October 29, 2014
TDI Quarterly Audit Results Published
The following is a summary of recent TDI audits, violations and enforcement actions from June 2014 through August 2014. Read TDI's complete summary of operations for the quarter or read the key statistics below.
Compliance Audits: TDI's goal is to comprehensively audit agencies at least once every two years. That means this quarter (within the last 3 months) TDI conducted 68 audits.
Commissioner Orders & Active Cases: From June 2014 through August 2014, Commissioner Julia Rathgeber signed eight orders resulting in fines or the revocation of escrow officer licenses. Through August, 50 cases remain active and under investigation.
Compliance Audit Results: Below are TDI’s most common audit findings from June 2014 through August 2014. The numbers below represent how many agencies had an infraction, not the number of times the infraction occurred.
NUMBER OF AGENCIES
CATEGORY
DESCRIPTION
29
Minimum Escrow Accounting Procedures & Internal Controls
Every disbursement not supported by invoice or sufficient other evidence
38
Texas Insurance Code
Actual receipts and/or disbursements not in agreement with settlement statement or premium split not disclosed
23
Escrow Accounting
Outstanding checks not cleared timely
16
Escrow Accounting
Deposit-in-transit list and/or outstanding checklist prepared incorrectly
18
Minimum Escrow Accounting Procedures & Internal Controls
Disbursement sheets missing, incomplete or incorrect
Register today for our webinar geared to helping you stay compliant.
Webinar: Avoiding TDI Audit Violations
December 10, 2014: 10-11:30 a.m.
Presented by : Robert York, Texas Department of Insurance
Live Version >> On Demand>>
TILA-RESPA: Smart Lenders are Taking Action Today
Housingwire | October 23, 2014
It was no surprise that one of the main topics discussed at the MBA conference in Las Vegas was the TILA - RESPA Integrated Disclosure forms. Smart lenders are preparing now for the changes which is important because the CFPB, in its short history, shows that it will waste no time with enforcement if something is out of line.
Read More»
MBA's Stevens: Final Risk Retention Rule Works for Mortgage Bankers
Housingwire | October 21, 2014
President and CEO of the Mortgage Bankers Association spoke at the MBA's 2014 annual convention. Stevens says requiring banks to retain at least 5% of the risk on their books when securing loans and aligning QM with QRM won't put any additional strain on the credit market.
Read More »
Additional articles on Mortgage Rules:
US Regulators Approve Eased Mortgage Lending Rules
CFPB Finalizes Minor Changes to Rules to Expand Credit Access
Surveys - Don't Be Out of Bounds
Wednesday, November 5 | 10:30 - 11:30 a.m. CST
Presented by:
Bobby Stovall, RPLS, Stovall & Associates Land Surveying and Kincy Abstract & Sabine Title Co.
Live Version |
On-Demand Version
Bankruptcy - A Title Insurance Perspective
Tuesday, November 11 | 10:30 - 11:30 a.m. CST
Presented by:
Lindley (Lin) A. Brasier, Senior Vice President and Regional Counsel, Alliant National Title Insurance Company
Live Version |
On-Demand Version
CFPB Integrated Mortgage Disclosures: Only 9 Months Away!
Thursday, November 13 | 10:00 - 11:30 a.m. CST
Presented by:
Celia C. Flowers, Attorney, Flowers Davis, PLLC, East Texas Title Companies
Janet S. Minke, CTIA, Vice-President, Underwriting Support Services, Alliant National Title Insurance Company
Thomas F. Vetters, III, Attorney, Robertson Anschutz Vetters, Attorneys at Law
Leslie Wyatt, Director of Industry Relations, SoftPro
Live Version |
On-Demand Version