DID YOU KNOW?
Out of more than one million policies issued in Texas in 2002, only 296 complaints were filed with the Texas Department of Insurance, most of which were due to the complainant's misunderstanding about the product. Source: Texas Dept. of Insurance.
Do you have a TITLE QUICK FACT you would like to have included in Downdate? E-mail us at email@example.com
P-53 FAQs PAGE NOW ON TEXAS DEPARTMENT OF INSURANCE WEB SITE
The Texas Department of Insurance announced a new feature on their Web site to address questions about the recently adopted P-53 Rule. TLTA had urged TDI to provide this resource, due to the continuing need for clarification regarding implementation of P-53. The page is set up in a Question and Answer format and will be updated as needed. Click here to go to TDI's P-53 FAQs page.
Also, you may want to check out TLTA's P-53 page on the TLTA Website. This page includes links, articles and other resources that provide additional information on the new rule. Click here to go to the P-53 page. We will keep this page current as information becomes available.
We also have an audio tape of the March 23 Rules Teleconference that is available for purchase (See link below for an order form.)
Click here to order a tape of the TLTA Rules Teleconference held March 23
COMMON RECORDING ERRORS - WHAT'S CHANGED FOR THE CLOSER?
by Denise Werst, Commerce Title Company, Dallas
State and federal regulations impact most aspects of the closing process and are intended to help settlement agents perform this process effectively and efficiently. It is a closer’s obligation to know the requirements and limitations imposed by these regulatory guidelines. In Texas, recording documents is part of “closing the transaction,” as defined in Procedural Rule P-1.f. of the Texas Title Insurance Basic Manual. The definition states, in part, that closing the transaction is the investigation to determine the “. . . proper execution, acknowledgment and delivery of all conveyances, mortgage papers, and other title instruments which may be necessary to the consummation of the transaction . . .” and that “. . .all necessary papers have been filed for record.”
Because closers are responsible for recording documents as part of the closing, it is important to understand the laws governing the recording of documents as they relate to that function. Recording statutes that affect the escrow function are found in the Texas Property Code Annotated, Sections 11, 12 and 13. These rules establish the criteria for such things as document recordability, where a document must be recorded and the duties of the recorder. Closers who have been in the industry know about these requirements, but sometimes find it difficult to keep up with changes. A recent change that affects the recording of documents became effective for the recording of an instrument executed on or after Jan. 1, 2004. MORE STORY
SHARE YOUR KNOWLEDGE
We know many of you serve as teachers and trainers for your company, or have written articles about the title industry in the past. We would love to have more articles and information to publish in Downdate, Dateline, and on the TLTA Web site. If you have an article you have written, or if there is a topic you are interested in writing about, we'd like to hear from you. Please send articles or feature ideas to firstname.lastname@example.org
ORDER YOUR 2002 RATE AND RULE UPDATES FOR THE BASIC MANUAL NOW!
BASIC MANUAL PROCEDURE
TLTA printed the 2002 edition (Blue Cover) of the Basic Manual in July 2002, at which time the Board of Directors approved a new update procedure. All subsequent changes in rules and rates are sold as updates to the Basic Manual with the cost of each update to be based on the extent of changes to the manual. Each individual who has purchased a Basic Manual is notified of availability of updates and an order form.
If you have a 2002 edition of the Texas Title Insurance Basic Manual (blue cover) but have not ordered your 2002 Rule and Rate update, you should do so as soon as possible to keep your manual current with recent rule and rate changes. We've made ordering convenient for you.
TWO WAYS TO ORDER UPDATES AND BASIC MANUALS:
Order updates ON-LINE
Download Order Form (pdf)
NOTE: Updates are not shipped automatically. You must order updates to your Basic Manual.
Also, to assist us in contacting you about future updates, we need your serial number. If you have not registered your serial number with TLTA, please do so by June 15 by contacting email@example.com
TLTA DIRECTORY UPDATE DUE BY MAY 28
Your company's 2004-05 Directory Update form was mailed on April 26 with a copy of your current Directory listing. If you have already returned your update form, thank you! If you haven't, please do so as soon as possible. Fax your completed form to the TLTA office at 512.472.5931 no later than May 28.
If you have questions, please contact Paula Thomas or Kathy Whatley at the TLTA office at 512.472.6593/ Fax: 512.472.5931. If you are unable to meet the May 28 deadline, please call the TLTA office, and let us know when we can expect to receive your directory update form.
