May 9, 2024

In This Issue:

  • TDI Audit Insights: TDI Director of Title Examinations to Present Webinar May 21 on Common Compliance Pitfalls. Will Include Opportunity to Ask About Your Specific Concerns or Scenarios
  • Congressional Lawmakers Form Bipartisan Real Estate Caucus
  • Inflation Impacts Title Insurance, But Coverage Cost Stays Low

TDI Audit Insights: TDI Director of Title Examinations to Present Webinar May 21 on Common Compliance Pitfalls. Will Include Opportunity to Ask About Your Specific Concerns or Scenarios

TLTA | May 9, 2024
Join us for an exclusive webinar presented by Arturo Bustamante, Director of Title Examinations at the Texas Department of Insurance (TDI). In this insightful session, Arturo will explore premium splits, with a focus on P-22 and P-70, two critical areas where agents often encounter compliance pitfalls.
 
Live Webinar May 21
TDI: Unveiling Common Compliance Mistakes
 
Real-world examples of common mistakes and violations
Best practices for ensuring compliance and avoiding costly errors
 
Learn more and register now
 
 
In case you missed it, here are the most recent TDI audit results:
 
The following is a summary of recent TDI audits, violations and enforcement actions from December 2023 through February 2024. 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 73 audits.          
           
Commissioner Orders: This quarter, TDI signed four (4) Commissioner Orders. 
           
Compliance Audit Results: Below are TDI's most common audit findings for the quarter that ended in February 2024. The numbers below represent how many agencies had an infraction, not the number of times the infraction occurred:
 
Number of Agencies
Category
Description
47
Abstract Plant
Section 2702.053 – Actual receipts and/or disbursements not in agreement with settlement statement or premium split not disclosed.
40
Escrow Accounting
Outstanding checks not cleared timely.
36
Title Bulletin
Title Bulletin No. 160 – All parties receiving portions of real estate commission not disclosed on settlement statement.
31
Minimum Escrow Accounting Procedures & Internal Controls
#16 - Every disbursement not supported by invoice or sufficient other evidence.
30
Procedural Rules
P-21: Schedule D of commitment not in file or premium split not disclosed on commitment.
  Review Complete Quarterly Audit Report »

Congressional Lawmakers Form Bipartisan Real Estate Caucus

HousingWire  | May 6, 2024
 A coalition of four lawmakers in the U.S. House of Representatives — two Democrats and two Republicans — have come together to found the Bipartisan Congressional Real Estate Caucus, a group designed to “support policies that allow [the real estate] industry to prosper” due to its overall importance to the U.S. economy.
 
The group, announced on Monday, includes Reps. Mark Alford (R-Miss.), J. Luis Correa (D-Calif.), Tracey Mann (R-Kan.) and Brittany Petterson (D-Colo.). It is publicly supported by the National Association of Realtors (NAR), the Mortgage Bankers Association (MBA), the National Association of Home Builders (NAHB), the American Land Title Association (ALTA) and seven other trade groups.
 
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Inflation Impacts Title Insurance, But Coverage Cost Stays Low

National Mortgage Professional | May 6, 2024
 Originators know that consumers are often unaware of what goes on behind the curtain while their new home is under contract, and the same is true for title insurers. According to a study by the American Land Title Association (ALTA) and ndp | analytics, a significant amount of time and resources go into closing a standard transaction.

Expert title professionals spend approximately 22 hours to close a standard transaction and 45 hours for more difficult transactions, the study states. In 2023, title insurance companies estimated 36% of transactions were in this more difficult category.
 
Learn More »