The Texas Department of Insurance recently issued an order regarding a change to the Title Guaranty Fee. Beginning January 1, 2018, the name of fee will be the Guaranty Assessment Recoupment Charge (GARC). The fee will increase from $3.00 per policy to $4.50 per policy. This change becomes effective for closings on or after January 1, 2018.
To avoid any TRID tolerance issues, Lenders should begin disclosing $4.50 on their Loan Estimates. The name of the fee on the TRID disclosures should also be changed from “Title – Guaranty Fee” to “Title – Guaranty Assessment Recoupment Charge” or “Title – GARC”.
The TDI Commisioner’s order can be found here.
Please contact us if you have any questions on this change.
242 W. Sunset, Ste. 201
San Antonio, TX 78209