individuals, as social awkwardness masks their abilities.

    The following article explains how recognizing those interview biases can reward your company with great employees.

    https://theconversation.com/why-people-with-autism-struggle-to-get-hired-and-how-businesses-can-help-by-changing-how-they-look-at-job-interviews-254658

     

    ]]>     Tue, 22 Apr 2025 19:21:52 GMT     Superintendent Harris Transforms Consumer Experience and Regulatory Processes with Launch of DFS Connect https://www.nyslta.org/members/blog_view.asp?id=1230749&post=509559 https://www.nyslta.org/members/blog_view.asp?id=1230749&post=509559 Superintendent Harris’s Operations and Technology Transformation Hits Major Milestones with DFS Connect Launch and 1000 Hires and Promotions Since January 2022

     

     

    March 17, 2025
     

    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.

    ]]>     Fri, 4 Apr 2025 19:57:41 GMT     Monroe County records and recordings https://www.nyslta.org/members/blog_view.asp?id=1230749&post=509084 https://www.nyslta.org/members/blog_view.asp?id=1230749&post=509084 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.

    ]]>     Thu, 20 Mar 2025 20:01:12 GMT     March Executive Committee Meeting Agenda https://www.nyslta.org/members/blog_view.asp?id=1230749&post=508759 https://www.nyslta.org/members/blog_view.asp?id=1230749&post=508759 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.

    ]]>     Mon, 10 Mar 2025 17:29:43 GMT     NYC HPD Online reporting issues affecting some NYC Emergency Repair Searches https://www.nyslta.org/members/blog_view.asp?id=1230749&post=507421 https://www.nyslta.org/members/blog_view.asp?id=1230749&post=507421 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.
    ]]>     Wed, 29 Jan 2025 20:08:53 GMT     Master Fee List for the Town of Cortlandt for 2025 https://www.nyslta.org/members/blog_view.asp?id=1230749&post=507359 https://www.nyslta.org/members/blog_view.asp?id=1230749&post=507359 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

     

    ]]>     Tue, 28 Jan 2025 17:19:13 GMT     A Big Step Forward in NYSLTA's Legislative Advocacy – Payoff Letters https://www.nyslta.org/members/blog_view.asp?id=1230749&post=507332 https://www.nyslta.org/members/blog_view.asp?id=1230749&post=507332 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..

    What does the bill say?

     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.

    Why is this important?
    • 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.

    .

    • The NYSLTA furthers its credentials as a consumer advocate.

    How did we get here?

    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.

    Next steps
    1. We will work with a member of the Senate to introduce a senate version of the bill.
    2. Make sure your TAN membership is current. Go HERE to check or sign-up.
    3. Respond to TAN alerts. It is the easiest way for you to tell your representatives WHY this bill is important.
    4. Read NYSLTA email for updates and check the Newsblog on the NYSLTA website.
    ]]>     Mon, 27 Jan 2025 18:10:52 GMT     City of Beacon NY Municipal Fee Increase https://www.nyslta.org/members/blog_view.asp?id=1230749&post=506784 https://www.nyslta.org/members/blog_view.asp?id=1230749&post=506784 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/

     

    ]]>     Tue, 7 Jan 2025 17:08:05 GMT     2025 IT-2663/IT-2664 forms must be used starting January 1, 2025 https://www.nyslta.org/members/blog_view.asp?id=1230749&post=506739 https://www.nyslta.org/members/blog_view.asp?id=1230749&post=506739 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.

     

    ]]>     Mon, 6 Jan 2025 13:45:27 GMT     Mortgage recording tax rate changes for Chenango, Cortland, and Otsego Counties https://www.nyslta.org/members/blog_view.asp?id=1230749&post=506738 https://www.nyslta.org/members/blog_view.asp?id=1230749&post=506738 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
    • MT-24-2, Changes to the Mortgage Recording Tax Rates Affecting Cortland County
    • MT-24-3, Changes to the Mortgage Recording Tax Rates Affecting Otsego County

     

    For additional information on mortgage recording tax, visit Mortgage recording tax.

    ]]>     Mon, 6 Jan 2025 13:37:46 GMT     CITY OF YONKERS BUILDING DEPARTMENT IMAGING PROJECT UPDATE https://www.nyslta.org/members/blog_view.asp?id=1230749&post=506711 https://www.nyslta.org/members/blog_view.asp?id=1230749&post=506711
  • 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

    ]]>     Thu, 2 Jan 2025 20:13:09 GMT     CTA (Corporate Transparency Act) is on hold - again. https://www.nyslta.org/members/blog_view.asp?id=1230749&post=506630 https://www.nyslta.org/members/blog_view.asp?id=1230749&post=506630 The Fifth Circuit vacated the stay of the district court’s preliminary injunction, so the CTA is on hold again.

    Click the link below to download the ruling.

    ]]>     Fri, 27 Dec 2024 15:53:31 GMT     Exploring Title Insurance, Consumer Protection, and Opportunities for Potential Reforms https://www.nyslta.org/members/blog_view.asp?id=1230749&post=506623 https://www.nyslta.org/members/blog_view.asp?id=1230749&post=506623 The following was issued 12/23/2024 from the U.S. Treasury.

    Citations and footnotes can be found at -

    https://home.treasury.gov/news/featured-stories/exploring-title-insurance-consumer-protection-and-opportunities-for-potential-reforms

    December 23, 2024

    By Jeanette Quick, Deputy Assistant Secretary for Financial Institutions Policy

    On July 10, 2024, the U.S. Department of the Treasury’s Federal Insurance Office (FIO) hosted a roundtable to discuss the title insurance industry and analyze potential reforms.[1] FIO convened the roundtable in connection with President Biden’s call for federal agencies to take all available actions to lower home closing costs and help more Americans access homeownership.[2]

    At the roundtable, senior Treasury officials led discussions with a wide array of stakeholders about the structure of the title insurance industry, the costs and benefits of title insurance, consumer awareness and protection, the regulatory environment, and various proposals for reforms. This note highlights some of the issues discussed and ideas considered at the roundtable, and outlines ongoing and potential policy-related steps concerning title insurance and housing affordability.

    Title Insurance and THE Title Industry

    Title Policies and Services

    In general, a title insurance policy insures the interests of the owners or other persons (mainly mortgage lenders) in real property against loss or damage arising from any or all of the following conditions that existed on or before the policy date: (1) defects in or liens or encumbrances on the insured title; (2) unmarketability of the insured title; (3) invalidity, lack of priority or unenforceability of liens, or encumbrances on the stated property; (4) lack of legal right of access to the land; or (5) unenforceability of rights in title to the land.[3]

    Title or settlement agents may provide or facilitate a range of products and services in connection with closing a home purchase and mortgage (or refinancing of a mortgage). These may include searching and reviewing property and other records (“title search”); correcting title defects identified prior to closing (“curing”); conducting the closing; and issuing one or more insurance policies that obligate the insurer to indemnify and defend the insureds in the case of later-discovered alleged title defects.

    There are two types of title insurance policies offered in residential real estate transactions—the lender’s policy and the owner’s policy. The lender’s policy is issued for the benefit of the lender and will pay to the lender the remaining principal of the loan if there is a covered problem with the title that cannot be resolved. An owner’s policy typically protects the buyer’s interest by providing coverage for up to the full purchase price of the property. Obtaining an owner’s policy is not required to close on a home purchase or mortgage, while lenders generally require the purchase of a lender’s policy as a condition of funding a loan secured by real property.  The cost of the lender’s policy is typically paid for by the buyer (i.e., the borrower). Title insurance policies are paid for at the time of closing or refinancing through a one-time premium.

    When both an owner’s policy and a lender’s policy are issued at closing in a purchase or refinance transaction, some insurers may offer a reduced price for one of these policies (“simultaneous issue discount”) since it requires limited or no additional title work to support a second policy. In refinance transactions, where a new lender’s policy is generally required by the lender to ensure clean title since the date the prior mortgage was issued (and to insure a new lender and/or for new coverage amounts), many title insurers offer “reissue” rates that provide some cost savings as well.[4]  In some states, the buyer pays for the lender’s policy, and may choose to obtain an owner’s policy (that could be subject to a simultaneous issue discount).  In other states it is common for the property seller to pay for an owner’s title policy, and the buyer pays for the lender’s policy (the cost of which may reflect a simultaneous issue discount).

    The Title Insurance Market

    According to Fannie Mae, the average cost in the United States for title and settlement services, inclusive of the lender’s policy, is $1,900.[5] The Consumer Financial Protection Bureau (CFPB) reports that title insurance premiums typically range from 0.5 to 1.0 percent of the purchase price.[6] The title industry noted that these cost estimates are overstated because they do not factor in certain seller credits and they count some third-party fees as part of the title charge, even if they are not paid to the title company.[7] Industry loss ratios, which generally range from 3 to 7 percent, are extremely low in comparison to property and casualty insurers in general. Industry officials and others, however, note that title insurer combined ratios—which take into account both expenses and losses—range from 95 to 102 percent, broadly in line with that of other insurance products. Some of the roundtable discussion focused on the various cost components that make up those expenses.

    Regulation

    In the United States the business of insurance, including title insurance, is primarily regulated by the states, the District of Columbia, and the five U.S. territories.[8] In most states, the law specifies that title insurance rates may not be excessive, inadequate, or unfairly discriminatory. Rate regulation varies among the states. Some states regulate only the risk premium, while other states regulate an all-inclusive premium, which generally includes all costs of issuing the policy, search expenses, and the risk premium. Moreover, states regulate title insurance rates in several distinct ways: prior approval (rate must be approved by the regulator prior to use), file and use (rates must be filed prior to use, no advance approval required), or by use and file (rates are filed after they are used in the market). In a few states, rates are established by regulation set by the state’s insurance regulator.

    THE Title Insurance Roundtable

    The title insurance roundtable brought together a diverse group of participants for discussions about the title insurance marketplace, the regulatory landscape, consumer protection, and potential reforms that might help lead to lower costs for consumers and help expand access to homeownership. Academics and other participants stressed the importance of obtaining quantitative data and conducting independent research to ensure that any discussions on potential reforms are grounded in data-driven analysis. Some of the discussions are summarized below.

    Consumer Concerns

    Consumer groups expressed concerns with the way that title insurance is marketed and sold, which they said results in limited or no price competition. They highlighted that title insurance marketing and distribution is focused on lender and real estate stakeholders, even though the borrower pays for the lender’s insurance policy. Consumer groups shared concerns that (despite applicable state and federal law) the pricing of title insurance is not transparent, and that consumers have little knowledge of how the rates are determined, or even what they are paying for, which can hamper the ability of consumers to make informed decisions. For example, in some states, the title insurance premium includes some of the costs of title clearing and preparing for the closing; in others the premium is supposed to reflect only the cost of risk.[9] Title insurance may be bundled with other closing costs in a real estate transaction, which can make it challenging for consumers to understand the charges for each respective service or product. Moreover, some title companies market policies with various enhancements, at increased cost, and consumers may not be informed of the value of these products.

    Consumer groups also noted that many potential home buyers face challenges in accumulating sufficient funds for down payments and other costs that are required for closing a housing transaction. These challenges for consumers can be exacerbated by the cost of title insurance, considering that the median savings account balance for American families is just $8,000.[10] Moreover, some participants suggested that in various ways consumer interests are not being protected—for example, that borrowers who are not aware of the availability of simultaneous issue or reissue discounts may be charged undiscounted rates.

    Title Industry Profitability

    Industry officials emphasized that a large and costly part of its role is the labor-intensive process of identifying and curing title defects on a property’s title before the transaction closes. Accordingly, they noted that the industry’s generally low loss ratio reflects their effectiveness before closing and in reducing risk of loss to policyholders and the insurers. According to the American Land Title Association (ALTA), even with the benefit of increasing automation, for the average purchase transaction, the search, exam, and curative and closing services takes over 20  hours of time to complete if no extraordinary defects or issues are found.[11] In addition, industry participants noted that title insurance prices have had very little growth in real terms over the past 5 to 10 years.

    Industry participants also emphasized that title insurance may protect insured parties from the risk of events such as escrow fraud, cyber-enabled crimes, and equity stripping. They noted that such events have been occurring more frequently and cannot be cured in advance. 

    Alternative Structures and the Iowa Model

    Participants discussed alternative structures, consumer protection, and the role of the government-sponsored enterprises. For example, consumer groups suggested that the cost of title insurance might be lower if lenders used their market power to negotiate prices with insurers, or if lenders (rather than sellers) paid the premium for lender’s title policies. It was also suggested that the requirement for lenders to have title insurance is driven by the interests of investors in conforming loan securities.

    Participants also discussed the approach to title insurance in Iowa, which is the only state in the country that provides title coverage through a not-for-profit state-administered program. The Title Guarantee Division of the Iowa Finance Authority relies on attorney abstracts and opinion letters, and for residential transactions will issue a lender’s guaranty of up to $750,000 for a flat fee of $175. An owner’s guaranty generally is provided at no additional charge.[12] Industry representatives cautioned that the borrower bears the cost for the attorney’s work and opinion letter and potentially other settlement costs, so that the $175 fee is not directly comparable to the costs of title insurance and settlement services in other states. Other participants noted the potential utility and cost effectiveness of attorney opinion letters in some instances, if acceptable to lenders.

    Observations and Recommendations

    Title insurance provides benefits to consumers and lenders by identifying and curing title defects, defending the interests of the insureds in case of title-related disputes after closing, including reimbursing losses from covered title-related defects that emerge after the transfer of property ownership, and providing a source of compensation for various fraudulent activities that can damage homeowners. Roundtable participants noted multiple areas of the title insurance industry that could benefit from potential reforms, including product design, distribution, pricing, and regulation. However, reaching definitive conclusions on appropriate paths forward for potential reforms is challenging because views are generally informed by anecdotal evidence or proprietary data. 

    Even though consumers spend as much as $22 billion on title insurance each year, the lack of publicly available data on the U.S. market means that there is relatively little independent research on the title insurance market.[13] Various industry participants noted their potential willingness to work with other stakeholders on efforts to increase data availability to researchers, so long as sufficient confidentiality protections are maintained. Treasury supports increased and independent qualitative and quantitative analyses of the cost structure of title insurance, claims, expenses, and variations in state insurance regulation to better assess the cost of title insurance and the extent to which the title insurance industry is benefiting consumers and homeowners. Treasury also encourages academic and industry participants to explore potential areas of cooperation, including the potential sharing of anonymized industry data with interested researchers.

    New Research Initiatives

    It is notable that subsequent to the roundtable, the American Academy of Actuaries and the National Association of Insurance Commissioners (NAIC) both announced new research initiatives related to title insurance.[14] Both of these research initiatives are promising developments that could help increase independent data-driven assessments of the title insurance market. Treasury will monitor and consider the outcomes of these initiatives.

    Lenders Pay for Title Insurance 

    Some consumer groups have suggested that the cost of title insurance would be lower if lenders used their market power to negotiate prices with insurers.[15] This may be an area where additional data and independent analysis could help with assessment of the potential benefit of any reforms. Industry participants also countered the view that borrowers receive no benefit from the lender’s policies they pay for. They noted that in the absence of this coverage lenders would look to the borrowers—who typically warrant that they have good title on the property serving as mortgage collateral—to bear the cost of title defects that affect the lender’s interest.

