uh, hello mr governor, do u expect title closers to work for free? title closers have been paid IN THIS MANNER for many many years. are u going to make it illegal for a waiter or cab driver to accept a gratuity? mr governor why don’t u busy yourself with important issues?
i found this article because i think i’m getting very overcharged- paying over 1k more than the rate calculator for my area says, and also i can’t even find the name of the title company online that the lawyer says we’re using. actually, he gave me one name last month, and his secretary gave me a different name.
the governor can make a law, but how do i navigate it if i feel i’m being overcharged and possibly the lawyer is part of the problem? i don’t know enough about it to stick up for myself.
Hi Murray,
The problem is, as with many other industries – a few bad apples spoil the whole bunch. What confuses me about this legislation is Title Insurance premiums are already regulated. If your policy is coming from one of the big underwriters, chances are good your premium will be consistent. The ancillary charges can definitely be inflated as they are not regulated.
I am not sure where you are located: email me at dbelcher@erealtytitle.com if you have questions. I am happy to help. I am even happy to meet up in person if you are on Long Island. Just let me know. Good luck!
Don
Great point Barry! Politicians unfortunately don’t think like businesspeople. They assume that title closers do it for the love of the deal and would gladly work for free!
Additionally, nothing says politics like what appear to be price cuts aimed at currying favor with the voters.
‘Title Insurance And Governor Cuomo’s Proposed Regulatory Changes: Our Thoughts!’
I have worked in title insurance between jobs in property casualty. Title premiums are paid once in the history of homeownership; and the banks make the homeowners pay each time a loan is taken (like the interest over the lifetime of the loan isn’t enough, they turn their costs over to us). Premiums are reasonably low. To start, the premiums are 20% to the carrier and 80% to the agents. So obviously claims are low and titles are not expensive to insure. The only event I attended was CE. If the companies also have lavish events, I think it highly unlikely that their spending on entertainment outpaces claims.
If the governor is so concerned about title owners, how about regulation to make the banks pay the premium to hold title of the loan?
It’s remarkable the hypocrisy of this states legislatures. We now have a Governor that is looking out for the consumer and at the same time allow the same people to pay the highest mortgage tax and transfer taxes of any state in the union. Mario imposed the Mansion tax back in the 80,s and increased the cost of a closing by tens of thousands of dollars. If you really give a shit about the consumer why don’t you reduce the tax rates which by far are the most expensive item on a title bill and stop going after the people who are trying to make a living and feed there families.
On a final note, the state has determined the rates and not the title companies, so to say that they are excessive is hypocritical.
Also I have worked for firms who handle claims from policy holders and the payout on those claims can big very large.
Not to mention it now cost close to a $1000 to record a deed in Nassau County. The counties out of now where impose a tax map verification fee which is $300 and up on mortgages. The mortgage tax rates are extremely high, the sate taxes are high as well. They charge a mansion tax for homes sold that are 1 mil or more. Shop around and see what you get for 1 mil in some parts of NY state it is far from a mansion. The highest cost of living is many areas of NY. Now for the cities of NY they have their own tax they charge as well. Look into these fees. This is what bloats the title bill NOT a premium for title insurance or some search charges.
uh, hello mr governor, do u expect title closers to work for free? title closers have been paid IN THIS MANNER for many many years. are u going to make it illegal for a waiter or cab driver to accept a gratuity? mr governor why don’t u busy yourself with important issues?
i found this article because i think i’m getting very overcharged- paying over 1k more than the rate calculator for my area says, and also i can’t even find the name of the title company online that the lawyer says we’re using. actually, he gave me one name last month, and his secretary gave me a different name.
the governor can make a law, but how do i navigate it if i feel i’m being overcharged and possibly the lawyer is part of the problem? i don’t know enough about it to stick up for myself.
Hi Murray,
The problem is, as with many other industries – a few bad apples spoil the whole bunch. What confuses me about this legislation is Title Insurance premiums are already regulated. If your policy is coming from one of the big underwriters, chances are good your premium will be consistent. The ancillary charges can definitely be inflated as they are not regulated.
I am not sure where you are located: email me at dbelcher@erealtytitle.com if you have questions. I am happy to help. I am even happy to meet up in person if you are on Long Island. Just let me know. Good luck!
Don
Great point Barry! Politicians unfortunately don’t think like businesspeople. They assume that title closers do it for the love of the deal and would gladly work for free!
Additionally, nothing says politics like what appear to be price cuts aimed at currying favor with the voters.
‘Title Insurance And Governor Cuomo’s Proposed Regulatory Changes: Our Thoughts!’
I have worked in title insurance between jobs in property casualty. Title premiums are paid once in the history of homeownership; and the banks make the homeowners pay each time a loan is taken (like the interest over the lifetime of the loan isn’t enough, they turn their costs over to us). Premiums are reasonably low. To start, the premiums are 20% to the carrier and 80% to the agents. So obviously claims are low and titles are not expensive to insure. The only event I attended was CE. If the companies also have lavish events, I think it highly unlikely that their spending on entertainment outpaces claims.
If the governor is so concerned about title owners, how about regulation to make the banks pay the premium to hold title of the loan?
It’s remarkable the hypocrisy of this states legislatures. We now have a Governor that is looking out for the consumer and at the same time allow the same people to pay the highest mortgage tax and transfer taxes of any state in the union. Mario imposed the Mansion tax back in the 80,s and increased the cost of a closing by tens of thousands of dollars. If you really give a shit about the consumer why don’t you reduce the tax rates which by far are the most expensive item on a title bill and stop going after the people who are trying to make a living and feed there families.
On a final note, the state has determined the rates and not the title companies, so to say that they are excessive is hypocritical.
Also I have worked for firms who handle claims from policy holders and the payout on those claims can big very large.
Not to mention it now cost close to a $1000 to record a deed in Nassau County. The counties out of now where impose a tax map verification fee which is $300 and up on mortgages. The mortgage tax rates are extremely high, the sate taxes are high as well. They charge a mansion tax for homes sold that are 1 mil or more. Shop around and see what you get for 1 mil in some parts of NY state it is far from a mansion. The highest cost of living is many areas of NY. Now for the cities of NY they have their own tax they charge as well. Look into these fees. This is what bloats the title bill NOT a premium for title insurance or some search charges.