December 21, 2011
Deadline Today to Comment on CFPB Closing Forms
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. The main difference between these two, five-page drafts, is the formatting of the closing cost information. TLTA has submitted comments which you may view here. The deadline to comment on these forms is today, so we encourage you to take a moment to provide feedback. TLTA and ALTA will continue to be actively involved in providing feedback on these important industry forms. Comment Here >.
2010 Underwriter Experience Data Now Available
TDI recently published the 2010 Texas Title Insurance Underwriter Experience Report on their website. This information is collected annually by TDI's Data Services Division from all underwriters doing business in Texas. Underwriters are asked to report income, expenses and losses for the report. TDI also recently published the 2010 Agent Statistical Report, which you may view here. We are currently reviewing the reports and will provide more analysis in upcoming newsletters. If you have any questions please contact TLTA at 512.472.6593 or
[email protected]. Read the 2010 Underwriter Experience Report >
TREC Adopts Changes to Forms
The Texas Real Estate Commission (TREC) adopted changes to six contract forms and 17 addenda. Most of the revisions relate to TREC's new Web address and phone number, but here are a few other changes that were adopted:
The seller agrees to have the utilities on during the entire time the property is under contract.
There are new choices for a buyer if a seller fails to complete repairs as agreed.
Language was added to provide for a buyer to order and pay for a homeowners association resale certificate.
Language was added to advise parties of a property owner's right to receive certain information from a homeowners association. The added information also explains what a resale certificate is and that some documents must be made available to the parties.
Language was added to advise the parties that, if the property is subject to a private transfer fee, the law requires a seller to notify a buyer that the private transfer fee obligation may be governed by the Texas Property Code.
The forms will be posted soon on the TREC website for voluntary use. Required use begins March 1.
TTIGA Fee Decreasing From $5 to $2 on Jan. 1
As we have previously reported, 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 note that the closing date determines when the guaranty fee is collected and that the fee should be collected at closing. Guaranty Fee FAQ >
New TLTA Leadership Academy - Application Deadline Jan. 12!
TLTA is proud to announce the new Alex H. Halff Leadership Academy that will debut in Austin, April 2-3, 2012. Nominate a deserving young professional to be considered for this elite new program, which is designed to develop and grow young title professionals for the future of our industry. To nominate a candidate, have them submit the application to TLTA by the January 12 deadline. A letter of recommendation is required. Space is limited to 50 participants so nominees should complete their application as soon as possible. Download Application >