April 23, 2014

TLTA Inter-Industry Meeting Will Discuss New Combined Disclosure Rule

 Today, TLTA is hosting a meeting today in Austin with several related industries to discuss the impact and implementation of the CFPB's new combined disclosure rule. Participants include representatives and industry professionals from the Texas Bankers Association, Texas Mortgage Bankers Association, Texas Association of Builders and the Independent Bankers Association of Texas. Key issues the group will discuss include who will perform which functions, how information will be shared, how closings will be affected and how these groups can work together for a smooth implementation in August 2015.

Watch Today's CFPB Forum on the Mortgage Closing Process
Today at 1:30 p.m. CDT, the Consumer Financial Protection Bureau (CFPB) will host a forum in Washington, D.C., on the mortgage closing process. The event will feature remarks from Director Richard Cordray, as well as a discussion with consumer groups, industry representatives and members of the public. The link to the live stream will be available here shortly before the event gets under way. 

CFPB Issues Guide for Completing Integrated Disclosure Forms
Late last week, the CFPB released a Guide to Completing TILA-RESPA Integrated Disclosure Forms. This guide serves as a companion to the Small Entity Compliance Guide recently released by the CFPB. You can review the new guide here. It provides instructions for completing the Loan Estimate and Closing Disclosure and highlights common situations that may arise when completing the forms. Even though the new rule does not become effective until August 2015, the changes are so significant, it's important for you to understand the new requirements and begin to prepare for this change now. Stay tuned to our regular CFPB Update emails for more information in the coming months. If you would like to review a webinar detailing the new rules, you can purchase that here.

Underwriter Experience Reports Now Available

The Texas Department of Insurance (TDI) has released its Underwriter Experience Report for the calendar year 2013. The report includes information about income and expenses from underwriters doing business in Texas. You can view a .pdf of the Underwriter Experience Report here, and you can download the corresponding Excel spreadsheet here.

Submit Quarterly Withholding Report to TDI by May 15

New agent solvency rules require title agents to submit a copy of their quarterly withholding tax report and evidence that the taxes have been paid to the Texas Department of Insurance. The first report for the quarter that ended March 31 is due to TDI by May 15. This new requirement is part of Administrative Rule S.5, which you can view here.

If a title agent is part of a professional employer organization, it may submit a copy of the payroll tax report the agent receives from the professional employer organization as the equivalent of a quarterly withholding tax report.

This report and evidence that the taxes have been paid should be submitted along with Form T-S5, which you can download here. Submit your completed documentation to [email protected] or:

Texas Department of Insurance
Title Examinations
P.O. Box 149104
Austin, TX
78714-9104

Have an Issue You Want the TLTA Legislative Committee to Study?

In the coming weeks, the TLTA Legislative Committee will meet to begin discussing priorities for the 84th Legislative Session. If you have an idea or an issue you would like the committee to study, please let us know via this form. All issues submitted will be reviewed, and if you have any questions, please contact David Glenn at 512.879.2891.

Register for These Upcoming Hot Topic Webinars!

TDI Audit Violations: A Focus on Compliance & Your Questions on Recent Changes
Wednesday, May 7 | 10 - 11:30 a.m.
Presented by:
Robert York, TDI Manager of Title Examinations
Brenda Nelson, Old Republic National Title Insurance Company
Ed Hill, Ed Hill & Company CPAs, LLC
Live Version | On-Demand Version

Escrow Procedures - It Really IS All About the Money!
Wednesday, May 14 | 1:30 - 2:30 p.m.
Presented by:
Denise Smith Holmes, Independence Title Company
Nancy Waggoner, Republic Title of Texas, Inc.
Live Version | On-Demand Version

Water Rights in the Everyday Lives of Texans
Tuesday, May 20 | 10:30 - 11:30 a.m.
Presented by:
Charles R. Porter, Jr., St. Edward's University
Live Version | On-Demand Version