July 27, 2016
Reminder: All Guaranty Fees Collected in Q2 Must Be Remitted by Aug. 1
Texas Land Title Association | July 27, 2016
This is a reminder that all guaranty fees collected during the second quarter of 2016 must be remitted to TTIGA by Aug. 1, 2016.
As previously reported in Dateline Austin, the policy guaranty fee went back into effect this year at $3 per policy for all transactions closed on or after April 1, 2016.
Read the Dateline Austin Article, Including TTIGA and TDI Clarifications »
Read TTIGA's FAQs »
Get TTIGA Remittance Forms »
TDI Quarterly Audit Results Published
Texas Department of Insurance | July 26, 2016
The following is a summary of recent TDI audits, violations and enforcement actions from March 2016 through May 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 76 audits.
Commissioner Orders and Active Cases: From March 2016 through May 2016, Commissioner David Mattax signed one order resulting in fines or the revocation of escrow officer licenses. As of this report, 52 cases remain active and under investigation.
Compliance Audit Results: Below are TDI’s most common audit findings from March 2016 through May 2016. The numbers below represent how many agencies had an infraction, not the number of times the infraction occurred.
Number of Agencies
Category
Description
32
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.
30
Minimum Escrow Accounting Procedures & Internal Controls
#16 – Every disbursement not supported by invoice or sufficient other evidence.
26
Title Bulletins
Title Bulletin No. 160 – All parties receiving portions of the real estate commission not disclosed on settlement statement.
23
Escrow Accounting
Outstanding checks not cleared timely.
17
Procedural Rules
P-21: Schedule D of commitment not in file or premium split not disclosed on commitment.
17
Procedural Rules
P-73: Failure to Prepare/Maintain Form
T-64 (TD) when CD used.
Comment Period for ALTA Best Practices Changes and Maturity Model Closes Friday
American Land Title Association | July 26, 2016
ALTA is still accepting public comments for changes to their Best Practices Changes and new Best Practices Maturity Model. The deadline for public comments is Friday, July 29.
Read More »
FHA to Insure Mortgages on Certain Properties With PACE Assessments
American Land Title Association | July 19, 2016
The Federal Housing Administration (FHA) announced guidance that outlines circumstances under which it will insure mortgages on properties that include Property Assessed Clean Energy (PACE) assessments. FHA will now approve purchase and refinance mortgage applications in states that treat PACE obligations as special assessments similar to property taxes.
Read More »
Register for Owning and Managing a Texas Title Agency
Presented by outstanding and experienced title industry professionals, this one-of-a-kind program will cover topics such as regulatory compliance, accounting, other key duties, responsibilities of a title agent and much more. This program is perfect for new title agency owners, those new to a management position or those in need of a refresher. It is designed to satisfy the requirements of Rule P-28(B) by the Texas Department of Insurance for management personnel of title agents applying to be licensed. It will take place Wednesday, Aug. 17, to Thursday, Aug. 18, at the Courtyard by Austin Marriott Downtown. Register today!
TLTA is lining up great webinars for the summer and fall. Register for these today, or watch them as On-Demand Webinars!
Cyber Crime Attacks: How to Prevent and Recover (Tuesday, Aug. 9)
Cyber-criminal attacks are advancing faster than anyone can create defenses. This webinar covers the growing trends in cyber attacks, including ransomware and spear phishing, and discusses how title agents can best defend themselves against and recover from such attacks.
Just Added: Manufactured Housing as Real Property (Wednesday, Aug. 24)
This webinar will cover the process of recording ownership and perfecting a manufactured home as real property. It includes a review of necessary documents and required tax documentation. The instructor will discuss the process for recording statement of ownership and location with the county clerk.
I Walk the Line...the County Line (Wednesday, Sept. 7)
Learn when and why directly issued policies (a.k.a. home office issues) are needed in the title industry. Become familiar with the working parts, applicable statute 2704.002, definitions and Procedural Rules in P-1, P-21, P-22, P-23, P-24, P-58 and P-62, and learn how to complete a form T-00 properly when dealing with multicounty, Single County or Best Evidence situations.
CFPB, TRID and RESPA (Wednesday, Oct. 12)
Presenters will discuss CFPB, TRID and RESPA topics in regard to introduction and authority, covered transactions, exempt transactions and disclosure requirements. In addition, presenters will elaborate on prohibited acts and enforcement. This webinar will cover materials helpful to prepare for TLTA Certification exams.