    Consumer Education

    The roundtable also suggests areas for collaboration among industry, consumer advocates, and regulators to increase consumer education. Some of these initiatives could include exploring ways to provide more accessible disclosure and breakdowns of title insurance fees, continuing efforts to educate consumers (such as helping consumers to understand the difference between lender’s and owner’s policies, the potential availability of discounts, and the scope of “premium” coverage enhancements) and encouraging consumers to shop around for title insurance. The NAIC’s Title Insurance Task Force developed a Title Insurance Consumer Shopping Tool in 2015, which is periodically updated, as a guide for consumers regarding title insurance and how to shop for it.[16] Further evaluation by the NAIC concerning accessibility and usefulness of the shopping tool for consumers in light of market developments should be considered. A related avenue to consider relates to opportunities for title agents and housing advocates to collaborate on increasing consumer education and awareness directed, for example, at ensuring that consumers take full advantage of premium discounts that may be available. Some roundtable participants, however, noted that the effectiveness of consumer education regarding title insurance may be limited, because many consumers only purchase homes infrequently, and they may simply rely on the recommendations of their real estate agent, rather than focusing on any details concerning the product or the insurers and agents involved in delivering it. 

    State Regulatory Differences in Title Insurance

    The research initiatives described above could also help identify recommendations for state regulators around harmonizing rate filings and related matters. More harmonization of state regulation, which could be addressed in amendments to relevant NAIC model laws, might improve the ability of policymakers to conduct direct comparisons. Moreover, to the degree that these efforts do not result in improved consumer outcomes, consideration should be given as to whether other regulatory solutions, at the state or federal level, are needed.

    Technology

    Some insurers are exploring various technological advancements (including the use of artificial intelligence) and others have invested in tools such as decision engines that automate aspects of the title examination and document collection. Such efforts may help drive down costs in the title industry over time. Nevertheless, stakeholders noted that further digitization of state and local records is needed to reduce costs and inefficiencies.  To that end, identifying funding sources to facilitate the digitization of local land records could be beneficial.

    Iowa’s Model  

    Some roundtable participants remarked that there should be careful consideration into whether aspects of Iowa’s practices around title coverage (e.g., attorney opinion letters) can or should be adapted for implementation in other states. They also noted that studying the relative costs and benefits of Iowa’s approach as compared to that in other states may yield useful insights to regulators and policymakers. There were a variety of views on the relative merits of the two systems and whether Iowa’s approach is scalable.[17] Additional research in this area could be a potential topic for additional projects by the American Academy of Actuaries or the NAIC.

    LOOKING AHEAD

    Treasury will continue to monitor the title insurance industry and its role in housing affordability and explore opportunities for potential title insurance reform where appropriate, including by consulting and collaborating with state insurance regulators and other stakeholders.
     

    ]]>     Tue, 24 Dec 2024 15:58:15 GMT     Municipal Search Fee Chart Updated - download at link https://www.nyslta.org/members/blog_view.asp?id=1230749&post=506512 https://www.nyslta.org/members/blog_view.asp?id=1230749&post=506512 The Town of Kent in Putnam County will increase their muni search fee from $100 to $200 on January 1st 2025.

    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 link below.

    ]]>     Wed, 18 Dec 2024 20:21:25 GMT     A Sneaky New Phishing Attack: Corrupted Word Documents https://www.nyslta.org/members/blog_view.asp?id=1230749&post=506421 https://www.nyslta.org/members/blog_view.asp?id=1230749&post=506421 Re-posted from SECURITY BUZZ by Genady Vishnevetsky, Chief Info Security Officer  Stewart Title Guaranty Company

     

    There's a new phishing campaign that's using a clever trick - corrupted Word documents. This technique allows malicious content to pass through to the user without detection by any email security tools.

    The attacker intentionally (slightly) corrupts the attached Word document so that antivirus and security scanners can't scan it. Because the file has a .docx extension, when the unsuspicious victim opens it, Microsoft Word detects the corruption and asks the user if they want to repair it. If the user confirms, Word will repair and open the file.

    Inside the recovered file is a QR code that leads to a credential harvesting page that steals both the user's credential and the MFA.

    The timing of this attack is impeccable. Security firm Any.Run, which discovered it, found that the email appeared to come from Human Resources and focused on end-of-the-year benefits and bonus payouts.

    Takeaways:

    • Hackers frequently time and theme their attacks to seasonal, disaster or business events - always stay alert during business seasonality (i.e., end-of-month, quarter, year activities, benefits, payouts, income-tax events)
    • Attackers continuously attempt to find ways to stay under the radar of security technologies - always proceed with caution
      • Every attachment from an unknown source should be considered malicious until proven otherwise
      • Any new behavior (recovery of corrupted attachment) should be a red flag
    • QR codes have alarmingly become mainstream for cybercrooks due to the inability to analyze the destination with the naked eye. Scrutinize all QR codes and avoid using them in emails and attachments if possible.
    • Do not enter any credentials on the site you landed on from the email or attachments unless it came from a trusted and verified source
    Dec 13, 2024 9:38 AM
    Genady Vishnevetsky

    ]]>     Mon, 16 Dec 2024 19:09:09 GMT     Priority 3 Bills - approval and veto https://www.nyslta.org/members/blog_view.asp?id=1230749&post=506420 https://www.nyslta.org/members/blog_view.asp?id=1230749&post=506420 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.

     

    A5073A

    Hunter CO: Steck, Wallace, Buttenschon, Hawley, Zebrowski, McDonald
    Prohibits mortgagees from requiring mortgagors of certain real property to purchase flood insurance exceeding certain limits
    Same as S 7125-A BRESLIN
    SUMM :Add S283, RP L Prohibits mortgagees from requiring mortgagors of certain residential real property to purchase flood insurance exceeding a coverage amount that exceeds the balance as of the beginning of the year for which the policy shall be in effect, or that includes coverage for contents.

    12/02/24 delivered to governor
    12/13/24 signed chap.557
    12/13/24 approval memo.28

    Pri:03

     

    Old Bill:A4424 of 2022

     

    Old Bill Last Act:02/01/22 REFERRED TO JUDICIARY

    S967A

    RYAN CO: HARCKHAM, PALUMBO
    Relates to delinquent tax interest rates
    Same as A 1489-A Thiele
    SUMM :Amd S924-a, RPT L Relates to setting a minimum and maximum delinquent tax interest rate for payments due on residential real property.
    12/13/24 VETOED MEMO.92

    Pri:03

     

    Old Bill:S6310B of 2022

     

    Old Bill Last Act:01/05/22 REFERRED TO LOCAL GOVERNMENT

    S9059

    SKOUFIS
    Extends the enforcement of the collection of delinquent real property taxes and the collection of taxes by banks and enforces the collection of taxes in certain villages
    Same as A 9136 Otis
    SUMM :Amd S6, Chap 602 of 1993 Extends the enforcement of the collection of delinquent real property taxes and the collection of taxes by banks; enforces the collection of taxes in certain villages.

    12/13/24 VETOED MEMO.109

    Pri:03

     

    Old Bill:S6720 of 2022

    ]]>     Mon, 16 Dec 2024 18:57:05 GMT     City of Glen Cove Sewer Lateral Program https://www.nyslta.org/members/blog_view.asp?id=1230749&post=506361 https://www.nyslta.org/members/blog_view.asp?id=1230749&post=506361 The City of Glen Cove Sewer Lateral Program provides City homeowners with an affordable solution for repairing, replacing, and maintaining their private sewer laterals. Residents will be protected from the high costs or repairs or replacements of sewer laterals while also ensuring that there are no sources of sewage contamination into the groundwater from leaking sewer lines.

    The cost for the program is $186.00/year, which includes all services. There are no other out-of-pocket costs including deductibles, limits, or maximums. The program fees will appear as a “Sewer Lateral Program” line item on your 1ST Half City real estate tax bill. 

    There is an annual enrollment period, October 1st —November 1st, in which residents are given the opportunity to join or opt-out of the program. Following the enrollment, participants can then call the vendor, Pipelogix LMS Inc., when they experience an issue with their private sewer lateral. Those residents and property owners who were unable to enroll, or those who opted-out of the program the previous year, will have the ability to enroll during the following year’s enrollment period.

    For more information, visit https://glencoveny.gov/sewer-lateral-program

    ]]>     Fri, 13 Dec 2024 17:42:57 GMT     Fake Emergency Data Requests on the Rise https://www.nyslta.org/members/blog_view.asp?id=1230749&post=506322 https://www.nyslta.org/members/blog_view.asp?id=1230749&post=506322 The following was originally posted to the ALTA Open Forum Security Buzz.

    Cybercriminals are exploiting a system designed for emergencies to steal your personal information. The FBI has issued a warning about a concerning trend: the increasing use of fraudulent emergency data requests (EDRs) by cybercriminals.

    EDRs are legitimate tools that law enforcement uses to obtain information from online service providers in urgent situations where there isn't enough time to secure a warrant or subpoena. These requests are usually approved as long as they originate from a valid law enforcement email address.

    Unfortunately, cybercriminals are exploiting this process by utilizing hacked police and government email accounts to send fake EDRs. This makes it challenging for companies to verify the authenticity of the requests, placing them in a difficult situation.  

    If a company refuses to comply with what appears to be a legitimate request, it could have serious consequences if there is a real emergency. Conversely, if they comply, it may result in the exposure of sensitive customer information to criminals.

    Examples of This Scheme in Action:

    • Cybercriminals are selling access to hacked .gov email addresses, including US credentials, which they claim can be used for EDRs
    • One individual, known as "Pwnstar," is selling fake EDR services, claiming to have access to government emails from over 25 countries
    • Another tactic involves the use of forged court-approved subpoenas sent through compromised email accounts
    • Cybercriminals are even using Kodex, a platform designed to verify law enforcement requests, to make their fake requests appear more legitimate

    Verizon's transparency report indicates a high compliance rate with EDRs, with records being provided in approximately 90% of cases. This highlights the effectiveness of this tactic. Financial institutions and cryptocurrency platforms are particularly concerned about fake EDRs being used to freeze or seize funds.

    Takeaways:

    • Our data is at risk: All this means our personal information is more vulnerable than ever. It's a stark reminder that cybercriminals are constantly finding new ways to exploit systems, even those designed for emergencies.
    • Financial institutions are particularly vulnerable: Banks and cryptocurrency platforms are prime targets for this kind of scam because fake EDRs can be used to steal money directly from customer accounts. It's a wake-up call for these institutions to step up their security measures.

    Both law enforcement agencies and companies need to be more vigilant. Law enforcement needs better cybersecurity to protect their systems, and companies need more robust verification processes to weed out these fake requests. This isn't going away anytime soon, so staying ahead of these criminals is an ongoing challenge.

    ]]>     Thu, 12 Dec 2024 17:15:00 GMT     NYC Water Meter Readings https://www.nyslta.org/members/blog_view.asp?id=1230749&post=506161 https://www.nyslta.org/members/blog_view.asp?id=1230749&post=506161 The following comes from the New York City Department of Environmental Protection.

    From NYC DEP:

    Water Meter FAQs - DEP

    If you are buying property in New York City, it is important to request a Property Transfer Meter Reading (or title reading) prior to the closing. To protect yourself from charges incurred by the seller you must obtain the reading thirty (30) days prior to the closing. Buyers should have their legal representative request that the seller obtain this title reading thirty days prior to the closing.

    Important steps to keep in mind:

    1.    Buyers should request a title meter reading from DEP at least a month in advance of the closing. Contact Customer Service to schedule a title reading.

    2.    Sellers need to stop automated bill payments before the sale is final. Contact Customer Service for more information.

    3.    Sellers who have opted to participate in the Service Line Protection Program should call (888) 300-3570 to cancel their service line protection coverage.

    4.    Sellers must unenroll from their My DEP Account before the sale is final to stop receiving leak notifications and paperless bills. Contact Customer Service for more information.

    5.    Buyers should file a Customer Registration Form. This form provides DEP with the appropriate information for water and sewer bills. Once you are registered, take advantage of online bill payments and sign up for a My DEP Account. A My DEP Account allows you to view your water consumption, detect costly leaks and pay your bills online.

    To print out this information, download the Buying or Selling Property Guide.

    Please note that title readings cannot be issued for accounts with issues related to the denial of access process, theft of services violations, or any other DEP related violations.

    ]]>     Thu, 5 Dec 2024 15:47:45 GMT     Gov. Hochul signed one & vetoed two bills over the weekend https://www.nyslta.org/members/blog_view.asp?id=1230749&post=505919 https://www.nyslta.org/members/blog_view.asp?id=1230749&post=505919 This bill was signed by Governor Hochul and chaptered:

    S2271 / A3225

    An act to amend the real property law and the civil practice law and rules, in relation to clarifying requirements for acknowledgments, proofs, oaths and affirmations without the state Clarifies requirements for acknowledgements, proofs, oaths and affirmations without the state

    These bills were vetoed by Governor Hochul:

    S8136A / A9507

    Establishes the New York state cryptocurrency and blockchain study task force to provide the governor and the legislature with information on the effects of the widespread use of cryptocurrencies and other forms of digital currencies and their ancillary systems, including but not limited to blockchain technology, in the state.

    S8663 / A7241A

    An act to amend the executive law, in relation to limiting recordkeeping
    and reporting duties of public notaries

    Exempt notarial acts as they relate non-electronic notarization, from being recorded or maintained in a notarial record.

     

     

     

     


    ]]>     Mon, 25 Nov 2024 15:43:31 GMT     Bipartisan congressional caucus calls on FHFA to halt title waiver program https://www.nyslta.org/members/blog_view.asp?id=1230749&post=505787 https://www.nyslta.org/members/blog_view.asp?id=1230749&post=505787 The Bipartisan Congressional Real Estate Caucus is calling on the Federal Housing Finance Agency (FHFA) to cease its pilot program for title insurance waivers until the program is vetted and the agency seeks public input on it.

    The caucus expressed this view in a letter written by Reps. Lou Correa (D-Calif.), Mark Alford (R-Mo.), Tracey Mann (R-Kan.) and Brittany Pettersen (D-Colo.) and sent to FHFA Director Sandra Thompson on Monday....

    ... In the letter, the caucus members argue that the pilot — which they said insinuates that title insurance is a “junk fee” — will cause “irreparable damage” to homeowners and mortgage lenders. A lack of title insurance “may expose homeowners and lenders to a heightened risk of future financial loss, or even the loss of their home,” they wrote.

    CLICK TO READ MORE

     

     

     

     

     

    ]]>     Wed, 20 Nov 2024 15:41:11 GMT     Bills Signed & Chaptered on Sept 27 https://www.nyslta.org/members/blog_view.asp?id=1230749&post=504690 https://www.nyslta.org/members/blog_view.asp?id=1230749&post=504690 S4289A  OBERACKER
    Relates to authorizing the county of Otsego to impose an additional mortgage recording tax of 25 cents per $100 of principal debt
    Same as A 5167-A Tague
    SUMM : Add §253-z, Tax L Authorizes the county of Otsego to impose an additional mortgage recording tax of 25 cents per $100 of principal debt or obligation.

     

    S5780A  OBERACKER
    Relates to establishing an additional mortgage recording tax in Chenango county
    Same as A 5849-A Gallahan
    SUMM : Add §253-z, Tax L Relates to establishing an additional mortgage recording tax in Chenango county; provides for the repeal of such provisions.

     

    S5850C RHOADS
    Authorizes Seaford Fire District to file with the county of Nassau assessor an application for a retroactive real property tax exemption
    Same as A 5794-C McDonough
    SUMM : Authorizes the Seaford Fire District to file with the county of Nassau assessor an application for a retroactive real property tax exemption.

