Feb 8, 2012
Rule Hearing to Begin in Austin on February 28
The 2012 Texas Title Insurance Periodic Rule Hearing will begin in Austin on February 28 and may extend into February 29th. The Texas Department of Insurance (TDI) has posted the full agenda items on its website here. Please note the agenda items filed for this hearing deal with rules and forms and not the basic premium rate. You may view TDI's hearing notice containing brief descriptions of the 91 agenda items here. The TLTA Board is scheduled to meet today to review and finalize positions on all the proposed items. View Agenda Items >>
Please Comment on Proposed New Closing Forms
The Consumer Financial Protection Bureau (CFPB) is seeking comments on two new versions of prototype forms that will combine the Truth in Lending disclosure and the HUD-1 Settlement Statement to explain final loan terms and closing costs to consumers. In this latest round, the Bureau is not using the side-by-side comparison tool it has used before. Instead, the Bureau is asking the public to comment on how the proposed closing forms work with the current draft of the initial disclosure by posting comments to the CFPB's blog here, or by sending an email to
[email protected]. This is a rare opportunity to offer feedback on forms that will have an enormous effect on the industry, and we urge you to take the time to comment today. Comment Here >>
Proposed Lien Registry Not Intended to Replace Local Recording
The American Land Title Association (ALTA) met with staff in the Federal Reserve Board's Division of Consumer and Community Affairs to clarify the January 4, 2012, white paper, entitled "The U.S. Housing Market: Current Conditions and Policy Considerations." Included in this housing white paper were two paragraphs that suggested a national lien registry be created. There was little explanation of the concept, what a national registry would do, who would use it or for what purposes. At the meeting, ALTA explained how the lack of details in the white paper led the industry to believe that the Fed was calling for an end to the recording of property interests in local public records in accordance with state law. Federal Reserve staff quickly said this was not the intent and explained their suggestion was meant to foster discussion about how to make information contained in local recording systems more user-friendly to consumers and policymakers. Read More >>
Texas Unveils Proposed Redistricting Maps
Ross Ramsey | Texas Tribune
In an attempt to save the April primaries, the state unveiled new redistricting maps Monday, saying some of the parties in that litigation have signed off on at least some of the lines. Attorney General Greg Abbott announced he had reached agreement on most parts of the maps with most of the parties involved. Read More >>
TDI Quarterly Audit Results Published
Following is a summary of recent TDI audits, violations and enforcement actions from September through November 2011. 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. Through November 2011, 543 out of the 568 licensed agencies have been audited in the last two years, a 95.6% rate. Twenty additional agencies have been audited within the last three years and 5 new agencies are yet to be audited.
Commissioner Orders & Active Cases
From September through November 2011, the commissioner signed 14 orders resulting in fines and the revocation of eight licenses. Through November, 119 cases remain active, including 37 cases involving Texas Insurance Code violations and 24 cases involving the misappropriation of fiduciary funds.
Compliance Audit Results
Below are TDI’s most common audit findings from September through November 2011. The numbers represent how many agencies had an infraction, not the number of times the infraction occurred.
NUMBER OF AGENCIES
CATEGORY
DESCRIPTION
51
Texas Insurance Code Section 2702.053
Actual receipts and/or disbursements not in agreement with settlement statement or premium split not disclosed
40
Escrow Accounting
Outstanding checks not cleared timely
30
Minimum Escrow Accounting Procedures & Internal Controls
Every disbursement not supported by invoice or sufficient other evidence
30
Bulletin
All parties receiving portions of real estate commission not disclosed on settlement statement
27
Procedural Rules
Schedule D of commitment not in file or premium split not disclosed on commitment