On July 14, 2018 a
Exhibit,Appendix
was filed
involving a dispute between
Ellyn Berk,
Pamela Goldstein,
Paul Benjamin,
Tony Berk,
and
Houlihan Lawrence Inc.,
for Commercial Division
in the District Court of Westchester County.
Preview
FILED: WESTCHESTER COUNTY CLERK 10/01/2018 05:13 PM INDEX NO. 60767/2018
NYSCEF DOC. NO. 193 RECEIVED NYSCEF: 10/01/2018
EXHIBIT 27C
FILED: WESTCHESTER COUNTY CLERK 10/01/2018 05:13 PM INDEX NO. 60767/2018
NYSCEF DOC.
7/30/2018 NO. 193 on Title Insurance - The New York Times RECEIVED NYSCEF: 10/01/2018
Saving Money
bg Ngitt Ork httes https://nyti.ms/ZRE8XM
REAL ESTATE
Saving on Title Insurance
Mortgages
By LISA PREVOST MARCH 14, 2013
Borrowers don't often pay much attention to the title insurance required by their
mortgage lender - until see the sizable charge for it on their list of costs.
they closing
Ostensibly, that premium (and sometimes assorted fees) reflects the cost of
guaranteeing the borrower clear ownership of a property. Title agents search public
records for tax liens and any other outstanding claims that need to be resolved, and
then insure the borrower and the lender against claims that might have gone
undetected.
Title insurance rates vary considerably by state. In New York, insurers belong to
a rating bureau that submits a rate schedule for state approval. Depending on the
value of the property, costs can easily run into the thousands. On a $500,000 home
with a $400,000 mortgage, for example, the premium in the New York City area
would be $2,666, according to Rafael Castellanos, the managing partner of Expert
Title Insurance Agency in Manhattan. "It's a bargain in the end given the protection
provides,"
title insurance he said.
Yet for years, a debate has raged as to whether premiums are too high,
competition too constrained, and the insurers too closely intertwined with the
mortgage and real estate professionals who send business their way. Some states
3 so% off one year. The Times Sale ends .
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FILED: WESTCHESTER COUNTY CLERK 10/01/2018 05:13 PM INDEX NO. 60767/2018
NYSCEF DOC.
7/30/2018 NO. 193 on Title Insurance - The New York Times RECEIVED NYSCEF: 10/01/2018
Saving Money
market - the National Title and First American - agreed to
Fidelity Group 15
percent rate reductions to settle state allegations of illegal referral payments and
rebates.
Another investigation may be afoot. Mr. Castellanos and two other industry
executives said the state Department of Financial Services sent subpoenas to a
number of title companies. A department spokesman would not comment on the
claim.
Borrowers typically rely on their mortgage broker or real estate agent to select a
title agent for them, but Mr. Castellanos says they are better off making the selection
themselves. He advises borrowers to ask a real estate lawyer to recommend an
independent title company, and to avoid title agencies that have a business affiliation
with the real estate agency or lender recommending them.
One insurer is offering a more transparent option. Entitle Direct in Stamford, Conn.,
offers premium rates up to 35 Percentbelow the going rates in the 40 states in which
it operates. (These rates are not available in New Jersey.) According to the
company's founder, Timothy M. Dwyer, Entitle is able to offer reduced rates by
marketing directly to consumers and eliminating the use of title agents, who typically
receive a hefty split of the insurance premium for their services. "The national
premium,"
average commission is 80 percent of the he said. "We do not have that
expense. We contract out to a third-party partner that provides us with the title
product."
search
Founded in 2009, the company has grown slowly. Entitle's sales account for
only 0.1 percent of the total national premium, said Birny Birnbaum, the executive
director of the Center for Economic Justice, a consumer advocacy group. He
attributed the slow growth to "the limited price competition in title insurance
markets and the strength of the institutional arrangements between title insurers
and those able to steer title business - lenders, developers, Realtors,
builders."
In Connecticut, where only lawyers can act as title insurance agents, "very few
attnrnove will elnco with Rntitle nr coll voruhard norninct it hoennco thov'ro not
3 so% off one year. The Times Sale ends .
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FILED: WESTCHESTER COUNTY CLERK 10/01/2018 05:13 PM INDEX NO. 60767/2018
NYSCEF DOC.
7/30/2018 NO. 193 on Title Insurance - The New York Times RECEIVED NYSCEF: 10/01/2018
Saving Money
A version of this article appears in print on March 17, 2013, on Page RE5 of the New York edition with the
headline: Saving on Title Insurance.
© 2018 The New York Times Company
3 so% off one year. The Times Sale ends .____.... . .
ARTICLES
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Document Filed Date
October 01, 2018
Case Filing Date
July 14, 2018
Category
Commercial Division
For full print and download access, please subscribe at https://www.trellis.law/.
