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May 3, 2004
Dear TLTA Member:
As you know, Insurance Commissioner Montemayor recently
announced his decision to reduce title insurance rates by 6.5
percent effective July 1, 2004. This is very disappointing news
for TLTA and all of us in the title industry, but it did not
come unexpectedly. We all know that our business has excelled in
recent years due to low interest rates and a very strong real
estate market, and in a regulated rate state like Texas, a rate
decrease was not out of the question. I know you are
disappointed by the size of the decrease, and I am too. In spite
of this decision, I believe it can inspire renewed determination
and commitment in each of us to do the work we have been charged
to do and do it even better.
I would also like to emphasize that in all the years I have been
associated with TLTA our presentation at the December Rate
Hearing was the most professional and well organized that I have
ever seen. Furthermore, I am convinced the facts that we
presented to the Commissioner during the hearing were
instrumental in preventing an even greater reduction in rates.
This has been a very challenging period for the members of TLTA,
as we have faced many diverse and complicated issues, from RESPA
Reform to P-53. In every instance TLTA has gone the extra mile
to bring the industry's issues to the table, with excellent
legal counsel, tenacious expert witnesses and impeccable
documentation to support our position. We have spent the hours
and days and weeks it takes to gain the advantage, as in the
RESPA decision. Just a month ago we prevailed as we watched HUD
withdraw the proposed rule changes in RESPA, due in great part
to the efforts of TLTA. Even so, there are times when the best
effort falls short of our goal, and unfortunately this is one of
those times.
Be assured TLTA will continue to stand up for you and for our
industry. We have been front and center at the hearings,
meetings and discussions where so many of these issues have been
deliberated, and although recent decisions have not been as
favorable as we would have hoped, we will continue to be your
most visible and outspoken advocate. I ask for your continued
support as we go forward to face the many challenges that are
still ahead. And, as always I welcome your comments and
suggestions.
Best regards,
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