February 13, 2025
In This Issue:
- TDI Quarterly Audit Results Published (Sept. 2024 – Nov. 2024)
- Legislative Update: Speaker Announces House Committee Assignments. Telling Title Industry's Unique Story and Building Relationships Keys to Success of TLTA's 2025 Day at the Texas Capitol
- CFPB News: RESPA Hasn't Gone Away. McKernan Named Director
- Why Title Insurance Is Essential to the U.S. System of Property Rights
TDI Quarterly Audit Results Published
(Sept. 2024 – Nov. 2024)
TLTA | Feb. 13, 2025
The following is a summary of recent TDI audits, violations and enforcement actions from September through November 2024.
Read TDI's complete
summary of operations for the quarter. Below are TDI's most common audit findings for the quarter:
-
Outstanding checks not cleared timely (Escrow Accounting)
- Section 2702.053 – Actual receipts and/or disbursements not in agreement with settlement statement or premium split not disclosed. (Statutes and Administrative Rules)
- #16 - Every disbursement not supported by invoice or sufficient other evidence. (Minimum Escrow Accounting Procedures and Internal Controls)
- P-21: Schedule D of commitment not in file or premium split not disclosed on commitment. (Procedural Rules)
- Title Bulletin No. 160 – All parties receiving portions of real estate commission not disclosed on settlement statement. (Title Bulletins)
Read complete summary for the quarter »
Legislative Update: Speaker Announces House Committee Assignments. Telling Title Industry's Unique Story and Building Relationships Keys to Success of TLTA's 2025 Day at the Texas Capitol
TLTA | Feb. 13, 2025
Speaker Burrows Announces House Committee Assignments
TLTA Member Takeaway: The House changed their committee structure when they adopted new rules in January. Now that we know where members are serving, our industry can continue to hone our approach to serving lawmakers as they craft legislation that could impact our industry.
Speaker Burrows today announced House committee assignments for the 89th Session. As previously reported in Dateline, the Texas House recently adopted new rules, including a restructuring of the chamber’s committees. For example, the Business and Industry Committee that we worked with in recent sessions was eliminated. Instead, a new committee—Trade, Workforce and Economic Development— was given a mix of responsibilities, among them real property transactions.
You can review a list of House Committee
assignments broken down by committee here. Or, you can find a list of
committee assignments by member here.
Please note that the Insurance Committee is now chaired by Rep. Jay Dean. You can find the committee's vice chair and
general membership here.
Now that House committees have been named, the pace of the legislative session will increase
Telling Title Industry's Unique Story and Building Relationships Keys to Success of TLTA's 2025 Day at the Texas Capitol
TLTA Member Takeaway: The 89th Legislative Session is underway, and lawmakers are considering numerous bills that could significantly impact the way you do business. Sharing our industry’s firsthand expertise helps lawmakers make informed decisions regarding operation of the real estate marketplace.
TLTA’s Day at the Texas Capitol was held earlier this week, Feb. 10-11. Our crew of volunteers and advocates from communities across the state visited 114 offices in the Texas House, and every office in the Texas Senate.
Attendees of TLTA Day at the Capitol 2025
As trusted partners in the state’s real estate marketplace, we play a significant role in the process by which lawmakers formulate bills related to real property. Day at the Capitol is a great time to strengthen existing relationships with legislators and staff, and establish new relationships. We also had the opportunity to tell our story: Title insurance is unique. We serve every county in the state. And we’re eager to share our expertise and help the lawmakers who serve our communities.
Great job by all of the title professionals who travelled to Austin to visit Capitol offices with friendly faces and outstretched hands, thank you.
You can find additional
pictures from the event here.
Legislation TLTA's Advocacy Team Is Tracking
Bills related to adverse possession, land use, HOA's and more have been filed by lawmakers.
Review the 89th Session Bills of Interest your TLTA Advocacy Team is tracking this session. Note that this list will grow as more bills are filed.
CFPB News: RESPA Hasn't Gone Away. McKernan Named Director
February 2025
The CFPB may be frozen, but RESPA hasn’t gone away (HousingWire) »
Jonathan McKernan named director of CFPB (Bloomberg Business) »
Why Title Insurance Is Essential to the U.S. System of Property Rights
Kurt Pfotenhauer, Vice Chairman, First American | Jan. 28, 2025
The U.S. system for the transfer of real estate is unique in the world. We transfer ownership by private contract between parties; no advance government approval is required. By contrast, many European countries have a centralized, government-managed land registration system, which requires government review before property transfers are effective. Among the many benefits of the U.S. system are the speed of the transfer, which in our system depends only on the parties being ready to close.
Once the parties have closed, it is only then that we place the transfer document (deed) in the government land records. These records are kept at the county (or similar local government) level. Importantly, the local government officials who keep these land records do not vet documents for truthfulness or accuracy. To the contrary, they have a duty to accept any documents that are in a proper format.
Read More »