August 1, 2018
In This Issue:
- TDI Quarterly Audit Results Published
- TLTA Requests Hearing, Submits Comments on Basic Manual Rule Amendments Proposal re: Licensing and Continuing Education
- Texas Secretary of State Publishes Remote Online Notary Resources
- TLTA Submits Amicus Letter in Case Before Texas Supreme Court
- Compliance Reminder: Basic Manual Updates To Be Implemented Aug. 9
- Senate Passes Flood Insurance Extension at 11th Hour
- 10 Years After Crisis, Fannie, Freddie Trigger New Alarms Regarding Growing Role
TDI Quarterly Audit Results Published
TDI | July 30, 2018
The following is a summary of recent TDI audits, violations and enforcement actions from March through May 2018. Read TDI's complete summary of operations for the quarter, or read the key statistics below.
TDI's goal is to comprehensively audit agencies at least once every two years. This quarter, TDI conducted 63 audits.
This quarter, TDI signed three Commissioner Orders. As of this report, 49 cases remain active and under investigation.
Compliance Audit Results:
Below are TDI's most common audit findings for the quarter that ended in May. The numbers below represent how many agencies had an infraction, not the number of times the infraction occurred:
Number of Agencies
Texas Insurance Code
Section 2702.053 – Actual receipts and/or disbursements not in agreement with settlement statement or premium split not disclosed.
Title Bulletin No. 160 - All parties receiving portions of the real estate commission not disclosed on settlement statement.
P-21: Schedule D of commitment not in file or premium split not disclosed on commitment
P-73: Failure to prepare/maintain form T-64 (TD) when CD used.
Minimum Escrow Accounting Procedures and Internal Controls
#16 - Every disbursement not supported by invoice or sufficient other evidence
Read More »
Outstanding checks not cleared timely
TLTA Requests Hearing, Submits Comments on Basic Manual Rule Amendments Proposal re: Licensing and Continuing Education
TLTA | July 27, 2018
On June 29, the Texas Department of Insurance published proposed rule amendments re: the Title Insurance Basic Manual.
The proposed amendments would do the following:
- Comply with legislative changes
- Streamline licensing, renewal and other notifications
- Create a new escrow officer license appointment structure
- Amend continuing education program procedures and increase the amount of ethics hours required
TLTA has requested a hearing and submitted comments re: the proposed rule amendments.
See TDI's full proposal
and reference materials »
Read TLTA's Submitted Comments »
Texas Secretary of State Publishes Remote Online Notary Resources
TLTA | July 31, 2018
The Texas Secretary of State published the following resources, which include information regarding applying to become an online notary, online notarization procedures (including recordkeeping and use of the electronic seal), and frequently asked questions:
TLTA Submits Amicus Letter in Case Before Texas Supreme Court
TLTA | July 31, 2018
An amicus letter from TLTA to the Supreme Court of Texas asks the Court to address the question of property owners’ ability to reserve or extinguish an easement appurtenant (i.e., a right to use adjoining property that transfers when land is sold) by simply taking exception to it in the deed of conveyance.
While easements appurtenant have been long-standing and fundamental concepts in Texas real estate law with very specific requirements to eliminate / terminate them, courts seem to have confusion when interpreting the relative rights of the parties.
The Texas Supreme Court has an opportunity to provide a succinct and direct interpretation of this area of easement law and real property titles—issues regularly encountered by title examiners, escrow officers and title company lawyers.
Read the Amicus Letter »
TLTA's Judiciary Committee, which is chaired by Roland Love, is responsible for recommending to our board of directors TLTA's position on court decisions that could affect the defense of title companies and title agents.
TLTA Judiciary Committee Members »
Compliance Reminder: Basic Manual Updates To Be Implemented Aug. 9
TLTA | Aug. 1, 2018
Earlier this year, TDI Commissioner Kent Sullivan signed a final order on agenda items that update, correct and clarify rules and forms in the Basic Manual of Title Insurance. These updates were effective June 10, but implementation of the new rules and forms was delayed until Aug. 9. Learn More »
TLTA's online Basic Manual has been updated with all of these changes. TLTA Basic Manual subscribers (both print and online version subscribers) had the section updates emailed to them last week. If you have questions, please call us at 512.472.6593 or email email@example.com
Not a TLTA Basic Manual services subscriber? Check out this video demo
highlighting the benefits of subscribing to our Online Basic Manual, then subscribe to TLTA's Basic Manual service today
Senate Passes Flood Insurance Extension at 11th Hour
HousingWire | July 31, 2018
Tuesday, the day the current National Flood Insurance Program was set to expire, the Senate passed yet another short-term extension of the program.
The House of Representatives already passed the extension Wednesday, sending it to the Senate for a vote. The legislation will extend the program until November 30, 2018, once signed into law by President Donald Trump.
“We thank Senate leadership for extending the National Flood Insurance Program and providing four additional months of funding,” said Jim Nussle, Credit Union National Association president and CEO. “It's vital that flood insurance premiums remain affordable so that credit union members in parts of the country where this type of insurance is required are not shut out of the opportunity to own a home.”
Read More »
10 Years After Crisis, Fannie, Freddie Trigger New Alarms Regarding Growing Role
Politico | July 19, 2018
Republican lawmakers are raising alarms that Fannie Mae and Freddie Mac, the government-run companies at the center of the U.S. mortgage market, are quietly expanding their activities to fortify themselves against any efforts to rein them in.
A decade after the government rescued the mortgage financiers from a spectacular collapse, critics are stunned to see Fannie and Freddie back in a position to pick winners and losers in the private market, introduce new products, and rapidly grow their multifamily lending business.
Read More »
TLTA has scheduled a variety of live webinars for 2018! Register now, or explore our library of more than 80 On-Demand webinars and videos covering the title industry topics you need!