November 2007

IMPORTANT DATES (covered in this Dateline)

Dec. 10-11, 2007 FTC Social Security Number Workshop: "Security in Numbers: SSNs and ID Theft"
Dec. 12, 2007 Personal Property Title Insurance at SOAH Ratemaking Hearing
Dec. 17, 2007 Deadline for written comments regarding TDI Rules on Personal Property Title Insurance
March 31, 2008     2006 Texas Title Insurance Biennial Hearing - Ratemaking Phase at SOAH

REGULATORY NEWS

TDI Under Review by Sunset Commission

Beginning in early 2008, the Texas Department of Insurance will be under review by the Texas Sunset Advisory Commission. The Sunset Commission is the regular assessment of the continuing need for a state agency to exist. 

TDI Publishes Rules on Personal Property Title Insurance

The Texas Department of Insurance (TDI) has proposed amendments regarding the adoption of forms, endorsements and rules for the writing of personal property title insurance. More Story

LEGISLATIVE NEWS

Texas Voters Approve all Constitutional Amendments

All 16 amendments were approved by the voters on Tuesday, November 6, including the authorization of nearly $10 billion in future spending on cancer research, highways, park upgrades and courthouse restoration programs. Also passing was Proposition 8 relating to changes in home equity loans which will help clear up and clarify when agriculture exemptions are in place.

Home Equity Law Clarifications Adopted

Voters approved several clarifications to the existing home equity lending law during the recent constitutional amendment election. The purpose of Proposition 8 was to clear up some common practices related to home equity lending. Title companies should be aware of the changes made to the oral application process and be sure to provide a written copy at closing. More Story

Surprises in Fort Worth House Race

A special election was held in Fort Worth to replace Rep. Anna Mowery (R-Fort Worth), who resigned this year after representing southwest Tarrant County for 19 years. Democrat Dan Barrett, a lawyer, beat out six Republican competitors, but did not earn enough votes to avoid a run-off. 

Lawmakers to Retire

Rep. Robert Puente (D-San Antonio) has announced he will not seek re-election to the post he's held since 1991. Under Speaker Tom Craddick, Puente took over as chairman of the House Natural Resources Committee. Rep. Puente has been a good friend to the title insurance industry and we wish him well! 
 

TLTA PAC UPDATE

PAC Auction raises record amount 

The third annual TLTAbay Online Auction was a huge success, bringing in over $19,000 to help support candidates in the upcoming election. The success of the auction was made possible with the number of items we received from TLTA members this year. Thanks to everyone who solicited items from local businesses, purchased items or donated money. 

FEDERAL NEWS

RESPA Rule Coming Soon 

Rumor has it the new RESPA reform rule will be unveiled for public comment in early 2008. According to HUD, the proposed rule was supposed to be sent to the Office of Management and Budget (OMB) at the end of October. 

Mortgage Lending Reform Bill Passes 

The House of Representatives passed a comprehensive mortgage reform bill, HR 3915 by a margin of 291 to 127. Overall, every Democrat and sixty-four Republicans supported the bill. 

INDUSTRY NEWS

Attorney General Issues Press Release on Mortgage Crisis

Press release published by the office of the Attorney General of Texas on Nov. 5, 2007.
AUSTIN--The home mortgage crisis is one of the great problems looming on the horizon for Americans. A combination of forces – including fraud, subprime lenders with lighter credit standards, decreases in the market value of homes and interest rate increases – have led to a dire situation. With many Texans facing foreclosure and at risk of losing their homes, the Office of the Attorney General (OAG) is working with major lenders to protect homeowners.