September 26, 2024

In This Issue:

  • TDI Adopts Changes to Title Insurance Rules, Forms, and Statistical Plan - Basic Manual Changes Effective Nov. 1
  • Basic Manual Update Series - Countdown to November 1, Installment 8: “T” Form Tweaks T-1R, T-16, T-35, T-42, T-50
  • Navigating Fannie Mae Guidelines For Attorney Opinion Letters vs. Title Insurance
  • Compliance Reminder: Agent's TS-1 Due by This Monday, Sept. 30
  • ICYMI: New Webinar to Help Agents Prepare TDI Stat Reports Due Oct. 14

TDI Adopts Changes to Title Insurance Rules, Forms, and Statistical Plan - Basic Manual Changes Effective Nov. 1

TLTA | Sept. 26, 2024
The Texas Department of Insurance has adopted changes to the Basic Manual of Rules, Rates, and Forms for the Writing of Title Insurance in the State of Texas and to the Texas Title Insurance Statistical Plan. Here are the key things to know about these changes:
 
  • Changes to the Basic Manual are effective November 1, 2024.
  • Changes to the Statistical Plan are effective January 1, 2025.
  • The adopted changes are the same as the proposed changes published May 31.
  • The adopted rule is also consistent with the order TDI issued on December 21, 2023.
  • TDI did make some non-substantive corrections (typos, capitalization, spacing). They are working to create a red-line version of those changes and we will share it when it becomes available.
Read the adoption order with full text of changes adopted »
Review TDI's notice regarding the adoption of changes »
 
TLTA tools and resources to guide you through these changes
 
Review the first 8 installments of TLTA's Basic Manual update series »
Register for TLTA's on-demand webinar explaining the changes adopted today »
Background on TLTA proposals and the process by which TDI adopted their changes »
 
Questions or comments?
If you have questions, please send them to Aaron Day or call Aaron at 512.810.8800, thank you. 
 
 
TLTA Editor's Note: A huge shoutout and hearty thank you to the team at Texas Department of Insurance, our Regulatory Committee chaired by the stalwart Roland Love as well as the previous chair Peter Graff who led the launch of this process, TLTA Vice President of Government Affairs and Counsel Aaron Day, and the entire team of industry professionals who helped get this years-long project across the goal line. Great work, all!
 

Basic Manual Update Series - Countdown to November 1, Installment 8: “T” Form Tweaks T-1R, T-16, T-35, T-42, T-50

TLTA | Sept. 26, 2024
On Sept. 25, 2024, TDI adopted changes to the Basic Manual of Rules, Rates, and Forms for the Writing of Title Insurance in the State of Texas.
 
To ensure TLTA members are prepared for these upcoming Basic Manual changes, we launched a 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 covers 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.
 
Read installment 8 of this series below:
 
 
Installment 8
“T” Form Tweaks: T-1R, T-16, T-35, T-42, T-50
by Roland Love, TLTA Regulatory Committee Chair
 
As you know, T-forms are the insuring forms promulgated by the Texas Department of Insurance. Excluding new forms for energy facilities and severable improvements, there are 12 changes to the T-forms, effective November 1. These updates are clarifications or changes made to align with the national market.
 
Read Installment 8 »
Read earlier installments in this series »
 
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.
 

Navigating Fannie Mae Guidelines For Attorney Opinion Letters vs. Title Insurance

National Mortgage Professional | Sept. 06, 2024
Lately, there's been a buzz around the new Fannie Mae and Freddie Mac selling guidelines that allow an attorney opinion letter (AOL) to replace title insurance (a Loan Policy), sparking debates over the benefits and coverage of each option.
 
One cannot make a direct comparison between the two because they are two different products, and the format or content of an AOL may widely differ from one to the other. However, the two products are intended to have the same bottom line of protecting the residential mortgage lender from a defective title.
 
Read More »
 

Compliance Reminder: Agent's TS-1 Due by This Monday, Sept. 30

TLTA | Sept. 24, 2024
Form T-S1, Title Agent's Unencumbered Assets Certification, must be submitted annually to TDI between Sept. 1 and Sept. 30 of each year. 
  
Please submit your TS-1 by Monday, Sept. 30 to [email protected].
 

ICYMI: New Webinar to Help Agents Prepare TDI Stat Reports Due Oct. 14

TLTA | Sept. 19, 2024
TLTA is proud to present an on-demand webinar: Guide To Completing the TDI Agent Statistical Report. 
 
Learn how to accurately report financial data, navigate TDI’s interactive forms, and avoid common pitfalls that can lead to reporting discrepancies.
 
Key Takeaways
  • Understand the purpose and importance of the data call.
  • Learn how to gather and report required data accurately.
  • Avoid mistakes that could delay or complicate your submission.
  • We’ll also cover key deadlines, required forms, and best practices to ensure your submission is timely and accurate.
 
Background on TDI's call for agents' 2023 data due Oct. 14
The Texas Department of Insurance issued a call for agent statistical data on Sept. 6 to each agency in Texas in accordance with Texas Insurance Code §2703.153, which requires each title insurance company and title insurance agent engaged in the business of title insurance in Texas to annually submit certain 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 2023. You must respond to this data call using the provided instructions and forms no later than Oct. 14, 2024.
 
If you are unable to download the forms or have any questions concerning this data call, please contact TDI's Property and Casualty Actuarial Office by phone at 512-676-6693 or by email at [email protected].
The following companies have made the All In For Your TLTAPAC Commitment: San Jacinto Title Services of Texas, LLC First Community Title LLC Texas National Title Truly Title, Inc. Republic Title of Texas, Inc. Valley Land Title Co. Freedom Title Platinum Title Partners, LLC Providence Title Company Town Square Title Company, LLC Agents National Title Insurance Company. Click here to learn more: