May 10, 2023
In This Issue:
- 88th Texas Legislature: TLTA's Top Priority Bills on House Consent Calendar Friday; Less Than 3 Weeks Remain in 88th Legislative Session
- FHFA Rescinds Proposed Loan-Level Pricing Adjustment for DTI Ratios
- ICYMI: ALTA Compiles Info and Resources on Proposed Fannie Mae Title Insurance Pilot Program
- Texas Realtors: Texas Housing Market More Balanced in 1Q2023
88th Texas Legislature: TLTA's Top Priority Bills on House Consent Calendar Friday; Less Than 3 Weeks Remain in 88th Legislative Session
TLTA | May 10, 2023
The first major, end-of-session deadline passed on Monday, and a host of late session tactics are now in play, including the resurrection of bad bills via last minute amendments to viable legislative vehicles, and killing legislation through “chubbing” (i.e., the act of drawing out the legislative process as long as possible through speeches and questions on each bill).
These last three weeks of session are challenging, and our industry advocacy team is working around the clock to address the priorities identified by TLTA's Board of Directors, our Legislative Committee, and the industry trade groups with whom we partner on many issues facing the state's real estate marketplace.
We are pleased to note that both of the bills we are working to pass this session are on the House's Local and Consent calendar tomorrow, Friday, May 12. Read more below.
There are 19 days remaining in the Texas Legislature's 88th Session.
RIN Bill and Trust As Grantee Clarification Bills on House Consent Calendar This Friday
As part of our industry's affirmative agenda for the 88th Legislative Session, TLTA is seeking passage of a bill allowing for Remote Ink Notarization (RIN) within the existing statutory Remote Online Notarization (RON) framework. Additionally, we are working to pass a bill clarifying that a deed conveying title to a trust (as opposed to naming the trustee of that trust) should be deemed to be a conveyance into the trustee.
We are pleased to report that the Senate versions of both of these bills have now passed the Senate, and have also been approved by House committee. Next step for both bills is winning approval on the House floor.
Both bills are scheduled to be heard as part of the House's Consent Calendar tomorrow, Friday May 12. We are hopeful that we will avoid any of the end of session chaos and our bills will be passed by the House. Your TLTA advocacy team are tirelessly working House offices to secure a successful outcome.
TLTA's Affirmative Legislative Agenda: Bills We're Working to Pass
As noted in the blurb above, TLTA's advocacy team is supporting passage of the following bills during the 88th Legislative Session. These affirmative legislative agenda items were approved by
TLTA's Board of Directors as recommended by our
Legislative Committee, which is chaired by Steve Streiff. These statutory changes would improve real estate transactions statewide:
Trust as Grantee Clarification
SB 801 (Sen. Hughes) |
HB 4281 (Rep. Longoria)
Review TLTA's One-Pager
Remote Ink Notarization
SB 1780 (Sen. Parker) |
HB 5004 (Rep. Capriglione)
Review TLTA's One-Pager
Bills TLTA's Board Voted to Support
In addition to the bills we're working to pass listed above, TLTA's Board voted April 4 to support the following bills this session:
Bills TLTA is supporting this session »
TLTA is Actively Working on These Bills That Could Impact Our industry
While we are monitoring more than 100 bills this session that could impact our industry or the state's real estate marketplace, some of the bills on that list require active engagement by our advocacy team. Review list of
bills TLTA is working on that could impact our industry.
We are working with the bill authors and other stakeholders to address concerns and seek improvements to these bills to avoid unintended consequences and preserve our daily functions as title agents and underwriters.
Questions About TLTA's Legislative Process?
TLTA's Legislative Committee, Local Legislative Liaisons, our industry's grassroots network and the TLTA PAC Board of Governors are all part of TLTA's team of engaged legislative advocates.
Learn More About TLTA's Legislative Process and How You Can Get Involved »
FHFA Rescinds Proposed Loan-Level Pricing Adjustment for DTI Ratios
Mortage Bankers Association | May 10, 2023
The Federal Housing Finance Agency on Wednesday rescinded a controversial proposed loan-level pricing adjustment that the Mortgage Bankers Association said would have had adverse impact on both consumers and lenders.
The FHFA announcement rescinded the debt-to-income-based loan-level pricing adjustment proposed in January. That proposal would have made significant adjustments to loan-level pricing adjustments, known as LLPAs, that Fannie Mae and Freddie Mac charge on conventional loans they purchase.
Originally set to go into effect May 1, FHFA Director Sandra Thompson delayed implementation until Aug. 1, which did little to quell intense criticism from MBA, other industry trade groups, consumer groups and members of Congress.
Read More »
ICYMI: ALTA Compiles Info and Resources on Proposed Fannie Mae Title Insurance Pilot Program
TLTA | May 4, 2023
In March Politico reported that Fannie Mae is developing a pilot program that would waive title insurance requirements for some of the loans they purchase from mortgage lenders. ICYMI, ALTA has expanded their collection of information and resources related to unregulated title insurance alternatives to include news related to the proposed Fannie pilot program. You can review
ALTA's collection of resources here.
As TLTA has reported in previous issues of Dateline, there’s been an increased focus on housing affordability over the last two years at the state and federal levels, leading to new guidelines and interest among FHFA, VA and other regulatory and administrative bodies regarding use of unregulated alternative title products in lieu of title insurance. Your team at TLTA are actively engaged in these affordable housing discussions at all levels of government, helping lawmakers and stakeholders seek out sustainable, effective solutions to housing affordability challenges, while educating about the dangers of unregulated title insurance alternatives, which could impact the stability of our real estate marketplace.
Your team at TLTA will continue monitoring and responding to these ongoing developments in partnership with our members and other industry advocates.
Texas Realtors: Texas Housing Market More Balanced in 1Q2023
Texas Realtors | May 5, 2023
The number of active listings and the average number of days Texas homes spent on the market in first quarter 2023 increased from first quarter 2022, according to Texas Realtors' latest 2023-Q1 Quarterly Housing Report. The median price of Texas homes remained nearly unchanged.
Texas homes spent an average of 64 days on the market before going under contract, 27 days more than in first quarter 2022.
The median sales price of Texas homes reached $326,800 during first quarter 2023, a 0.6 percent increase over the same period last year.
Almost 72,500 homes were sold in Texas in the first quarter, down 17 percent from a year ago. More than half of the homes sold in Texas were in the $200,000-$399,000 price range.
Months of inventory increased from 1.1 months to 2.7 months.
Read Texas Realtors Press Release »
Review the Texas Real Estate Research Center's Report »