December 2, 2021

In This Issue:

  • Agent Experience Reports Due to TDI by Dec. 13; New Instructions for Agents That Had PPP Loans Forgiven in 2020
  • Legislative Update: Speaker Phelan Announces Texas Sunset Commission Appointments
  • TDI Announces New Leader in Customer Operations
  • FHFA: Government to Back Mortgages Up to $970,800 in 2022
  • CFPB Seeks Input on Detecting Discrimination in Mortgage Lending

Agent Experience Reports Due to TDI by Dec. 13; New Instructions for Agents That Had PPP Loans Forgiven in 2020

TLTA | Dec. 1, 2021
In case you missed it, TDI issued a call for 2020 agent statistical data.
 
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.

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.
 
2020 Agent Experience Report Submission Docs and More »
 

Important new instructions from TDI for reporting PPP loans that were forgiven on agents' 2020 experience reports

Was your agency's PPP loan forgiven in 2020? Forgiven PPP loans should be included in experience reports for 2020 statistical data.
 
In response to questions from TLTA members, TLTA staff worked with TDI to secure the following guidance for agents regarding how to report PPP loans forgiven in 2020. If an agent had a PPP forgiven in 2020, that information should be reported among the 2020 statistical data due Dec. 13, 2021 as part of your 2020 experience report.
 
The following instructions apply only to agents that had a PPP forgiven in 2020. For agents who meet that condition, please do the following when preparing your 2020 experience report, which is due Dec. 13:

  • Agent should report any PPP loans forgiven in 2020 as other income on Form E. In the text box on Form E, describe the income item as “Forgiven portion of PPP loan.”
  • Agents should only report the portion of a forgiven PPP loan as other income once it has been formally forgiven. Do not report it as other income if it has not yet been forgiven.
  • If you've already filed your 2020 experience report, and you had a PPP loan that was forgiven in 2020 that you did not include in the 2020 experience report already submitted, you should file an amended report.

Agents: On-Demand Webinar Available to Help Produce Your 2020 Experience Report

(Note: This webinar does not include the special TDI instructions listed above for agents that had a PPP loan forgiven in 2020)
 
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. TDI's requirements haven't changed since the report on 2019 data was submitted (other than the new PPP guidance above), so this on-demand webinar can guide the production of your report for 2020 data.
 

Legislative Update: Speaker Phelan Announces Texas Sunset Commission Appointments

TLTA | Dec. 2, 2021
Speaker of the Texas House Dade Phelan recently made appointments to the Texas Sunset Commission. Rep. Holland will serve as Vice-Chair. Rep. Keith Bell will complete Rep. Cyrier's term. Reps. Canales and Clardy were also appointed. Jeff Austin III will serve as the public member.

With few exceptions, Texas state agencies, including the Texas Department of Insurance, are subject to review by the Sunset Commission. The Commission then makes recommendations to the Texas Legislature regarding the need to continue a state agency's operations. By default, agencies subject to the process are scheduled to sunset on a date certain. When legislators choose to continue an agency (i.e., extend the date on which that agency will sunset), the bill via which they execute that extension can include changes to agency procedures, operations, etc. 
 
The 87th Texas Legislature passed legislation this spring that continues TDI until September 1, 2025 (SB 713). We expect that the Texas Legislature will next address TDI's sunset date when they meet for the 89th Regular Session in 2025. 

Review List of All Sunset Commission Members and Learn More About the Commission »
 

TDI Announces New Leader in Customer Operations

TDI | Nov. 19, 2021
The Texas Department of Insurance (TDI) welcomes Matt Tapp as the new associate commissioner for the Customer Operations Division.

Tapp previously served as the deputy commissioner of the Agency Services Division at the Indiana Department of Insurance. Tapp has an economics degree from Butler University, a law degree from Regent University School of Law, and has a National Association of Insurance Commissioners Professional in Insurance Regulation designation.

Tapp replaced Randall Evans, who was named the deputy commissioner of Customer Operations. Customer Operations houses the agency’s Agent and Adjuster Licensing Office, Complaints Processing Office, Customer Service Contact Centers, and the Consumer Protection and Services Office.
 
Read the Press Release »
Read More About Randall Evans' Recent Promotion »
 

FHFA: Government to Back Mortgages Up to $970,800 in 2022

Housing Wire | Nov. 30, 2021
The Federal Housing Finance Agency (FHFA) today announced the baseline conforming loan limit for 2022 will be $647,200, an increase of 18%.

The federal government will now back mortgage loans of nearly $1 million, with the new ceiling loan limit for one-unit properties in most high-cost areas now $970,800 — or 150% of $647,200.
 
Read More »
 

CFPB Seeks Input on Detecting Discrimination in Mortgage Lending

CFPB | Nov. 16, 2021
Today, the Consumer Financial Protection Bureau (CFPB) issued a Request for Information (RFI) to seek input on rules implementing the Home Mortgage Disclosure Act (HMDA). The CFPB plans to review recent changes to the rule and evaluate their effectiveness. This evaluation will strengthen the CFPB’s ability to maintain a fair, competitive, and non-discriminatory mortgage market.
 
Read More » 


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!