July 19, 2023
In This Issue:
- TDI Publishes Agent Experience Report 2021, Underwriter Report 2017-21
- Seller impersonation fraud threatens American homeownership
- ICYMI: TDI Issues Call for 2022 Agent and Underwriter Statistical Data
- ALTA's Steve Gottheim on Fannie Mae and Title Insurance
TDI Publishes Agent Experience Report 2021, Underwriter Report 2017-21
TLTA | July 18, 2023
The Texas Department of Insurance published their Title Insurance Agent Experience Report Compilation for 2021 and the Title Underwriters Experience Report for 2017-2021. Both reports are available for review online. Texas Insurance Code §2703.153 requires each title insurance company and title insurance agent engaged in the business of title insurance in Texas to annually submit business data to TDI. TDI uses this data to set title insurance premium rates. The new agent experience report was completed with data generated during calendar year 2021. The new underwriter experience report was completed with data generated during calendar years 2017-21.
Review Title Insurance Agent Experience Report Compilation for 2021 »
This Report Is Also Available as an Excel File »
Review Title Underwriters Experience Report for 2017-2021 »
This Report Is Also Available as an Excel File »
Looking for older experience reports? You can
find them here.
Seller Impersonation Fraud Threatens American Homeownership
HousingWire | July 17, 2023
With real estate inventory at a near-record low, buyers seeking a place to call home are facing stiff competition as bidding wars continue to be commonplace. In such an environment, buyers may feel pressure to bypass steps in the transaction to make their bid more attractive to the seller, but they should be wary that taking shortcuts can expose them to fraud.
Unfortunately, today’s competitive market has created the perfect environment for seller impersonation fraud — a type of fraud in which bad actors impersonate property owners and attempt to sell property they don’t own. It is critical that title professionals and our industry partners spread awareness about this type of fraud and educate buyers about the steps they should take to protect themselves.
Read more »
Looking for more on seller impersonation fraud?
Leslie Johnson, Vice President and Texas State Counsel for WFG National Title Insurance Company, member of the TLTA Board of Directors and Chair of TLTA's Judiciary Committee was recently interviewed for the cover story of this month's Texas REALTOR® magazine. Her cover story educates realtors on the real risks associated with this growing crisis and educates them on the best practices listing agents can follow to detect fraud and prevent falling victim to these schemes.
In conjunction with this cover story, Dawn Moore, President of AllFirst LLC, was interviewed for a featured article in this publication educating realtors on title insurance and why it is essential to the real estate industry.
Both of these stories can be found at the link below, "Understanding Title Insurance" on page 16 and "Beware of Fraudulent Sellers" on page 22.
Read more »
ICYMI: TDI Issues Call for 2022 Agent and Underwriter Statistical Data
TLTA | July 18, 2023
The Texas Department of Insurance (TDI) issues these mandatory data calls under Insurance Code Section 2703.153, which requires title insurance underwriter companies, title insurance companies, and title agents to annual submit business 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 2022.
Agent Statistical Data
Report file and affidavit are due August 21, 2023
Reporting period Jan. 1, 2022 - Dec. 31, 2022
Read the TDI agent data call bulletin for more info and instructions »
Underwriter Statistical Data
Report file and affidavit are due August 28, 2023
Reporting period Jan. 1, 2022 - Dec. 31, 2022
Read the TDI underwriters data call bulletin for more info and instructions »
ALTA's Steve Gottheim on Fannie Mae and Title Insurance
The Chrisman Commentary | June 30, 2023
ALTA General Counsel Steve Gottheim provides an easy-to-understand explanation of Fannie Mae's reported pilot program and the risks the program could pose to consumers on The Chrisman Commentary podcast.
Listen to the podcast »
TLTA Editor's Note: Please note that the interview with Steve Gottheim is the second feature in this episode and begins at the 4:00 minute mark.