     

    S9291  MAYER
    Authorizes the City of White Plains to alienate certain property owned by the City of White Plains and operated as the former Galleria of White Plains public parking garage
    Same as A 10208 RULES COM Paulin
    SUMM : Amd §§1 & 2, Chap 471 of 2023 Relates to the parcels that may be alienated by the City of White Plains and operated as the former Galleria of White Plains public parking garage.


     

     

    ]]>     Tue, 1 Oct 2024 20:03:45 GMT     Got forms? https://www.nyslta.org/members/blog_view.asp?id=1230749&post=504486 https://www.nyslta.org/members/blog_view.asp?id=1230749&post=504486 Please visit TIRSA.ORG to view the forms and endorsements that take effect October 1.

    Members of the NYS Bar Association may access a wealth of forms, including residential and commercial real estate.

    Full listing of Annotated/Automated Forms Packages:
     
    NYSBA Arbitration and Mediation Annotated/Automated Forms
    NYSBA Attorney Escrow Annotated/Automated Forms
    NYSBA Buying and Selling Annotated/Automated Forms
    NYSBA Commercial Leasing Annotated/Automated Forms
    NYSBA Commercial Real Estate Annotated/Automated Forms
    NYSBA Corporate and Partnership Law Annotated/Automated Forms
    NYSBA Criminal Law Annotated/Automated Forms
    NYSBA Debt Collection Annotated/Automated Forms
    NYSBA Elder Law & Special Needs Planning Annotated/Automated Forms
    NYSBA Enforcement of Money Judgments Annotated/Automated Forms
    NYSBA Guardianship Annotated/Automated Forms
    NYSBA Landlord-Tenant Law Annotated/Automated Forms
    NYSBA Limited Liability Companies Annotated/Automated Forms
    NYSBA Matrimonial Law Annotated/Automated Law Forms
    NYSBA Mechanic’s Liens Annotated/Automated Forms
    NYSBA Mortgage Foreclosures Annotated/Automated Forms
    NYSBA Personal Injury Annotated/Automated Forms
    NYSBA Power of Attorney Annotated/Automated Form
    NYSBA Probate Annotated/Automated Forms
    NYSBA Real Estate Transactions - Residential Real Estate Annotated/Automated Forms
    NYSBA Will Drafting Annotated/Automated Forms

     

     

    ]]>     Tue, 24 Sep 2024 16:47:14 GMT     Attention Scarsdale & New Castle https://www.nyslta.org/members/blog_view.asp?id=1230749&post=504448 https://www.nyslta.org/members/blog_view.asp?id=1230749&post=504448 Two bills were signed by Governor Hochul over the weekend.

    A9946  Paulin
    Provides for the refund of penalties accrued on certain real property taxes in the town of Scarsdale, county of Westchester
    Same as S 9202 MAYER


    SUMM : Provides for the refund of penalties accrued on 2023-2024 real property taxes due to the specific failure by the USPS to deliver bills to owners in the town of Scarsdale, county of Westchester

    ___________

    S8475      HARCKHAM
    Authorizes the assessor of the town of New Castle, county of Westchester, to accept an application for a real property tax exemption from the Ethical Society of Northern Westchester
    Same as A 8430 Burdick


    SUMM : Authorizes the assessor of the town of New Castle to accept an application for a real property tax exemption from the Ethical Society of Northern Westchester; provides a waiver for any interest and penalties accrued in the event that the authorization to exempt is not timely granted.

    ]]>     Mon, 23 Sep 2024 18:49:20 GMT     Wyoming County Tax Bill Signed https://www.nyslta.org/members/blog_view.asp?id=1230749&post=503891 https://www.nyslta.org/members/blog_view.asp?id=1230749&post=503891 Bill S8343 / A9261 was signed and chaptered. It takes effect immediately.

    Extends the authorization of the county of Wyoming to impose a county recording tax on obligations secured by a mortgage on real property

    SUMM : Amd §2, Chap 185 of 2005 Extends the authorization of the county of Wyoming to impose a county recording tax on obligations secured by a mortgage on real property from December 1, 2024 to December 1, 2027

    ]]>     Thu, 29 Aug 2024 16:42:43 GMT     What Is Title Insurance, and Do You Need It? https://www.nyslta.org/members/blog_view.asp?id=1230749&post=503858 https://www.nyslta.org/members/blog_view.asp?id=1230749&post=503858 If you are a title professional, you already know everything in this Newsweek OpEd.

    https://www.newsweek.com/vault/mortgages/what-is-title-insurance/

    By Miranda Marquit

    When you buy a home, title insurance is one of the closing costs you’ll likely see listed. But what is the purpose of title insurance?

    The title indicates your legal right to own the home, and it’s transferred from the previous owner. Sometimes, there are issues with the title that could affect your ownership.

    Title insurance can protect you from the financial impact that comes with a defective title. Let’s take a look at title insurance and how it protects you during a home sale.

    Vault’s Viewpoint

    • Title insurance protects you from financial damages that arise when someone else has a previous ownership claim on your property.
    • You normally pay for title insurance as a single premium as part of your mortgage closing.
    • Title insurance doesn’t protect you in the event that you caused the issue after buying the home.

    Title Insurance: What It Is and How It Works

    In general, the title indicates ownership of a property. When you buy a home, a title company usually searches the ownership records to determine whether the title is clean and that the current owner does, in fact, own the home and has the legal right to pass it on to you.

    However, even when a title search is completed, there’s no guarantee that someone else doesn’t have a claim to the property. In fact, a title claim can come up years after you’ve owned the home. Some of the common defects that might appear on a title’s history include:

    • Liens. A lien is a claim against the property for unpaid bills, such as property taxes, mortgage payments or even contracting work done before you bought the house and that wasn’t paid for by the previous owner.
    • Encumbrances. In addition to liens, other types of encumbrances might include specific zoning laws or homeowners association requirements that can impact how you use your property and the types of fines associated with past misuse.
    • Easements. Some properties come with rights for others to access the property, even if you own it. This can include utility easements, which restrict where and how you use areas of your property so that the company has access.

    The purpose of title insurance is to financially protect you and your mortgage lender if someone makes a claim of ownership on your property due to one of these issues. It can prevent you from being required to pay hundreds, or even thousands of dollars, to resolve past bills that aren’t your fault.

    What Are the Types of Title Insurance?

    There are two main types of title insurance. One is designed to protect the lender if an ownership problem is large enough that you have to forfeit the property (and no longer pay the mortgage). The other type is meant to protect you, the owner, if it turns out someone else has a claim against the property.

    Lender’s Title Insurance

    Lender’s title insurance allows your mortgage lender to recoup the principal balance of the mortgage in the event you no longer own the home due to an ownership claim.

    For example, there might be an heir to the home that didn’t realize they had ownership. Another potential issue could arise if your home was sold fraudulently. In both cases, you don’t want to keep making mortgage payments on a home you don’t own. The lender can’t foreclose on the house to force you to pay in these cases, either.

    With lender’s title insurance, the lender can file a claim with the title insurance company and receive the money it expected to get from you over the course of loan repayment.

    Owner’s Title Insurance

    Owner’s title insurance protects you, the homebuyer, in these circumstances. If a previous owner didn’t pay property taxes or if they owe money to a contractor for building an addition to the home, you don’t want to be on the hook for these costs.

    If you’re covered by an owner’s title insurance policy, a claim can help you pay these costs. The title insurance company will pay off the amounts owed, clearing the ownership claims to the property and saving you from having to pay steep bills to stay in the house.

    Unlike lender’s title insurance, which is usually required when you buy a home, owner’s title insurance is often optional. In some cases, the seller might even be responsible for paying the one-time owner’s title insurance premium.

    What Is Covered With Title Insurance?

    While a title search is supposed to catch most issues so they can be resolved before you close on the home, a search might not catch everything. Title insurance kicks in when something comes up later. Perhaps a neighbor instigates a boundary dispute, and it turns out there was a property survey error. Your title insurance policy will cover financial costs and damages associated with subsequent adjustments.

    Some of the other issues that might come up after you bought the home might be related to:

    • Permit or building code problems from changes made by a previous owner
    • Inheritance issues, such as conflicting wills or a previously unknown heir
    • Divorce problems, including when an ex-spouse should have been able to sign off the sale but didn’t or when a portion of the proceeds from the home was supposed to have gone to an ex-spouse
    • Errors on the property deed
    • Documents that were recorded improperly or have errors
    • Fraudulent activity, such as forged documents that led to the sale
    • Liens placed on the property to cover unpaid property taxes, contractor bills or other lenders

    If a previous owner made mistakes or the property was sold to you fraudulently, title insurance prevents you from being held accountable for a situation you didn’t create.

    What Is Not Covered With Title Insurance?

    Title insurance is designed to protect you from previous issues you didn’t know about. For the most part, if you’d realized that these problems existed, you might not have bought the home.

    However, title insurance doesn’t protect you from issues arising from your actions after buying the property. For example, if you decide to build an addition and are fined because the extra room wasn’t properly permitted and you have building code violations, title insurance won’t cover those fines.

    Additionally, title insurance doesn’t usually cover the costs when a government entity claims eminent domain. In that situation, you’re normally compensated for the property at the current market rate, but that might not be enough to pay off your entire mortgage. Title insurance doesn’t provide coverage in that situation.

    Typical Costs of Title Insurance

    Using research from Fannie Mae, title company First American found that title insurance costs, on average, about 0.42% of a property’s purchase price. However, the actual price of title insurance varies depending on the cost of the property and the loan amount. Some estimates say you could pay between 0.5% and 1.0% of the home’s purchase price.

    • Lender’s title insurance is usually purchased by the homebuyer and is based on the loan amount. It’s generally required as a part of the closing process.
    • Owner’s title insurance is optional in some cases. Depending on the state, the seller might be responsible for purchasing owner’s title insurance. Even though it’s optional, you might decide to purchase a policy for peace of mind.

    The good news is that title insurance is a one-time purchase fee, so you don’t have to keep paying over time. You pay for title insurance as part of the closing, and you’re covered for as long as you and your heirs own the property.

    Where You Can Purchase Title Insurance

    When you buy a home, the lender usually has a preferred title company they work with. You can choose to purchase title insurance through that company, or you can shop around.

    You aren’t required to use the recommended title company, and the Consumer Financial Protection Bureau (CFPB) suggests that shopping around could save you up to $500.

    If you’re looking for a list of title insurance companies in your area, the American Land Title Association has a list of registered companies and a state search function. Major title companies include Old Republic, First American and Fidelity.

    Pros and Cons of Title Insurance: Is It Worth It?

    plus sign

    Pros

    • Financial protection in the event that someone places a lien on the property for unpaid taxes, bills or mortgage payments
    • Protects you in the event of fraudulent documents or other irregularities that call into question your ownership of the property
    • Helps you cover costs related to easements or other issues that can impact your ability to use your property
    x sign logo

    Cons

    • Cost of title insurance can feel high when you’re looking at a list of closing costs.
    • Doesn’t cover all issues, such as eminent domain or problems that arise due to your mistakes
    • The seller doesn’t always cover the cost of owner’s title insurance, so you might need to pay for it if you want the coverage. You’re usually required to purchase lender’s title insurance


    ]]>     Wed, 28 Aug 2024 16:05:25 GMT     FTC Consumer Advice https://www.nyslta.org/members/blog_view.asp?id=1230749&post=503837 https://www.nyslta.org/members/blog_view.asp?id=1230749&post=503837 Home title lock insurance? Not a lock at all
    By Larissa Bungo,Senior Attorney

    If you’ve seen ads for home title lock insurance, they might have you worried. After all, the ads say thieves can steal the title to your home. But then the ads tell you to buy title lock insurance to supposedly prevent home title theft. Stop. Take a breath. It’s just a ploy to scare you.

    First, know that “title lock insurance” is not title insurance. If you’re a homeowner, you might remember buying title insurance when you first bought your house. It protects you against challenges to the title, like a lien you didn’t know about. But “title lock insurance” is different — and it’s not insurance at all. Instead, it’s a service that claims to monitor your deed to protect you against title fraud. You’d only find out AFTER your title got transferred to someone else without your authorization. So much for the lock.

    Title fraud is identity theft: someone pretends to be you and transfers your deed to someone else. Title lock insurance (again: not a lock, not insurance) wouldn’t stop that. And you can check your title for free with your state’s land records office, and some areas even have a free notification program that allows you to sign up for alerts about any legal changes, like ownership of a property.

    Here are some other steps you can take to protect yourself from identity thieves:

    • Check your credit report. Check your credit report for free through AnnualCreditReport.com. Each of the nationwide credit bureaus lets you get free weekly credit reports online.
    • Monitor your bills. If you suddenly stop receiving utility bills, that may be a sign of identity theft. If you’re worried, contact your utility company directly.
    • Get help. If you suspect identity theft, go to IdentityTheft.gov for a free, personalized recovery plan.

    And if you spot a scam, tell the FTC.

    https://consumer.ftc.gov/consumer-alerts/2024/08/home-title-lock-insurance-not-lock-all?utm_source=govdelivery

     

    ]]>     Tue, 27 Aug 2024 15:36:37 GMT     Richmond County - POLICY STATEMENT FOR THE RECORDING OF TRANSFER ON DEATH “DEEDS” (TODD) https://www.nyslta.org/members/blog_view.asp?id=1230749&post=503247 https://www.nyslta.org/members/blog_view.asp?id=1230749&post=503247 From the Office of the Richmond County Clerk

    Stephen J. Fiala

    County Clerk and Commissioner of Jurors

    UPDATED: August 1, 2024


    This Office has been made aware that the New York City Department of Finance is not requiring the filing of transfer documents when a Transfer on Death “Deed” [Real Property Law § § 424] (hereinafter “TODD”) is presented to the City Register for recording.


    Guided by the policy of the New York City Department of Finance, this Office—as County Register for Richmond County—likewise will not require transfer documents for the recording of TODD.


    Whereas Real Property Law § § 424 appears to not create a present conveyance of an interest in real property, the TODD should be submitted as document type “other” when preparing a Richmond County Endorsement Page. Doing so will require the payment of statutorily mandated recording fees only .


    Lastly, as it has been the long-standing policy and practice of the Office of the Richmond County Clerk that we will not substitute our legal judgement for the legal judgment of attorneys representing the parties to a transaction, persons intending to record the instrument as a “deed” should select document type “deed” when preparing a Richmond County Endorsement Page. However, doing so will require the submission of all transfer documents typically associated with a deed (along with the filing fees and taxes—if any-- for those associated documents) and statutorily mandated recording fees.

     

    ]]>     Thu, 1 Aug 2024 21:25:06 GMT     Flagged Bills Signed by Gov. Hochul https://www.nyslta.org/members/blog_view.asp?id=1230749&post=503119 https://www.nyslta.org/members/blog_view.asp?id=1230749&post=503119 The following bills have been reviewed by the Legislative Committee, as relevant to the title industry but not urgent.

    These bill have been signed by Governor Hochul.

