Jan 9, 2012
New Payoff Statement Form Effective March 15
The Texas Finance Commission recently adopted a new Payoff Statement form, which you may view here or view the rule here. As of March 15, 2012, the form must be used in all transactions by loan providers regulated by the Commission. The form also sets forth some basic information which must be contained in a payoff request.
A number of our members have asked, "What happens if a particular deal must close sooner than the amount of time contemplated by the statute and the new form?" The answer is the transaction may proceed and close sooner. However, in the event the lender will not be held to the terms of the payoff statement. In other words, in these expedited transactions, the title agent and company will simply not have the protection of the statute.
If you encounter any difficulties with the new Payoff Statement or have suggested improvements as you begin working with the form please let TLTA know. There will be opportunities to revisit the form's contents after the banking and title industries have had some experience using it.
The form is the result of the combined effort of members of the Texas Mortgage Bankers Association (TMBA) and TLTA. We are grateful for the many hours of service from the TLTA task force, which included Brandy Barton, DHI Title Company of Central Texas; Jeremiah Garza, Hoffman Kaliser & Messina, P.C.; DeDe Haustein, Independence Title Company and Janet Minke, Alliant National Title Insurance Company.
The new form was created in accordance with House Bill 558 by Representative Joe Deshotel and the legislation represents a significant protection for Texas title agents.
TDI Proposes New Reporting Requirements for Underwriters
The Texas Department of Insurance (TDI) has proposed new ยง7.68, concerning requirements for the filing of the annual statements, the quarterly statements, other reporting forms, and electronic data filings with the Department and the National Association of Insurance Commissioners (NAIC). View the Proposed Rule or View Proposed and Adopted Rules for 2011.
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 for consideration of 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 the young professional submit an 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 >