October 20, 2021

In This Issue:

  • TDI Quarterly Audit Results Published
  • Legislative Update: Texas Legislature Sends Constitutional Amendment Increasing Homestead Exemption to Texas Voters
  • FinCEN Issues Report on Ransomware Trends in Bank Secrecy Act Data
  • FHFA Announces Two Measures Advancing Housing Sustainability and Affordability
  • ICYMI: TDI Issues New Call for 2020 Agent Statistical Data - Due Dec. 13, 2021; On-Demand Webinar Available to Help Produce Experience Reports

TDI Quarterly Audit Results Published

TLTA | Oct. 20, 2021
The following is a summary of recent TDI audits, violations and enforcement actions from June through August 2021.   
    
Read TDI's complete summary of operations for the quarter, or review key statistics below.     
    
Compliance Audits: TDI's goal is to comprehensively audit agencies at least once every two years. This quarter, TDI conducted 69 audits.   
    
Commissioner Orders: This quarter, TDI signed 1 Commissioner Orders. As of this report, 42 cases remain active and under investigation.   
    
Compliance Audit Results: Below are TDI's most common audit findings for the quarter that ended in May. The numbers below represent how many agencies had an infraction, not the number of times the infraction occurred:
 
Number of Agencies
Category
Description
35
Minimum Escrow Accounting Procedures and Internal Controls
#2 - Bank reconciliations, book balances, or three-way reconciliations prepared incorrectly.
34
Minimum Escrow Accounting Procedures and Internal Controls
#1 - Escrow trial balances not prepared correctly.
33
Minimum Escrow Accounting Procedures and Internal Controls
#16 - Every disbursement not supported by invoice or sufficient other evidence
33
Procedural Rules
P-73: Failure to prepare/maintain Form T-64 (TD) when CD used, or Form T64 was not signed by all parties. Prepared incorrectly.

Review the Complete Quarterly Audit Report »
 

Legislative Update: Texas Legislature Sends Constitutional Amendment Increasing Homestead Exemption to Texas Voters

TLTA | Oct. 20, 2021
The 87th Texas Legislature recently concluded their third special session. A constitutional amendment related to increasing the homestead exemption was among the legislation approved by lawmakers during the special session. For the constitutional amendment to be implemented, Texas voters would have to approve the proposition via May 2022 ballots. 
 
SJR 2 would increase the homestead exemption on school taxes to $40,000 from $25,000.
 
Review SJR 2 »
Learn More In This Article by the Dallas Morning News »
 

FinCEN Issues Report on Ransomware Trends in Bank Secrecy Act Data

U.S. Treasury | Oct. 15, 2021
FinCEN issued a financial trend analysis on ransomware trends in Bank Secrecy Act reporting filed between January 2021 and June 2021. This report, issued pursuant to the Anti-Money Laundering Act of 2020, focuses on pattern and trend information pertaining to ransomware, in line with FinCEN’s issuance of government-wide priorities for anti-money laundering and countering the financing of terrorism policy.
 
Read FinCEN's Report »
 

FHFA Announces Two Measures Advancing Housing Sustainability and Affordability

Federal Housing Finance Authority | Oct. 18, 2021
FHFA expanding eligibility for Fannie Mae’s and Freddie Mac’s Refinance Programs for Low- and Moderate-Income Borrowers, and restoring desktop appraisal flexibility.
 
Read More »

ICYMI: TDI Issues New Call for 2020 Agent Statistical Data – Due Dec. 13, 2021; On-Demand Webinar Available to Help Produce Experience Reports

This is the second data call issued this year. 2019 data was submitted in August; the new call is for 2020 data.
TLTA | Oct. 20, 2021
The Texas Department of Insurance sent its call for Agent Statistical Data on Oct. 11 to each agency in Texas in accordance with Texas Insurance Code §2703.153, which requires each title insurance company and title insurance agent engaged in the business of title insurance in Texas to annually submit certain data to TDI. TDI uses this data to set title insurance premium rates.
 
Please note that this call is for data collected during calendar year 2020. You must respond to this data call using the provided instructions and forms no later than Dec. 13, 2021.
 
If you are unable to download the forms or have any questions concerning this data call, please contact TDI's Property and Casualty - Actuarial by phone at 512-676-6687 or by email at [email protected].
 
This is the second data call issued this year. The call for 2019 data was issued July 2, 2021 with a due date of Aug. 13, 2021. 
 
On-Demand Webinar Available to Help Produce Your Experience Report
Looking for help producing your experience report for TDI? Check out this on-demand webinar, TDI Experience Reporting - Industry Financial Reporting, which we produced to help you complete the report on 2019 data that was due in August. None of TDI's requirements have changed since the report on 2019 data was submitted, so this on-demand webinar can guide the production of your report for 2020 data. 


In addition to live webinars held throughout the year, 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!