March 2011
2010 TLTA STATE OF THE ASSOCIATION
TLTA recently published the 2010 State of the Association to members detailing our accomplishments over the last calendar year. The association was successful on many fronts last year – our ranks grew, our financial standing remained strong and our 99% membership renewal rate is proof that our comprehensive advocacy, communication and education programs are continuing to meet members' needs. As you’ll see from this report, the scope of the work TLTA does continues to grow and adapt in response to the industry’s changing needs. View the 2010 State of the Association.
BUSINESS & INDUSTRY NEWS
Top 5 TDI Enforcement Actions
One of our goals is to help you understand and stay compliant with TDI rules and regulations. Listed below are TDI’s most common audit findings from September through November of 2010. The numbers represent how many companies had an infraction, not the number of times the infraction occurred. You may view TDI’s full summary of operations for the quarter here.
NUMBER OF AGENCIES
CATEGORY
DESCRIPTION
41
Texas Insurance Code Section 2702.053
Actual receipts and/or disbursements not in agreement with settlement statement or premium split not disclosed
37
Escrow Accounting
Outstanding checks not cleared timely
26
Guaranty Files
Funds not disbursed or escheated to state
23
Minimum Escrow Accounting Procedures & Internal Controls
Disbursement sheets missing, incomplete or incorrect
22
Minimum Escrow Accounting Procedures & Internal Controls
Every disbursement not supported by invoice or sufficient other evidence
The TLTA Basic Manual is the resource you need to stay compliant. If you don't have one, order today. Make sure you have all the updated rules and regulations by subscribing to the update service here.
TLTA also has education that can help you avoid TDI enforcement actions, such as our recent webinar replay called Audit Survival: TDI, Underwriter and Annual Independent Audits. Get more information about that webinar replay here or view our other archived webinars here.
Texas Land Title School A Success
The 2011 Land Title School held March 7-11 at the Doubletree Hotel in Austin has been “graded” a complete success!
School Co-Chairs Shari Foster and Kim Minks led a team of enthusiastic and knowledgeable speakers and committee volunteers in a week-long learning experience that inspired the following quotes from attendees:
“The School will definitely help in my new career in the title industry.”
“I feel inspired to be as good as the School presenters and learn more!”
“The School met my expectations and then some - I will walk away with a better understanding of the industry AND a renewed respect of my colleagues!”
The School culminated in a Friday test covering the week’s presentations. Test scores this year were high with no failing grades – and the highest score awarded was a 98. The School Committee is already at work planning next year’s event scheduled for March 5-9, 2012 at the Omni Austin at Southpark. Mark your calendar now and plan to join us or send somebody from your office who would benefit from this comprehensive basic overview!
TLTA Member Partners with Courthouse Program
The Texas Legislature recently confirmed that the Texas Historical Commission will be funded again instead of being shuttered, as had once been proposed by Gov. Rick Perry to save money in this tight budget year. TLTA had previously submitted a letter to the Legislature to support funding the THC. TLTA has supported THC since 2005 through the Texas Courthouse Stewardship Initiative, a training and technical program designed to promote the ongoing, regular maintenance of Texas’ restored historic county courthouses.
TLTA member company Hollerbach & Associates also recently announced their partnership with the THC by developing a new "Courthouse of the Month" e-newsletter to visually highlight some of the preservation and restoration work that has been done through the program. You can read more about it here or find out more about TLTA’s partnership with THC and view more photos of TLTA member companies and their courthouses here.
Virus Attack Amplifies Need for Title Companies to Safeguard Information
American Land Title Association
In the fall of last year, employees at a northern Virginia title company couldn’t log on to their online banking for several days. During that time, three unauthorized wires went out of the agent’s escrow account to banks in New York and then immediately overseas to Russia. The agent suffered a loss of more than $200,000 and had to fund the escrow account for the shortage. What happened? A Zeus botnet virus infected either the bank’s or the title agent’s computer system and enabled the theft to occur. Read the full article.
Survey Shows Application to Closing Taking Longer
American Land Title Association
Driven by an increase in length of time from application to approval, the average timeline of the mortgage origination process has increased for a third consecutive year, while customer satisfaction has declined, according to the J.D. Power and Associates 2010 U.S. Primary Mortgage Origination Satisfaction Study. The study measures customer satisfaction in four key factors of the mortgage origination experience: the application and approval process, satisfaction of the loan officer and/or mortgage broker, the closing experience and contact. Read the full article.
MEETING YOUR NEEDS - TOOLS & RESOURCES
Hot Topic Webinar!
FIRPTA & Cash Reporting Over $10,000
Wednesday, April 13, 2011
10:00 - 11:00 a.m. CDT
LEARN MORE & REGISTER ONLINE | DOWNLOAD REGISTRATION FORM (.pdf) | WEBINAR REPLAY ARCHIVE
TLTA Education is Coming to South Padre & College Station!
