As you may already be aware, The New York State Department of Financial Services Regulation 208 goes into effect on December 18, 2017. These regulations will change the way title insurance companies do business in New York State. Below is a summary of changes to comply with the regulations.
SALES: Restrictions are being placed upon entertainment (sporting events, plays etc.), parties, meals and beverages, CLE, marketing items, marketing events, and waiving of any fees.
INVOICES: Fees will become more itemized. Fees which were previously bundled will be separated. Some fees will increase, some fees will decrease.
In most cases the total bottom line amount will remain the same or decrease.
CLOSERS: Title Closers will no longer be permitted to accept attendance fees or gratuities from the purchaser/borrower. Pick up fees are permitted from the seller, provided 3 day prior notice is given. Additional fees may be charged for closings over 2 hours or after 5 p.m., or where additional attendance is required to pick up checks etc.
Please note the above only represents a summary of changes as they may affect you and your client. Abstracts, Incorporated will strive to provide the same exemplary service to our clients and will endeavor to make the transition to the new regulations as easy as possible.
Thank you for your continued support