Are You Ready for the Data Call?
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.You can also view the Florida Office of Insurance Regulation's Title Insurance Data Call information by clicking HERE, and scrolling down to "Title Insurance".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, 2015 -- and submit it in 2016. 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.
Florida law requires the data call to be submitted by May 31 of each year for data from the previous fiscal year.(Prior to June 2014, the date to submit data call information was March 31, but, due in part to the combined efforts of FLTA, your underwriters and the Office of Insurance Regulation, the law was amended to extend the deadline until May 31st.)