     

    ChapterBill No. 
    82A8538Sillitti -- Relates to a property tax exemption for the Maritime Administration, a component of the United States Department of Transportation
    Same as S 8095
    SUMM : Amd §1, Chap of 2023 (as proposed in S.6309-A & A.6557-A) Authorizes the county of Nassau assessor to grant a property tax exemption for the Maritime Administration, a component of the United States Department of Transportation, without an application, if the assessor determines that the property is exempt from taxation due to being owned by the federal government.
    Eff. Date 12/08/2023 (See Table)
    Last Act: 02/13/24 signed chap.82
    Pos: No PositionPri: 03
    129A9166BLavine -- Extends the time for New York city marshals to exercise the same functions, powers and duties as sheriffs with respect to the execution of money judgments
    Same as S 9377-A
    SUMM : Amd §3, Chap 455 of 1997; add §749-a, RPAP L Extends certain provisions relating to authorizing New York city marshals to exercise the same functions, powers and duties as sheriffs with respect to the execution of money judgments of the supreme and family courts of the city of New York; requires New York city marshals to post and electronically file notices of eviction.
    Eff. Date 06/28/2024 (See Table)
    Last Act: 06/28/24 signed chap.129
    Pos: No PositionPri: 03
    130A9455Zebrowski -- Extends limitations on the shift between classes of taxable property in the town of Clarkstown, county of Rockland
    Same as S 8909
    SUMM : Amd §1903, RPT L Extends limitations on the shift between classes of taxable property in the town of Clarkstown, county of Rockland for an additional year.
    Eff. Date 06/28/2024
    Last Act: 06/28/24 signed chap.130
    Pos: No Position 
    64S8014MAY -- Making a technical change to a provision requiring a petition in a summary proceeding to recover possession of real property in the city of Syracuse to allege proof of compliance with local laws
    Same as A 8603
    SUMM : Amd §741, RPAP L (as proposed in S.3497 & A.3110) Makes a technical change to a provision requiring a petition in a summary proceeding to recover possession of real property in the city of Syracuse to allege proof of compliance with local laws requiring the registration or licensure of residential rental dwellings.
    Eff. Date 01/23/2024 (See Table)
    Last Act: 02/07/24 SIGNED CHAP.64
    Pos: No PositionPri: 03
    209S8903MARTINEZ -- Relates to real property tax exemptions for persons with disabilities
    Same as A 9948
    SUMM : Amd §459-c, RPT L Adds a person with a disability who has their primary residence in a special needs trust, or a property owner who has a tenant with a disability whose lease provides them with a life interest in the property as long as the tenant remains in residence as eligible for a real property tax exemption pursuant to section 459-c of the real property tax law.
    Eff. Date 07/25/2024
    Last Act: 07/25/24 SIGNED CHAP.209
    Pos: No Position 
    210S9278GOUNARDES -- Relates to the determination of adjusted base proportions in special assessing units which are cities
    Same as A10296
    SUMM : Amd §1803-a, RPT L Relates to the determination of adjusted base proportions in special assessing units which are cities.
    Eff. Date 07/25/2024
    Last Act: 07/25/24 SIGNED CHAP.210
    Pos: No PositionPri: 03

    		Run Date: 07/26/24 11:41 AM

    ]]>     Fri, 26 Jul 2024 17:42:07 GMT     New NYC DoF Address for mail-in tax payments https://www.nyslta.org/members/blog_view.asp?id=1230749&post=503043 https://www.nyslta.org/members/blog_view.asp?id=1230749&post=503043 The Department of Finance has provided a new mailing address for submitting real estate tax payments.


    Department of Finance

    P.O. Box 5536

    Binghamton, NY 13902


    Private Carriers (e.g. UPS FED EX, etc.)

    That require a physical address can send to:


    JPMORGAN CHASE ATTN: NYC PROPERTY LOCKBOX #5536

    33 Lewis Rd.

    Binghamton, NY 13905

    ]]>     Wed, 24 Jul 2024 17:37:17 GMT     CITY OF MIDDLETOWN MISC CHARGES https://www.nyslta.org/members/blog_view.asp?id=1230749&post=503019 https://www.nyslta.org/members/blog_view.asp?id=1230749&post=503019 Priority Data Research was just informed the following:
    I spoke to the tax office and they advised that these charges (if any) will appear on the tax certificates that we submit for.

    Overdue Miscellaneous Charges
    Please be advised, a local law was recently passed effective as of 2024 allowing delinquent overgrown vegetation, snow removal, garbage can, bulk pick-up, dead tree removal, and building demolition charges to be re-levied onto the City property tax bills. Therefore, please be advised any outstanding Miscellaneous charges must be paid no later than October 31, 2024, to avoid the re-levy onto your 2025 taxes.
     
    If you have any questions, please Contact the Finance Office at 845-346-4150.
    ]]>     Tue, 23 Jul 2024 21:32:32 GMT     City of New Rochelle Update https://www.nyslta.org/members/blog_view.asp?id=1230749&post=502900 https://www.nyslta.org/members/blog_view.asp?id=1230749&post=502900 NYSLTA just received the following notice from the City of New Rochelle;

     

    "To all Title companies,

    This email serves to inform you all that staring July 22, 2024 our office will be temporarily relocated to the Fire Department EOC due asbestos abatement and construction. My phone number and email address will remain the same and fully operational, However, please be advise that  I will have limited access to all records needed to complete searches during this period, I will process all requests as quickly as possible.  Please be patient and I sincerely apologize for the inconvenience this may cause."

     

    Regards,

    Kelly Pantelis

    Secretary to the Commissioner

    City of New Rochelle

    Department of Buildings

    515 North Avenue

    New Rochelle, NY 10801

    P: 914-654-2030

    F: 914-654-2031

    kpanteli@newrochelleny.com

    image001.jpg

    ]]>     Wed, 17 Jul 2024 17:39:41 GMT     Donate school supplies to kids battling critical illness https://www.nyslta.org/members/blog_view.asp?id=1230749&post=502692 https://www.nyslta.org/members/blog_view.asp?id=1230749&post=502692 NYSLTA is partnering with Friends of Karen to collect school supplies throughout NY State to benefit children who are battling critical illnesses, as well as their siblings.

    Collect supplies in your office and contact the Charitable Works Committee at charitableworks@nyslta.org to let us know you are participating.

    TWO WAYS TO HELP

    #1 - We will schedule pick-up for the week of July 22nd.

    #2 Shop at your favorite online retailer and ship direct to:
    The Charitable Works Committee
    c/o DataTrace
    3000 Marcus Avenue,
    Suite 2W02,
    Lake Success, NY 11042.

    Please have items arrive by July 26th.


    For any questions, please contact charitableworks@nyslta.org.

    CLICK THE FILE LINK BELOW FOR A LIST OF ITEMS THE KIDS NEED

    ]]>     Mon, 8 Jul 2024 20:52:46 GMT     These bills were voted into law https://www.nyslta.org/members/blog_view.asp?id=1230749&post=502019 https://www.nyslta.org/members/blog_view.asp?id=1230749&post=502019 These bills were passed by both Houses of the State Legislature.  Governor Hochul's Office must call for the bills to be sent to the Executive Chamber.  Her options are to sign the bill, which is then "chaptered", she may veto the bill or she may negotiate with the Legislature to amend the bill.

    Some of these bill authorize a local government to levy a tax or grant an exemption.

    The NYSLTA Legislative Committee reviews and tracks hundreds of bills every session, in consultation with our professional lobbyists.

    The below tracked bills have passed both houses:

    A1489A

    Thiele CO: Williams, McMahon, Burke, Rivera, Dickens, Peoples-Stokes, Wallace, Zebrowski, Sillitti, Gunther
    Relates to delinquent tax interest rates
    Same as S 967-A RYAN
    SUMM :Amd §924-a, RPT L Relates to setting a minimum and maximum delinquent tax interest rate for payments due on residential real property.
    Last Act:06/04/24 substituted by s967a
    06/07/24 returned to senate

    Pri:03

    A5073A

    Hunter CO: Steck, Wallace, Buttenschon, Hawley, Zebrowski, McDonald
    Prohibits mortgagees from requiring mortgagors of certain real property to purchase flood insurance exceeding certain limits
    Same as S 7125-A BRESLIN
    SUMM :Add §283, RP L Prohibits mortgagees from requiring mortgagors of certain residential real property to purchase flood insurance exceeding a coverage amount that exceeds the balance as of the beginning of the year for which the policy shall be in effect, or that includes coverage for contents.
    Last Act:06/05/24 RETURNED TO ASSEMBLY

    Pri:03

     

    Old Bill:A4424 of 2022

     

    Old Bill Last Act:02/01/22 REFERRED TO JUDICIARY

    A5167A

    Tague
    Relates to authorizing the county of Otsego to impose an additional mortgage recording tax of 25 cents per $100 of principal debt
    Same as S 4289-A OBERACKER
    SUMM :Add §253-z, Tax L Authorizes the county of Otsego to impose an additional mortgage recording tax of 25 cents per $100 of principal debt or obligation.
    Last Act:06/07/24 substituted by s4289a
    06/07/24 returned to senate

    Pri:03

     

    Old Bill:A6059A of 2022

     

    Old Bill Last Act:05/03/22 REFERRED TO INVESTIGATIONS AND GOVERNMENT OPERATIONS

    A5794C

    McDonough
    Authorizes Seaford Fire District to file with the county of Nassau assessor an application for a retroactive real property tax exemption
    Same as S 5850-C RHOADS
    SUMM :Authorizes the Seaford Fire District to file with the county of Nassau assessor an application for a retroactive real property tax exemption.
    Last Act:06/03/24 substituted by s5850c
    06/03/24 returned to senate

    Pri:03

    A5849A

    Gallahan
    Relates to establishing an additional mortgage recording tax in Chenango county
    Same as S 5780-A OBERACKER
    SUMM :Add §253-z, Tax L Relates to establishing an additional mortgage recording tax in Chenango county; provides for the repeal of such provisions.
    Last Act:06/06/24 substituted by s5780a
    06/06/24 returned to senate

    Pri:03

    A7748B

    Shimsky
    Enacts the climate change property tax assessment relief act
    Same as S 7515-A STEWART-COUSINS
    SUMM :Add §467-n, RPT L Enacts the "climate change property tax relief act"; provides assessment relief to property owners within eligible municipalities; relates to payments of real property tax refunds and credits as a result of participating in the climate change property tax relief act.
    Last Act:06/07/24 substituted by s7515a
    06/07/24 returned to senate

     

    A9166B

    Lavine
    Extends the time for New York city marshals to exercise the same functions, powers and duties as sheriffs with respect to the execution of money judgments
    Same as S 9377-A HOYLMAN-SIGAL
    SUMM :Amd §3, Chap 455 of 1997; add §749-a, RPAP L Extends certain provisions relating to authorizing New York city marshals to exercise the same functions, powers and duties as sheriffs with respect to the execution of money judgments of the supreme and family courts of the city of New York; requires New York city marshals to post and electronically file notices of eviction.
    Last Act:06/03/24 RETURNED TO ASSEMBLY

    Pri:03

    A9263

    DiPietro
    Authorizes the county of Wyoming to impose a county recording tax on obligations secured by a mortgage on real property
    Same as S 8343 BORRELLO
    SUMM :Amd §2, Chap 185 of 2005 Extends the authorization of the county of Wyoming to impose a county recording tax on obligations secured by a mortgage on real property from December 1, 2024 to December 1, 2027.
    Last Act:06/07/24 substituted by s8343
    06/07/24 returned to senate

    Pri:03

     

    Old Bill:A6183 of 2022

     

    Old Bill Last Act:06/09/21 substituted by s4484
    10/25/21 SIGNED CHAP.510

    A10097

    Beephan
    Relates to hotel and motel tax in Dutchess county
    Same as S 9181 ROLISON
    SUMM :Amd §1, Chap 208 of 1983 Increases the tax the county of Dutchess can impose and collect on the occupancy of hotels, motels, boarding houses, conference centers and tourist homes from 4 percent to 5 percent.
    Last Act:06/05/24 substituted by s9181
    06/05/24 returned to senate

    Pri:03

    A10208

    RULES COM Paulin
    Authorizes the City of White Plains to alienate certain property owned by the City of White Plains and operated as the former Galleria of White Plains public parking garage
    Same as S 9291 MAYER
    SUMM :Amd §§1 & 2, Chap 471 of 2023 Relates to the parcels that may be alienated by the City of White Plains and operated as the former Galleria of White Plains public parking garage.
    Last Act:06/04/24 substituted by s9291
    06/04/24 returned to senate

    Pri:03

    A10296

    RULES COM Weprin
    Relates to the determination of adjusted base proportions in special assessing units which are cities
    Same as S 9278 GOUNARDES
    SUMM :Amd §1803-a, RPT L Relates to the determination of adjusted base proportions in special assessing units which are cities.
    Last Act:06/04/24 substituted by s9278
    06/04/24 returned to senate

    Pri:03

    S967A

    RYAN CO: HARCKHAM, PALUMBO
    Relates to delinquent tax interest rates
    Same as A 1489-A Thiele
    SUMM :Amd §924-a, RPT L Relates to setting a minimum and maximum delinquent tax interest rate for payments due on residential real property.
    Last Act:06/07/24 returned to senate

    Pri:03

     

    Old Bill:S6310B of 2022

     

    Old Bill Last Act:01/05/22 REFERRED TO LOCAL GOVERNMENT

    S5780A

    OBERACKER
    Relates to establishing an additional mortgage recording tax in Chenango county
    Same as A 5849-A Gallahan
    SUMM :Add §253-z, Tax L Relates to establishing an additional mortgage recording tax in Chenango county; provides for the repeal of such provisions.
    Last Act:06/06/24 returned to senate

    Pri:03

    S5850C

    RHOADS
    Authorizes Seaford Fire District to file with the county of Nassau assessor an application for a retroactive real property tax exemption
    Same as A 5794-C McDonough
    SUMM :Authorizes the Seaford Fire District to file with the county of Nassau assessor an application for a retroactive real property tax exemption.
    Last Act:06/03/24 returned to senate

    Pri:03

    S7125A

    BRESLIN CO: PALUMBO
    Prohibits mortgagees from requiring mortgagors of certain real property to purchase flood insurance exceeding certain limits
    Same as A 5073-A Hunter
    SUMM :Add §283, RP L Prohibits mortgagees from requiring mortgagors of certain residential real property to purchase flood insurance exceeding a coverage amount that exceeds the balance as of the beginning of the year for which the policy shall be in effect, or that includes coverage for contents.
    Last Act:06/05/24 SUBSTITUTED BY A5073A
    06/05/24 RETURNED TO ASSEMBLY

    Pri:03

     

    Old Bill:S4696 of 2022

     

    Old Bill Last Act:06/03/22 COMMITTED TO RULES

    S7515A

    STEWART-COUSINS CO: HELMING, JACKSON, MAY
    Enacts the climate change property tax assessment relief act
    Same as A 7748-B Shimsky
    SUMM :Add §467-n, RPT L Enacts the "climate change property tax relief act"; provides assessment relief to property owners within eligible municipalities; relates to payments of real property tax refunds and credits as a result of participating in the climate change property tax relief act.
    Last Act:06/07/24 returned to senate

    S8136A

    SANDERS CO: WEBB
    Establishes the New York state cryptocurrency and blockchain study task force
    Same as A 9507 Vanel
    SUMM :Establishes the New York state cryptocurrency and blockchain study task force to provide the governor and the legislature with information on the effects of the widespread use of cryptocurrencies and other forms of digital currencies and their ancillary systems, including but not limited to blockchain technology, in the state.
    Last Act:06/05/24 returned to senate

    Pri:03

     

    Old Bill:S1891 of 2023

     

    Old Bill Last Act:11/17/23 VETOED MEMO.71

    S8343

    BORRELLO
    Extends the authorization of the county of Wyoming to impose a county recording tax on obligations secured by a mortgage on real property
    Same as A 9263 DiPietro
    SUMM :Amd §2, Chap 185 of 2005 Extends the authorization of the county of Wyoming to impose a county recording tax on obligations secured by a mortgage on real property from December 1, 2024 to December 1, 2027.
    Last Act:06/07/24 returned to senate