Preview
FILED: WESTCHESTER COUNTY CLERK 10/01/2018 05:13 PM INDEX NO. 60767/2018 NYSCEF DOC. NO. 193 RECEIVED NYSCEF: 10/01/2018 EXHIBIT 27C FILED: WESTCHESTER COUNTY CLERK 10/01/2018 05:13 PM INDEX NO. 60767/2018 NYSCEF DOC. 7/30/2018 NO. 193 on Title Insurance - The New York Times RECEIVED NYSCEF: 10/01/2018 Saving Money bg Ngitt Ork httes https://nyti.ms/ZRE8XM REAL ESTATE Saving on Title Insurance Mortgages By LISA PREVOST MARCH 14, 2013 Borrowers don't often pay much attention to the title insurance required by their mortgage lender - until see the sizable charge for it on their list of costs. they closing Ostensibly, that premium (and sometimes assorted fees) reflects the cost of guaranteeing the borrower clear ownership of a property. Title agents search public records for tax liens and any other outstanding claims that need to be resolved, and then insure the borrower and the lender against claims that might have gone undetected. Title insurance rates vary considerably by state. In New York, insurers belong to a rating bureau that submits a rate schedule for state approval. Depending on the value of the property, costs can easily run into the thousands. On a $500,000 home with a $400,000 mortgage, for example, the premium in the New York City area would be $2,666, according to Rafael Castellanos, the managing partner of Expert Title Insurance Agency in Manhattan. "It's a bargain in the end given the protection provides," title insurance he said. Yet for years, a debate has raged as to whether premiums are too high, competition too constrained, and the insurers too closely intertwined with the mortgage and real estate professionals who send business their way. Some states 3 so% off one year. The Times Sale ends . SUBSCRIBE SubscrIber login ARTICLES today. REMAINING ...., https://www.nytimes.com/2013/03/17/iealestate/saving-money-on-title-insurance.html 1/3 FILED: WESTCHESTER COUNTY CLERK 10/01/2018 05:13 PM INDEX NO. 60767/2018 NYSCEF DOC. 7/30/2018 NO. 193 on Title Insurance - The New York Times RECEIVED NYSCEF: 10/01/2018 Saving Money market - the National Title and First American - agreed to Fidelity Group 15 percent rate reductions to settle state allegations of illegal referral payments and rebates. Another investigation may be afoot. Mr. Castellanos and two other industry executives said the state Department of Financial Services sent subpoenas to a number of title companies. A department spokesman would not comment on the claim. Borrowers typically rely on their mortgage broker or real estate agent to select a title agent for them, but Mr. Castellanos says they are better off making the selection themselves. He advises borrowers to ask a real estate lawyer to recommend an independent title company, and to avoid title agencies that have a business affiliation with the real estate agency or lender recommending them. One insurer is offering a more transparent option. Entitle Direct in Stamford, Conn., offers premium rates up to 35 Percentbelow the going rates in the 40 states in which it operates. (These rates are not available in New Jersey.) According to the company's founder, Timothy M. Dwyer, Entitle is able to offer reduced rates by marketing directly to consumers and eliminating the use of title agents, who typically receive a hefty split of the insurance premium for their services. "The national premium," average commission is 80 percent of the he said. "We do not have that expense. We contract out to a third-party partner that provides us with the title product." search Founded in 2009, the company has grown slowly. Entitle's sales account for only 0.1 percent of the total national premium, said Birny Birnbaum, the executive director of the Center for Economic Justice, a consumer advocacy group. He attributed the slow growth to "the limited price competition in title insurance markets and the strength of the institutional arrangements between title insurers and those able to steer title business - lenders, developers, Realtors, builders." In Connecticut, where only lawyers can act as title insurance agents, "very few attnrnove will elnco with Rntitle nr coll voruhard norninct it hoennco thov'ro not 3 so% off one year. The Times Sale ends . SUBSCRIBE SubscrIber login ARTICLES today. REMAINING ..-, https://www.nytimes.com/2013/03/17/realestate/saving-money-on-title-insurance.html 2/3 FILED: WESTCHESTER COUNTY CLERK 10/01/2018 05:13 PM INDEX NO. 60767/2018 NYSCEF DOC. 7/30/2018 NO. 193 on Title Insurance - The New York Times RECEIVED NYSCEF: 10/01/2018 Saving Money A version of this article appears in print on March 17, 2013, on Page RE5 of the New York edition with the headline: Saving on Title Insurance. © 2018 The New York Times Company 3 so% off one year. The Times Sale ends .____.... . . ARTICLES sunauruor. Subscriber login- today. REMAINING ..~., https://www.nytimes.com/2013/03/17/rea!estate/saving-money-on-title-insurance.html 3/3