May 9, 2013
TLTA Responding to Recent Title Insurance Article
TLTA continues to respond to the article on title insurance that ran on the front page of Sunday's edition of the Austin American-Statesman. The Statesman's story focused on our recent rate increase and the way rates are regulated in Texas. TLTA worked for several weeks with the reporter who wrote this article to answer questions, provide the industry's perspective and offer positive resources for information. However, we were disappointed by some of the characterizations and approaches taken in the article.
In response, we prepared an op-ed piece that addresses the overall value of title insurance. We expect this op-ed will run in the Statesman this Saturday. After that, we may ask that you reach out to your local newspaper to have this same op-ed placed.
You may view the online version of the Statesman's main article here, in addition to related articles on how other states handle rates here and how an independent agent does business here. A shorter version of the article has also been picked up by the Associated Press and is appearing in other media outlets. You may view that condensed article here.
If you have any questions, please email us at
[email protected] or call 512.472.6593.
Correction Instrument Legislation Passed
TLTA-sponsored legislation to clarify that the date of a correction instrument relates back to the original filing date has passed both the Senate and the House of Representatives. You may view the engrossed version of the bill here. This legislation would also provide the clear ability to treat an inadvertently omitted attachment as a nonmaterial correction.
TLTA-Sponsored Legislation Passes House, Moves to Senate
HB 2795, which would provide for a more efficient procedure to address a default by a deceased borrower, was passed by the House of Representatives yesterday on a 147-0 vote (two members were present and didn't vote). This legislation will now make its way to the Senate where it will follow a similar legislative process as the House.
HB 1913, which would provide for the ability of tax assessor collectors to waive certain interest and penalties related to ad valorem taxes, passed the House last week and is now making its way through the Senate, where it was referred to the Finance Committee and Subcommittee on Fiscal Matters. TLTA is pleased with the progress this legislation to improve the industry has made.
Track the Progress of Legislation and Stay Informed
Stay tuned to this newsletter and the Legislative page on our website here for updates on the progress of our affirmative agenda, as well as other legislation we're tracking that could impact the industry.
FHFA to Limit Fannie, Freddie to 'Qualified' Loans
Bloomberg News | May 6, 2013
Fannie Mae and Freddie Mac are being asked by their regulator to limit purchases to loans meeting qualified-mortgage requirements and those exempt from Dodd-Frank Act ability-to-repay rules. The change announced today by the Federal Housing Finance Agency means that beginning Jan. 10 next year, the U.S.-owned companies won’t purchase interest-only mortgages, loans with 40-year terms or those with points and fees exceeding thresholds set by the Consumer Financial Protection Bureau. Read More »
Is Your Basic Manual Up to Date?
Changes Went Into Effect May 1
The 3.8% increase to the Basic Premium Rate went into effect on May 1. If you own a print copy of the Basic Manual and are not subscribed to our Basic Manual Online Update Service, you are no longer compliant. We recommend you subscribe right away so you have access to this latest update.
These recent changes aren't the only update expected to the Basic Manual this year. In just a few months, the Texas Department of Insurance will also publish a Rule Order addressing 72 agenda items that will significantly change several sections of the Basic Manual.
If you haven't already, purchase a subscription for yourself and all employees in your company who use the Basic Manual so you'll automatically receive these updates as soon as they happen. Discounted pricing is available for bulk subscriptions. Sign up here, or if you have questions about how it works, review the FAQ here or test drive the online manual here.