November 26, 2019

In This Issue:

  • CFPB Requests Public Comment on Plan to Assess TRID Closing Disclosure Rule
  • Governor Abbott Announces Runoff Election Dates
  • Interim Charges for Texas House of Representatives Released
  • TREC: November Meeting Includes Rule, Form Changes
  • Fake Deeds Allegedly Filed From Prison to Steal North Texas Properties

CFPB Requests Public Comment on Plan to Assess TRID Closing Disclosure Rule

TLTA | Nov. 20, 2019
The Consumer Financial Protection Bureau (CFPB) is requesting public comment on its plans to conduct an assessment of the Truth in Lending Act (TILA) and the Real Estate Settlement Procedures Act of 1974 (RESPA) Integrated Disclosure Rule and certain related amendments (TRID Rule).  
 
As part of its assessment, the Bureau intends to address, among other relevant factors, the TRID Rule's effectiveness in meeting the purposes and objectives of Title X of the Dodd-Frank Act and the specific goals of the TRID Rule.
 
The public is invited to comment on the feasibility and effectiveness of the assessment plan, recommendations to improve the assessment plan, and recommendations for modifying, expanding, or eliminating the TRID Rule, among other questions. Comments are due Jan. 21, 2020 (60 days after it's published in the Federal Register).
 
Review the Request for Information »
 
TLTA is already working on developing comments to submit to CFPB regarding needed improvements in the rule and form. If you have ideas that should be included among the comments we submit to CFPB, please email your input to [email protected]. 
 
If you have concerns or questions, please call us at 512.472.6593 or email [email protected].
 

Governor Abbott Announces Runoff Election Dates

TLTA | Nov. 25, 2019
Gov. Abbott issued proclamations setting Tuesday, Jan. 28 for the following runoff elections:
  • Texas House District 28 seat in Fort Bend County vacated by John Zerwas
  • Texas House District 100 seat in Dallas County vacated by Eric Johnson
  • Texas House District 148 seat in Harris County vacated by Jessica Farrar
Early voting begins Monday, Jan. 21
 

Interim Charges for Texas House of Representatives Released

TLTA | Nov. 25, 2019
The Speaker of the Texas House issued the House's interim charges today. During the interim, House committees will study the subjects covered in these charges, and recommendations made by committees could lead to statutory or regulatory changes in the next legislative session.

If you have ideas or concerns regarding the potential impact of these interim studies on our industry, please send them to [email protected].
 
Read the Texas House's Interim Charges »
 

TREC: November Meeting Includes Rule, Form Changes

Texas Realtors | Nov. 25, 2019
The Texas Real Estate Commission met Nov. 19. The full agenda and materials are available at TREC’s website. Below are highlights relevant to your business.
 

Adopted Form Changes

The commission adopted changes to the Third Party Financing Addendum. It was amended to clarify that the three-day notice requirement in Paragraph 2B does not apply to Paragraph 4. See the redline.
 
Changes were adopted to the Addendum for Authorizing Hydrostatic Testing. It was amended to include a reference to the scope of hydrostatic testing in the top sentence. See the redline.
 
These forms were adopted for voluntary use until March 1, 2020, when they become mandatory. 
 
Learn More »
 

Fake Deeds Allegedly Filed From Prison to Steal North Texas Properties

WFAA | Nov. 22, 2019
Arnoldo Ortiz made his money stealing – at least 25 homes or other properties in Dallas County alone.

“I'm not going to lie, the money was good,” Ortiz told WFAA from the Dallas County jail.
Ortiz, 23, told WFAA it was easy to fabricate warranty deeds to illegitimately transfer the title of a property to himself or his companies.

"It shouldn't be like that, but that's how easy it was,” said Ortiz, who pleaded guilty to more than 25 counts of theft and received a 10-year prison sentence in early 2018.

In fact, it was so easy that Ortiz is now accused of doing the same scam from his prison cell. He now faces eight felonies accusing him of real estate fraud – new crimes he denies.
 
Read More »
 

 

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