March 30, 2022
In This Issue:
- Texas Finance Commission News
- TDI Publishes Agent Experience Report 2019, Underwriter Experience Reports 2015-19
- ALTA Develops Template to Help Companies Respond to Cybersecurity Incidents
- ICYMI: Results From TREC’s Wholesaling Survey for Title Professionals
Texas Finance Commission News
Texas Finance Commission Proposes Amendments to Definition of "Business Day" In Context of Home Equity Lending Disclosures
TLTA | March 25, 2022
The following notice was published in the Texas Register Friday, March 25, 2022:
The Finance Commission of Texas and the Texas Credit Union Commission ("commissions") propose amendments to §153.1 (relating to Definitions) in 7 TAC, Chapter 153, concerning Home Equity Lending.
7 TAC Chapter 153 contains the commissions' interpretations of the home equity lending provisions of Texas Constitution, Article XVI, Section 50 ("Section 50"). In general, the purposes of the proposed rule changes to 7 TAC Chapter 153 are: (1) to amend the definition of "business day" to ensure that the definition appropriately excludes legal public holidays, reflects the common understanding of "business day" in the context of mortgage loan disclosures, and is consistent with similar definitions under federal law, and (2) to make technical corrections to ensure consistency in the text of other definitions.
Read Notice in Texas Register »
Gov. Abbott Appoints Morris To Finance Commission Of Texas
Governor's Press Office | March 24, 2022
Governor Greg Abbott has appointed Roselyn "Rosie" Morris, Ph.D. to the Finance Commission of Texas for a term set to expire on February 1, 2026. The commission is the governing body of the state banking, savings and loan, and consumer credit agencies.
Learn More About Commissioner Morris »
TDI Publishes Agent Experience Report 2019, Underwriter Experience Reports 2015-19
TLTA | March 25, 2022
The Texas Department of Insurance published their Title Insurance Agent Experience Report Compilation for 2019. Additionally, the Title Underwriters Experience Report for 2015-2019 was also published. Both reports are available for review online.
Texas Insurance Code §2703.153 requires each title insurance company and title insurance agent engaged in the business of title insurance in Texas to annually submit business data to TDI. TDI uses this data to set title insurance premium rates.
The new agent experience report was completed with data generated during calendar year 2019. The new underwriter experience report was completed with data generated during calendar years 2015-19.
Review Title Insurance Agent Experience Report Compilation for 2019 »
This Report Is Also Available as an Excel File »
Review Title Underwriters Experience Report for 2015-2019 »
This Report Is Also Available as an Excel File »
Looking for older experience reports? You can
find them here.
ALTA Develops Template to Help Companies Respond to Cybersecurity Incidents
ALTA | March 10, 2022
ALTA created a Cybersecurity Incident Response Plan template to help member companies develop a structured strategy to prepare for, identify, respond and recover from cybersecurity incidents.
ALTA’s Information Security Work Group developed the template based off an approach by the National Institute of Standards and Technology (NIST), which has established guidelines to help companies implement strategies to safeguard against cyber threats.
“The Cybersecurity Incident Response Plan template is intended to be a high-level starting point for title agents at any level of IT knowledge and sophistication,” said Genady Vishnevetsky, chair of ALTA’s Information Security Work Group and CISO for Stewart Title. “As cyberattacks have become more inevitable, it’s essential for businesses of any size to build a secure, vigilant and resilient environment.”
The template provides information on how to:
-
prepare for an incident
- detect and analyze an incident
- contain, eradicate and recover from an incident
- assess lessons learned
- complete any post-event activity
Read More »
ICYMI: Results From TREC’s Wholesaling Survey for Title Professionals
Texas Real Estate Commission | March 15, 2022
In February, TREC coordinated with the Texas Land Title Association (TLTA) to distribute a TREC-conducted survey specific to title company professionals regarding wholesaling in Texas.
Wholesaling is a model where a person enters into a contract to buy real estate and then sells their contractual interest in the property to a third party prior to closing. Individuals engaged in wholesaling are not required to hold a real estate license as long as they disclose the nature of their interest to potential buyers and do not otherwise engage in real estate brokerage activity.
Survey respondents were asked about their primary role in the title industry; the Metropolitan Statistical Area (MSA) of Texas in which they primarily work; the number of transactions they have been involved in where a party engaged in wholesaling; and a final open-ended comment section to provide their observations of wholesaling transactions in Texas.
Of nearly 400 respondents, 44% identified as escrow officers/closers and 25% identified as title agency owner or managers. The remaining respondents included legal counsel, underwriters, fee attorneys, escrow assistant, curative/backup closer, abstract/exam professionals, and other support staff.
Read Results From the Special TREC Survey for Title Professionals »
TLTA Editor's Note: TLTA is grateful to the team at TREC for the opportunity to help facilitate this research. In case you missed it, TREC also sent a general wholesaling survey to a broader group of real estate professionals and the results of that broader survey can also be found in this TREC article.
1 hr Escrow Ethics Credit
Level: Beginner. Presented live April 8, 2022
Presenter: Lisa Beville, JD, CPA, CTIP, Fidelity National Title Insurance Company
There is no crying in baseball, and there shouldn’t be crying in title either. This ethics webinar uses entertaining sports analogies to address practical ethics and the legal duties of a title insurance professional. After an hour, attendees will understand the importance of “knowing the rule book” and “touching all the bases.”
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!