September 22, 2021
In This Issue:
- Attention Title Agents: TDI's T-S1 Form Due Next Week, Sept. 30
- Governor Expands Call of Third Special Session to Include Property Tax Relief
- ICYMI: TREC News
- Fannie Mae to Restart Credit Risk Transfers
- Texas Is Third Most Popular State for International Homebuyers
Attention Title Agents: TDI's T-S1 Form Due Next Week, Sept. 30
TLTA | Sept. 22, 2021
Just a reminder that the T-S1, also known as the Title Agent's Unencumbered Assets Certification, is due to TDI's Title Examinations Department by Sept. 30, 2021. All title agents are required to turn in a new T-S1 form every year between Sept. 1 - 30.
Download the Title Agent's Unencumbered Assets Certification (Form T-S1)
TDI has requested that you submit your T-S1 form by email to TitleExaminations@tdi.texas.gov
For more information contact TitleExaminations@tdi.texas.gov
Also, please remain aware of these other TDI compliance reminders:
Underwriter Data Call: Due Oct. 8
The Texas Department of Insurance (TDI) issues this mandatory data call under Insurance Code Section 2703.153, which requires title insurance underwriting companies to submit data to TDI annually. TDI uses this data to set title insurance premium rates, as required by Insurance Code Section 2703.151. This data call requests income, expense, and policy data from calendar year 2019.
Learn More, Submission Instructions »
Escrow Officer License Renewals - Some Escrow Officers Are Failing to Renew Their Licenses
Prior to TDI rule changes implemented in the last two years, title agents were responsible for renewing their escrow officers’ licenses along with their agency license. Under today's rules, escrow officers are responsible for renewing their own licenses.
Some escrow officers are failing to renew their licenses.
Ensuring TDI has your current personal email address is a crucial first step in monitoring license renewal notices. Learn how to keep your email address up-to-date and other helpful tips
for renewing your license and staying in compliance.
Governor Expands Call of Third Special Session to Include Property Tax Relief
TLTA | Sept. 22, 2021
As previously reported, the Texas Legislature's 87th Regular Session concluded in May (ICYMI, read TLTA's Legislative Report here
). Two special sessions have been held since that time, and a third special session started on Monday, Sept. 20.
While property taxes were not included originally among the issues on the third special session's call, today the governor expanded the call
to include property tax relief. We will continue to monitor all legislative activity and report to you when there are industry-specific issues of which you should be aware.
In case you missed our report in Dateline earlier this month, here's more on the property tax legislation passed during the second special session.
Under current law, when a homeowner purchases their home, the homeowner must wait until January 1 of the following year to receive the benefit of their homestead exemption provided by Texas law. SB 8 allows a homeowner to receive their homestead exemption in the year that they acquire the property, rather than having to wait for January 1 of the following year.
SB 12 would extend the school property tax rate cuts approved by the Texas Legislature in 2019 to elderly and disabled homeowners. This change will be effective in Jan. 2023 if Texas voters approve a constitutional amendment (SJR 2) on local election ballots in May 2022.
ICYMI: TREC News
Rule and Contract Changes From the August 2021 Meeting
During the August quarterly Commission meeting, several rule and form changes were proposed and adopted.
Read More »
Broker-Lawyer Committee Appointments Announced
The Texas Real Estate Commission (TREC) is pleased to announce the appointment of two broker members to the TREC Broker-Lawyer Committee. Broker members Dianne McCoy and Mary Miner were appointed at the August 2021 Commission meeting with terms set to expire in 2027.
Read More »
Fannie Mae to Restart Credit Risk Transfers
HousingWire | Sept. 21, 2021
Fannie Mae announced that it will restart its credit risk transfer program by the fourth quarter of 2021, following proposed changes to its capital rule.
The company said it expects to transfer mortgage credit risk via its Connecticut Avenue Securities and Credit Insurance Risk Transfer programs.
The announcement comes on the heels of tweaks the Federal Housing Finance Agency would make to last year’s proposed capital rule, to “better reflect the risks inherent in the Enterprises’ business models and encourage the Enterprises to distribute acquired credit risk to private investors rather than to buy and hold that risk,” according to the FHFA.
Read More »
Texas Is Third Most Popular State for International Homebuyers
Texas Realtors | Sept. 8, 2021
International homebuyers purchased nearly 10,000 homes in Texas from April 2020 to March 2021, representing $4.9 billion in sales, according to the 2021 edition of the Texas International Homebuyers Report
Texas ranked third in the nation, behind Florida and California, for homes sold to international buyers and accounted for 9% of all homes purchased by international homebuyers in the United States, with 9,630 home sales out of 107,000. International home purchases decreased 31% in the U.S. compared to last year’s report.
Read More »
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