Oversight does not exist over title agent/agencies due to no license requirement. This lack of protection for average homeowners has been a major cause of the mortgage/foreclosure crisis in NYS due to fraud and deceit starting with title agents and agencies that the NYS Insurance Dept. refuses to take jurisdiction over due to "lack of license requirement". It only take a handful of corrupt attorneys to open a title agency creating a license to steal.
Why is this important?
NYS has NO oversight over title agents or title agencies despite the FACT that these entities are the cause of mortgage fraud and title fraud resulting in the mortgage crisis in NYS and other states. The NYS Insurance Dept., now known as DFS (Dept. of Financial Services) refuses to take jurisdiction over these fraudulent acts by claiming that NYS does not require LICENSES for these title agents/agencies who ultimately falsify property assessment values in order to MILK out mortgages on homes over 2-3 times the property value. They are also responsible for filing false deeds via fraud and deceit. ?Deeds can be filed out of chain of title by non-owners and illegally sold. NO entity protects the true homeowner, usually vulnerable human beings who are disabled, elderly, women, Afro-American, etc. There MUST be oversight and active immediate protection since the courts do not advocate for the victims.
