The Real Deal New York

Maria Vullo is leaving DFS

Vullo oversaw the implementation of strict new title insurance regulations at the agency
January 31, 2019 11:00AM

Maria Vullo

Maria Vullo, the name cursed by title insurance agents from Niagara Falls to Staten Island, is leaving the Department of Financial Services to serve on the board of the State of New York Mortgage Agency.

Vullo, who is currently the superintendent of DFS, will leave the agency in February, and Gov. Andrew Cuomo has nominated his chief of staff Linda Lacewell to be her successor, according to POLITICO. Jill DesRosiers, Cuomo’s executive deputy secretary, has been promoted to his chief of staff.

In December, Vullo told the Wall Street Journal she had no plans to leave the agency.

Vullo will need to be confirmed by the Senate for her new position. The mortgage agency is part of the Homes and Community Renewal department and helps first-time homebuyers who have limited income access financing.

Vullo was confirmed as the superintendent of DFS in 2016, and one of the hallmarks of her tenure was imposing strict and controversial new rules on the title insurance industry that banned companies from treating their clients to entertainment and meals.

The New York State Land Title Association quickly filed suit against DFS over the regulations, and New York State Supreme Court Judge Eileen Rakower annulled them in July. However, an appeals court then reinstated the vast majority of the regulations earlier in January. [POLITICO] – Eddie Small