August 1, 2012
Runoff Voters Were in Mood to Oust Incumbents
Texas Tribune | August 1, 2012
The message from Texas runoff voters? Out with incumbents. Though the biggest election news on Tuesday night was former Texas Solicitor General Ted Cruz’s defeat of Lt. Gov. David Dewhurst in the Republican race for U.S. Senate, there was a jaw-dropping ousting of elected officials up and down the ballot — particularly in the Texas House. Read More >
CFPB Director Testifying Today Before Congress
Consumer Financial Protection Bureau (CFPB) Director Richard Cordray is scheduled to testify at 12 p.m. CDT today before the U.S. House Small Business Committee. The hearing will examine the CFPB's proposed regulation to integrate the current TIL, GFE and HUD-1 Settlement Statement into a set of combined forms that are provided to consumers in a real estate transaction. Read More >
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TDI Quarterly Audit Results Published
Following is a summary of recent TDI audits, violations and enforcement actions from March through May 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 May, 535 out of the 568 licensed agencies have been audited in the last two years, a 94.2% rate. Eighteen additional agencies have been audited within the last three years and 15 new agencies are yet to be audited.
Commissioner Orders & Active Cases
From March through May 2012, the commissioner signed 22 orders resulting in fines and the revocation of five licenses. Through May, 101 cases remain active, including 22 cases involving Texas Insurance Code violations and 23 cases involving the misappropriation of fiduciary funds.
Compliance Audit Results
Below are TDI’s most common audit findings from March through May 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
40
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
28
Procedural Rules
No T-00's in files or T-00's incorrect or incomplete
26
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. Now you can also know your rules and rates and easily research regulations using TLTA's new Online Basic Manual Subscription Service. Learn more here.