    Pri:03

    S9278

    GOUNARDES
    Relates to the determination of adjusted base proportions in special assessing units which are cities
    Same as A 10296 RULES COM Weprin
    SUMM :Amd §1803-a, RPT L Relates to the determination of adjusted base proportions in special assessing units which are cities.
    Last Act:06/04/24 returned to senate

    Pri:03

    S9291

    MAYER
    Authorizes the City of White Plains to alienate certain property owned by the City of White Plains and operated as the former Galleria of White Plains public parking garage
    Same as A 10208 RULES COM Paulin
    SUMM :Amd §§1 & 2, Chap 471 of 2023 Relates to the parcels that may be alienated by the City of White Plains and operated as the former Galleria of White Plains public parking garage.
    Last Act:06/04/24 returned to senate

    Pri:03

    S9377A

    HOYLMAN-SIGAL
    Relates to the powers and duties of New York city marshals with respect to evictions
    Same as A 9166-B Lavine
    SUMM :Amd §3, Chap 455 of 1997; add §749-a, RPAP L Extends certain provisions relating to authorizing New York city marshals to exercise the same functions, powers and duties as sheriffs with respect to the execution of money judgments of the supreme and family courts of the city of New York; requires New York city marshals to post and electronically file notices of eviction.
    Last Act:06/03/24 SUBSTITUTED BY A9166B
    06/03/24 RETURNED TO ASSEMBLY

    Pri:03


    ]]>     Mon, 10 Jun 2024 17:22:57 GMT     Suffolk County Clerk Alert https://www.nyslta.org/members/blog_view.asp?id=1230749&post=501266 https://www.nyslta.org/members/blog_view.asp?id=1230749&post=501266 From the Suffolk County Clerk

     

    All deeds for conveyances occurring after 5/31 requiring the Peconic Bay Region Community Preservation form must use and complete the most recent form (version 12/12/2023). The form is available along with other forms on our website at:


    https://suffolkcountyny.gov/Elected-Officials/County-Clerk/Forms


    ]]>     Fri, 17 May 2024 16:13:09 GMT     May Executive Committee Meeting Agenda https://www.nyslta.org/members/blog_view.asp?id=1230749&post=501043 https://www.nyslta.org/members/blog_view.asp?id=1230749&post=501043 EXECUTIVE COMMITTEE MEETING
    New York State Land Title Association
    Via ZOOM
    May 14, 2024
    10:30 AM


    AGENDA
    1.  Call to order – President Swarthout
    2.  President’s Greeting – President Swarthout
    3.  Approval of April Minutes - Executive Director Treuber
    4.  Exec Director Report – Executive Director Treuber
    5.  Treasurer’s Report – Mr. D’Addona
    6.  Title Section Report – Vice-chair Alonso
    7.  Agent Section Report – Chair Giliotti
    8.  Advocacy Committee Report – Chairs Pereyo & Stancanelli
    9.  Education Committee – Chair LaBar
    10 Government Regulations Committee Report – Chair Cahill
    11. Land Records Committee – Chair Alonso
            a.    Suffolk County meeting report
    12.New Business
    13.    Adjourn

    ]]>     Fri, 10 May 2024 19:29:49 GMT     There’s No Good Reason to Reform Title Insurance https://www.nyslta.org/members/blog_view.asp?id=1230749&post=500939 https://www.nyslta.org/members/blog_view.asp?id=1230749&post=500939 The industry, made up of mostly small businesses, charges a fair rate. Costs are already falling.

     

    Steve Adkins’s criticism of the title insurance industry is off base (“Title-Insurance Reform Is Waiting for a Good Lawsuit,” Letters, April 24).

    Contrary to Mr. Adkins’s claims, the cost of coverage has decreased by 7.8% nationally since 2004, according to the American Land Title Association. Title companies profit only $0.08 for every dollar they receive, the association notes.

    These businesses invest significant resources upfront to achieve a clean title. They conduct extensive public-record searches prior to closing. The one-time premium covers the cost of discovering, identifying and correcting past title defects, as well as insuring against any unknown risks not found in the public records, such as fraud or forgery.

    State departments of insurance oversee industry practices and rates to ensure they are justified by actuarially supported data.

    The title industry has a proven record of helping Americans secure the dream of homeownership, and 90% of the industry is comprised of hardworking small businesses in communities across the country.

    These companies protect homeowners. There’s no reason to reform a system that isn’t broken.

    Appeared in the May 8, 2024, Wall Street Journal print edition as 'No Good Reason to Reform Title Insurance'.

    ]]>     Thu, 9 May 2024 19:25:24 GMT     Opinion: Title insurance matters. Here’s why. https://www.nyslta.org/members/blog_view.asp?id=1230749&post=500576 https://www.nyslta.org/members/blog_view.asp?id=1230749&post=500576 Real World Stories of Title Insurance Protection

    From HousingWire

    https://www.housingwire.com/articles/opinion-title-insurance-matters-heres-why/

    April 30, 2024, 1:21 pm By Diane Tomb

    Last month, the Biden Administration announced the revival of a previously abandoned pilot program that would waive the requirement for lender’s title insurance on certain home refinances – part of a misdirected effort to address housing affordability. Additionally, the CFPB has shortsightedly questioned the benefits and cost of title insurance.

    It’s uncertain whether federal regulators are purposefully misleading Americans about the potential savings or just don’t understand how title insurance works. The truth is the cost of title insurance coverage has decreased nearly 8% over the last two decades due to innovation in the industry.

    Critics of title insurance highlight a limited understanding of the vital nature of title insurance protection by mistakenly and repeatedly referring to the industry’s lower claims rate relative to other lines of insurance. A 70% claims rate — standard for other insurance lines — on property rights would be catastrophic to our economy. Success in the title insurance industry is measured by preventing claims in the first place. A lower claims rate means that title agents are succeeding in their job by resolving any title issues and reducing risk upfront – protecting the largest asset most households will ever own and source of their greatest wealth over time.

    Title insurance is significantly different from other lines of insurance. For a one-time fee paid at closing, title insurance provides homeowners protection for as they or their heirs own the property. Other types of insurance charge monthly or yearly premiums. The facts are clear: title insurance is essential to protecting homeowners and their most important investment both during the initial purchase of a home and refinancing – and it exists for a reason.

    Without a title insurance policy, homeowners can find themselves fighting for their property over issues they never knew existed.

    Here are some real-world examples of how title insurance protects consumers:

    Surviving Spouse Left Without Deed


    Under the new pilot program, the requirement for a lender’s title insurance policy on certain refinances would be waived – but this can leave homeowners vulnerable. For example, a property owner passes away and leaves behind his surviving wife. If the widow isn’t listed on the deed, issues regarding ownership could arise when the wife goes to refinance. During the refinance process, title insurance professionals would do their due diligence to disqualify any potential heirs who may attempt to claim the property down the road. This would allow the surviving wife to officially claim ownership of the property. The proposed pilot program would not identify this type of issue with a search engine.

    IRS Tells Couple: “You Don’t Own Your Home”


    After purchasing their home from an individual who had acquired it from an IRS auction, a couple found out the government agency had rescinded the original sale. The IRS refused to turn over the deed to the new homeowners because of unpaid tax bills by a previous owner. The couple contacted their title company and were told they had coverage for this dilemma. Thanks to their title insurance policy and the great work conducted by their title professionals, the couple was able to keep their home, and they didn’t have to pay a dime out of pocket. Fannie Mae is not capitalized to address these issues, nor is set up to be able to pay these types of claims.

    Sold—But Not by Homeowners


    After a California vacation home was left unused for several months, the county notified the homeowners that the property had sold – but the owners hadn’t put the house up for sale. This was a case of seller impersonation fraud, where an unsavory actor posed as a homeowner and fraudulently “sold” a property. Thankfully, due to their title insurance policy, the homeowners were protected against post-policy fraud; title professionals were able to expunge the fraudulent deed from the record. The “buyer” also had a title insurance policy for the transaction, and their title company paid them the purchase price of the home – money that they otherwise would have lost without their policy. Fraud and forgery claims account for more than 20% of claims expenses and dollars paid to insureds.
    Approximately one-third of all claims are for issues that would not be found in a public records search – demonstrating that title insurance could not be effectively replaced by an automated search engine that will be used under the title waiver program.

    Title Insurance Provides Essential Protection


    The above examples barely scratch the surface when it comes to the protection provided by title insurance. Time and time again, seasoned title professionals have saved American homeowners from their homes being seized, stolen, or defrauded. The Biden Administration’s pilot program would put Fannie Mae and Freddie Mac in charge of resolving any title-related claims that arise for qualified borrowers refinancing – a seismic shift in the housing finance system.

    Title insurance is equally important when homeowners refinance. When a homeowner refinances, they obtain a new loan. Lenders require a new title search for a title insurance policy on that loan to protect their investment in the property. If this is not done correctly, the homeowner could still face collection on a previous mortgage thought to have been paid off. Similarly, a lender could face the risk that they do not have the required lien priority.

    Under the Administration’s title waiver plan, title insurance professionals will be eliminated from refinance transactions, removing a key layer of anti-fraud protections for consumers and lenders. Consumers and lenders who are victims of refinance fraud would have to investigate and negotiate a resolution with some unidentified department within the GSEs, and consumers could ultimately be forced into property sale or foreclosure.

    By turning Fannie Mae and Freddie Mac into title insurers, the GSEs would also be moving beyond its charter into a primary market activity. The 2008 financial crisis happened the last time these entities took on significant risk for which they were ill-equipped to handle.

    The title industry agrees that homeownership should be more attainable and affordable for more Americans. However, the notion that title insurance is in any way a principal driver of affordability challenges is misguided. Title insurance is crucial to protecting American homeowners, lenders, and their most important investments.

    ]]>     Wed, 1 May 2024 15:52:16 GMT     NYSLTA OpEd published in Gannett newspapers and websites https://www.nyslta.org/members/blog_view.asp?id=1230749&post=500279 https://www.nyslta.org/members/blog_view.asp?id=1230749&post=500279 An OpEd under the by-line of the NYSLTA president was published today.

    You can read it on these websites.

     

    Lohud USA Today Network 

    Biden’s ‘Affordable Housing’ pledge will cost NY consumers who cut corners on insurance

    April 25, 2024 

     

    AOL

    Biden’s ‘Affordable Housing’ pledge will cost NY consumers who cut corners on insurance

    April 25, 2024 

     

    Yahoo Finance

    Biden’s ‘Affordable Housing’ pledge will cost NY consumers who cut corners on insurance

    April 25, 2024 

     

    Ithaca Journal

    Biden’s ‘Affordable Housing’ pledge will cost NY consumers who cut corners on insurance

    April 25, 2024 

     

    Observer Dispatch

    Biden’s ‘Affordable Housing’ pledge will cost NY consumers who cut corners on insurance

    April 25, 2024

    ]]>     Thu, 25 Apr 2024 15:50:03 GMT     Local Title Agent Has a Very Good Day https://www.nyslta.org/members/blog_view.asp?id=1230749&post=500199 https://www.nyslta.org/members/blog_view.asp?id=1230749&post=500199 ALTA Honors New York State Land Title Association President with National Title Professional Recognition


    Washington, D.C., April 23, 2024 — Eric Swarthout NTP has earned his National Title Professional (NTP) designation from the American Land Title Association (ALTA), the national trade association of the land title insurance industry. Formally acknowledged with his NTP designation on March 1, Swarthout is one of 111 leaders across the United States, and the third in New York State, who have devoted their careers to the land title industry and earned their designation.


    The designation recognizes land title professionals who demonstrate the knowledge, experience and dedication essential to the safe and efficient transfer of real property.*

     

    “‘National Title Professional’ is a recognition bestowed upon only the most knowledgeable and committed title insurance professionals,” said ALTA President Don Kennedy. “ALTA members earning their designation must undergo a vigorous audit and demonstrate extensive experience in and dedication to the title insurance industry. Eric has been a title professional for 25 years; his knowledge, expertise and longevity made him an ideal candidate for the NTP designation. I hope other title insurance professionals follow his lead and aim for this achievement.”

     

    As a member of the title insurance community since 1999, Swarthout is the president of Thoroughbred Title Services, a HomeServices of America company, in Rye Brook, N.Y. He also serves as president of the New York State Land Title Association. Swarthout received his New York Title Insurance Producer license in 2015.

     

    A full directory of National Title Professionals is available here.


    The designation has several elements, including industry and compliance prerequisites and training requirements. To apply for the NTP designation and for more information, please visit ALTA.org.
    ]]>     Tue, 23 Apr 2024 15:08:50 GMT     It's smart to have friends on Capitol Hill https://www.nyslta.org/members/blog_view.asp?id=1230749&post=500040 https://www.nyslta.org/members/blog_view.asp?id=1230749&post=500040 18 Democratic Members of Congress—led by Rep. Wiley Nickel (D-NC)— wrote a letter to President Biden expressing concerns regarding the administration’s plan approved by the Federal Housing Finance Agency (FHFA) to waive title insurance on loans purchased by Government Sponsored Enterprises (GSEs) Fannie Mae and Freddie Mac.

    Among them are Rep. Ritchie Torres and Rep. Joe Morelle.

    Click the link below to read their letter and learn why the GSE program is a mistake.

     

    ]]>     Wed, 17 Apr 2024 20:18:16 GMT     FANNIE MAE RFP https://www.nyslta.org/members/blog_view.asp?id=1230749&post=499938 https://www.nyslta.org/members/blog_view.asp?id=1230749&post=499938

    Fannie Mae to Issue Request for Proposal to Identify Potential Suppliers for Participation in the Title Acceptance Pilot

    April 12, 2024

    On March 7, 2024, FHFA announced the intention to explore a pilot that would allow lenders to forgo a lender’s title insurance policy or attorney opinion letter (AOL) on a small population of refinance loans sold to Fannie Mae in an effort to reduce closing costs for borrowers.  Since that announcement, Fannie Mae has been working with FHFA to develop a Title Acceptance pilot framework and has received increased interest from title and settlement service and technology providers seeking to participate in the pilot. 

    In response to that interest, Fannie Mae announced today that it will issue a Request for Proposal to identify potential suppliers to participate in the Title Acceptance pilot.  The Request for Proposal, which will be issued by the end of the second quarter, will provide Fannie Mae the opportunity to evaluate interested industry participants for potential inclusion in the pilot that have viable technology solutions for managing title-related risk and reducing closing costs for borrowers.

    [https://www.fanniemae.com/newsroom/fannie-mae-news/fannie-mae-issue-request-proposal-identify-potential-suppliers-participation-title-acceptance-pilot]]]>     Sun, 14 Apr 2024 21:51:13 GMT     April Executive Committee Agenda https://www.nyslta.org/members/blog_view.asp?id=1230749&post=499604 https://www.nyslta.org/members/blog_view.asp?id=1230749&post=499604 EXECUTIVE COMMITTEE MEETING
    New York State Land Title Association
    Via ZOOM
    April 9, 2024
    10:30 AM

    AGENDA

    1. Call to order – President Swarthout
    2. President’s Greeting – President Swarthout
    3. Approval of March Minutes - Executive Director Treuber
    4. Exec Director Report – Executive Director Treuber
    5. Title Section Report – Chair Schwartzman
    6. Agent Section Report – Chair Giliotti
      • NYC Judgments
      • 421 Abatements
      • Mr.  Cooper and SPS
      • Fee comparison chart
      • 208 refresh
      • PAC
    7. Education Committee – Chair Carrillo
      • April 9 “Ethics” webinar
      • May 15 “Diversity” webinar
      • June 13 “Insurance law” webinar
    8. Advocacy Committee Report – Co-chairs Pereyo & Stancanelli
    9. Government Regulations Committee Report – Chair Cahill
      • FinCEN AML rule comments
    10. Land Records Committee – Chair Alonso
      • Suffolk County status
    11. Career Development Committee – Chair Canino
      • Proposed Student Membership
    12. New Business
    13. Adjourn
    ]]>     Mon, 8 Apr 2024 17:27:48 GMT     Municipal Search Fee Chart- Updated https://www.nyslta.org/members/blog_view.asp?id=1230749&post=499480 https://www.nyslta.org/members/blog_view.asp?id=1230749&post=499480 The chart of municipal search fees has been updated.

