Bulletin: TX2011003

Date:
May 17, 2011
To:
All Texas Issuing Offices
RE:
Texas Department of Insurance; Changes to Statistical Code Reporting and Escrow Fee Disclosure Guidelines

Dear Associates:   

The Texas Land Title Association (TLTA) recently issued a Compliance Update dated April 27, 2011, describing changes in statistical code reporting under the Texas Title Insurance Statistical Plan and updated guidelines for escrow fee disclosure on the HUD-1 Settlement Statement.

Click here to view the text of the Compliance Update Announcement from TLTA.

Statistical Code Reporting Changes

Several months ago, TLTA staff discussed with the Title Division and Data Services Department at the Texas Department of Insurance (TDI) the need for updating the statistical code chart to reflect recent rule and form changes.  As a result, TDI staff developed proposed changes to statistical code reporting for the Texas Title Insurance Statistical Plan.

Click here to view TDI's proposed code reporting changes to the Statistical Plan. 

It is anticipated that these proposed amendments will be formally adopted at the 2010 biennial hearing.  In the meantime, the TLTA announcement advises that TDI Title Division Deputy Commissioner Rob Carter verified that the proposed changes can be used for statistical reporting compliance. 

Updated Guidelines Regarding Escrow Fee Disclosures

TLTA also worked with TDI to update HUD Guidelines in the Title Auditor's Notebook relating to escrow fee disclosures on the HUD-1 Settlement Statement.

Click here to view an excerpt from the TDI Title Auditor’s Handbook relating to escrow fee disclosures on the HUD-1.

If you have questions related to this bulletin, please contact your local underwriting personnel or Stewart Legal Services. 

For on-line viewing of this and other bulletins, please log onto www.vuwriter.com.     

THIS BULLETIN IS FURNISHED TO INFORM YOU OF CURRENT DEVELOPMENTS. AS A REMINDER, YOU ARE CHARGED WITH KNOWLEDGE OF THE CONTENT ON VIRTUAL UNDERWRITER  AS IT EXISTS FROM TIME TO TIME AS IT APPLIES TO YOU, AS WELL AS ANY OTHER INSTRUCTIONS. OUR UNDERWRITING AGREEMENTS DO NOT AUTHORIZE OUR ISSUING AGENTS TO ENGAGE IN SETTLEMENTS OR CLOSINGS ON BEHALF OF STEWART TITLE GUARANTY COMPANY. THIS BULLETIN IS NOT INTENDED TO DIRECT YOUR ESCROW OR SETTLEMENT PRACTICES OR TO CHANGE PROVISIONS OF APPLICABLE UNDERWRITING AGREEMENTS. CONFIDENTIAL, PROPRIETARY, OR NONPUBLIC PERSONAL INFORMATION SHOULD NEVER BE SHARED OR DISSEMINATED EXCEPT AS ALLOWED BY LAW. IF APPLICABLE STATE LAW OR REGULATION IMPOSES ADDITIONAL REQUIREMENTS, YOU SHOULD CONTINUE TO COMPLY WITH THOSE REQUIREMENTS.

References

Bulletins Replaced:
None
Related Bulletins:
None
Underwriting Manual:
None
Exceptions Manual:
None
Forms:
None