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New York regulations to crack down on title industry
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Governmental Affairs
Thursday, April 30, 2015
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New York Gov. Andrew Cuomo announced new regulations to crack down on kickbacks and other improper expenditures (such as excessive meal and entertainment expenses) in the title insurance industry. He states the regulations will reduce title insurance closing costs by up to 20 percent for new home purchases and up to 60 percent for refinancing transactions. The regulations are based on a Department of Financial Services investigation which uncovered that these practices significantly inflate title insurance premiums. Read on for more details.
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