    Members can access in the County & Municipal File Library under MEMBER RESOURCES > DOCUMENTS & FILE LIBRARIES.

     

    ]]>     Thu, 4 Apr 2024 21:23:56 GMT     Title Insurance RFP - Deadline April 15, 2024 https://www.nyslta.org/members/blog_view.asp?id=1230749&post=499077 https://www.nyslta.org/members/blog_view.asp?id=1230749&post=499077 The Nassau County Industrial Development Agency (the “Agency”) seeks qualified title insurers, title abstract firms and other qualified firms and/or persons to conduct title searches, cause the issuance of title insurance policies (either directly or as authorized agents for title insurers), perform other title insurance-related services with respect to proposed “projects” of the Agency, and perform related professional services, at the direction of the Agency as more particularly described here (see attached document).

    ]]>     Mon, 25 Mar 2024 18:35:28 GMT     We like this guy https://www.nyslta.org/members/blog_view.asp?id=1230749&post=499020 https://www.nyslta.org/members/blog_view.asp?id=1230749&post=499020  

    https://youtu.be/7QvHD34tulE

    ]]>     Fri, 22 Mar 2024 18:08:27 GMT     It LOOKS LIKE title companies have a new competitor https://www.nyslta.org/members/blog_view.asp?id=1230749&post=498834 https://www.nyslta.org/members/blog_view.asp?id=1230749&post=498834 [Reposted from ALTA.COM - login required to read entire article]

     

    Fannie Mae to Charge Fee to Cover Risk Under Title Waiver Pilot; Pushes GSEs into Insurance Business

    March 14, 2024

     

    Fannie Mae will charge lenders a fee to cover risk under a proposed title waiver pilot program announced by the Biden administration. The program essentially turns the government sponsored entities (GSEs) into primary market insurers and expands authority beyond their mission and charter.

    Click HERE to learn more.

    ]]>     Fri, 15 Mar 2024 15:16:10 GMT     Mr. Cooper Authorization form https://www.nyslta.org/members/blog_view.asp?id=1230749&post=498812 https://www.nyslta.org/members/blog_view.asp?id=1230749&post=498812 The NYSLTA has been in communication with payoff servicer, Mr. Cooper, to resolve a number of ongoing problems that agents have been having.

    In a recent and productive meeting, Mr.Cooper executives were asked for and we received a document in which the borrower authorizes the agent to receive information on the loan to resolve complications with payoff amounts.

    You can download this Third Party Authorization form on this page.

     

     

    ]]>     Thu, 14 Mar 2024 19:14:32 GMT     Property Condition Disclosure Form - New https://www.nyslta.org/members/blog_view.asp?id=1230749&post=498644 https://www.nyslta.org/members/blog_view.asp?id=1230749&post=498644 On March 20, a new takes effect which replaces and modifies the Property Condition Disclosure Statement (PCDS)

    You can download it HERE

    .https://www.nyslta.org/resource/resmgr/newsblog/dos-1614-f-property-conditio.pdf

     

    ]]>     Fri, 8 Mar 2024 13:56:43 GMT     Opinion: Improving housing affordability without exposing homebuyers to more risk https://www.nyslta.org/members/blog_view.asp?id=1230749&post=498521 https://www.nyslta.org/members/blog_view.asp?id=1230749&post=498521 ALTA's Diane Tomb on why title insurance is essential

    It is no secret that there is a housing affordability challenge in the U.S. According to the National Association of Realtors’ (NAR) Housing Affordability Index, since spring of last year, a typical family with a median income have not been able to afford a median-priced home. 

    While mortgage rates will likely fall this year, conversations about how to increase accessibility to homeownership are still top of mind — and should be top of mind — across the real estate industry. However, there is no one-size-fits-all approach to homeownership affordability. Any proposal to increase access to homeownership and improve affordability should be evidence-based, sustainable (avoiding quick fixes) and not come at the cost of consumer protection.

    For example, recently, Fannie Mae has focused on expanding alternatives to title insurance as a way to supposedly increase homeownership affordability. However, Fannie Mae’s own research from 2022 found that title insurance is not a significant component of the overall closing costs when buying a home. Accounting for geography, differences in title and settlement costs across groups of borrowers were not “economically meaningful.”

    Additionally, recent research by First American found that title and settlement fees account for less than 1% of a borrower’s total life-of-loan costs, indicating that title insurance fees are one of the smallest portions of the equation. A homeowner’s largest life-of-loan costs are property taxes and recording fees ($29,675), fees paid to the mortgage-backed security (MBS) investor ($28,779), fees paid to the lender ($14,026), homeowner’s insurance ($9,279) and GSE fees (7,705). 

    Targeting title insurance as a way to cut costs not only fails to address real affordability problems, but it can actually leave consumers open to future title risks that can come with large price tags. As an example, attorney opinion letters (AOLs) are being touted as a substitute to title insurance, but they do not offer the same level of protection.

    According to industry data, a third of all claims paid by title insurance companies are for issues that cannot be found in a search of the public records and would not be covered by an AOL. An opinion from an attorney based on a title search is not the same thing as insurance, which has statutory reserving requirements to protect against losses.

    Additionally, in the majority of states – so-called “seller pay” states – AOLs can increase expenses for consumers beyond what they would pay for title insurance. In these states, the seller pays for the homebuyer’s title insurance policy, and therefore, homebuyers only pay for a lender’s policy at a reduced cost at closing, oftentimes as little as $150.

    The title industry embraces efforts to help increase homeownership accessibility. That’s why title companies are constantly innovating to drive down the cost of our policies. While the cost of other forms of insurance have steadily increased in recent years, thanks to industry innovations, the cost title insurance has decreased by 7.8% nationally since 2004, according to industry financial statements. Additionally, title companies offer various discounts – such as a simultaneous issue rate discount when owner’s and lender’s policies are purchased together – to help lower the cost of coverage.  

    But while these improvements to reduce costs are important to addressing housing affordability, there are much bigger barriers to homeownership, especially for low- and moderate-income homebuyers. Instead of replacing longstanding products that have protected consumers for the last century and only cost homebuyers sometimes as little as a couple hundred dollars, both the private and public sector should focus on addressing the root causes of housing unaffordability.

    As Fannie Mae’s Senior Vice President and Chief Economist Doug Duncan recently noted, “Until we see a meaningful increase in housing supply, we expect affordability will remain a significant barrier to homeownership for many households.” Increasing the supply of affordable housing is critical to bringing the American Dream of homeownership within reach for more Americans. According to NAR, elevated home prices, mortgage rates and a limited supply of homes are the top barriers to homeownership.

    In order to fix the housing affordability crisis, the real estate industry and federal government must focus on the fundamental problems that keep home prices high. Replacing consumer safeguards like title insurance with unproven, unregulated alternatives will just expose homebuyers—especially first-time homebuyers who need it the most—to greater financial risk.

    Diane Tomb is CEO of the American Land Title Association.

    ]]>     Mon, 4 Mar 2024 16:08:32 GMT     Important for Members doing business in the 5 counties of NYC https://www.nyslta.org/members/blog_view.asp?id=1230749&post=498395 https://www.nyslta.org/members/blog_view.asp?id=1230749&post=498395 If you are working with properties in the five counties of NYC - Bronx, Kings, New York, Queens and Richmond - there is a frequently changing situation with search data in regard to searches run in the county clerk's office.


    Since December 8, 2023, NYSLTA has been following the issue in the New York City counties with the Office of Court Administration (OCA) Judgement Docket Lien System (JDLS). 



    While we are seeing positive developments, we are advising members if you or your examiners are using a third party vendor's online services to do title searches, we suggest that you cross reference their reports with the information that is being provided directly to the County Clerk’s office.



    For further guidance or if you have questions, please contact your underwriter.

    ]]>     Thu, 29 Feb 2024 17:20:59 GMT     NYC Dept of Finance - City Register contact list https://www.nyslta.org/members/blog_view.asp?id=1230749&post=498195 https://www.nyslta.org/members/blog_view.asp?id=1230749&post=498195 City Register Contacts:

    1st Deputy City Register

    Betsy Hernandez

    212 -291-4983    

    Hernandezb@finance.nyc.gov

     

    Deputy City Register-Borough Offices (VACANT)

     

    Brooklyn: Assistant Deputy City Register

    Marie Prasad

    718-488-2770

    prasadr@finance.nyc.gov

     

    Queens: Assistant Deputy City Register

    Vanessa Goodwin:

    718-588-2319

    goodwinv@finance.nyc.gov

     

    Bronx: Assistant Deputy City Register

    Edith Ladson-Tolbert:

    718-920-2869

    Ladson-tolberte@finance.nyc.gov

     

    Deputy City Register-Manhattan

    Sharon Kelly:

    212-291-4676

    Kellys@finance.nyc.gov

     

    Manhattan: Assistant Deputy Nilsa Santiago

    212-291-2727

    santiagon@finance.nyc.gov


    ]]>     Fri, 23 Feb 2024 16:42:10 GMT     Low-Income Homeownership Should Include Title Insurance Coverage https://www.nyslta.org/members/blog_view.asp?id=1230749&post=498119 https://www.nyslta.org/members/blog_view.asp?id=1230749&post=498119 From REAL CLEAR POLICY

    By David Goldstein

    https://www.realclearpolicy.com/articles/2024/02/21/low-income_homeownership_should_include_title_insurance_coverage_1013274.html

     

    President Biden and a growing number of members of Congress, faced with inflation and higher interest rates, have correctly made increasing access to affordable homeownership a public policy priority. The pursuit of the American Dream of owning a home is as important now as it ever was. But achieving that goal is ever more difficult, especially for low- and moderate-income families.

    The Biden administration should be commended for working to make homeownership more affordable, accessible, and equitable. It has focused on solving the main challenges to affordability, including lack of housing supply and regulatory barriers to housing development at the local level. But it is off base on one initiative that would hurt homeowners by allowing certain home purchases to occur without the protection of title insurance.

    The Federal Housing Finance Agency has opened the way for mortgage-finance giant Fannie Mae to expand the use of attorney opinion letters (AOLs) instead of title insurance on certain loans it purchases, including mortgages on condominiums and in homeowners’ associations. This is a short-sighted program that adds unnecessary risk to homeowners and U.S. taxpayers.

    AOLs are legal opinions prepared by attorneys who do public-records searches that assert that properties are not subject to title impediments, which can impact ownership of the property. Title insurance includes that basic search and also provides extra protection by providing coverage for title difficulties that would not be found in public records alone.

    For example, AOLs do not protect against fraud and forgery, which are growing concerns and major causes of claims. They also do not cover legal costs for title problems, which title insurance does. AOLs leave homeowners vulnerable to significant attorneys’ fees if they are forced to defend their ownership rights.

    Expanding the use of attorney opinion letters instead of title insurance for condominium loans exposes consumers and lenders to a range of unnecessary risks. Issues such as unpaid condominium or homeowners’ association dues and assessments that could lead to liens are not found in public records searches. With an AOL, lenders and homeowners would be left holding the bag if these items are not rectified before a property is sold. Title insurance protects homeowners in such circumstances.

    In addition, title insurance is regulated by states. AOLs are unregulated and lack basic consumer protections provided by that kind of oversight including requirements for title insurers to protect consumers and hold reserves to pay claims.

    Title insurance is a small, one-time cost that provides protection to property rights for as long as a family owns their home. Homeowners pay this modest fee as protection against future claims on their ownership. Without it, they are gambling that they won’t face steep costs if their right to own their home is challenged. In too many cases, that is not a safe bet.

    Without a title insurance backstop, both lenders and property owners are left to fight over the consequences if their attorney’s opinion turns out to be inadequate to protect their interests. Title insurance protects against losses or damages from both known and unknown title defects.

    Substituting AOLs for title insurance will not accomplish the goal of putting affordable homeownership in reach of more Americans. Fannie Mae’s action hurts rather than helps American families and first-time homebuyers, especially the lower income families that Fannie Mae is supposed to help.

    According to a recent study,  title and settlement fees are less than 1 percent of the borrower’s total life-of-loan costs.

    President Biden and his appointees are wise to try to expand affordable homeownership opportunities. But permitting Fannie Mae to take a shortcut and abandon title insurance even in limited circumstances increases risk on average American households. It is a mistake that will endanger property rights and do little for long-term housing affordability and sustainability.

    Congress should pass the bipartisan Protecting America’s Property Rights Act cosponsored by Reps. Vicente Gonzalez (D-Texas), Wiley Nickel (D-N.C.), and Brad Sherman (D-Calif.), which would protect homebuyers by requiring the proven coverage of title insurance on mortgages purchased by Fannie Mae and Freddie Mac.

     

    David Goldstein heads the American Consumer Alliance and chairs the Alliance to Defend Affordable Homeownership.

    ]]>     Wed, 21 Feb 2024 16:24:50 GMT     RESPA Violations: Definition, Examples & How to Avoid Them https://www.nyslta.org/members/blog_view.asp?id=1230749&post=498054 https://www.nyslta.org/members/blog_view.asp?id=1230749&post=498054 This article is part of a larger series on How to Become a Real Estate Agent.

    WRITTEN BY:
    Jealie Dacanay

    The Real Estate Settlement Procedures Act (RESPA) was established in 1974 by the U.S. Congress as a protection against unfair business practices and unnecessarily high costs associated with homeownership. RESPA strives to eliminate unethical practices like kickbacks, fees, and errors and ensures disclosures are provided to buyers and sellers while obtaining a mortgage. By knowing RESPA offenses, laws, and regulations, all parties involved can avoid penalties and unethical business practices.

    Let us dive into what is RESPA in real estate, common RESPA violation examples, penalties for violating RESPA, and how real estate professionals can avoid them.

    What Is RESPA in Real Estate: History & Coverage

     

    History of RESPA

    • 1974: The Real Estate Settlement Procedures Act (RESPA) was passed into law
    • 1983: RESPA amended to extend coverage to controlled business arrangements
    • 1990: Section 6 mortgage servicing requirements were added
    • 1992: RESPA extended to all residential mortgage loans with a lien, disclosures in writing for an agent to mortgage referrals, and computer loan originations
    • 1996: HUD removed compensation for referrals to affiliate companies and stricter payment rules
    • 2002: Revised RESPA has greater disclosure, more consumer choices, and limited fees
    • 2008: Implemented a standardized GFE (good faith estimate) for consumer costs
    • 2010: Dodd-Frank Act mandated RESPA to shorten time limits, increase penalties, and provide amendments
    • 2011: The Consumer Financial Protection Bureau (CFPB) took over RESPA regulatory duties
    • 2012: New mortgage disclosure forms implemented
    • 2020: Updated frequently asked questions addressing gifts and promotional activities

    Why RESPA Started

    RESPA violation penalties were implemented because individuals and companies associated with real estate transactions, like lenders, agents, and construction and insurance companies, were receiving undisclosed kickbacks and referral fees for recommending a settlement service provider.

