January 28, 2015

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CFPB Takes Action Against Wells Fargo and JPMorgan Chase for Illegal Mortgage Kickbacks 

Maryland- based title company implicated in Illegal kickback scheme

The Consumer Financial Protection Bureau and the Maryland Attorney General took action against Wells Fargo and JPMorgan Chase for an illegal marketing services kickback scheme they participated in with Genuine Title, a now defunct title company. The proposed consent orders filed in federal court would require $24 million in civil penalities from Wells Fargo, $600,000 from JPMorgan Chase, and $11.1 million in redress to consumers whose loans were involved in this alleged scheme. 

Click Here to read the full press release from CFPB. 

Read the full Wells Fargo Complaint here, as well as the Court Consent Order, and Administrative Proceedings. 

TDI Quarterly Audit Results Published 

The following is a summary of recent TDI audits, violations and enforcement actions from September 2014 through November 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 76 audits. 

Commissioner Orders & Active Cases: From September 2014 through November 2014, Commissioner Julia Rathgeber signed eight orders resulting in fines or the revocation of escrow officer licenses. 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  

33

Minimum Escrow Accounting Procedures & Internal Controls

Every disbursement not supported by invoice or sufficient other evidence

40

Texas Insurance Code

Actual receipts and/or disbursements not in agreement with settlement statement or premium split not disclosed

31

Escrow Accounting

Outstanding checks not cleared timely

14

Escrow Accounting  

Deposit-in-transit list and/or outstanding checklist prepared incorrectly

15

Minimum Escrow Accounting Procedures & Internal Controls

Disbursement sheets missing, incomplete or incorrect 

Consumer Alert - TDI Warns Consumers of Timeshare Fraud

TDI | January 26, 2015
TDI issued a warning to timeshare owners about a fraud involving unlicensed title insurance companies. According to TDI the fraud typically begins when a person contacts a timeshare owner pretending to represent a buyer. The person will then send the owner to work with a specific title company which does not actually exist. 

Read more>>

Patrick Sets Senate Committees

Texas Tribune | January 23, 2015

Lt. Governor Dan Patrick announced his committee assignments Friday. Democrats will lead two of the Senate's 14 committees. Kevin Eltife of Tyler will lead Business and Commerce, and Joan Huffman will lead State Affairs.  

For a full list of committee assignments click here. 

Top 3 Reasons Real Estate Transactions Depend on Title Insurance Agents

Real Estate Rama | January 16, 2015

The American Land Title Association compiled a list of the top 3 reasons efficient real estate transactions depend on the work of title insurance agents. 

Read More>>

TLTA Presents RESPA/TILA Training Series

Are you ready for the new CFPB integrated disclosure regulations that go into effect in August of 2015? Did you know that the HUD-1 will be replaced by the Closing Disclosure in most residential transactions? Did you know that in many transactions the lender will complete and deliver the new closing disclosure to the buyer?

TLTA’s readiness training is part of our strategy to keep our members updated and informed on all the CFPB requirements. TLTA is currently planning more sessions around the state for the Spring and Summer. 

Click Here for more info. 

February 18
The Irving Convention Center 
500 W. Las Colinas Blvd.
Irving, TX 75039
Map & Parking Information
Local Area Hotels

February 19
Norris Conference Center – Austin
2525 W. Anderson Lane, Suite 365
Austin, TX 78757
Map & Parking Information
Local Area Hotels 


Sign Up Today! We need your help to pack the halls of the Capitol during TLTA's Day at the Capitol, Feb. 2-3. We are currently scheduling legislative appointments and want to include you so don't miss out. Make sure you get an appointment with your representatives. This is your chance to speak with your legislators about the issues that affect the title industry and ultimately your bottom line. 

Register Now

Note: There are limited rooms available at the TLTA discounted rate 
Book Hotel Today. The hotel is expected to sell out. If you choose to call the hotel for a reservation make sure to ask for in house reservations not central booking. 

If you have any problems reserving a room you can contact Lynne Daves at 512.879.2828

Check out this month's top 5 Webinars:

Decedent's Estates, with a Focus on Intestacy

The Ethical Title Professional

Voluntary Liens: Creation, Homestead, Creditors & More

Probate and Entity Issues: What You Need to Close

Surveys- Don't Be Out of Bounds