NEW BYLAWS ON TLTA WEBSITE
In accordance with Article Sixteen, Section 4 of the TLTA Bylaws, this is your official notice that the TLTA Board of Directors voted to amend the Bylaws on April 14, 2004. Click here for the new redline version of the approved Bylaws amendments. Please call or e-mail firstname.lastname@example.org if you have any questions regarding the Bylaws amendments.
We recently e-mailed information to agents regarding their section meeting at the Annual Conference and listed members of the Agent Section Nominating Committee. Vicki Rutherford-Cearnal's employer should have been listed as Title Texas Inc. We apologize for the error.
A. B. WALDRON - IN MEMORIUM
Long-time TLTA member and past president A. B. Waldron passed away on April 28, 2004 and services were held on May 1 in Fort Worth, Texas. A. B. was born in Breckenridge and moved to Fort Worth in 1930. He earned his undergraduate degree at TCU in Fort Worth and his doctor of jurisprudence from UT-Austin School of Law. He began his career in the title industry in Big Lake, where he worked abstracting and examining title at Elliott and Waldron Abstract and Title, the company his parents founded. He had previously worked in the Elliott and Waldron office in Victoria with his uncle, Doyle Waldron.
In the 1950's A. B. and his wife Dorothy settled in Fort Worth where he worked for another uncle, Ervin Waldron, in the Fort Worth office. After Elliott and Waldron closed in 1964, A. B., with partners Curtis F. Nooner and Norman Moize, began Southwest Land Title Co. (now known as North American Title Co.) where A. B. served as chairman and president. He retired in 1997 after 52 years of service in the land title industry. He served as president of the Texas Land Title Association in 1963 and was recognized as an honorary member of TLTA for his sustained and meritorious service. He is survived by his wife Dorothy, children Burch Waldron and his wife, Lisa, Barbara Waldron Jiongo and her husband Mike Jiongo, and Beth Waldron Collins and her husband Craig Collins and four grandchildren. Memorials may be given to Presbyterian Night Shelter of Tarrant County, Box 2645, Fort Worth, Texas.
A. B. was respected and admired by his title industry colleagues and he will be greatly missed by the TLTA membership and staff.
MOVERS AND SHAKERS
PRIESTLY NAMED CFO OF CENTEX TITLE & INSURANCE DALLAS
Centex Title & Insurance, a subsidiary of Centex Corporation has named David A. Priestley as its Chief Financial Officer. In his new role, Mr. Priestley will oversee all financial and strategic planning matters for the company’s title and insurance operations. In addition, he has operational oversight responsibilities.
“I am pleased to appoint David to this significant post within our company,” said Thomas G. Apel, President and Chief Executive Officer. “David’s keen financial and operational abilities have proven time and time again that he is an invaluable asset to our company.”
In April 2003, Mr. Priestley was promoted to Senior Vice President. He first joined Centex Title & Insurance in February 2001 as Vice President of Finance after serving as an internal audit manager for Centex Corporation since 1998. Centex Title & Insurance, part of the Centex Financial Services family of companies, offers title insurance and various closing and settlement services nationwide under the Commerce Title brand name.
TLTA MEMBERSHIP CAMPAIGN A SUCCESS
This year, every time a TLTA member recruited a new member their name was placed in a drawing for a complimentary registration to the 2004 Annual Conference. As of April 30, 2004, we have a total of 57 (24 active and 33 associate) new members and we're still getting them in the mail. Congratulations on a successful year! The winner from our drawing was John C. Martin, Lone Star Title Company of El Paso, Inc. Our thanks to John and all the other TLTA members who helped in this effort to grow TLTA's membership.
INDIVIDUAL MEMBERSHIP PRIZE DRAWINGS - AND THE WINNER IS . . .
Our Individual Membership program has been an incredible success this year. Many thanks to Joey Prohaska and other members of the Individual Membership Committee for their hard work in making this campaign such a success. We now have 654 new Individual Members and the number is ever-growing.
Click here for a complete list of Individual Members who have joined since September 2003.
All new individual members were entered in a drawing for some great prizes. The drawing was held in April and prizes were awarded to the following new individual members.
Grand Prize - Two Nights and Golf Package for Two at Hyatt Hill Country Resort and Spa
Patricia Coad (Landmark Title Company)
2nd Prize – 2004 Annual Conference Full Registration for One
Ray Reece (Title Resources Guaranty Company)
3rd Prize - $150
Nikole Goss (Barrett, Burke, Wilson, Castle, Daffin & Frappier, L.L.P.)
ABSTRACT AND EXAMINING SEMINAR VIDEO
A videotape of the TLTA seminar Unlocking the Chain: Focus on Abstract & Examining is now available. Click here to place your order.
