July 31, 2024
In This Issue:
- TLTA Submits Comments Responding to CFPB Proposal to Ban Charging Buyers for Lenders' Title Policies
- TLTA Submits Comments on TDI Proposals to Modernize Title 28 and Agency's General Procedural Provisions
- FHFA Title Waiver Updates
- TREC Broker-Lawyer Committee Recommends Form Updates for August Proposal
- ICYMI: TLTA Testifies at Texas Legislature on Interim Charge Related to Foreign Ownership of Property
- FinCEN Seeks Comments on the Information To Be Collected From Authorized Recipients Requesting Beneficial Ownership Information
TLTA Submits Comments Responding to CFPB Proposal to Ban Charging Buyers for Lenders' Title Policies
TLTA | Aug. 1, 2024
In May the CFPB announced a request for information regarding fees imposed in residential mortgage transactions. In addition to mortgage lending costs, CFPB cited title insurance several times in the report and referred to it as “one of the largest closing and settlement costs” when purchasing a home. This initiative is part of a broader effort by both the CFPB and the Biden administration to address affordable housing and is also related to CFPB’s review of so called “junk fees.”
Then, in April, National Mortgage News and other outlets reported that the CFPB was considering a proposal to ban charging buyers for lenders' title insurance policies.
TLTA today submitted comments in response to this misguided proposal and continued educating the agency about the importance of title insurance to the safe and predictable transfer of real estate nationwide, as well as the unique factors at play in the Texas market that could not be addressed by a one-size-fits-all solution.
Review TLTA's Comments »
Review Attachment 1 »
Review Attachment 2 »
Review Attachment 3 »
Learn More about CFPB's Request for Information on Closing Costs »
Lean More about CFPB's Ongoing "Junk Fee" Initiative »
TLTA Submits Comments on TDI Proposals to Modernize Title 28 and Agency's General Procedural Provisions
TLTA | Aug. 1, 2024
TDI recently invited public comment on proposed changes to the Texas Administrative Code (TAC), Subchapter A, Section 1. General Procedural Provisions, which include the repeal of Title 28 TAC Sections 1.47-1.49, 1.51, 1.52, 1.88 and 1.89, the revisions to Title 28 TAC Section 1.32, and the new Title 28 TAC Section 1.47.
TLTA applauds the agency's approach to the modernization of Title 28 and the department’s general procedural provisions. The comments TLTA submitted on the proposed rule changes include observations regarding the proposals, as well as novel suggestions for changes in these sections focusing on offering helpful clarifying suggestions, emphasizing the need for transparency towards the regulated community, and advocating for the protection of due process rights for TLTA members.
Read TLTA's Comments »
FHFA Title Waiver Updates
TLTA | July 31, 2024
ALTA Opinion: Title Insurance Pilot Program Could Undermine State-Based Regulatory System
Read ALTA's Op-Ed in HousingWire »
Texas AG Paxton Signs Letter from 14 State Attorneys General Calling on FHFA to Halt Title Waiver Program
Read the Letter »
Learn More About FHFA's Title Waiver Program
Learn More About the Pilot Program on TLTA's Site »
TREC Broker-Lawyer Committee Recommends Form Updates for August Proposal
Texas Real Estate Commission | July 26, 2024
The Texas Broker-Lawyer Committee (BLC) met twice in July to discuss its routine work of reviewing TREC’s forms, but also to discuss potential changes to the TREC contract forms as a result of the proposed NAR settlement related to compensation.
What follows are proposed changes recommended by BLC. These changes will be presented at the next TREC Meeting on August 19. Once proposed in August, you will have a chance to provide public comment, which BLC will consider at its next meeting on October 11. The earliest any changes would be adopted is at the TREC Meeting on November 4.
Read More »
ICYMI: TLTA Testifies on Interim Charge Related to Foreign Ownership of Property
TLTA | July 25, 2024
The Texas House Select Committee on Securing Texas from Hostile Foreign Organizations held a
hearing July 24 to discuss foreign ownership of property. TLTA Vice President of Government Affairs & Counsel Aaron Day was among the witnesses invited to testify at today's hearing. You can watch Aaron's testimony beginning at
timestamp 3:36:20 here.
TLTA's advocacy team continues monitoring discussions related to property ownership throughout the Texas Legislature's interim charge process (
learn more about that process). And we continue to share title industry-specific and broader real estate market insights with the legislative leadership, lawmakers and legislative staff regarding this politically-charged subject.
FinCEN Seeks Comments on the Information To Be Collected From Authorized Recipients Requesting Beneficial Ownership Information
U.S. Treasury | July 22, 2024
The Department of the Treasury, on behalf of the Financial Crimes Enforcement Network (FinCEN), will publish in the Federal Register a 30-day notice pursuant to the Paperwork Reduction Act of 1995 (PRA) for beneficial ownership information requests (BOI requests). This notice follows a 60-day notice on BOI requests that FinCEN previously issued for public comment.
Read More »