June 13, 2012
TDI Issues Call for Agent Stat Data - July 26 Deadline
The Texas Department of Insurance (TDI) has issued its call for Agent Statistical Data. The form acknowledging that you have received the data call, along with the listing of your branch offices must be submitted to the Department by fax or email no later than this Friday, June 15, 2012. The completed report must be postmarked or submitted electronically by July 26, 2012. You may read the bulletin and download all of the necessary forms here. Please note: the call for Underwriter Stat Data has not been made yet, but we expect it to also be issued within the next few weeks. If you have any questions, please contact Betty Flores at TDI at 512.475.1878.
TLTA Participates in CFPB Roundtable On Proposed Settlement Forms
Formal Proposal To Be Issued Next Month
Representatives from TLTA participated last week in a RESPA Reform roundtable discussion hosted by The American Land Title Association (ALTA) in Washington D.C. Approximately 50 title industry representatives from across the country had the opportunity to talk directly with key staff form the Consumer Financial Protection Bureau (CFPB) about the soon to be released proposed forms and accompanying regulations that will integrate the current TIL, GFE and HUD-1 Settlement statement into a set of combined forms as part of the implementation of the Dodd-Frank Act.
TLTA has been actively engaged in providing comments to the Bureau over the last 6-9 months as they have rolled out their ideas on possible sample forms and TLTA representatives met directly with the CFPB staff a month ago in D.C. This latest meeting, however, was an important opportunity to visit again with them and a group of title industry members to share our strong concerns prior to their anticipated July issuance of a formal proposal.
TLTA Federal Issues Chair Celia Flowers and member Janet Minke participated in this key meeting and reiterated our views that 1) whatever changes are made the forms should be standardized required-use forms, 2) the settlement agent should maintain the role of completing the settlement portion of the form and their traditional functions that provide the consumer with a neutral third party in the transaction, and 3) the discussed idea of lowering the tolerances from 10% to 0% for third parties either affiliated with the lender or on the lender’s provider list would likely have the adverse effect of driving the settlement function away from the settlement agent and in house to the lender, harming both title agents who have traditionally served this function and the consumers who have benefited from the neutral third party agent in the process.
Celia and Janet thought the meeting was very productive and reported that the CFPB representatives stressed how important it will be for the industry to provide clear, concise and data-driven comments once the rule is published. The deadline for publishing a proposed rule according to Dodd-Frank is July 21, 2012.
In the meantime, we urge you to visit the CFPB website to study the current posted informal idea for a proposed form and to read up on the goals of the CFPB in order to familiarize yourself in advance on this topic of critical importance to all in the title industry. We will keep you updated on this process and will definitely be calling on you to comment once the rule is published, so please stay tuned for more information in the very near future.