October 31, 2018

In This Issue:

  • TDI Quarterly Audit Results Published
  • COMPLIANCE DEADLINE: Title Agent Statistical Data Report Due Today
  • Final Week to Vote Early; Election Day – Tuesday Nov. 6
  • State Rep. John Zerwas Drops Bid for Texas House Speaker
  • FHFA Issues Proposed Rule on Federal Home Loan Bank Housing Goals

TDI Quarterly Audit Results Published

TLTA | Oct. 29, 2018
The following is a summary of recent TDI audits, violations and enforcement actions from June through August 2018. Read TDI's complete summary of operations for the quarter, or read the key statistics below.

Compliance Audits: TDI's goal is to comprehensively audit agencies at least once every two years. This quarter, TDI conducted 65 audits.

Commissioner Orders: This quarter, TDI signed two Commissioner Orders. As of this report, 48 cases remain active and under investigation.

Compliance Audit Results: Below are TDI's most common audit findings for the quarter that ended in August. The numbers below represent how many agencies had an infraction, not the number of times the infraction occurred:
Number of Agencies
Texas Insurance Code
Actual receipts and/or disbursements not in agreement with settlement statement or premium split not disclosed
Escrow Accounting
Outstanding checks not cleared timely
Minimum Escrow Accounting Procedures and Internal Controls
Every disbursement not supported by invoice or sufficient other evidence
Procedural Rules
Failure to prepare / maintain form T-64 (TD) when CD used

Read Full Quarterly Audit Report »
If you would like to see TLTA produce educational materials related to the most common infractions identified by TDI's audits, please share your ideas with our education team.  

COMPLIANCE DEADLINE: Title Agent Statistical Data Reports Due Today

TLTA | Oct. 31, 2018
The Texas Department of Insurance issued its call for agent statistical data in September. Those reports must be submitted to TDI no later than TODAY.
If you haven't completed your report, the education team at TLTA produced a webinar that can help:
Webinar: On-Time and Error Free TDI Experience Reporting 
Oct. 10, 2018 
10:30-11:30 a.m. 
To satisfy TDI's request, you'll need these instructions and forms. If you are unable to download the forms or have questions about this data call, contact TDI's Shanna Sherwood at 512.676.6681 or PCDataCallTitle@tdi.texas.gov.
If you have other concerns or questions, please call us at 512.472.6593 or email tlta@tlta.com.

Final Week to Vote Early; Election Day – Tuesday, Nov. 6

TLTA | Oct. 30, 2018
This is the final week of early voting, and election day is Nov. 6. Voter turnout in Texas is the lowest in the nation, and our industry cannot count on the support of business-friendly, community-driven lawmakers if we don't show up at the polls and give them our votes. 
Please make a plan to vote early this week, and be sure to remind your family, friends, neighbors and coworkers that voting is one of our country's most cherished liberties. 
Vote Early: Oct. 22 - Nov. 2
Election Day: Nov. 6
Where and When to Vote »
Texas Tribune's Voters' Guide »

State Rep. John Zerwas Drops Bid for Texas House Speaker

Texas Tribune | Oct. 28, 2018
State Rep. John Zerwas, a Richmond Republican, has withdrawn from the race for speaker of the Texas House, he confirmed to The Texas Tribune on Sunday evening.

“I am grateful for the opportunities I have had to engage with the members of the House. The honest conversations are critical to the relationships I have, and I am honored to work with such principled leaders,” he said in a statement to the Tribune. “While I believe that I could lead the House through a successful 2019 session, it has come time for me to end my bid for Speaker and wholly focus on writing the budget for the 2020-2021 biennium.”

His departure comes amid an effort among roughly 40 GOP House members to draft state Rep. Dennis Bonnen, R-Angleton, into the race. Bonnen did not immediately respond to a request for comment from The Texas Tribune.
Read More »

FHFA Issues Proposed Rule on Federal Home Loan Bank Housing Goals

Federal Housing Finance Agency | Oct. 29, 2018
The Federal Housing Finance Agency (FHFA) is seeking comments on proposed amendments to the existing regulation for the Federal Home Loan Bank (FHLBank) Housing Goals.
The proposed rule would:
  • Set a single prospective mortgage purchase housing goal as a share of each FHLBank's total Acquired Member Asset (AMA) purchases;
  • Set a new small member participation housing goal for participation by small institutions;
  • Eliminate the volume threshold and instead allow FHLBanks to propose different goals levels for mortgage purchases and small member participation, subject to FHFA approval; and
  • Simplify and expand the eligibility criteria to enable federally backed loans to count for goals purposes.
The Federal Home Loan Bank Act requires that the Director of FHFA establish housing goals with respect to the purchase of mortgages, if any, by the FHLBanks. The goals should be consistent with those for Fannie Mae and Freddie Mac while considering the unique mission and ownership structure of the FHLBanks. FHLBanks purchase mortgages through the AMA program. FHLBank participation in the AMA program is voluntary.

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!