August 23, 2023
In This Issue:
- TDI Compliance Reminder: Underwriter Statistical Reports Due This Monday
- ICYMI: FinCEN Expected to Propose Rule to Require Title Industry to Report Consumers’ Identities in Certain Transactions
- ALTA’s 2023 Digital Closing Study
- CFPB Penalizes Freedom Mortgage and Realty Connect for Illegal Kickbacks
TDI Compliance Reminder: Underwriter Statistical Reports Due This Monday, Aug. 28
TLTA | Aug. 23, 2023
TDI Data Call for Underwriters
Reporting period Jan. 1, 2022 - Dec. 31, 2022
The Texas Department of Insurance (TDI) issued mandatory data call for underwriters under Insurance Code Section 2703.153, which requires title insurance underwriting companies to submit data to TDI annually. The data collected is used to set title insurance premium rates, as required by Insurance Code Section 2703.151. This data call requests income, expense, and policy datafrom calendar year 2022.
Review TDI's Order »
Submission Requirements (Due Date: August 28, 2023)
You must use the forms posted in the links TDI provided. You may not alter any of the forms, except to complete the required information, and you must submit your report file and affidavit to
[email protected] by August 28, 2023.
Accesss forms and instructions »
ICYMI: FinCEN Expected to Propose Rule to Require Title Industry to Report Consumers’ Identities in Certain Transactions
HousingWire | Aug. 11, 2023
After years of discussion, the U.S. Treasury Department is expected to propose a rule that would effectively end anonymous luxury home purchases in the coming weeks, according to the Financial Crimes Enforcement Network’s (FinCEN) regulatory agenda.
The rule, which department officials first said they planned to implement in 2021, would require real estate professionals, such as title insurers, to report the identities of beneficial owners buying real estate in cash to FinCEN. The department believes the proposed rule will close a loophole that allows corrupt oligarchs, terrorists and criminals to hide illegally obtained funds in U.S. real estate.
According to a state from Treasury Secretary Janet Yellen in March, as much as $2.3 billion was laundered through U.S. real estate between 2015 and 2020, a trend that she said has been going on for decades.
The new rule would replace FinCEN’s current reporting system known as the Geographic Targeting Orders (GTOs).
Read More in Housing Wire »
This Coverage Was Published by Reuters »
ALTA’s 2023 Digital Closing Study
ALTA | Aug. 9, 2023
ALTA's 2023 Digital Closing Study aims to better understand the adoption, limitations, and opportunities of technology as it pertains to real estate transactions and closings. The data collected is invaluable to helping ALTA continue to raise awareness with policymakers about digital closings and remote notarization.
The study is open to anyone in the title industry and respondents do not need to be an ALTA member to participate.
Complete ALTA's Digital Closing Survey »
CFPB Penalizes Freedom Mortgage and Realty Connect for Illegal Kickbacks
CFPB | Aug. 17, 2023
The Consumer Financial Protection Bureau (CFPB) took action against Freedom Mortgage Corporation (Freedom) for providing illegal incentives to real estate brokers and agents in exchange for mortgage loan referrals. Freedom provided real estate agents and brokers with numerous incentives — including cash payments, paid subscription services, and catered parties — with the understanding they would refer prospective homebuyers to Freedom for mortgage loans. This conduct violated the Real Estate Settlement Procedures Act and its implementing regulation.
Read CFPB's Press Release »