July 25, 2012
TLTA Working With TDI to Streamline and Improve Licensing Process
The Texas Department of Insurance (TDI) recently reached out to TLTA with a request that we work with them on a project to modernize, automate and streamline the agent and escrow officer licensing process. As a result of the recent restructuring at TDI, these functions are now handled in TDI's Financial Division and staff there are seeking to update and standardize these processes and bring them more in line with how other lines of insurance are handled.
We are pleased to report that this effort is going very smoothly and we anticipate that the changes being discussed will be positive and will represent a significant improvement for you as you work with TDI on licensing issues.
After the initial request from TDI, TLTA formed a task force made up of industry experts. This task force met with staff from the Department to discuss the overall project. From there, a list of needed rule changes was identified and TLTA has now drafted those proposals and they have undergone an initial review by the task force and our Board. We will continue working with TDI to refine the proposals and we anticipate they will be incorporated into the pending rule hearing order when it is published in the Texas Register for comment.
The purpose of these proposed changes is to:
Incorporate and standardize title insurance licensing and continuing education processes into one functional program area at TDI
Improve usability and reduce obstacles to sharing information
License holders: convenient, easy-to-use, electronic forms and payment
Consumers: searchable licensure status databases
TDI staff: automated, efficient, universal licensing system
Provide objective and understandable licensing and continuing education requirements
As soon as the full proposals are available for publication, we will provide you with copies to review, but we wanted to keep you updated on this important process that is underway. We are appreciative of TDI's efforts to improve these processes and their willingness to work with TLTA to ensure that they are workable for the industry while still meeting the objectives and requirements of the department as well as serving the needs of the consumer.
TLTA Analyzing CFPB Rule Proposal
Update Detailing Our Initial Concerns to be Released Later This Week
We are in the process of analyzing the Consumer Financial Protection Bureau's (CFPB) recent proposal to integrate the current TIL, GFE and HUD-1 Settlement Statement into a set of combined forms. The 1,099 page rule proposal is complex and it will take us time to evaluate all of the components. Look for a special CFPB Update from TLTA this week detailing our initial concerns in the proposal as well as what the next steps are and what you can do to help.
Court Rules Underwriter Not Vicariously Liable for Agent's Acts
American Land Title Association
This court review by Raighne Delaney of the law firm Bean, Kinney & Korman discusses the recent ruling by the Maryland Court of Special Appeals that addresses underwriter liability of its agent. The scholarly opinion details why title insurers are not vicariously liable for the acts of their policy issuing agents. Read the Review >
Add This Invaluable Reference to Your Title Resource Library
Frank A. Stamper’s A Handbook for Texas Abstractors and Title Men is an invaluable resource for title examiners or anyone else who conducts business related to the land title industry. First published in 1966, it's not only widely acclaimed in Texas, but has become a popular resource for title professionals across the country. The soft cover book contains 125 drawings, maps and tables, guiding you through seven basic areas of land titles and acquisitions. Originally designed to reduce training time in the basics of the abstract and title business, this handbook will quickly become one of your best permanent references. Recently reprinted, the handbook includes sleek new binding and a soft cover, new introductory material on the life of Frank A. Stamper and 10 special pages for your personal notes and reference. Read More >