August 14, 2024
In This Issue:
- Texas Legislature: TLTA Legislative Chair Steve Streiff Testifies on Interim Charge Related to Foreign Ownership of Property
- Basic Manual Update Series - Countdown to November 1, Installment 2: Expanded Coverage for Estate Planning Needs - P-57
- TDI Announces Opening for Two Public Members on TTIGA Board
- ICYMI: TDI Quarterly Audit Results Published (March - May 2024)
- Members of Congress, TLTA, ALTA Submit Comments to CFPB re: RFI on Mortgage Fees
- FTC's Non-Compete Ban Goes Into Effect Sept. 4
Texas Legislature: TLTA Legislative Chair Steve Streiff Testifies on Interim Charge Related to Foreign Ownership of Property
TLTA | Aug. 14, 2024
The Texas House Agriculture & Livestock Committee held a hearing Aug 13 to discuss foreign ownership of property. TLTA Legislative Committee chair, Steve Streiff was among the witnesses who testified. You can watch Steve's testimony beginning at timestamp 4:06:41 here.
(after you click the image above, advance to timestamp 4:06:41)
As we did when lawmakers debated foreign ownership of property last session, TLTA's advocacy team continues to share title industry-specific and broader real estate market insights with the legislative leadership, lawmakers and legislative staff studying this politically-charged subject.
Basic Manual Update Series - Countdown to November 1, Installment 2: Expanded Coverage for Estate Planning Needs - P-57
TLTA | Aug. 14, 2024
On May 14, 2024, the Texas Department of Insurance published a proposal to update, correct, and clarify rules and forms in the Basic Manual. The public comment period has passed. A final adoption order will be issued with a Nov. 1 effective date.
To ensure TLTA members are prepared for these upcoming Basic Manual changes, we've launched a new Dateline series, Basic Manual Update - Countdown to Nov. 1, to provide detailed overviews of the modifications that will be implemented in the Basic Manual starting Nov. 1.
This multi-part series will cover revised rules and forms, helping you understand and implement changes by the November 1 effective date to ensure you and your business are in compliance with state regulations. We are grateful to TLTA Regulatory Committee Chair Roland Love for producing this series, as well as the webinar that you will find below.
Learn more about
TLTA's role in the development of the new rules being finalized by TDI for implementation in November.
Read installment 2 of this series below:
Installment 2
Expanded Coverage for Estate Planning Needs: P-57
by Roland Love, Chair, TLTA Regulatory Committee
As part of the November 1 change to the Basic Manual, the revisions to P-57 expand the permitted additional insureds to address estate planning conveyances. The rule outlines requirements for issuing the T-26 Additional Insured Endorsement, which simply adds a party as an insured under an existing Owner’s Policy. This endorsement also offers an optional coverage for limited liability companies, which is unaffected by the upcoming change to P-57. The related rate rule R-33 remains unchanged as well.
Read Installment 2 »
Read Installment 1 »
Looking for additional resources on Basic Manual changes to be implemented Nov. 1? Check out our on-demand webinar.
Watch our latest on-demand webinar,
2024 Basic Manual Changes, for a detailed overview of the upcoming rule and form changes presented by TLTA's Regulatory Committee Chair Roland Love.
TDI Announces Opening for Two Public Members on TTIGA Board
Texas Dept. of Insurance | Aug. 9, 2024
The Texas Department of Insurance is accepting applications for two public members of the Texas Title Insurance Guaranty Association (TTIGA) Board of Directors.
Applications are due Aug. 30, 2024.
Learn more about TTIGA »
Review current TTIGA Board members »
Complete an appointment application »
ICYMI: TDI Quarterly Audit Results Published (March - May 2024)
TLTA | Aug. 1, 2024
The following is a summary of recent TDI audits, violations and enforcement actions from March 2024 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 105 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 May 2024. The numbers below represent how many agencies had an infraction, not the number of times the infraction occurred:
| Number of Agencies |
Description |
| 57 |
Section 2702.053 – Actual receipts and/or disbursements not in agreement with settlement statement or premium split not disclosed |
| 38 |
Outstanding checks not cleared timely |
| 34 |
Bank reconciliations, book balances, or three-way reconciliations prepared incorrectly |
| 33 |
Escrow trial balances not prepared correctly |
| 33 |
Title Bulletin No. 160 – All parties receiving portions of real estate commission not disclosed on settlement statement. |
Read More »
TLTA Editor's Note: TLTA is producing a live webinar Aug. 27 that addresses three-way reconciliations and other escrow accounting tips and insights. Register now.
Members of Congress, TLTA, ALTA Submit Comments to CFPB re: RFI on Mortgage Fees
TLTA | Aug. 13, 2024
In May the CFPB announced a request for information regarding fees imposed in residential mortgage transactions. In addition to mortgage lending costs, CFPB cited title insurance several times in the report and referred to it as “one of the largest closing and settlement costs” when purchasing a home. This initiative is part of a broader effort by both the CFPB and the Biden administration to address affordable housing and is also related to CFPB’s review of so called “junk fees.”
Read Letter from Congressional Members to CFPB »
Read ALTA's Letter to CFPB »
As reported in Dateline over the last two weeks, TLTA also submitted comments to CFPB. You can review TLTA's comments and find more background info on this subject below:
Review TLTA's Comments »
Review Attachment 1 »
Review Attachment 2 »
Review Attachment 3 »
Learn More about CFPB's Request for Information on Closing Costs »
Lean More about CFPB's Ongoing "Junk Fee" Initiative »
FTC's Non-Compete Ban Goes Into Effect Sept. 4
ALTA | July. 15, 2024
The Federal Trade Commission (FTC) in April issued a final rule banning most noncompete agreements nationwide. The rule goes into effect Sept. 4, 2024. Immediately following the announcement, the U.S. Chamber of Commerce and other business associations sued the FTC to block the rule. Earlier this month, a federal court in Texas held the FTC likely lacked statutory authority to issue its rule.
Under the rule, existing noncompetes for the vast majority of workers will no longer be enforceable after the rule’s effective date. For existing noncompetes, employers will only be able to enforce them against “senior executives.” The rule does not apply to noncompetes negotiated as part of the sale of a business with the prior owner.
The rule does three main things:
Read More »
TLTA Editor's Note: In case you missed it, TLTA produced a webinar on FTC's non-compete ban. Register to watch it on-demand.