October 14, 2020

In This Issue:

  • TDI News: TDI Proposes Basic Manual Change to Conform With TTIGA Reform Legislation Supported by TLTA; 2019 Statistical Data Call Has Not Been Issued Yet
  • TLTA Advocacy Update: Legislative Committee Meets to Discuss Legislative Agenda, Privacy Advisory Group
  • CFPB Rescinds MSA Bulletin, Releases RESPA FAQs
  • Early Voting for Nov. 3 General Election Continues Oct. 13 to Oct. 30 – Time to Vote

TDI News: TDI Proposes Amendment to Basic Manual Form T-51 to Conform With TTIGA Reform Legislation Supported by TLTA; 2019 Statistical Data Call Has Not Been Issued Yet

TLTA | Oct. 13, 2020

TDI Proposes Amendment to Basic Manual Form T-51

TDI is proposing an amendment to the Purchaser/Seller Insured Closing Service Letter, Form T-51, in the Texas Title Insurance Basic Manual. The amendment increases the minimum real estate sales price that can be covered under the letter from $250,000 to $500,000.
 
This proposed update to Form T-51 conforms with recent statutory changes – specifically the TTIGA reform successfully championed by TLTA during the legislative session in 2019. 
 

2019 Statistical Data Call Has Not Been Issued Yet

TDI's 2019 Statistical Data Call has not been issued yet, and TDI has not yet identified the date on which the call will be issued. TLTA remains in close contact with TDI on the data call and other issues important to our industry, and we will send notice as soon as the 2019 Statistical Data Call is issued
 

ATTN. UNDERWRITERS: TDI Meeting on Maintenance Tax and Exam Assessments Oct. 27

TDI will have a stakeholder meeting on projected rates for insurance maintenance taxes and exam assessments at 11 a.m. Oct. 27 on Zoom. Visit the TDI website for more details.
 

TLTA Advocacy Update: Legislative Committee Meets to Discuss Legislative Agenda, Privacy Advisory Group

TLTA | Oct. 13, 2020
TLTA's Legislative Committee , chaired by Steve Streiff met Oct. 7 to discuss TLTA's legislative agenda for the legislative session that starts in January 2021, as well as the committee's ongoing, long-term look ahead.
 
Issues discussed during the successful two-hour meeting include bankruptcy notice filings, release of Abstract of Judgements for Homesteads, deceased borrowers, and quit claims. Subcommittees were formed and they will meet soon to study these issues more deeply and craft potential legislation.
 
Additionally, the committee discussed the TLTA Data Privacy Advisory Group , which will work with the Legislative Committee and staff to ensure that all perspectives are included when evaluating potential privacy legislation we anticipate seeing during the next legislative session.
 

CFPB Rescinds MSA Bulletin, Releases RESPA FAQs

ALTA | Oct. 7, 2020
In a blog post, the Consumer Financial Protection Bureau announced it has rescinded the 2015 marketing services agreements (MSA) compliance bulletin citing lack of regulatory clarity on how to comply with RESPA Section 8.
 
While it is withdrawing the bulletin, the bureau said it does not mean MSAs are presumptively legal.
 
“Instead, whether a particular MSA violates RESPA Section 8 will depend on specific facts and circumstances, including how the MSA is structured and implemented,” the CFPB wrote.
 
In addition to pulling the bulletin, the bureau issued a set of frequently asked questions (FAQs) to provide an overview of the provisions in RESPA Section 8 (and the respective sections in Regulation X). They address the application of these provisions to gifts and promotional activities and also to MSAs. Here are the four FAQs addressing MSAs and RESPA Section 8:
  • What are marketing services agreements?
  • What is the distinction between referrals and marketing services for purposes of analyzing MSAs under RESPA Section 8?
  • How do the provisions of RESPA Section 8 apply when analyzing whether an MSA is lawful?
  • What are some examples of MSAs prohibited by RESPA Section 8?
Read More »
Review CFPB's Blog Post »
Review All of CFPB's RESPA FAQs »
 

Early Voting for Nov. 3 General Election Continues Oct. 13 to Oct. 30 – Time to Vote

TLTA | Oct. 13, 2020
Early voting started Tuesday, Oct. 13 and runs through Friday, Oct. 30. Election day is Tuesday, Nov. 3. Make a plan to vote today. 
 
Where and When to Vote » 


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!