Guaranty Fee Goes Into Effect April 1
The Texas Title Insurance Guaranty Association board voted to reinstate the Policy Guaranty Fee at $3 per policy for all transactions closed on or after April 1, 2016.
According to the TTIGA Guaranty Fee Frequently Asked Questions, "The charging of the Guaranty Fee is determined by the closing date, or more specifically, the date the closing documents are signed. For example, if a transaction has closing documents signed in March, but the transaction does not fund until April, then no fee should be collected. If the closing documents are signed April 1 or later, the fee to be collected is $3.00...The guaranty fee should be disclosed on the Closing Disclosure and, if not separately itemized on the closing disclosure, the policy guaranty fee should be shown on the Texas Disclosure (Form T-64) in the Other Disclosures section." In addition, "Guaranty Fees are reported on the Guaranty Fee Remittance Form (TDI's Form No. T-G1) on a quarterly basis with one form and one check submitted to TTIGA."