January 8, 2014
Basic Manual Changes Went Into Effect Jan. 3
Sign up for TLTA's Basic Manual Service to Get Your Updates
Make your New Year's Resolution to get your Basic Manual up to date! Numerous updates to the manual went into effect on Jan. 3, 2014. These updates were the result of the 2012 Rule Hearing, and changes were made to all but two sections of the Basic Manual. If you're not already subscribed to TLTA's Basic Manual Service, subscribe today to ensure that you are on top of all the new requirements.
Subscribers receive access to the changes that went into effect Jan. 3, as well as automatic alerts when additional updates occur throughout the year, including the set of updates that will go into effect July 3, 2014. The Basic Manual Service is the easiest and best way to to ensure your Basic Manual is always up-to-date, and you also gain access to our Basic Manual Online, where you can search the full text of the manual and download any of the forms you need in Word format.
Learn more about the new TDI regulations in our guide to the changes or on our 2012 Rule Hearing webpage
here.
CFPB Continues "Know Before You Owe" Initiative
Invites Comments on Mortgage Closing Process
The Consumer Financial Protection Bureau (CFPB) has issued notice and a request for information on ways to improve the closing process. Attorneys and closing and settlement agents who work with consumers are encouraged to share their expertise about the closing process with the CFPB. TLTA's Federal Issues Committee is working on formulating comments to submit to the CFPB, and we welcome any input at
[email protected]. You can also read more about the CFPB's new rule and TLTA's previous news coverage
here.
Federal Court Rules on E&O Policy Coverage and Exclusions
American Land Title Association | Dec. 2013
This review of a federal appellate court ruling on exclusions in errors and omissions policies explains why it's important to understand the details of your E&O policy, including the conditions and exclusions and whether or not it is a claims-made policy. R
ead More >>
Reprinted with permission from the American Land Title Association.
Reminder: Collect Guaranty Assessment Recoupment Fee
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.
Upcoming Hot Topic Webinars— Register Today!
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 »