Aug. 4, 2016
CFPB Proposes Updates to TRID; Simultaneous Issue Problem Not Addressed
By James E. Hyland, Esq. | The Pennsylvania Avenue Group | TLTA Federal Legislative Counsel
On Friday, July 28, 2016, the CFPB proposed various changes to disclosure requirements under TRID. The proposed amendments largely memorialize the bureau’s informal guidance on various issues and include clarifications and technical amendments. The proposal is 293 pages, and comments are due by Oct. 18, 2016. The CFPB estimates that it will issue a final rule by April 2017 with a lengthy implementation period, likely by October 2017.
Jim Hyland, TLTA Federal Legislative Counsel, has compiled an analysis of the proposal and how it could impact title insurance professionals.
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Read the CFPB's Press Release About the Proposed Amendments »
U.S. Treasury Order Affects Title Companies in Bexar County; Requirements Go Into Effect Aug. 28, 2016
Texas Land Title Association | July 27, 2016
In an effort to identify money-laundering schemes, the U.S. Treasury Department Financial Crimes Enforcement Network (FinCEN) has issued a Geographic Targeting Order (GTO) requiring all title insurance companies to identify the names of individuals involved in corporations, LLCs and other legal entities that make all-cash purchases for high-end residential real estate in Bexar County. This GTO also affects the Miami-Dade area and nearby counties, all five New York City boroughs and several California counties.
TLTA is currently reviewing how the Treasury Department’s approach will affect TLTA members and private property owners in Texas and will provide more details about compliance as we learn them. In the meantime, all affected title companies should have received their orders. Note that the threshold in Bexar County is residential cash deals purchased by corporate entities above $500,000.
Read TLTA's Full Breaking News Alert »
CFPB Issues Updated TRID Webinar Question Index
Consumer Financial Protection Bureau | July 19, 2016
The following topics and questions were addressed during the CFPB's webinars on TRID. Each of the webinars has been broken out by chapters, or by question number and time stamp, to facilitate access to specific areas of interest.
Download the Index »
Happy Five-Year Anniversary, CFPB! Will You Make It to Six?
HousingWire | July 21, 2016
July 21, 2011 marked the first day of one of the most unique and powerful regulators in government.
But now with five years of ruling under its belt, the entity designed to fix one of the worst financial crises in America’s history might not be around much longer, at least not in the same capacity the mortgage industry has come to know.
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Register for Owning and Managing a Texas Title Agency
It's not too late to register for Owning and Managing a Texas Title Agency, held Aug. 17-18 at the Courtyard by Austin Marriott Downtown! This program is perfect for new title agency owners, those new to a management position or those in need of a refresher. It is designed to satisfy the requirements of Rule P-28(B) by the Texas Department of Insurance for management personnel of title agents applying to be licensed. Register today!
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TLTA is lining up great webinars for the summer and fall. Register for these today, or watch them as On-Demand Webinars!
- Cyber Crime Attacks: How to Prevent and Recover (Tuesday, Aug. 9)
Cyber-criminal attacks are advancing faster than anyone can create defenses. This webinar covers the growing trends in cyber attacks, including ransomware and spear phishing, and discusses how title agents can best defend themselves against and recover from such attacks.
- Manufactured Housing as Real Property (Wednesday, Aug. 24)
This webinar will cover the process of recording ownership and perfecting a manufactured home as real property. It includes a review of necessary documents and required tax documentation. The instructor will discuss the process for recording statement of ownership and location with the county clerk.
- I Walk the Line...the County Line (Wednesday, Sept. 7)
Learn when and why directly issued policies (a.k.a. home office issues) are needed in the title industry. Become familiar with the working parts, applicable statute 2704.002, definitions and Procedural Rules in P-1, P-21, P-22, P-23, P-24, P-58 and P-62, and learn how to complete a form T-00 properly when dealing with multicounty, Single County or Best Evidence situations.
- CFPB, TRID and RESPA (Wednesday, Oct. 12)
Presenters will discuss CFPB, TRID and RESPA topics in regard to introduction and authority, covered transactions, exempt transactions and disclosure requirements. In addition, presenters will elaborate on prohibited acts and enforcement. This webinar will cover materials helpful to prepare for TLTA Certification exams.