June 24, 2020
In This Issue:
- Texas Finance Commission's Revised Payoff Statement Proposal Incorporates TLTA's Recommendations; Revised Form Expected to Be Adopted Aug. 21
- CFPB News: Bureau Takes Steps to Address GSE Patch; Other Recent Developments
- 2020 Virtual Conference: State of Our Industry, Upcoming Legislative Session, Economic Outlook, and More; $95 Early Bird Rate Expires Friday!
Texas Finance Commission's Revised Payoff Statement Proposal Incorporates TLTA's Recommendations; Revisions Expected to Be Adopted Aug. 21
TLTA | June 23, 2020
On June 19 the Texas Finance Commission met to consider a re-proposal of the payoff statement that will be used by the Texas Department of Banking, the Department of Savings and Mortgage Lending (DSML), and the Office of Consumer Credit Commissioner.
In September 2019, the Finance Commission took up an initial payoff statement proposal and sought comments. TLTA provided comments and has been working with DSML staff to address TLTA's concerns with the initial proposal.
The revised proposal presented to the Finance Commission late last week incorporated the revisions TLTA requested, including the addition of the "Loan Number" and "Original Loan Amount," so escrow officers will be able to better distinguish between multiple loans on the same piece of property. The addition of this information should make it easier to determine appropriate pay-off amounts and decrease the opportunity for human error.
The commission is expected to adopt the revised payoff statement proposal at their next meeting Aug. 21.
Review the Revised Payoff Statement Proposed for Commission Approval Aug. 21 »
CFPB News: Bureau Takes Steps to Address GSE Patch; Other Recent Developments
CFPB | June 22, 2020
The Consumer Financial Protection Bureau (Bureau) today issued two Notices of Proposed Rulemaking (NPRMs) to address the impending expiration of the Government-Sponsored Enterprises Patch (GSE Patch). The GSE Patch is scheduled to expire in January 2021 or when the GSEs (Fannie Mae and Freddie Mac) exit conservatorship, whichever comes first.
In releasing the two NPRMs, the Bureau is taking steps to ensure a smooth and orderly transition away from the Temporary GSE QM loan definition and to maintain access to responsible, affordable mortgage credit upon its expiration.
In the
first NRPM, the Bureau proposes to amend the General QM definition in Regulation Z to replace the DTI limit with a price-based approach. The NPRM also proposes that lenders take into account a consumer's income, debt, and DTI ratio or residual income and verify the consumer's income and debts.
In the
second NPRM, the Bureau proposes to amend Regulation Z to extend the GSE Patch to expire upon the effective date of a final rule regarding the first notice's proposed amendments to the General QM loan definition in Regulation Z.
Read More »
OTHER RECENT DEVELOPMENTS AT CFPB
CFPB Launches Pilot Advisory Opinion Program to Provide Regulated Entities Clear Guidance and Improve Compliance »
CFPB Issues Interpretive Rule on Method for Determining Underserved Areas »
CFPB Issues Interim Final Rule on Loss Mitigation Options for Homeowners Recovering from Pandemic-Related Financial Hardships »
2020 Virtual Conference: State of Our Industry, Upcoming Legislative Session, Economic Outlook, and More; $95 Early Bird Rate Expires Friday!
TLTA | June 23, 2020
Join us July 13–16 for the
2020 Virtual Annual Conference and Business Meeting ! This year's program includes must see sessions with industry updates, an economic forecast, a look ahead to the upcoming legislative session, and more.
State of Our Industry
Mary O'Donnell, President, ALTA
With our current pandemic environment and all the market changes that were already underway beforehand, what will the future look like for our industry? Hear how COVID-19 is affecting the way we do business now and what we can expect in terms of the changing face of title, real estate and mortgage lending going forward.
87th Legislative Session Ahead
Evan Smith, Co-Founder and CEO, Texas Tribune
Perennial favorite Evan Smith shares his take on what he calls pandemic politics, including what we can expect in the upcoming legislative session which commences in only seven months, the elections ahead, and more.
(Ticket must be purchased separately. Proceeds support TLTAPAC.)
Real Estate and Economic Outlook With COVID-19 – All Bets Are Off!
Jim Gaines, PhD, Chief Economist, Texas A&M Real Estate Center
Dr. Gaines, sought-after speaker and expert on Texas real estate economy, will walk us through the numbers, highlight the trends driving our current complex economic environment and help us understand what we might look for in the year ahead.
Our special early bird member rate is only $95 this year so we can bring together everyone, especially all our peers on the front lines of keeping the real estate marketplace flowing under these challenging business conditions. Our early bird rate is good through Friday, June 26. We hope this affordable rate will help you register more folks from your office this year! After June 26, conference registration jumps to $145.
Register Now »
Learn More »
In addition to the live webinars listed below, you have access to our library of more than 80 On-Demand webinars and videos covering the title industry topics you need to earn continuing education credits and stay ahead of the curve on the latest industry trends!