January 2, 2014
Basic Manual Changes Go Into Effect Tomorrow!
Subscribe to Our Basic Manual Service Now to Stay Compliant
There are numerous updates to the Basic Manual that are going into effect tomorrow, Jan. 3, 2014. These updates are a result of the 2012 Rule Hearing, and there are changes to all but two sections of the Basic Manual. In order to stay in compliance with these TDI regulations, it is important that you understand all of these changes, incorporate them into your processes and begin complying tomorrow. You can read more about the updates in our guide to the changes.
It is also important that you are in compliance by ensuring that your Basic Manuals are updated. The best way to do that is by subscribing to TLTA's Basic Manual Service.
If you're already subscribed to our Basic Manual Service, you'll receive an email update this afternoon with .pdf links so you can download and print the updates for your Basic Manual. You also have access to our online Basic Manual, which you can access at
www.tlta.com/basicmanual, where you can easily search the full text of the manual, download forms in Word format, and more.
If you are not subscribed to our Basic Manual Service, you can do so
here. The annual subscription is $65 plus sales tax per user. If you'd like to add a hard copy of the Basic Manual to your subscription, the total for both is $95 plus sales tax. Subscribe today to receive the Jan. 3 updates, as well as any additional updates that occur this year.
Guaranty Assessment Recoupment Fee Must Be Collected
Fee Must Be Rendered Quarterly to TTIGA
Agents are required to collect a Guaranty Assessment Recoupment (GARC) Fee of $1.80 on each owner and loan policy beginning Jan. 1, 2014, through Dec. 31, 2014. This fee must be rendered quarterly to the Texas Title Insurance Guaranty Association (TTIGA).
You can review the full order from TDI Commissioner Julia Rathgeber here. Included in the commissioner's order is the Guaranty Assessment Recoupment Charge Remittance Form that title agents should use to remit the charge. You can download an interactive .pdf version of that form here.
While the GARC fee will function in a similar manner to the current Guaranty Fee, it's important to note that they are two different fees. The Guaranty Fee is being reduced from $2.00 to $0.00 beginning Jan. 1, 2014, and you can read more about that
here.
What's Ahead for 2014 Housing Market
USA Today | Jan. 1, 2014
The housing recovery hit high gear in 2013 with bigger than expected price gains and solid home sales. This year isn't likely to be as exciting. Rising mortgage interest rates will price out some potential buyers. Instead of double-digit price gains, look for single-digit ones, economists say, while existing home sales remain at last year's level. Sound boring? "You want boring in the housing market," says Svenja Gudell, Zillow director of economic research.
Read More >>
Upcoming Hot Topic Webinars— Register Today!
Owner Financing — Traps for the Unwary
Tuesday, Jan. 7 | 10:30 - 11:30 a.m.
This webinar will briefly identify the federal laws and regulations that apply to those who owner finance residential real property. In addition, it will explain how non-compliance can make residential real estate lien notes undesirable as collateral and affect the ability to obtain a financing line of credit. Finally, it will summarize critical changes made by the Dodd Frank Act to Truth in Lending and other laws.
Learn More & Register »
Curative Issues: Don't Fear Commitment (on Schedule C, that is!)
Tuesday, Jan. 14 | 1:30 - 2:30 p.m.
This webinar will help attendees understand the importance of reading and understanding the curative issues found on Schedule C of the Title Commitment prior to sitting down at the closing table. Learn how bad legal descriptions or incomplete conveyances must be corrected in order to ensure the subject tract. Also covered will be the importance of obtaining correct payoff information and releases for purchase money deed of trusts or home equity loans. Find out how Abstracts of Judgment, Federal Tax Liens, State Tax Liens and Child Support Liens affect title and the parties to the transaction.
Learn More & Register »
Abstract & Examination — Building Blocks of the Title Insurance Industry
Wednesday, Jan. 15 | 1:30 - 2:30 p.m.
The determination of whether or not a title company will close and insure a real estate transaction is based primarily on a complete and thorough examination of the real property records of the county in which the real property is located. These records are normally contained in a title plant owned or leased by the agent that has been asked to insure the transaction. Once the agent has searched the real property records and determined which records affect the property, an examination of the documents is undertaken, and underwriting standards are applied to determine the current status of title, any encumbrances on title, and any additional documents or information that are needed by the title agent before the closing can occur. This webinar will review the basics of the search and examination process.
Learn More & Register »