Title Fee Change Beginning January 1, 2018

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

Posted in Real Estate Law