July 14, 2021

In This Issue:

  • TDI Bulletin: Escrow Officer Ethics Hours Increased From Two to Three by Legislature
  • CFPB Finds Lender Mistakes With Simultaneous Issue Rates on TRID Disclosures
  • 1031 Exchanges Could Change Forever – What Do You Need to Know?
  • ICYMI: TDI Issues Data Call – Reports Due Aug. 13; Register for TLTA Webinar

TDI Bulletin: Escrow Officer Ethics Hours Increased From Two to Three by Legislature

TDI | July 12, 2021
On Monday, July 12, the Texas Department of Insurance issued a bulletin providing a summary of changes to agent license requirements included in HB 4030 passed by the 87th Texas Legislative.  

Increase to escrow officer ethics continuing education requirements
The continuing education requirement for ethics increased from two hours to three hours per license period for licenses expiring on or after Sept. 30, 2022. This change doesn’t affect the total number of hours required during the two-year licensing period. TDI will be providing more information on when licensees must complete the additional ethics training. To make sure you get the notice, sign up for email alerts about agents and adjusters.
 
For questions about this bulletin, contact the Agent and Adjuster Licensing Office at 512.676.6500 or license@tdi.texas.gov.
 
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TLTA Editor's Note: The TLTA On-Demand Library includes a number of ethics courses to help you meet your continuing education needs. 
 

CFPB Finds Lender Mistakes With Simultaneous Issue Rates on TRID Disclosures

ALTA | July 8, 2021
Some lenders are inaccurately disclosing fees for lender’s title insurance on the TILA-RESPA Integrated Disclosures in violation of Regulation Z, according to the Consumer Financial Protection Bureau’s summer Supervisory Highlights report.

In addition to mortgage origination, the findings included in this report cover examinations in the areas of auto servicing, consumer reporting, debt collection, deposits, fair lending, mortgage servicing, payday lending, private education loan origination and student loan servicing that were completed between Jan. 1, 2020 to Dec. 31, 2020.
 
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1031 Exchanges Could Change Forever – What Do You Need to Know?

Forbes | June 20, 2021
Like-kind real estate exchanges, known as 1031 exchanges, have been an integral part of real estate investment for the last century. The first like-kind exchanges were authorized 100 years ago under the Revenue Act of 1921. While the rules have evolved several times since, the basic premise is the same — 1031 exchanges allow real estate investors to defer capital gains taxes on a sold property if they acquire a new property of equal or greater value within the prescribed time period. Under current guidelines, the old and new properties can be of nearly any type as they are “held for productive use in trade or business or for investment.” Like-kind exchanges can include rental housing, commercial buildings, land, retail properties and more.
 
This Forbes article explores the importance of 1031 exchanges and possible changes on the horizon.
 
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TLTA Editor's Note: Limiting access to 1031 Like-Kind Exchanges is among the tax reform proposals being circulated by the new administration. Anticipating that there is more work ahead for our industry on this issue, TLTA created a new repository of info on 1031 Exchanges
 

ICYMI: TDI Issues Data Call – Reports Due Aug. 13; Register for TLTA Webinar

TDI | July 2, 2021
The Texas Department of Insurance sent its call for Agent Statistical Data on July 2 to each agency in Texas in accordance with Texas Insurance Code §2703.153, which requires each title insurance company and title insurance agent engaged in the business of title insurance in Texas to annually submit certain data to TDI. TDI uses this data to set title insurance premium rates.
 
Please note that this call is for data collected during calendar year 2019. You must respond to this data call using the provided instructions and forms no later than Aug. 13, 2021. If the title agent wasn't licensed until 2020 or later, they are not required to report for this data call. If they were licensed in 2019, they are required to report.
 
If you are unable to download the forms or have any questions concerning this data call, please contact TDI's Property and Casualty - Actuarial by phone at 512.676.6687 or by email at PCDataCallTitle@tdi.texas.gov.
 
The TLTA education department is conducting a webinar to help guide you as you complete TDI's mandatory data report. Mark your calendars and register for TDI Experience Reporting - Industry Financial Reporting on July 29. 
 
Read the Call »
  


In addition to live webinars held throughout the year, you have access to our library of more than 80 On-Demand webinars and videos  covering the title industry topics you need to earn continuing education credits and stay ahead of the curve on the latest industry trends!