Aug. 17, 2016
Join TLTA's Free Webinar This Thursday on FinCEN Order; Affects Bexar County Transactions Starting Aug. 28
Texas Land Title Association | Aug. 17, 2016
As Dateline Austin reported on Aug. 4 and Aug. 11, the U.S. Treasury Department Financial Crimes Enforcement Network (FinCEN) Geographic Targeting Order (GTO) for Bexar County goes into effect on Sunday, Aug. 28.
TLTA will present a free webinar this Thursday, Aug. 18, outlining the order and how to comply. All title insurance agents and underwriters in Bexar County or who are involved in handling transactions in Bexar County are urged to participate. NOTE: No CE credit available for this webinar.
Free Webinar: FinCEN Geographic Targeting Order: What You Need to Know Before Closing a Deal in Bexar County Starting Aug. 28
When: Thursday, Aug. 18, 3 - 4 p.m. CDT
Presenters: Steve Gottheim, Senior Counsel, ALTA; and Lawrence Scheinert, Section Chief, Office of Special Measures, FinCEN.
Registration: No pre-registration required. Simply go to this link shortly before the start time.
Note: A recorded version will also be made available afterwards.
Find More Information on TLTA's FinCEN Webinar »
Read TLTA's Breaking News Alert From July 27 »
In addition, ALTA has shared the following helpful FinCEN documents with TLTA:
FHA and VA Change Policy on PACE Loans
Texas Land Title Association | Aug. 17, 2016
Julian Castro, Secretary of Housing and Urban Development, and Robert A. McDonald, Secretary of Veterans Affairs have announced a change to FHA and VA policy on Property Assessed Clean Energy (PACE) loans that could negatively impact current and future homeowners.
ALTA has joined other trade associations in penning a letter to Castro and McDonald, urging them to reconsider the recent change. From their letter: "The guidance issued for the FHA and by the VA on July 19, 2016 now allows for the approval of mortgages for the purchase or refinance of properties with PACE obligations, provided they meet certain requirements. Among the requirements in the new guidance is the stipulation that the outstanding PACE loan obligation does not take first lien position ahead of the FHA-insured or VA-guaranteed mortgage. However, the guidance does provide that delinquent PACE loan amounts will retain a first lien position. Allowing any PACE loan amount to hold a senior priority undermines the lender’s (and the government’s) collateral position and disrupts the very nature of secured lending."
Some fear that this recent policy change may embolden an expansion of PACE in Texas. Currently, the Texas Legislature as practical matter has not enabled residential PACE loans to proliferate in the state. It is important to note that Fannie Mae and Freddie Mac still refuse notes on PACE encumbered properties.
TLTA anticipates PACE related vendors will push for PACE expansion this next legislative session. We will update members on this issue as more information becomes available.
Read the Letter ALTA Signed »
Read the July 19 Story from HousingWire on This Issue »
TDI Issues Call for Agent Statistical Data
Texas Department of Insurance | Aug. 12, 2016
TDI sent its call for
Agent Statistical Data on Aug. 10 to each agency in Texas in accordance with Texas Insurance Code §2703.153, which requires each title insurance company and title insurance agent engaged in the business of title insurance in Texas to annually submit certain data to TDI. You must respond to this data call using the
provided instructions and forms no later than Sept. 30, 2016.
TLTA will hold a webinar to help members stay in compliance:
On-Time and Error Free TDI Experience Reporting
When: Thursday, Sept. 8 | 10 - 11:30 a.m. CDT
Moderator:
Ed Hill, Ed Hill & Company, CPAs, LLC
Presenters:
Sylvia Freyling, Regional Controller/North Texas Operations Accounting Center Manager, Fidelity National Group
Albert Garcia, CPA, Partner, Start Garcia & Stanley, LLC
Nancy Waggoner,
Vice President/Controller, Republic Title of Texas, Inc.
CE Credit: 1.5 hour Escrow available until 8/16/2018
Cost: Member: $129 | Non Member: $159
Live Version |
On-Demand Version
Read the Compliance Update on TDI's Call for Agent Statistical Data »
CFPB: TRID Comment Period Now Open
HousingWire | Aug. 15, 2016
The 64-day countdown has begun on the comment period for the proposed updates to the CFPB’s TRID rule. Besides the rule being open for comment in general, there are more than 100 instances in the rule that the CFPB specifically asks for comment.
Read More »
TLTA will be reviewing and providing comments on the proposed changes. If you have any input, please contact Aaron Day, Director of Government Affairs and Counsel, at 512.879.2881 or
[email protected].
PHH Corp. v. CFPB: Six Issues to Watch
Bloomberg BNA | Aug. 5, 2016
A federal appeals court is soon expected to release one of the most eagerly awaited opinions in years when it rules on a challenge to a CFPB enforcement action by PHH Corp. PHH, a mortgage company in Mount Laurel, N.J., wants the U.S. Court of Appeals for the District of Columbia Circuit to vacate a June 2015 enforcement ruling by CFPB directoe reinsurance premiums.
Read More »
TLTA is lining up great webinars for the summer and fall. Register for these today, or watch them as On-Demand Webinars!
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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.
- Escrow Accounting 101 (Thursday, Sept. 22)
The purposes of this course is to familiarize Texas title agents with the basic concepts of the three-way reconciliation. Topic experts will give an introduction to the concept of escrow/trust funds, review the book balance process, provide more information regarding bank balance including reconciling adjustments and review minimum escrow accounting procedures and internal controls.
- 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.