You asked for it – you got it! TLTA has developed two live education programs featuring top-rated speakers in the South Padre and College Station areas. This is your opportunity to get out of the office and spend a few hours learning about today’s biggest title industry issues. Additional information about each program can be found at the links below.
Tuesday, April 21 | College Station - College Station Conference Center
Saturday, May 7 | South Padre - Hilton Garden Inn
After hosting a successful Happy Hour in conjunction with the TLTA School on March 9, TLTA's Young Professional Committee will be hosting more events with these two education programs. To receive more information on the breakfast before the seminar in College Station and a happy hour on Friday before the South Padre seminar be sure to add your name to the YP Network. Join by signing into your TLTA profile and checking the 'Young Professional Network' box. Your login is: and the default password is: tlta123. Also, stay informed of Young Professional events by 'liking' TLTA's Facebook page here.
With legislative and regulatory issues affecting our industry, it is more important than ever to stay informed and present a united front. Join your colleagues and peers at TLTA’s Annual Conference & Business Meeting June 16-18 in San Antonio for timely industry programming and important networking events. This year we’ve extended the schedule providing more time for informative programming and meetings including new events such as a New Attendee Orientation and Closing General Session – view the schedule of events or find out more about the beautiful JW Marriott San Antonio Hill Country hotel here.
View the Schedule | Register Online | Download Registration Form
Conference sponsorships are almost sold out! Sign up today and give your company exposure in front of hundreds of title professionals! Get more information here.
Building a Better Online Basic Manual
TLTA is in the process of researching and designing an improved electronic version of the Basic Manual. Let us know what features you want and need. We want to hear your opinions, so please help us by taking this quick basic manual survey.
Our Top-Selling Title Exam Handbook is Back!
Due to popular demand, TLTA has reprinted a limited number of soft cover editions of Frank A. Stamper’s A Handbook for Texas Abstractors and Title Men. The handbook is an invaluable resource for anyone conducting business related to the land title industry. First published in 1966, it contains 125 drawings, maps and tables, guiding you through seven basic areas of land titles and acquisitions. Order your copy here while they last!
MEMBER SPOTLIGHT
Gail Veliz, Deputy Director of Operations, Fidelity Residential Solutions
How did you get started in the title industry?
At a very young age, I stumbled upon a secretarial opening at Alamo Title, which was locally owned in San Antonio. Having had only one job at an automobile insurance office, I figured that title insurance couldn’t be that different or difficult. It opened up a whole new, complicated and interesting world to me.
What are some of the biggest challenges you face as a title professional?
After spending the majority of my title years at a commercial closing office as a Bookkeeper and Escrow Assistant, I made the move to the Relocation Division of Fidelity National Title after they took over Alamo Title. I was well versed in the Texas Title Industry at that time, but in moving to the Relocation Division, had to learn about title insurance practices in all 50 States – abstract states, attorney states, etc. I’ve been in this department for 10 years and I am truly learning new things each day.
Why are you a TLTA Individual Member?
Since I’ve moved to a Division that handles real estate on a national level, it is important to me to stay in touch with what is happening in my home state.
What are you most proud of personally or professionally?
Personally – I have a wonderful family – a husband of 28 years and three great kids who are 23, 26 and 31 as well as an amazing granddaughter who is 4.
What’s your favorite pastime/hobby?
Traveling the state – and sometimes the country – with my hubby and our good friends on his Harley Ultra Classic.
What’s your biggest guilty pleasure?
Spas – I love them – massages and facials!
NEWS FROM THE TLTA COMMUNITY
In Memoriam: Bud Meinecke
Crockett County Abstract Company is sad to report the death of TLTA member Bud Meinecke. For over 55 years, Bud was instrumental in upholding a tradition of excellent service for many land owners, oil and gas professionals and real estate professionals. He was born November 18, 1929 in Ozona, son of Ralph W. Meinecke, Sr. and Coralie Kittle Meinecke. Bud was preceded in death by his mother, Coralie Kittle Meinecke; father, Ralph W. Meinecke, Sr.; two sisters, Sue Melton and Daphne Dockery, and a niece, Debbie Meinecke. He is survived by one brother, William Gerald (Sonny) Meinecke and wife, Alleen of Houston; along with many nieces, nephews and cousins. Read the full obituary.
90% of Sierra Title El Paso Employees are Individual Members
TLTA would like to thank Robert Field, President of Sierra Title West in El Paso who encouraged 34 of his employees to become TLTA Individual Members. “I’m very pleased that over 90% of my full time staff saw the benefits of membership and decided to join,” Field said.
Between the current Legislative Session and the recent rate order issued by the Commissioner, there’s never been a more important time for TLTA to show its strength in numbers – and now you can join through September for just $10! Find out more information here.
Welcome to Our New Members
We would like to welcome our newest members to TLTA. A list of new members approved by the TLTA Board of Directors in February can be viewed here.