Texas – TLTA Breaking News: GARC and Guaranty Fees

TEXAS – TLTA Breaking News: GARC and Guaranty Fees

Please be advised that the Texas Department of Insurance has re-instated the Texas Guaranty Assessment Recoupment Charge for each owner and loan policy issued in Texas in the amount of $4.50. Please read the announcement for details regarding this change.

Summary of Changes:

• Effective 01/01/2018 through 12/31/2018
• Guaranty Assessment Recoupment Charge (GARC) of $4.50 will be assessed on each owner and each loan policy.
• Payable to Texas Title Insurance Guaranty Association (TTIGA)
• Guaranty Fee of $3.00 will not be assessed during this time.

Please be sure to update your fee templates in your loan origination systems to include the TX Guaranty Assessment Recoupment Charge or TX GARC for proper disclosure on the Loan Estimate and Closing Disclosure. Additionally, please note that the fee is not payable direct to title company but is payable to Texas Title Insurance Guaranty Association (TTIGA). A separate fee will be assessed for each policy issued.

Schwartz & Associates will include this fee in the DocsDirect Fee List.

If you have any questions, please email compliance@docsdirect.com.