     

    Kickbacks and increased fees resulted in ultimately higher costs paid by the homebuyer. RESPA seeks to ensure homebuyers have all the information about their transactions to make an educated decision on the vendors they choose to work with.

    Who RESPA Involves

    Unlike the rules listed in the Fair Housing Act, which seeks to prevent discrimination against those buying, renting, or selling homes, RESPA applies to all real estate settlement services. Real estate settlement services can be defined as agent services, services rendered by an attorney, origination of a mortgage loan, and settlement or closing process.

    The act oversees all activities of a person or entity involved in the home purchasing, improvement, and closing process when a federally related mortgage loan is involved for one to four residential units. Although RESPA primarily seeks to protect consumers seeking to become eligible to obtain a federally insured mortgage loan, it benefits other parties involved. The required disclosures and honesty about upfront costs and fees provide benefits for the following parties:

     

    • Sellers: They don’t have to decide which title insurance agency should be used.
    • Real estate agents: Clients are treated fairly for smoother and faster transactions.
    • Buyers: They understand all reasonable upfront costs involved in the buying process.
    • Loan servicers: RESPA eliminates some competition, and clients can choose who they want to work with based on their personal evaluations.

    What RESPA Does Not Cover

    Real estate statistics indicate a seller’s market, where homes are selling quickly. Before rushing to close deals, knowing which real estate purchasing scenarios should or should not fall under RESPA violations is essential. Transactions involving all-cash sales, rental transactions, and loans obtained by real estate for business purposes aren’t covered. Additionally, loans obtained to purchase vacant land are not covered as long as no proceeds from the loan are used to build any residential property.

    6 Most Common RESPA Violations

    The Consumer Financial Protection Bureau enforces RESPA violations. It ensures all federally regulated mortgage loans, including purchase loans, refinances, home improvement loans, land contracts, and home equity lines of credit, are administered following RESPA guidelines.

    To avoid most violations, the general rule of thumb is to make sure all payments and fees are charged for services performed. The RESPA violation statute of limitations is one year from the date of the violation. If a consumer believes you have violated their rights under RESPA, they have one year to file a claim.

     

    To help you avoid penalties, we’ve listed six common RESPA violations:

    1. Kickbacks & Referral Fees

    Section 8a of RESPA prohibits giving or receiving any referral fees, kickbacks, or anything of value being exchanged for referral of business involving a federally related mortgage loan. The violation applies to verbal, written, or established conduct of such referral agreements. The items considered of value in exchange for business can be discounts, increased equity, trips, and even stock options.

    Section 8b of RESPA prohibits giving or receiving any portion or percentage of a fee received for real estate settlement services unless it’s for services actually performed. These fees must be split between two or more persons for it to be a direct violation of the law.

    Example

    John, the mortgage broker, has developed an extensive network of real estate agents who have referred business to him throughout the years. John begins a competition with his network and gives out nice prizes for the agent who referred the most buyers to him. This is a direct violation of RESPA, as no party should receive anything of value for referring a business for a residential mortgage loan.

    Penalty

    The penalty for violating section 8 of RESPA is a fine of up to $10,000 and possibly one year of jail time. In some cases, the RESPA violator may also be charged in a private lawsuit to pay the borrower up to three times the charge for settlement services.

    How to Avoid

    Clients may ask you for your opinion on settlement service providers, and you can provide them with recommendations as long as it’s not under the condition that you receive anything in return from the vendor you recommend. A couple of tips include:

    • Sharing a list of several trustworthy vendors, but allowing the client to make their own decision about who to work with.
    • Include a written disclaimer in the vendor document that it’s the borrower’s responsibility to review vendors and select the best one that fits their needs.
    • Suggest to clients that they interview each vendor before deciding who they work with.
    • Be honest with clients and provide them with an Affiliated Business Arrangement Disclosure disclosing that you receive a promotional fee in return for referring the business.

    2. Requiring Excessively Large Escrow Accounts Balances

    Section 10 of RESPA provides rules and regulations to protect borrowers with escrow accounts. This section limits the amount of money a borrower may be required to keep in the escrow account to cover payments for things like taxes, flood insurance, private mortgage insurance, and other costs related to the property. While not every borrower will be required to have an escrow account, if they do, it is limited to approximately two months of escrow payments.

    Example

    Jamie is a lender involved in a federally related mortgage loan for a young couple. Jamie establishes an escrow account to pay the couple’s taxes and insurance. The escrow account is funded through a portion of the couple’s mortgage payment. Jamie determines their escrow amount by taking a monthly average of their anticipated insurance and taxes for the year.

    After one year, their insurance premiums were reduced, but Jamie kept withdrawing the same amount without analyzing the account. By the end of the second year, the couple’s escrow account has an excess of four months of escrow payments. Jamie needs to perform an annual analysis of the escrow account and return any amount exceeding two months of escrow payments to the couple, or he will be in violation.

    Penalty

    For loan servicers who violated section 10 of RESPA, penalties are up to $110 for each violation. The law does impose a maximum amount of $130,000 for violations within 12 months.

    How to Avoid

    Lenders should understand the nuances associated with escrow accounts. A cushion within an escrow account may not exceed one-sixth of the amount that needs to be disbursed for the year. A lender must also analyze the escrow account once a year and notify borrowers if any shortages are present. If there are excess funds in the account of more than $50, then that must be returned to the borrower.

    3. Responding to Loan Servicing Complaints

    Section 6 of the RESPA protects borrowers with consumer protection rights concerning their mortgage loans. If a borrower has an issue with their servicer, they can contact their servicer in writing. The servicer must acknowledge the complaint within 20 days of receipt, and within 60 days, they must resolve the complaint. To resolve the complaint, they must do so with either a correction or a statement providing reasons for its defense.

    Example

    Jenny had an escrow account with a mortgage lender and noticed that she was charged a late fee for a payment that she believed was not sent in late. Jenny sends a written notice to her lender that includes her name, loan account information, and a written explanation of the error she believes was incorrect.

    The mortgage lender receives her notice and responds to her within 20 days of receiving notice of the possible error. The mortgage lender noticed it was an accounting error and removed the late fee from her account. This is a violation of RESPA because the mortgage lender must reply to Jenny within five days of the correction in writing to let her know it has been fixed.

    Penalty

    Borrowers can file a private lawsuit for violating this section of RESPA within three years and may be awarded damages in court.

    How to Avoid

    Loan servicers should have strong processes to ensure all written requests are opened and addressed within the required time. Here are a few tips to ensure responses are made promptly:

    • All incoming letters and packages should be time-stamped with the date of receipt and scanned into internal customer relationship management (CRM) software.
    • When logging paperwork into the CRM, each staff member should be assigned a task requiring them to complete an acknowledgment receipt along with a final date for responding to the error.
    • Once response letters are mailed, the lender should mark the tasks as complete to add additional electronic time stamps if the dates are disputed in the future.

    It’s also important to note that within the 60 days provided to resolve the claim, the loan servicer cannot provide information to a credit reporting agency with any overdue payments if they exist during the period of a written request.

    Pipedrive customizing pipeline (Source: Pipedrive)

    A CRM that can assist professionals with this time-sensitive process is Pipedrive. Pipedrive allows you to create tasks, send automatic reminders and emails, and has built-in digital signature and document tracking features. These features will ensure you prioritize everyone in your pipeline and remain compliant with RESPA laws.

    Visit Pipedrive

    4. Inflating Costs

    In section 4 of RESPA, mortgage lenders and brokers are unable to charge clients an inflated cost of third-party services beyond the original cost of service. This violation is specific to settlement costs itemized in HUD-1 and HUD-1A settlement statements, where costs cannot exceed the amount received by the settlement service.

    Example

    A mortgage broker told Jo, the buyer, that pulling their credit would cost $30. When Jo received the settlement statement, they noticed that there was an additional charge of $20 for the credit report because of third-party administrative services. This is a violation of RESPA because the mortgage broker is unable to charge the client any amount above the stated $30 for the credit report.

    Penalty

    The United States Department of Housing and Urban Development is the agency that will typically issue the violation when notified. Companies that violate this rule can be fined as much as a few hundred thousand dollars in damages.

    How to Avoid

    To avoid violations for inflated costs, ensure proper bookkeeping of fees paid for service and bill clients appropriately. If possible, you can develop relationships with your third-party vendor to set a standard amount for specific services based on your volume of clients, so there are no discrepancies in the amount paid and the amount charged. However, be careful not to ask for monetary kickbacks in return from your vendors if you’re getting a bulk discount.

    5. Not Disclosing Estimated Settlement Costs

    Mortgage lenders and brokers are required to provide an itemized statement of settlement costs to your clients. These costs are presented in a Good Faith Estimate (GFE) form. The form shows the estimated cost the borrower should incur during the mortgage settlement process, like origination fees, estimates for services, title insurance, escrow deposits, and insurance costs.

    Example Closing Disclosure (Source: Consumer Financial Protection Bureau)

    Example

    A lender receives an application from John, the potential borrower. The lender must give John a GFE by hand delivery, mail, or electronic form no later than three days after receiving the application. The lender cannot charge John for any fees other than for the cost of a credit report until John accepts the GFE and indicates he wants to proceed with the loan.

    Penalty

    The fine for violation of this RESPA law is $94 for an accidental violation but can increase to a few hundred thousand for intentional violations.

    How to Avoid

    Lenders should provide estimated costs to the borrower within three days of their application by hand delivery, mail, fax, or other electronic avenues. If a document is mailed, ensure it has signature tracking and make sure the applicant received the costs within three days after it was mailed to avoid any penalty.

    However, lenders do not have to provide the estimation of fees if the lender denies the application or if the borrower withdraws their application. In the GFE, lenders may not charge any additional fees until the borrower has received the estimation and indicates they want to proceed.

    6. Demanding Title Insurance

    Under RESPA section 9 violations, sellers of a property that is purchased with a federally related mortgage loan cannot require, directly or indirectly, that the buyer purchase title insurance from a particular company. Sellers should not list this as a condition of the sale of a property.

    Example of title insurance (Source: Andrew Robb RE/MAX Fine Properties)

    Example

    Becky is a real estate agent, and her sister just started a job at a title agency. Becky wants to give her sister as much business as possible to get her end-of-year bonus. For all her sellers, Becky decides to include in the condition of the sale that they must get title insurance from Becky’s sister’s title agency for an offer to be accepted. This is a direct violation of RESPA.

    Penalty

    If this section of RESPA is violated, buyers may bring a lawsuit against the seller for up to three times the charges for the cost of title insurance.

    How to Avoid

    There are a few scenarios where you can avoid this penalty. Sellers should not list a title company as a property sale condition. If a title company is suggested, ensure you are providing multiple options and fine print for buyers to do their own research. However, sellers can pay for the title insurance at no cost to the buyer if those costs are not added to other fees.

     

    SEE THE FULL AERTICLE HERE  https://fitsmallbusiness.com/what-are-respa-violations/

    ]]>     Mon, 19 Feb 2024 15:11:28 GMT     Fannie Mae's Expansion of Attorney Opinion Letters Is a Grave Mistake https://www.nyslta.org/members/blog_view.asp?id=1230749&post=497385 https://www.nyslta.org/members/blog_view.asp?id=1230749&post=497385 An article by Donnell Williams, president of the Black Real Estate Professionals Alliance, former president of the National Association of Real Estate Brokers (NAREB), and the owner of Destiny Realty in Morristown, NJ.

    https://www.realclearmarkets.com/articles/2024/01/25/fannie_maes_expansion_of_attorney_opinion_letters_is_a_grave_mistake_1007139.html

    Recently, Fannie Mae has decided to take aim at title insurance – an often-misunderstood, but critically important product that ensures that borrowers have clear ownership rights to a property.

    Back in April of 2022, Fannie Mae revised its selling guide, allowing the use of unregulated title insurance alternatives – so called attorney opinion letters (AOLs) – in lieu of title insurance policies in limited circumstances. Since then, Fannie Mae has reaffirmed that it is exploring programs to promote these title insurance alternative products, with a desired goal of reducing costs for underserved borrowers and homebuyers of color. Just a few weeks ago, Fannie Mae announced that it was allowing AOLs on “loans secured by a unit in a condo project” and “loans secured by a property subject to restrictive agreements or restrictive covenants.

    While Fannie Mae likely has positive intentions in trying to reduce housing costs, it is critical for homeowners and lenders to understand the increased risks associated with these products. Firstly, these products are not regulated by state insurance and consumer protection regulators and information about coverage is not readily available to the public. While title insurance policies are backed by statutorily required financial reserves to cover future claims risks, attorney opinion letters are not. A typical attorney opinion letter also does not provide any duty to defend the lender in the event of claim. Simply put, these products lack the oversight and transparency that consumers and lenders deserve.

    Additionally, despite claims that certain attorney opinion letters provide a “full coverage” alternative, they do not provide the same amount of protection that would normally be available with title insurance. Title insurance covers title risks not easily found by a simple public records search. Attorney opinion letters do not do so, and many defects are not often discoverable in the public records, including federal tax or Homeowner Association liens. Approximately one-third of all claims paid by title insurance companies cover issues that are not discoverable by a public records search. 

    Another important example of the difference in coverage is fraud or forgery of title documents. Title insurance provides coverage when a seller’s deed was forged or there was fraud with the previous owner’s will. An attorney opinion letter does not.

    While the GSEs and some AOL providers have claimed that AOLs can reduce costs, in the long run, consumers could end up paying more if a title dispute were to occur on an uncovered issue.

    Additionally, an AOL can simply be the more costly option at the onset. For instance, in the majority of states, a seller pays for the homebuyer’s owner’s title insurance policy. This is often coupled with discounts for purchasing both an owner’s and lender’s policy at closing, leaving the homebuyer to only pay for a lender’s policy at a cost much lower than that of an AOL – sometimes as low as $150.

    Is title insurance a barrier to homeownership for low- and middle-income homebuyers and homebuyers of color? The answer is a resounding no. A recent report found that title insurance premium and settlement costs make up less than one percent of a borrower’s life-of-loan costs. Fannie Mae’s own research states that “differences in title and settlement costs across borrower race and ethnicity groups” are not “economically meaningful.” If Fannie Mae wants to help underserved borrowers purchase homes, it should focus on the true barriers to homeownership that exist in low-income communities and communities of color – not title insurance. 

    Ultimately, the Federal Housing Finance Agency is responsible for regulating Fannie Mae and should carefully consider the potential consequences of the government-sponsored enterprise’s decision to expand attorney opinion letters. After all, they are in conservatorship from risk-taking that put taxpayers on the hook to the tune of $200 billion in the last financial crisis.

    Fortunately, there is now bipartisan legislation that has been introduced in Congress – the Protecting America’s Property Rights Act – which would require title insurance from state licensed and regulated title companies on mortgages purchased by government-sponsored enterprises (GSEs). Congress should act swiftly to pass this legislation and affirm the critical role of title insurance in a healthy housing market.

    .

     

    ]]>     Thu, 25 Jan 2024 14:54:38 GMT     Attorney Opinion Letters - An Explainer https://www.nyslta.org/members/blog_view.asp?id=1230749&post=497308 https://www.nyslta.org/members/blog_view.asp?id=1230749&post=497308 AOL EXPLAINER

    If you have attended an Executive Committee meeting, the NYSLTA annual convention or an ALTA event in the past few years, you will have heard reference to AOLs (Attorney Opinion Letters). In New York State, an AOL is an unregulated insurance product.

