February 19, 2014
Minimum Capitalization Requirements Utilize 2010 Census Data
As part of the Commissioner's Rule Order issued late last year, new agent minimum capitalization requirements were put in place that will go into effect on July 3, 2014. In this guide prepared by TLTA, the amount of unencumbered assets that must be maintained by title agents is based on the population of the county where your principal office is located. TDI will use the 2010 U.S. Census Bureau numbers as the basis for determining county size. To access this information, go to this interactive map, and then review the information in the row titled, 'Population, 2010'.
If you'd like to learn more about the new agent solvency requirements, you can visit this page on our website, or you can purchase a recently recorded on-demand webinar
here. The webinar takes an in-depth look at the new requirements, and can help you sort out the various plans and reporting requirements. If you have any questions, please contact TLTA Government Affairs Director Aaron Day at
[email protected] or 512.472.6593.
TLTA Related Industries Committee Hosts Two Important Meetings
Last week, TLTA's Related Industries Committee, chaired by Randy Pittman, hosted two important meetings. The first meeting was with representatives from the County and District Clerks' Association of Texas (CDCAT) to discuss correction instruments, and the second meeting was with representatives from the three major lender groups, realtors and builders to jointly discuss the changes our collective industries face with the new CFPB rules and closing disclosure.
Our meeting with CDCAT focused on the correction instruments statute and process. Participants identified potential changes that need to be made to the statute as well as ways we can best work together to provide for clear, accountable and successful corrections in the deed records. Another meeting with our two groups will be scheduled in the near future to continue working on this important issue.
Our second meeting included members of the Independent Bankers Association of Texas, the Texas Mortgage Bankers Association, the Texas Bankers Association, the Texas Association of Realtors and the Texas Association of Builders. Participants discussed the new closing disclosure, which will be required in August 2015, and what preparations need to be made to facilitate a smooth transition to the adoption of the new form and closing disclosure process. The group identified key areas of coordination that are needed among the represented industries and what other stake holders need to be brought into future discussions. The group agreed to meet again within the next six weeks to continue the discussion, and identified information that should be gathered before the next meeting.
Register for Webinar on Important New CFPB Changes
What Texas Title Agents Need to Know About the New CFPB Closing Disclosure Rule
Tuesday, April 22, 2014 | 2 - 3:30 p.m.
Presented by:
Celia C. Flowers, Attorney, Flowers Davis, PLLC and East Texas Title Companies
Janet S. Minke, CTIA, Vice-President, Underwriting Support Services, Alliant National Title Insurance Company
Leslie Wyatt, Director of Industry Relations, SoftPro
Register for Live Version |
Register for On-Demand Recorded Version
What's Keeping You Awake at Night?
What's keeping you awake at night? Is it uncertainty about the looming CFPB changes? The unknowns about new lender requirements of agents? Operational or staffing problems? Figuring out how to grow your company? All of these, or something else entirely? Our job at TLTA is to help you with those issues and challenges, but we need to know what they are first. Chances are others may be encountering the same problems and that will help us prioritize the most common concerns to see how we can help. Please take a quick minute to share your top three concerns with us in a sentence or two
here.
America's 20 Fastest Growing Cities
Forbes | Feb. 14, 2014
When it comes to growing cities, Texas is booming. The Lone Star State boasts the highest number of cities on Forbes' annual list of America’s Fastest Growing Cities. Austin takes the top spot on the list for the 4th year in a row. With a 2.5% population growth rate (estimated annual) for 2013 — the highest of all the geographic regions — and an economy that expanded 5.88% last year, it's hard for other cities to compete these days.
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