December 17, 2014
Reminder: GARC Fee Collection Ends After Dec. 31, 2014
As of December 31, 2014 title agents will no longer collect the GARC fee. As the end of the year approaches its important to use the funding date as the deciding factor on whether to collect the GARC fee. The collection of the fee stops on December 31st, so any deals that fund prior to that should include collection of the GARC fee. If closing documents are signed in late December, and the agency knows the transaction will not be funded until 2015, then the GARC fee should not be included. For questions or more information email Aaron Day.
Wells Fargo and Bank of America Provide More Guidance on How They Will Handle New CFPB Forms
Wells Fargo and Bank of America recently provided communication updates to settlement agents providing additional information about about the process each mortgage lender will use to handle CFPB's new RESPA-TILA Integrated Disclosures forms that go into effect in August of 2015. While various lenders may handle this process differently it is important to see how some of the largest volume mortgage lenders in the country will structure their process and what it means for title agents.
Wells Fargo
message here.
Bank of America
message here.
Endorsements Without Adopted Rates
Since the last rule adoption, TLTA & TDI have fielded several questions regarding the new endorsements - Commericial Environmental Protection Lien Endorsement Form (Form T-36.1) and the Severable Improvements Endorsements (T-34) which were adopted without an accompanying rate rule. No doubt you have had the same questions asked by your customers. The simple answer is that according to R-2, without an adopted rate rule a title company cannot issue the endorsement. The effort to establish rates for these items was originally delayed because of a combination of a change in rule making and rate setting methods. TLTA will be asking for rates for these items in a process which we anticipate will begin in the months following the legislative session. In the meantime, these products are not available. However, we understand that there is demand in the marketplace for these endorsements and rest assured, TLTA will be seeking the adoption of appropriate rates as soon as possible. For questions or more information email Aaron Day.
Lenders Could Make Voluntary ALTA Guidelines a De Facto Standard
National Mortgage News | December 16, 2104
Adhering to the American Land Title Association's quality guidelines is voluntary but it could become the de facto standard if lenders start requiring it as part of their own efforts to meet vendor management compliance obligations.
Read More >>
The Three Percent Solution: Will the GSE's Revitalize Housing?
National Mortgage Professional | December 10, 2014
The Federal Housing Finance Agency officially confirmed Fannie Mae and Freddie Mac will enable first time homebuyers to qualify for loans with a downpayment of 3%. Industry experts are divided on exactly how this will effect the housing market. Some experts expect to see a boost in first time homebuyers, while others say it will have little or no impact at all.
Read More>>
HUD Deputy Secretary Confirmed
Dodd Frank Update | December 5, 2014
The Senate confirmed Nani Coloretti to serve as the deputy secretary of the U.S Department of Housing and Urban Development (HUD). Coloretti was chief operating officer of CFPB when it initially opened in 2010.
Read More>>
Older Americans a Pillar of Housing Market With High Ownership
Bloomberg News | December 2, 2014
Since 2008 older homeowners have emerged as the pillar of the housing market. The homeownership rate among Americans 65 and over remains at 80%, while dropping for every other age group.
Read More>>
Day at the Capitol 2015: Registration Now Open!
TLTA’s Day at the Capitol, February 2-3, is for every title professional. It is an excellent opportunity to speak directly with your legislators about the issues impacting the title industry and ultimately your bottom line. With the important issues our industry faces, it’s crucial to show our strength in numbers and have our voices heard during the 84th Legislative Session. By attending, you’re making a difference in the future of your business and your industry.
Register >> Book Hotel>>
Surveys - Don't Be Out of Bounds!
Bankruptcy - A Title Insurance Perspective
CFPB Integrated Disclosures: Only 9 Months Away!
Recent Texas Title Insurance and Escrow Cases
Intestacy: Who Gets What When There is No Will