    AOLs are currently being promoted to provide significant cost saving to consumers, especially low- and middle-income buyers. It appears that a coordinated disinformation campaign is underway as seen by recent articles in the Wall Street Journal, the New York Post, Business Insider and The Daily Mail. 

    In addition to marketing activity, federal and multi-state lobbying to promote greater use of AOLs is actively seeking to overturn regulations that have protected consumers for more than 100 years.  In fact, title insurance was introduced to fix the deficiencies of attorney opinion letters.

    The New York State Land Title Association is concerned about the spread of AOLs driven by incomplete and misleading information that threatens consumers and distorts the value produced by the title industry. First-time home buyers and people who are financially unsophisticated are especially vulnerable.

    This email sets out the following objectives

    • What is an AOL?
    • Why do you care?
    • Does an AOL indemnify the homeowner?
    • What are the differences between an AOL and a lenders title insurance policy?
    • What can title professionals do?

    You will also find attachments that provide details about this unregulated alternative to title insurance.

    What is an AOL?

    An AOL is a legal opinion prepared by an attorney that provides their professional determination of the status of title to a property and, when delivered to a lender, the priority of the mortgage lien.

    Why do you care?

    If your business is selling title insurance, AOLs are a low-cost alternative to the lender’s policy. If you are an attorney representing a purchaser, your client will have no protection or indemnification for any issues in the chain of title, such as liens, unpaid taxes, unsatisfied mortgages, as well as issues such as adverse possession, recording errors and challenges to your ownership of title.

    Does an AOL indemnify the homeowner?

    No, it does not.

    These products lack transparency and basic consumer protections provided by state insurance regulation, creating risk to buyers. Providers of attorney opinion letters have no statutory reserving requirements to protect against losses.

    What are the differences between an AOL and a lenders title insurance policy?

    An AOL does not include defense of challenges.  Sole recourse is legal claim against attorney for negligent misrepresentation or potential breach of contract, which may be time constrained by the three-year statute of limitations [CPLR 214(6)].

    You can find a detailed list of the many things not covered by an AOLs in the attachments.  A partial list includes the following elements not covered by AOLs: fraud; forgery; duress; incapacity; impersonation; improper execution of documents; priority over mechanics liens; back-chain creditors’ rights.

    What can title professionals do?

    1. Familiarize yourself and your colleagues with complete product knowledge about this alternative to the policies that you provide. ALTA has a wealth of good information about AOLs.
    2. Help educate the attorneys that you work about the complete details of AOLs
    3. Stay attuned to the markets that you serve and contact RGT@NYSLTA.ORG about any marketing or promotional activity that presents AOLs as “better than title insurance” or as a product that will “save consumers money”.
    4. Follow NYSLTA and ALTA alerts. Contact NYSLTA about enrolling in the Title Action Network (TAN).
    ]]>     Tue, 23 Jan 2024 19:13:57 GMT     January 2024 Executive Committee Agenda https://www.nyslta.org/members/blog_view.asp?id=1230749&post=496880 https://www.nyslta.org/members/blog_view.asp?id=1230749&post=496880  

    EXECUTIVE COMMITTEE MEETING

    New York State Land Title Association

    360 Hamiton Avenue, White Plains NY

    January 9, 2024

    10:30 AM

     

     

    AGENDA

    1. Call to order – President Swarthout
    2. President’s Greeting – President Swarthout
    3. Approval of December Minutes - Executive Director Treuber
    4. Exec Director Report – Executive Director Treuber
    5. Treasurer’s Report – Mr. D’Addona
    6. Title Section Report – Chair Schwartzman
    7. Agent Section Report – Chair Giliotti
      1. NYC Judgements
      2. NYC water reading
      3. Suffolk Revisited
      4. Agent section dues
      5. Elections in June
      6. Possible date when endorsements have been approved
      7. PAC
    8. Advocacy Committee Report – Co-chairs Pereyo & Stancanelli
    9. Education Committee Report – Chair Carillo
    10. New Business
    11. Adjourn
    ]]>     Fri, 5 Jan 2024 21:26:35 GMT     Understanding Title Insurance: Protecting Your Property Ownership https://www.nyslta.org/members/blog_view.asp?id=1230749&post=496731 https://www.nyslta.org/members/blog_view.asp?id=1230749&post=496731 https://www.thestockdork.com/title-insurance/

     

    Understanding Title Insurance: Protecting Your Property Ownership

    • By Caryl V
    • Dec 28, 2023

    When it comes to purchasing a property, ensuring that you have clear and undisputed ownership is crucial. 

    This is where title insurance plays a vital role. In this comprehensive guide, we will delve into the world of title insurance, unraveling its importance, and demystifying the process.

    What Is Title Insurance?

    Title insurance is a type of insurance that protects property owners and lenders against financial loss resulting from defects or issues with a property’s title. 

    These defects can include liens, encumbrances, errors in public records, legal disputes, or prior claims on the property. It provides peace of mind by ensuring that the property’s ownership is clear and free from potential risks or challenges.

     

    Title insurance is different from other forms of insurance as it focuses on protecting against past events or claims that occurred before the policy was issued. 

    It provides coverage against known and unknown issues that could arise from the property’s historical ownership records.

    Types of Title Insurance Policies

    There are two main types of title insurance policies: owner’s title insurance and lender’s title insurance.

    Owner’s Title Insurance:

    The owner’s title insurance policy protects the property owner for as long as they own the property. It provides coverage against defects that may arise in the property’s title history, including errors in public records, undisclosed heirs, forged deeds, or mistakes made during the title search process. This policy is typically purchased by the buyer during the property purchase transaction.

    Lender’s Title Insurance:

    The lender’s title insurance policy protects the lender’s investment in the property. When a property is financed through a mortgage, the lender typically requires a lender’s title insurance policy to protect their interests in case of title defects or challenges. This policy is usually paid for by the borrower as part of the closing costs.

    Coverage and Benefits of Title Insurance

    One of the primary benefits of title insurance is its ability to provide protection against financial loss resulting from title defects. Here are the key coverage and benefits of title insurance:

    Protection against Financial Loss:

    Title insurance protects against financial loss or expenses incurred as a result of a covered title defect. If a claim is made against your property’s title, the title insurance company will compensate you for the covered losses, including legal expenses incurred while defending your ownership rights. This coverage can save you from significant financial burdens and potential litigation costs.

    Coverage for Legal Expenses:

    Title insurance also includes coverage for legal expenses that may arise from defending your ownership rights. 

    If someone challenges your ownership or files a claim against the property’s title, the title insurance company will bear the legal costs associated with resolving the issue. 

    This coverage can help minimize the financial impact of legal disputes.

    Ensuring Clear Property Ownership:

    Title insurance provides assurance that your property ownership is clear and marketable. 

    In the event of a title defect that threatens your ownership rights, the title insurance policy will cover the costs of resolving the issue, allowing you to maintain your ownership without incurring additional expenses.

    Coverage for Risks and Challenges:

    Title insurance safeguards against a range of potential risks and challenges, including but not limited to boundary disputes, unpaid liens, undisclosed easements, restrictions on property use, or errors in public records. 

    These risks can pose significant threats to property ownership and can result in costly legal battles. Title insurance provides coverage and financial protection against these potential challenges.

    Peace of Mind for Property Owners:

    By obtaining title insurance, property owners can have peace of mind knowing that their investment is protected. 

    Title insurance can help you avoid the stress and financial burden that can arise from unforeseen title defects, giving you confidence in your property ownership.

    Common Title Issues and Risks

    Boundary disputes, liens, and undisclosed heirs are among the common title issues that title insurance protects against. 

    Boundary disputes can arise when neighboring properties have disagreements regarding their property lines. Liens and encumbrances, such as unpaid taxes or mortgages, can also pose a risk to the title. 

    Additionally, undisclosed heirs or claims from previous owners can surface, challenging your ownership rights.

    Obtaining Title Insurance

    To obtain title insurance, you will typically work with a title company. During the closing process, the title company will conduct a title search, examining public records and uncovering any potential issues or defects. 

    The cost of title insurance is a one-time premium paid at closing, based on the property’s purchase price.

    Frequently Asked Questions

    Who pays for title insurance?

    The party responsible for paying title insurance varies depending on the state and local practices. In some cases, the buyer pays for both the owner’s and lender’s title insurance policies, while in other cases, the seller may cover a portion or all of the expenses.

    Is title insurance a waste of money?

    While title insurance is not legally required in every state, it provides essential protection for property owners. Without title insurance, you may bear the financial burden of defending your ownership rights or correcting title defects, which can be costly.

    What is title insurance used for in real estate?

    Title insurance in real estate provides protection against potential defects or issues with the property’s ownership history. It ensures that you have clear and marketable title, safeguarding your investment and ownership rights.

    Can you provide examples of title insurance claims?

    Title insurance claims can arise from various situations, such as a previously undisclosed heir challenging your ownership, a lienholder asserting their rights to the property, or a forged signature on a previous deed. In each case, title insurance would provide coverage and protect your investment.

    Conclusion

    In conclusion, title insurance is a crucial component of the property purchasing process. It offers financial protection and ensures clear ownership, safeguarding your investment in real estate. 

    By understanding the importance and benefits of title insurance, you can make informed decisions and protect your property ownership rights. 

    When purchasing a property, remember to include title insurance in your plans, and work with a reputable title company to ensure a smooth and secure transaction.

    ]]>     Thu, 28 Dec 2023 16:00:01 GMT     Supporters of the LLC Transparency Act upset by Hochul weakening law https://www.nyslta.org/members/blog_view.asp?id=1230749&post=496729 https://www.nyslta.org/members/blog_view.asp?id=1230749&post=496729 https://buffalonews.com/news/local/supporters-of-the-llc-transparency-act-upset-by-hochul-weakening-law/article_a044eeec-a342-11ee-a500-7f9838b6034d.html

     

    Gov. Kathy Hochul signed into law this week legislation designed to make limited liability companies more transparent, much to the chagrin of supporters who opposed Hochul’s cutting from the bill a searchable public database with LLC ownership information.

    The amended LLC Transparency Act will now reveal only to law enforcement officials and government agencies the identities of owners of LLCs to help them prevent unlawful activity, including wage theft, money laundering and tenant mistreatment.

    “For far too long, bad actors have been protected by the loose disclosure requirements of LLC ownership,” Hochul said. “The new LLC Transparency Act will give law enforcement and state regulators the tools they need to hold bad actors accountable.”

    Sponsored by Assemblywoman Emily Gallagher and Sen. Brad Hoylman-Sigal, the bill is expected to help curtail money laundering in Manhattan’s high-end residential real estate market by revealing ownership details and promoting transparency. The bill was also supported by some district attorneys, and a coalition of tenants’ rights, social justice, labor unions and watchdog groups, as well as the government-reform group Reinvent Albany. But New York City’s real estate industry, which is a major campaign donor to Hochul and other top state politicians, opposed letting the public know the identity of LLC owners.

    Citing privacy concerns, Hochul issued a “chapter amendment” that the Legislature’s leaders approved, which will keep the database of LLC owners from the public.

    “The core element of the LLC Transparency Act was the public database of the owners of limited liability companies,” said John Kaehny, the executive director of Reinvent Albany.

    “Without a public database of LLC owners, the public will never know if LLC owners are following the law or the state of New York is enforcing it,” said Kaehny.

    While talking to The Buffalo News last week, Kaehny had expressed concerns over Hochul possibly amending the bill.

    “It will be extremely hard from the outside to be able to monitor the progress because it’s a private database,” he said.

    If Hochul had not issued the chapter amendment, New York would have been the first state to require public disclosure of the owners of LLCs, in addition to making the information available to government agencies.

    “We think that New York had a big chance to do something right here and the governor squandered that opportunity,” Kaehny said.

     

    ]]>     Wed, 27 Dec 2023 22:50:07 GMT     Corporate Transparency Act (CTA) Explainer https://www.nyslta.org/members/blog_view.asp?id=1230749&post=496434 https://www.nyslta.org/members/blog_view.asp?id=1230749&post=496434 CORPORATE TRANSPARENCY ACT GOING INTO EFFECT JANUARY 1, 2024


    NEW YORK - Starting on January 1, 2024, the Corporate Transparency Act (“CTA” or “Act”) legislation will go into effect and impact a wide range of corporations. Most significantly, the CTA introduces beneficial ownership reporting requirements for new and existing companies. The Act’s new reporting requirement or beneficial ownership information (BOI) refers to identifying information about certain individuals directly or indirectly owning or controlling a corporate entity.

    The CTA reporting requirements will apply to corporations, limited liability companies, and other entities that fall within the Act’s definition of a “reporting company”. According to the CTA, reporting companies will fall into two categories: (1) domestic reporting companies and (2) foreign reporting companies.

    Domestic reporting companies: These will include corporations, limited liability companies, and any other entities created by the filing of a document with a secretary of state or any similar office in the United States.
    Foreign reporting companies: include entities (inclusive of corporations and limited liability companies) formed under the laws of a foreign country that have registered to do business in the United States by the filing of a document with a secretary of state or any similar office.

    The beneficial ownership information will be collected and accessed through the Financial Crimes Enforcement Network (FinCEN), a branch of the U.S. Department of the Treasury. By way of background, the CTA was passed originally passed in 2021 by Congress on a bipartisan basis. This act is a part of the U.S. government’s efforts to make it harder for bad actors to hide or benefit from their ill-gotten gains through shell companies or other opaque ownership structures. BOI will be stored in a secure, non-public database using rigorous information security methods and controls typically used in the Federal government to protect non-classified yet sensitive information systems at the highest security level. FinCEN will permit access to BOI to Federal, State, local, and Tribal officials on a bipartisan basis, and will work closely with those authorized to access BOI to ensure they understand their roles and responsibilities. The use of such information will be solely for authorized purposes, security, and confidentiality for assisting FinCEN.

    Nevertheless, a reporting company created or registered to do business before January 1, 2024 will have one year, or until January 1, 2025 to file its initial beneficial ownership information report. While a reporting company created or registered on or after January 1, 2024 will have 30 days to file its initial beneficial ownership information report. This 30-day deadline runs from the time the company receives actual notice that its creation or registration is effective, or after a secretary of state or similar office first provides public notice of its creation or registration, whichever is earlier.

    Registration will be available through an electronic secure filing system via FinCEN’s website.
    While this system is currently being developed, it will be available before reports are to be filed.

    There will be no cost or fee associated with registration to FinCEN.

    Reportable information includes:

    - The full legal name and any trade name or “doing business as” name of the Reporting Company;

    - A complete current address;

    - The State, Tribal, or foreign jurisdiction of formation or registration of the Reporting Company; and

    - The IRS Taxpayer Identification Number (including Employer Identification Number)

    For more information and answers to FAQs, visit FinCEN’s site at https://www.fincen.gov/

    ________________________________________________________________

    The information above was provided by Brian Berlandi, Esq. 646-878-6166 or bberlandi@bnrllp.com

    Used with permission.

     

    ]]>     Tue, 12 Dec 2023 20:43:00 GMT     What Does A Title Company Do? https://www.nyslta.org/members/blog_view.asp?id=1230749&post=496310 https://www.nyslta.org/members/blog_view.asp?id=1230749&post=496310 https://www.forbes.com/advisor/mortgages/title-company/

     

    ]]>     Fri, 8 Dec 2023 14:18:23 GMT