July 31, 2013
TLTAPAC Raises Record Amount!
Under the leadership of PAC Fundraising Chairs Mark Greek and the late Terry Grantham, and thanks to all of our generous donors and the PAC Board of Trustees, TLTA raised a record-setting $169,455 from more than 400 individual donors in 2012-2013.
This great achievement wouldn't have been possible without the support you've given our fundraisers, including the Bert Massey Classic Golf Tournament, TLTAbay and the Live Auction at Conference. We would like to thank chairs Charlie Valdes and DJ Horn for leading the golf tournament and Celia Goode-Haddock for leading the auctions. We would also like to give special recognition to Jeff Copeland, who once again graciously entertained us all at the Conference Live Auction with his amazing skills as an auctioneer and helped us raise a lot of money!
The money raised through the TLTAPAC allows us to back candidates and members in the Texas Legislature who support the title industry. With the recent conclusion of the 83rd Legislative Session, political fundraisers are ramping up, and the TLTAPAC will help our industry's voice be heard. To join our efforts and be among the first to donate to the TLTAPAC this year, click here.
TDI Has Issued Separate Calls for Agent and Underwriter Statistical Data
Agent Deadline Aug. 2, Underwriter Deadline Aug. 16
The Texas Department of Insurance (TDI) has issued its call for Agent and Underwriter Statistical Data. The completed agent report must be postmarked or submitted electronically by Aug. 2. The separate completed underwriter report must be postmarked or submitted electronically by Aug. 16. If you have any questions, please contact Betty Flores at TDI at 512.322.5029.
TLTA recently held a webinar for those who are new to filing out the Agent Statistical Report on Purchase a recording of that webinar here.
TLTA Webinar:
New Laws, New Requirements — What You Need to Know
Tuesday, Aug. 6 | 1:30 - 2:30 p.m.
Sept. 1 marks the effective date of a whole host of new Texas laws that will impact the title industry. Find out how the 83rd Legislative Session changed your business from two outstanding attorneys who monitored all the changes that went through the Texas Legislature. They will provide you with practical insight on what you need to be aware of now so you can be prepared for the new laws. Learn More & Register »
FHA Commissioner Fields Questions on Agency's Solvency
HousingWire | July 24, 2013
Earlier this month, Senators Tim Johnson, D-S.D., and Mike Crapo, R-ID, reached a bipartisan agreement on legislation that aims to ensure the solvency of the Federal Housing Administration. The Senators revisited the legislation Wednesday, asking the Senate Committee on Banking, Housing and Urban Affairs to focus on the stability of the FHA during the hearing, as the members sought to reach similar bipartisan agreements on housing finance reform legislation in the coming weeks and months. Read More »
TDI Quarterly Audit Results Published
Register Today for TLTA's Webinar "Avoiding TDI Audit Violations"
The following is a summary of recent TDI audits, violations and enforcement actions from March 2013 through May 2013. Read TDI's complete summary of operations for the quarter or read the key statistics below.
Be sure to also register for TLTA's live webinar on Wednesday, Aug. 14, from 10 - 11:30 a.m., where Robert York, manager of title examinations for TDI, and title industry compliance experts will review this report and walk you through the most common mistakes and violations discovered during TDI audits. The webinar can help you create procedures to stay compliant!
Compliance Audits
TDI's goal is to comprehensively audit agencies at least once every two years. Through May, 544 out of the 573 licensed agents have been audited in the last two years, a 94.9% rate. Thirteen additional agencies have been audited within the last three years, and 16 new agencies are yet to be audited.
Commissioner Orders & Active Cases
From March 2013 through May 2013, the commissioner signed 11 orders resulting in fines or the revocation of escrow officer licenses. Through May, 62 cases remain active, including 26 cases involving the misappropriation of fiduciary funds.
Compliance Audit Results
Below are TDI’s most common audit findings from March 2013 through May 2013. The numbers below represent how many agencies had an infraction, not the number of times the infraction occurred.
NUMBER OF AGENCIES
CATEGORY
DESCRIPTION
56
Escrow Accounting
Outstanding checks not cleared timely
42
Escrow Accounting
Every disbursement not supported by invoice or sufficient other evidence
42
Texas Insurance Code
Actual receipts and/or disbursements not in agreement with settlement statement or premium split not disclosed
36
Bulletins
All parties receiving portions of the real estate commission not disclosed on settlement statement
30
Procedural Rules
Schedule D of commitment not in file or premium split not disclosed on commitment
TLTA Webinar:
Divorce and the Real Estate Process
Wednesday, Sept. 18 | 10:30 - 11:30 a.m.
Divorce is sometimes the unfortunate ending of what starts with so much hope, promise and dreams, including the dream of home ownership. This webinar examines the difficult subject of divorce from a practical perspective, focusing on issues the title professional can expect when closing transactions where divorce is an issue.
Learn More & Register »