Print Page   |   Sign In   |   Join NYSLTA
News Blog
Blog Home All Blogs
Search all posts for:   

 

View all (105) posts »
 

DFS Statement Regarding the Payment of Title Closers

Posted By Robert Treuber, Thursday, February 8, 2018
Updated: Thursday, February 8, 2018

 

NEW YORK STATE DEPARTMENT OF FINANCIAL SERVICES
FOR IMMEDIATE RELEASE, FEBRUARY 8, 2018
CONTACT: Richard Loconte 212-709-1690,
public-affairs@dfs.ny.gov
 

Statement by DFS Superintendent Maria T. Vullo Regarding the Payment of Title Closers

DFS has heard reports of title insurance companies and title insurance agents hiring closers and failing to pay them for the services they perform to ensure clean title.  These services are critical to the title insurer who is guaranteeing clean title.  Any defect in title arising from a mistake at the closing could result in a claim under the title insurance policy.  DFS regulations require the title insurer or agent that hires a title closer to pay the closer.  Closers are entitled to be paid fairly in accordance with their services.  Where there is advance notice to the seller of real estate, an independent closer may also be able to charge a pick up fee, but that does not excuse the title insurer or agent that hired them from fairly compensating them for their services for the buyer.  Fair compensation for all work done to effect the transfer of clean title should be paid for by the title insurance company or agent as that is covered by the premium.  Any closer who is not paid as DFS regulations require can file a consumer complaint with DFS.  DFS will investigate any allegation that a licensee is failing to follow any rule, or otherwise cheating title closers or any other persons. 

###

 

Tags:  Closers  DFS  Regulations 

Share |
Permalink | Comments (0)
 

© 2018 New York State Land Title Association, Inc.   |   65 Broadway, Suite 501 New York, NY 10006   |   P: 212-964-3701   |   F: 212-964-7185   |   info@NYSLTA.org

Association Management Software Powered by YourMembership  ::  Legal