October 28, 2020

In This Issue:

  • TDI Quarterly Audit Results Published
  • TLTA Advocacy Update
  • CFPB Releases Advance Notice of Proposed Rulemaking on Consumer Access to Financial Records
  • TREC Announces New Deputy General Counsel
  • Early Voting for Nov. 3 General Election Continues Through Oct. 30 – Time to Vote
  • 2020 Virtual Land Title Institute: 30th Anniversary Strong!

TDI Quarterly Audit Results Published

TLTA | Oct. 26, 2020
The following is a summary of recent TDI audits, violations and enforcement actions from June through August 2020.
 
This report was presented by Arturo Bustamante, Manager of TDI's Financial Regulation Division – Title Examinations, to the Texas Title Insurance Guaranty Association's (TTIGA) Board of Directors during TTIGA's quarterly meeting this week. Mr. Bustamante also reported that there are currently 645 licensed agents in Texas, with a few new licenses pending. TLTA staff attend TTIGA Board meetings to monitor their activity and serve as a resource as needed. 
 
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. This quarter, TDI conducted 73 audits. 
  
Commissioner Orders: This quarter, TDI signed 0 Commissioner Orders. As of this report, 40 cases remain active and under investigation. 
  
Compliance Audit Results: Below are TDI's most common audit findings for the quarter that ended in August. The numbers below represent how many agencies had an infraction, not the number of times the infraction occurred:

Number of Agencies
Category
Description
53
Texas Insurance Code
Section 2702.053 - Actual receipts and/or disbursements not in agreement with settlement statement or premium split not disclosed
37
Procedural Rules
P-21: Schedule D of commitment not in file or premium split not disclosed on the commitment
37
Minimum Escrow Accounting Procedures and Internal Controls
#16 - Every disbursement not supported by invoice or sufficient other evidence
35
Escrow Accounting
Outstanding checks not cleared timely
34
Procedural Rules
P-73: Failure to prepare/maintain form T-64 (TD) when CD used

Review the Complete Quarterly Audit Report »
 

TLTA Advocacy Update

TLTA | Oct. 27, 2020

Notice of Proposed Amendment to Basic Manual Form T-51 Published in Texas Register

Notice of TDI's proposed amendment to the Purchaser/Seller Insured Closing Service Letter (Form T-51 in the Texas Title Insurance Basic Manual) was published in the Texas Register Friday, Oct. 23. The amendment increases the minimum real estate sales price that can be covered under the letter from $250,000 to $500,000. This proposed update to Form T-51 conforms with recent statutory changes – specifically the TTIGA reform successfully championed by TLTA during the legislative session in 2019.
 
Review the Notice Published in the Texas Register »
 

LLLs, Grassroots Activity and PAC Giving Going Strong as Election and Legislative Session Approach

The November election is less than two weeks away, and the 87th Session of the Texas Legislature will commence in less than three months. Staying connected to the legislators who oversee our regulated industry is more challenging than ever due to coronavirus-related complications, but TLTA staff and volunteers have been working overtime to ensure that our legislative allies see and feel our support during this crucial election season and beyond via outreach from TLTA's Local Legislative Liaisons (LLLs), other grassroots activity and TLTAPAC giving.
 
Have questions about the election or the upcoming legislative session? Email Aaron Day, TLTA Director of Government Affairs and Counsel. 
 

ICYMI: Texas Comptroller Glenn Hegar to Headline TLTA Virtual Town Hall Nov. 16

We are pleased to announce the TLTA Town Hall Insights Series, featuring the latest, timely info you need to navigate the unprecedented and challenging marketplace we're operating in. Texas Comptroller Glenn Hegar will be our first guest Nov. 16 at 2 p.m. – mark your calendar now and make a plan to join us!
 
Each session of the Town Hall Insights Series will feature a special guest speaker providing insights on big issues our industry is facing, as well as a brief update on TLTA's work in progress. All virtual Town Hall sessions will be available to all TLTA members free of charge. 
 
In the coming weeks you'll receive an email with info on how to attend our one-of-a-kind virtual Town Hall event with Comptroller Hegar, and you can expect to see at least two additional virtual Town Halls over the next three to four months. Each of our town hall events will include a featured speaker, and we know you'll be excited about the experts we're lining up.
 

CFPB Releases Advance Notice of Proposed Rulemaking on Consumer Access to Financial Records

CFPB | Oct. 22, 2020
The Consumer Financial Protection Bureau (Bureau) today issued an advance notice of proposed rulemaking (ANPR) requesting information related to consumer access to financial records.

In issuing the ANPR, the Bureau is asking the public how it might most efficiently and effectively develop regulations to implement Section 1033 of the Dodd-Frank Act, which provides for consumer rights to access financial records.

When consumers use financial products and services, the providers of those products and services generally accumulate data about those consumers and their use of those products and services. Consumer access to these data allow consumers to manage their financial accounts and can enhance consumers’ control of their financial matters. Consumers may realize these benefits by authorizing third parties to access these data on their behalf and allowing those third parties to deliver new or improved financial products and services. Use cases for consumer-authorized data include personal financial management, making and receiving payments, assisting consumers with improving savings outcomes, underwriting credit, and many other services.
 
Read CFPB's Press Release »
Review the ANPR »
 

TREC Announces New Deputy General Counsel

TREC | Oct. 26, 2020
The Texas Real Estate Commission (TREC) is pleased to welcome Abby Lee as Deputy General Counsel of the Texas Real Estate Commission effective Oct. 20, 2020.
 
Prior to joining TREC, Abby worked as in-house counsel for Texas REALTORS® for nearly eight years. During that time, she served as the Association’s liaison to the Texas Real Estate Commission—attending meetings, monitoring rulemaking, and working with TREC staff. Most recently, Abby served as an assistant general counsel for the Texas Medical Association.
 
Read the Announcement »
 

Early Voting for Nov. 3 General Election Continues Through Oct. 30 – Time to Vote

TLTA | Oct. 21, 2020
Early voting started Tuesday, Oct. 13 and runs through Friday, Oct. 30. Election day is Tuesday, Nov. 3. Make a plan to vote today. 
 
Where and When to Vote »
 

2020 Virtual Land Title Institute: 30th Anniversary Strong!

TLTA | Oct. 27, 2020
The Texas Land Title Institute is celebrating its 30th Anniversary! After three decades of honing our skills to provide the highest level of learning and success, the Texas Land Title Institute continues to be the go-to educational resource for real estate attorneys and advanced title professionals working to master some of our industry's most complicated legal challenges. 
  
And this year's virtual Institute Dec. 7-9 offers more of the same highly-rated educational opportunities in a schedule and format that is convenient for everyone!
 
Our 2020 Virtual Land Title Institute  includes CE hours for attorneys, title agents, escrow officers, paralegals and real estate brokers. Register now to take advantage of three decades of experience in Land Title Institute learning and success!
 
Learn More »
Register Now » 


In addition to the live webinars listed below, you have access to our library of more than 80 On-Demand webinars and videos  covering the title industry topics you need to earn continuing education credits and stay ahead of the curve on the latest industry trends!