December 14, 2011
2nd Round of CFPB Closing Forms Published
Submit Your Comments by Dec. 21
The Consumer Financial Protection Bureau (CFPB) has proposed 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. TLTA recently submitted comments to the CFPB on the first round of forms, which you may view here. These forms will affect closings and impact your business, and the Bureau needs feedback from as many members of the industry as possible. The deadline to comment on the forms is December 21.
Comment on the Forms >
2010 Agent Statistical Data Now Available
TDI recently published the 2010 Texas Title Insurance Agents Statistical Report on their website. This information is collected annually by TDI's Data Services Division from all title agents doing business in Texas. Agents are asked to report their income, expenses and losses for the report. Please note this is only the agent data; the underwriter statistical information should be available soon. If you have any questions please contact TLTA at 512.472.6593 or
[email protected].
Read the 2010 Report >
TTIGA Fee Decreasing From $5 to $2 on Jan. 1
The Board of Directors of the Texas Title Insurance Guaranty Association (TTIGA) voted to decrease the policy guaranty fee from $5.00 to $2.00 effective January 1, 2012. The Guaranty Fee will be $2.00 for each owner title policy and $2.00 for each mortgagee (loan) title policy collected during the applicable quarter. Please make the appropriate changes to your closing/collection procedures to change to the new fee as of January 1, 2012.
Read More >
Basic Manual Updates Go Into Effect Jan. 1
Several changes from the 82nd Legislative Session go into effect January 1 that require updates to the Basic Manual. If you are currently subscribed to the Basic Manual Update Subscription Service, you will automatically receive the January 1 update. Not a 2011 subscriber? Contact the TLTA office at 512.472.6593 to purchase the update ($20 members | $25 non-members). TLTA will be rolling out a new online version of the Basic Manual and Update Subscription Service in early 2012. The new online version will have an easy to use navigation system, a search feature and links to forms. Stay tuned for more information!
TLTA Submits Letter to Office of Government Ethics on Proposed Rule
TLTA submitted a letter this week to the Office of Government Ethics (OGE) on a rule that would effectively prevent government employees from attending conferences and educational events of trade associations. TLTA believes that such a rule by the OGE would hurt the association's education efforts by preventing government employees from being able to educate the people they regulate. Read TLTA's Letter >