February 02, 2016
Update on Texas Association of Business/Texas Public Policy Foundation Attack
Texas Land Title Association | Feb. 3, 2016
Once again, the Texas Association of Business is pressing for legislation that would change the successful Texas title insurance system. This time around, TAB has joined forces with the Texas Public Policy Foundation to attack the system. The groups held a joint press conference on Feb. 2, calling for reform of what they termed the "overly regulated title insurance system." TLTA staff monitored the sparsely attended event and obtained a copy of the press release. TLTA has produced a statement in response to the assertions made by TAB and TPPF.
TLTA will continue working with the TAB and TPPF to address their misconceptions about the Texas title insurance system. In a meeting with both groups on Feb. 1, TLTA secured their commitment to continue the dialogue.
TLTA Press Release
TAB/TPPF Press Release
TDI Quarterly Audit Results Published
Texas Department of Insurance | Jan. 27, 2016
The following is a summary of recent TDI audits, violations and enforcement actions from September 2015 through November 2015. Read TDI's complete summary of operations for the quarter or read the key statistics below.
Compliance Audits: TDI's goal is to comprehensively audit agencies at least once every two years. That means this quarter (within the last 3 months), TDI conducted 57 audits.
Commissioner Orders and Active Cases: From September 2015 through November 2015, Commissioner David Mattax signed zero orders resulting in fines or the revocation of escrow officer licenses. As of this report, 46 cases remain active and under investigation.
Compliance Audit Results: Below are TDI’s most common audit findings from September 2015 through November 2015. The numbers below represent how many agencies had an infraction, not the number of times the infraction occurred.
Number of Agencies
Category
Description
21
Escrow Accounting
Outstanding checks not cleared timely.
17
Texas Insurance Code
Section 2702.053 (formerly Art. 9.53) – Actual receipts and/or disbursements not in agreement with settlement statement or premium split not disclosed.
15
Minimum Escrow Accounting Procedures & Internal Controls
Every disbursement not supported by invoice or sufficient other evidence.
13
Title Bulletins
Title Bulletin No. 160 – All parties receiving portions of the real estate commission not disclosed on settlement statement.
12
Minimum Escrow Accounting Procedures & Internal Controls
Disbursement sheets missing, incomplete or incorrect.
CFPB Announces New Webinar to Address TRID Questions
Consumer Financial Protection Bureau | Feb. 3, 2016
On Tuesday, March 1, at 1 p.m. Central time, the CFPB will host a webinar to address specific questions relating to the Know Before You Owe mortgage disclosure rule, also known as TRID. The webinar will be hosted by the Federal Reserve.
Register Here »
Court Case Challenges CFPB's Power
PYMNTS.com | Jan. 25, 2016
A storm is brewing over the realm of the CFPB’s power as the government agency enters a legal battle set to be reviewed by the District of Columbia Circuit Court of Appeals on April 12.
The fracas emanates from CFPB Director Richard Cordray’s decision to overrule an in-house judge’s decision that slapped New Jersey-based lender PHH Corp. with a $6 million fine for taking illicit “kickbacks” from mortgage insurers that led to a rise in cost for borrowers.
Read More »
TRID: A Thorn in the Mortgage Industry's Side
Mortgage Orb | Jan. 27, 2016
It’s been almost four months since the CFPB's TRID rules took effect on Oct. 3, and although it would be sensationalist to say that the complex set of rules has devastated the mortgage industry, as some predicted it would, there is solid evidence, at this point, that the rules are delaying closings, slowing originations and increasing the average cost per loan for mortgage lenders.
Read More »
Spring is in the air – and so are great learning opportunities! Check out TLTA's latest and greatest webinars.
Common Residential Endorsements (Wednesday, Feb. 17)
Learn which endorsements may be issued when the insured land meets the definition of "residential real property" or will be used for residential purposes.
Endorsements – Land is Not "Residential Real Property" (Wednesday, Feb. 24)
This webinar covers the endorsements that may be issued when the insured land does not meet the definition of "residential real property."
Please Release Me! (Wednesday, March 9)
This course will familiarize title insurance professionals with the importance of obtaining releases of enforceable outstanding liens, and alternatively, what other options may be available when a release is not obtainable to ensure compliance with Procedural Rule P-11.
Contract Dos and Don'ts (Wednesday, April 6)
Get an overview on recent contract changes, the importance of how the contract is/was completed by the Realtor and the title agent's role.