April 27, 2016
TDI Quarterly Audit Results Published
Texas Department of Insurance | April 25, 2016
The following is a summary of recent TDI audits, violations and enforcement actions from December 2015 through February 2016. 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 three months), TDI conducted 61 audits.
Commissioner Orders and Active Cases: From December 2015 through February 2016, Commissioner David Mattax signed three orders resulting in fines or the revocation of escrow officer licenses. As of this report, 56 cases remain active and under investigation.
Compliance Audit Results: Below are TDI’s most common audit findings from December 2015 through February 2016. The numbers below represent how many agencies had an infraction, not the number of times the infraction occurred.
Number of Agencies
Category
Description
34
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.
28
Escrow Accounting
Outstanding checks not cleared timely.
21
Title Bulletins
Title Bulletin No. 160 – All parties receiving portions of the real estate commission not disclosed on settlement statement.
19
Procedural Rules
P-21: Schedule D of commitment not in file or premium split not disclosed on commitment.
19
Minimum Escrow Accounting Procedures & Internal Controls
#15 – Disbursement sheets missing, incomplete or incorrect.
How to Disclose Flood Insurance on Loan Estimate and Closing Disclosure
American Land Title Association | April 21, 2016
The Consumer Financial Protection Bureau (CFPB) held a webinar April 12 to address frequently asked questions about the TRID rule. One of the questions addressed was how to show flood insurance premiums on the Loan Estimate and Closing Disclosure.
Access the Webinar Recording »
Access the CFPB’s Previous TRID Webinars »
Read More »
Can a Verbal Agreement Over Inheritance Be Enforced in Texas?
MySA.com | April 19, 2016
The importance of title insurance takes center stage in this Q and A article about a verbal agreement over an inherited house and who truly owns the property.
Read the Article »
Get those continuing education credits from the convenience of your desk. Check out the webinars calendar, and register for a webinar today!
Divorce, Division and Dissolution (Wednesday, May 4)
Learn all you need to know about this transaction of real estate, the title insurance implications involved and what items are parts of the process.
Claims and Ethical Considerations (Tuesday, May 17)
This webinar will provide an overview of handling claims in an ethical way by using real-life scenarios and experiences.
Avoiding TDI Audit Violations – Compliance Tips for Q2 and Q3
(Tuesday, June 7)
Join TLTA as a team of compliance experts reviews and analyzes the last two quarterly TDI audit findings in addition to walking you through current compliance issues.