March 28, 2024
In This Issue:
- Action Alert: We Need Texas Title Agents to Submit Personal Comments to FinCEN on Their Proposed New Reporting Requirements for Title Agents
- UPDATE: White House Pilot Project to Waive Requirement for Lenders' Title Insurance on Certain Refinances
- Gov. Abbott Wants the Texas Legislature to Rein In Investors Behind Large-Scale Home Purchases
- What a $418 Million Settlement on Home-Sale Commissions May Mean for Housing Market
Action Alert: TLTA Needs You to Submit Comments to FinCEN – Please Read and Submit by April 16 Deadline
TLTA | March 28, 2024
FinCEN has proposed a rule that would negatively impact your business with extremely burdensome new regulatory requirements. Here is
TLTA’s summary of the proposed rule. TLTA will make comments and circulate talking points to members of Congress, but we also need you to submit personal comments directly to FinCEN by the April 16 deadline.
In the following new one-pager produced by the advocacy team at TLTA, you will find instructions on how to submit your comments and share your perspective on this troubling and onerous proposal that will negatively affect your customers and your business:
Background
On Feb. 7 FinCEN issued a
notice of proposed rulemaking on new reporting and compliance requirements that would have a significant impact on you and your business when handling cash transactions.
TLTA has set up a page on our site dedicated to this issue, where you can review
TLTA's initial analysis of FinCEN's proposal and more.
ICYMI: White House Pilot Project to Waive Requirement for Lenders' Title Insurance on Certain Refinances
TLTA | March 21, 2024
Here's the latest news on the pilot project to waive requirement for lenders' title insurance on certain refinances that President Biden announced during his State of the Union speech earlier this month:
President Biden’s new housing fight »
Lawmakers challenge FHFA’s title insurance waiver plan »
TLTA Actively Engaged in Opposing This Policy Shift and Will Keep You Updated
"We maintain our opposition to this pilot program and any other program that undermines the importance of title insurance in all real estate and mortgage transactions," said Rodney Anderson, President of Texas Land Title Association. "We will be actively engaged in the effort to educate lawmakers and regulatory officials about the value of title insurance, the misinformation surrounding the touted benefits of this pilot project, and our strong opposition to this latest policy change which will negatively affect consumers and homebuyers, adding risk to their transactions without the purported cost savings."
If you have questions, please send them to
Aaron Day or call Aaron at 512.810.8800, thank you.
Information from White House on Pilot Project
Read more in White House Fact Sheet »
Statement from FHFA Director Thompson
Read more of Director Thompson's statement »
Statement from ALTA
Read more of ALTA's statement »
TLTA Editor's Note: If you want to take a deeper dive into this issue, TLTA built a special page where we are collecting media coverage, Congressional response and other resources related to this issue: FHFA: Fannie/Freddie Title Insurance Waiver Pilot Project.
OP-ED: Title Insurance Helps Homeownership For Black Americans And Others
Texas Metro News | March 23, 2024
Often misunderstood, title insurance is a product that comprehensively protects homeowners’ property rights and their lenders’ financial interest in a property. It is vastly different than other types of insurance because it is a one-time fee and title professionals do the majority of the work upfront to both examine title issues and rectify any problems found. That is why many homeowners thankfully don’t experience the challenge of a claim that threatens their homeownership – but if they do, title insurance is paramount to protecting their biggest investment.
Read More »
CFPB: 2023 HMDA Data on Mortgage Lending Now Available
CFPB | March 26, 2024
The Home Mortgage Disclosure Act (HMDA) Modified Loan Application Register (LAR) data for 2023 are now available on the Federal Financial Institutions Examination Council’s (FFIEC) HMDA Platform for approximately 5,089 HMDA filers. The published data contain loan-level information filed by financial institutions and modified to protect consumer privacy.
Learn More »