Are You Ready for the Data Call?
Frequently Asked Questions (FAQs)
As we learned in 2010 with the revised HUD-1 Closing Statement, no matter how much thought we put into the development of a form, there will be something ambiguous, subject to misinterpretation, or just plain confusing. FLTA, and a group of volunteer agents, underwriters and attorneys spent hundreds and hundreds of hours working with OIR on the development of these data calls -- and we're sure they aren't yet perfect.
We are developing a series of Frequently Asked Questions
designed to provide clarity and guidance where appropriate. Since they have different data calls, we have different question and answer forums for agents/directs and Insurers. To review answers to questions already submitted or to add a question to the list, click HERE
Every licensed Agency, every non-resident agency with a Florida license, every Florida Direct Operation, every attorney or law firm who owns a title agency and/or operates under a DFS license, and each insurer should plan to start capturing data January 1, 2014 -- and submit it in 2015. Unlike taxes, there are no "automatic extensions" for filing late. Failure to submit the data timely will result in fines, penalties and even loss of licenses, so this is not something to fool around with.
The information required is complex and quite detailed. We all know someone who throws all their receipts into a shoe box and only starts sorting it on April 14 of each year so they can pay their taxes. But, if you apply that approach to the data call, it will cost you a lot more, you'll have to pull and open every single closing file for the past year, and it will be a lot more work. We encourage everyone who will be submitting a data call to modify your procedures and systems before the start of 2014 so the required information is captured as you go along. Otherwise you could be facing a more formidable burden in 2015.
Who Must Submit?
- Each Florida licensed title agency
- Each non-resident title agency with a Florida license
- Direct (or retail) offices of a title insurer located in Florida
- Lawyers and law firms who own a title agency and/or operate under a DFS license
- Each title insurer authorized to do business in Florida.
When are these Due?
Florida law requires the data call to be submitted by March 31 of each year for data from the previous fiscal year. FLTA and your underwriters are working with the Office of Insurance Regulation to amend the statute to extend this deadline until a date in May, June or July.
What Information will be Required?
Here is the information which will be required:
- For Agencies & Florida Based Direct Operations
- For Title Insurers (including non-Florida Direct Operations)
FLTA Members have access to even more information and help than just for the Data Call. Click HERE to join FLTA now!
In addition to the information above there will be a series of webinars, training sessions and discussion programs that will be available to all title agencies and their employees. When scheduled, you will be able to find information about them in our Events Calendar