August 7, 2013
Lawmakers Pass Roads Cash Plan, Adjourn Special Session
The Texas Tribune | Aug. 5, 2013
The Texas Legislature adjourned its third special session since May on Monday night after passing a measure estimated to increase transportation funding by $1.2 billion annually if Texas voters approve it next year. "Let's adjourn this mutha,” said state Sen. John Whitmire, D-Houston, after the Senate had sent House Bill 1 back over to the lower chamber for final passage. It was the third try by lawmakers since the end of the regular session to pass a measure to boost funding for the cash-strapped Texas Department of Transportation without raising taxes or fees.
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ALTA, TLTA Continue Meeting With CFPB
The American Land Title Association (ALTA) and TLTA continue to work with the Consumer Financial Protection Bureau (CFPB) to provide information about the land title industry and to give our positions on aspects of the Bureau's proposal to combine settlement disclosure forms. The ALTA Finance and Planning Committees recently met with staff from the Bureau and provided an overview of the title insurance and real estate settlement industry, discussed the latest trends and activities and answered questions the CFPB staff had about what our industry does. TLTA met with staff from the CFPB in May and provided feedback on several aspects of the proposed "Know Before You Owe" rule, which you can view here. A final rule is expected by the end of the year.
Bankrate.com Issues Annual Closing Cost Comparison
The financial rate comparison website, Bankrate.com, issued its annual closing cost survey this week. It is important to note that this year's survey, unlike previous years, does not include title insurance, title search, escrow fees, taxes and other government fees. TLTA and ALTA have previously explained that the yearly report relied on a faulty methodology of collecting data and failed to accurately describe the true cost of title insurance.
Agent and Underwriter Statistical Data Due to TDI
Agent Deadline was Aug. 2, Underwriter Deadline Aug. 16
Agent and Underwriter Statistical Data is due to the Texas Department of Insurance this month. The completed agent report was due Aug. 2 and 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:
Avoiding TDI Audit Violations — A Focus on Abstract Plants, Agent Solvency & Other Issues
Wednesday, Aug. 14 | 10:00 - 11:30 a.m.
Join us for another quarterly webinar featuring our team of compliance experts who will review and analyze the most recent quarterly TDI audit findings. This quarter, we will focus on abstract plant requirements, the solvency requirement, Administrative Rules and other miscellaneous audit issues.
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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.
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