NEW TLTA MEMBERS
Please join us in welcoming the following new members who have joined TLTA since Jan. 2004.
Community Title, L.L.C.
Deborah Shera, Vice President/Manager
5400 Independence Parkway, Suite 200
Plano, TX 75023
Phone: 972.867.3445 Fax: 469.467.1057
Jeff Davis County Abstract & Title Co.
Lynne C. Baldwin, Owner
309 State Street
P. O. Box 813
Fort Davis, TX 79734
County: Jeff Davis
Phone: 432.426.3288 Fax: 432.426.3844
Metroplex Title, Inc.
Glen W. Cochran, Jr., President
1845 Precinct Line Rd., Suite 101
Hurst, TX 76054
County: Tarrant, Parker, Denton, Collin
Phone: 817.427.9060 Fax: 817.577.8338
Randolph Brooks Title Company, LLC
Robert Zearfoss, Chief Operating Officer
One Randolph Brooks Parkway, Suite 147
Live Oak, TX 78233
Phone: 210.637.4148 Fax: 210.637.4175
Security Escrow & Title, LLC dba Security Title
Mark B. Gilbreath
5325 S. Staples, Suite 225
Corpus Christi, TX 78413
Phone: 361.993.4302 Fax: 361.993.4348
Trans Union Settlement Solutions, Inc.
Gregory L. Oxley, Vice President-Title Operations
12941 N. Freeway, Suite 609
Houston, TX 77060
County: Harris, Collin, Fort Bend, Montgomery, Brazoria, Bexar, Galveston
Phone: 972.596.1353 Fax: 972.596.1354
Assurance 1031 Exchange, LLC
Peggy Kraus, President
18111 Preston Rd., Suite 500
Dallas, TX 75252
Billie J. Riley, P.C.
Billie J. Riley
211 S. Stemmons, Suite C
Lewisville, TX 75067
Capital Farm Credit, FLCA
Michael D. Kilgore, Loan Processing & Servicing Coordinator
507 E. 26th Street (77803)
P. O. Box 232
Bryan, TX 77806-0232
Catron and Associates
Virginia J. Catron
9039 Katy Freeway, Suite 336
Houston, TX 77024
Charles Jones, LLC
Sharon Gravener, Marketing Communications Coordinator
P. O. Box 8488
Trenton, NJ 08650
County: Out of State
Delony Service Co.
David Delony, President
702 E. 7th Street
Cameron, TX 76520
Kathy Dennis, Business Development
P. O. Box 941071
Sugar Land, TX 77094
County: Fort Bend
Kim & Associates, P.C.
Tae Young “Ted” Kim
2964 LBJ Freeway, Suite 300
Dallas, TX 75234
Law Offices of Clark & Clark
Ken Clark, Jr., President
San Antonio, TX 78216
Manhatton & Associates, P.C., Attorney & Counselors at Law
Victoria J.H. Manhatton, Owner & Managing Attorney
Richardson, TX 75081
Morrison, Clinage & Cox, PLLC
Edward S. Cox
2011 E. Lamar Blvd., Suite 200
Arlington, TX 76006
Robert A. Sherman, Attorney at Law
Robert A. Sherman
312 W. Sabine
P. O. Box 351
Carthage, TX 75633
Rocky Mountain Mortgage Company
Harold W. Hahn, President
2244 Trawood, Suite 100 (79935)
P. O. Box 371370
El Paso, TX 79937
County: El Paso
Texas Capital Bank
Julie M. Bloss, Title Liaison
6060 N. Central Expressway, Suite 800
Dallas, TX 75206
Vicki L. Byrnes, Attorney at Law
Vicki L. Byrnes
313 Mustang Trail
Granbury, TX 76049
Wendell M. Champion, P.C.
Wendell M. Champion
5625 Milart Street
Houston, TX 77021
Wheat & Wheat Attorneys at Law
John W. Wheat
2600 Citadel Plaza Dr., Suite 105
Houston, TX 77008
THE TLTA GREENSHEET
How do you find someone to fill that key position in your firm? Are you looking for the best method to reach other title industry professionals? Whether you're advertising for a job opening or selling your business, equipment or service, the TLTA GREENSHEET is your answer. It's your on-line connection to industry related employment and business opportunities. Click here for the latest GREENSHEET.
SEND US YOUR FEEDBACK – AND YOUR IDEAS
We welcome your comments or suggestions about DOWNDATE, as well as other TLTA publications and products. Please forward information to email@example.com.