August 2019

FAQs: Implementing the Rate and Rule Revisions Effective Sept. 1, 2019

 
We’ve received several questions about implementation of the new rate and rate rule changes effective Sept. 1. Below are answers to the most commonly asked questions.
 
When do we start charging the new rates? On the closing date, funding date or the recording date?
 
We've consulted with TDI audit staff and legal counsel, and they advised us that the closing date is what should be used. For these purposes, the "closing date" is the date the papers are signed. Consumers should be charged the new rates for all closings that occur on Sept. 1 and later.


Will there be new stat codes issued?
 
Yes, TDI is working on a Commissioner's Order to adopt one or more new stat codes. However, any new codes will not be adopted until late 2019, with required collection beginning in 2020. There will be no new stat codes before the Sept. 1 effective date. We will continue monitoring this issue and report when new stat codes are issued later this year.
 

Can we get an electronic version of the new rate chart for our website, rate cards, etc.?
 
Yes, TDI has provided us with this rate schedule, which you can use. However, please note that this is an unofficial raw data file in Excel format. Therefore, you should confirm that the charts you produce with this data match the official rate chart published along with the Commissioner's Order.
 

Learn More
 
A complete catalog of the rate and rule revisions effective Sept. 1 can be found in the compliance update we sent in July.
 
Learn more about the specifics of these changes and how to implement them in TLTA's on-demand webinar, New Rate and Rate Rule Changes to the Basic Manual.
 

Have additional questions?
 
If you have additional questions, please email us at tlta@tlta.com or call 512.810.8800. We're here to assist as you navigate these changes and always available as a resource.