Dec. 13, 2017


TTIGA Releases GARC Fee Forms, Remittance Schedule

Texas Land Title Association | Dec. 13, 2017
As TLTA reported last week, TDI Commissioner Kent Sullivan issued an order on Nov. 30 setting a Guaranty Assessment Recoupment Charge (GARC). Beginning Jan. 1, 2018 through Dec. 31, 2018, title agents will be required to collect a GARC Fee of $4.50 on each owner and loan policy.
 
In a memo sent to all Texas title agents on Dec. 6, TTIGA said, "All GARCs must be collected at closing and remitted to the Texas Title Insurance Guaranty Association (“TTIGA”) on a quarterly basis, with the first GARC remittance due on May 1, 2018. For purposes of collecting the GARC, a closing is deemed to occur when the closing documents are signed by the parties to the transaction. The GARC should be remitted to TTIGA using the 2018 TTIGA Guaranty Assessment Recoupment Charge Remittance Form..." 
 
The TTIGA website has complete details including the remittance form, due dates and FAQs.
 
Get the GARC Remittance Form »
 
Read the Commissioner's Order »


Reminder: Agent Statistical Data Reports Due Dec. 15

Texas Department of Insurance | Dec. 13, 2017
This is a reminder that Agent Statistical Data reports are due to TDI by Friday, Dec.15.
 
TDI sent its call for Agent Statistical Data on Oct. 13 to each agency in Texas in accordance with Texas Insurance Code §2703.153, which requires each title insurance company and title insurance agent engaged in the business of title insurance in Texas to annually submit certain data to TDI. You must respond to this data call using the provided instructions and forms no later than Dec. 15, 2017. Complete the data call using the interactive PDF forms available at www.tdi.texas.gov/bulletins/index.html.
 
Read the Oct. 13 Compliance Update »
 
Watch TLTA’s On-Time and Error-Free TDI Experience Reporting On-Demand Webinar, Recorded Nov. 2 »


CFPB News: Lawsuits Still Flying in Wake of "Illegal Takeover"; TRID Guide Updated

CFPB | Dec. 6, 2017
A New York federal credit union has taken President Donald Trump and acting Consumer Financial Protection Bureau chief Mick Mulvaney to court over what it believes to be an “illegal takeover” of the watchdog.

The CFPB has been embroiled in a succession dispute since its former chief Richard Cordray resigned last month. Before stepping down, he appointed Leandra English as deputy director to ensure a “smooth transition.” But the Trump administration disagreed with the move and instead appointed Mick Mulvaney as acting CFPB director.
 
Read More From Mortgage Professional America »
 
The CFPB's independence from external political influence is crucial to the agency’s mission of protecting consumers, 10 groups told a court on Friday, Dec. 8 in an amicus brief filed in the U.S. District Court for the District of Columbia. 

The groups are Public Citizen, Americans for Financial Reform, Center for Responsible Lending, Consumer Action, National Association of Consumer Advocates (NACA), National Consumer Law Center (NCLC), National Consumers League, National Fair Housing Alliance (NFHA), Tzedek DC and U.S. Public Interest Research Group Education Fund (U.S. PIRG Education Fund).
 
Read More From U.S. PIRG »
 
On Dec. 6, the CFPB published an updated version of the TILA-RESPA Integrated Disclosure Guide to the Loan Estimate and Closing Disclosure forms. The updated guide incorporates amendments and clarifications set forth in the final rule issued on July 7, 2017.
 
Read More »


GSE News: Fannie and Freddie: Should They Stay or Should They Go?

National Mortgage News | Dec. 8, 2017
Two steps forward and one step back.

That appears to be the current state of play regarding the effort to revamp the housing finance system.

On the one hand, House Financial Services Committee Chairman Jeb Hensarling made significant concessions this week in an effort to strike a bipartisan and bicameral deal, agreeing to include a government guarantee of the mortgage market and affordable housing measures.Normal
 
Read More »


Former Houston Escrow Officer Sentenced to Prison in Title Scam

Texas Department of Insurance | Dec. 8, 2017
Sandra Flores will begin serving a six-year prison term this week for insurance fraud after a Texas Department of Insurance investigation found she had stolen $1 million from real estate transactions. She was sentenced last week by a Harris County judge.

While working as an escrow officer for a Houston title attorney’s office, Flores began taking payments for real estate transactions and using them for her personal expenses.
 
Read More »


Texas Landowners Take the Wind Out of Their Sales

NPR Austin | Dec. 8, 2017
Trey Murphy is a grad student in North Carolina, but he has dreams of owning land in West Texas. A few months ago, he was looking at real estate online and came across something strange.
 
“I saw that there was this particular listing that was selling the surface estate, but not willing to sell the wind estate,” he says.

Most people would have no idea what that means. But Murphy is originally from Texas, and, as luck would have it, he studies “energy geography.” He knows that in Texas, one tract of land can be owned in different ways by different people.
 
Read More »



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