Bulletin: NY000595

Date:
December 12, 2016
To:
All New York State Agents, Office Counsel, and Managers
RE:
New “Mortgage Verification Fee” In Suffolk County

Effective January 1, 2017, each mortgage document presented or re-presented for verification to the Real Property Tax Service Agency will be assessed the new mortgage verification fee of $300.00.  This fee is in addition to the previously enacted $200.00 per lot verification fee.

Attached is a memorandum issued by the Suffolk County Clerk that defines a mortgage related documents:

Mortgage                                          
Spreaders
Supplemental mortgage
Splitters
Reverse Mortgage                          
Nomination Agreements
Collateral mortgage                        
Building Loan Agreement
Assignment                                      
Consolidation
Subordination                                 
Modification
Satisfaction

The list is recited in the copy of Local Law 26-2016 attached, under Section 2.

The effective date of this law is January 1, 2017.

If a document is verified before January 1, and recorded within 30 days of verification, there will be no $300 fee. Otherwise the fee will be charged regardless of the verification date based on the not recording timely.

As recording fees continue to increase, you will need to keep your customers apprised.  An exception or note in the report may be worth considering. 

If you have any questions regarding this bulletin please contact Stewart Title Insurance Company Legal Services at 212-922-0050.

 

Attachments: Local Law 26-2016

THIS BULLETIN IS FURNISHED TO INFORM YOU OF CURRENT DEVELOPMENTS. AS A REMINDER, YOU ARE CHARGED WITH KNOWLEDGE OF THE CONTENT ON VIRTUAL UNDERWRITER  AS IT EXISTS FROM TIME TO TIME AS IT APPLIES TO YOU, AS WELL AS ANY OTHER INSTRUCTIONS. OUR UNDERWRITING AGREEMENTS DO NOT AUTHORIZE OUR ISSUING AGENTS TO ENGAGE IN SETTLEMENTS OR CLOSINGS ON BEHALF OF STEWART TITLE GUARANTY COMPANY. THIS BULLETIN IS NOT INTENDED TO DIRECT YOUR ESCROW OR SETTLEMENT PRACTICES OR TO CHANGE PROVISIONS OF APPLICABLE UNDERWRITING AGREEMENTS. CONFIDENTIAL, PROPRIETARY, OR NONPUBLIC PERSONAL INFORMATION SHOULD NEVER BE SHARED OR DISSEMINATED EXCEPT AS ALLOWED BY LAW. IF APPLICABLE STATE LAW OR REGULATION IMPOSES ADDITIONAL REQUIREMENTS, YOU SHOULD CONTINUE TO COMPLY WITH THOSE REQUIREMENTS.

References

Bulletins Replaced:
None
Related Bulletins:
None
Underwriting Manual:
None
Exceptions Manual:
None
Forms:
None