May 2, 2012
Title Insurance Featured on Lifetime's 'Designing Spaces'
Title insurance was featured last week on the Lifetime network television show 'Designing Spaces.' The segment was the result of a partnership between Lifetime and the American Land Title Association to explain title insurance and the closing process directly to consumers. It's estimated that the clip reached over a million potential and current homebuyers. We encourage you to share the clip to help explain the value of title insurance - feel free to share it on your website and in your emails! View the Clip >
Comment Period Open for Proposed New Title Exam Standards
The Title Examination Standards Joint Editorial Board is seeking comments on newly proposed standards. It is important to note that these title standards do not apply to title insurance, but may prove useful in your work. You may view the proposed standards here and email your comments to Chair of the Title Examination Standards Committee, Edward Hill here. The comment period closes May 22, 2012.
Don't Miss These PAC Events at TLTA's Annual Conference!
There are several TLTAPAC events you won't want to miss at TLTA's Annual Conference & Business Meeting in Fort Worth, June 14-16. Evan Smith, the CEO and Editor-in-Chief of the Texas Tribune will discuss state politics and the upcoming 2013 Legislative Session at the PAC Annual Meeting and Breakfast on Friday, June 15. During Saturday's PAC breakfast, you'll hear an inspirational speech from former star wide receiver for the Dallas Cowboys Drew Pearson. You also won't want to miss the Bert Massey Classic Golf Tournament on Thursday, June 14th at the beautiful Dallas Cowboys Golf Club. Register for the Annual Conference and these TLTAPAC events here, or if you are already registered for the Conference and only need to add TLTAPAC events, please fill out the form here.
TDI Quarterly Audit Results Published
Following is a summary of recent TDI audits, violations and enforcement actions from December 2011 through February 2012. 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 August, 531 out of the 563 licensed agencies have been audited in the last two years, a 94.3% rate. Twenty-two additional agencies have been audited within the last three years and 10 new agencies are yet to be audited.
Commissioner Orders & Active Cases
From December 2011 through February 2012, the commissioner signed 15 orders resulting in fines and the revocation of three licenses. Through February, 104 cases remain active, including 30 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 December 2011 through February 2012. The numbers represent how many agencies had an infraction, not the number of times the infraction occurred.
NUMBER OF AGENCIES
CATEGORY
DESCRIPTION
45
Escrow Accounting
Outstanding checks not cleared timely
43
Texas Insurance Code
Actual receipts and/or disbursements not in agreement with settlement statement or premium split not disclosed
32
Minimum Escrow Accounting Procedures & Internal Controls
Every disbursement not supported by invoice or sufficient other evidence
27
Bulletin
All parties receiving portions of the real estate commission not disclosed on settlement statement
21
Procedural Rules
Schedule D of commitment not in file or premium split not disclosed on commitment
Avoid Fines!
You may be interested in the on-demand webinar Audit Survival: TDI, Underwriter and Annual Independent Audits. Order this on-demand webinar here or view our other archived webinars here. You may also review TDI's Title Auditor's Notebook here.