May 22, 2025
In This Issue:
- Fidelity Sues FinCEN, Bessent Over All-Cash Transaction Reporting Requirements
- Texas Legislature 89th Session Update: 10 Days Left
- Trump ‘Giving Very Serious Consideration’ to Spinning Off Mortgage Giants Fannie and Freddie
- ICYMI: Texas Title Industry Connects With Congressional Delegation During ALTA's Advocacy Summit in D.C.
Fidelity Sues FinCEN, Bessent Over All-Cash Transaction Reporting Requirements
HousingWire | May 20, 2025
The housing industry and the Financial Crimes Enforcement Network (FinCEN) have been bickering for years over reporting requirements for all-cash residential real estate transactions. Fidelity National Financial (FNF) appears to have finally had enough.
FNF and its subsidiary Fidelity National Title Insurance Co. filed a lawsuit on Tuesday in U.S. District Court in Jacksonville against the Department of the Treasury and its secretary, Scott Bessent, as well as FinCEN and its director, Andrea Gacki.
The suit challenges the Anti-Money Laundering Regulations for Residential Real Estate Transfers rule, which was promulgated under the Biden administration and goes into effect in December 2025.
Read More »
Texas Legislature 89th Session Update: 10 Days Left
In 10 days the Texas Legislature will adjourn Sine Die. Major issues remain unresolved, including school finance and the state budget, but that is to be expected, as these bills will remain poised as leverage until the final moments of the session.
A major House deadline last week killed a significant number of bills, and upcoming deadlines will kill more. Much of the activity in the Texas Capitol at this point in session is focused on reviving dead bills as amendments, or whipping viable bills to keep them moving toward the governor's desk.
TLTA's affirmative legislative agenda is just where we want it to be at this point in the session. One of our priority pass bills this session, the deed fraud self-help bill (SB 1734), is headed to the governor's desk. The county clerk recording fee bill and memorandum of contract bill we are supporting this session are also in good position. All of our affirmative legislative agenda goals remain viable, and our TLTA advocacy team is in the pink building around the clock and fully engaged with lawmakers and legislative leadership.
Complete Update on 89th Legislative Session Will Be Presented at Our Annual Conference This Summer - Register Now
Get a fast-paced overview of the big wins, close calls, and curveballs from the most recent activity at the Capitol. With the session wrapping up just days before this presentation, the takeaways will be fresh—and possibly still unfolding.
From hot-button issues to surprise vetoes, this session spotlights the outcomes that could directly affect your work. You’ll walk away with clarity, context, and what to keep your eye on next.
Register now »
ICYMI: HB 4063 (Memorandum of Contract Bill on TLTA's Affirmative Legislative Agenda) passed by Texas House
As previously reported, title agents are increasingly noticing Memorandum of Contracts on residential properties. These notices are creating complications at the closing table and opportunities for abuse.
It has been reported that often the filer of the notice will extract payment unrelated to the terms of the contract to “simply go away.” In these instances, the Memorandum of Contract perpetuates a form of “greenmail”, taking advantage of the duress the Seller faces in a property sale transaction.
TLTA has been working with Rep. Ordaz to win approval of HB 4063, which would amend the statute governing filing of these problematic contracts. We're grateful to the Texas House for passing this important legislation, which is part of TLTA's affirmative legislative agenda. Senator Zaffarini, Dean of the Texas Senate, has picked up the bill in that chamber. We continue working with the Texas Senate to win their approval.
TLTA’s affirmative legislative agenda for the 89th Session
TLTA's advocacy team is supporting passage of the following bills during the 89th Legislative Session. These statutory changes would improve real estate transactions statewide:
Memorandum of Contract - HB 4063 (Ordaz)
HB 4063 »
Review TLTA's one-pager on this legislation »
Negotiated Rulemaking Implementation - SB 2433 (Parker), SB 2861 (Hughes)
SB 2433 »
SB 2861 »
Deed Fraud Self Help - SB 1734 (West) and HB 4531 (Bhojani)
SB 1734 »
HB 4531 »
Review TLTA's one-pager on this legislation »
Statistical Report Deadlines - SB 1810 (Schwertner) and HB 3502 (Rep. King) Note: Amended language expected pending stakeholder input.
SB 1810 »
HB 3502 »
HB 5173 »
County Clerk Recording Fee - SB 1547 (Zaffirini) and HB 3733 (Orr)
SB 1547 »
HB 3733 »
Review TLTA’s one-pager on this legislation »
Status of the TLTA Affirmative Agenda Bills Listed Above
You can find the status of the bills listed above
here.
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.
Legislation TLTA's Advocacy Team Is Tracking
Bills related to adverse possession, land use, HOA's and more have been filed by lawmakers.
Review the 89th Session Bills of Interest your TLTA Advocacy Team is tracking this session.
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 »
Trump ‘Giving Very Serious Consideration’ to Spinning Off Mortgage Giants Fannie and Freddie
TLTA | May 15, 2025
President Donald Trump on Wednesday said he soon planned to decide whether to privatize Fannie Mae and Freddie Mac, the government-sponsored entities that help provide stability and affordability to America’s home mortgage market.
“I am giving very serious consideration to bringing Fannie Mae and Freddie Mac public,” Trump posted on his social media website, Truth Social, on Wednesday, saying he would consult with cabinet members and make a decision “in the near future.”
“Fannie Mae and Freddie Mac are doing very well, throwing off a lot of CASH, and the time would seem to be right,” the post said.
Read More »
ICYMI: Texas Title Industry Connects With Congressional Delegation During ALTA's Advocacy Summit in D.C.
TLTA | May 15, 2025
TLTA members and staff traveled to Washington, D.C. to participate in ALTA's Advocacy Summit May 5-7, attending 19 meetings with members of the Texas congressional delegation and staff. TLTA's Immediate Past President Rodney Anderson and TLTA CEO Leslie Midgley also met with HUD Secretary Scott Turner.
The following Texas title professionals participated as part of TLTA's delegation: TLTA Immediate Past President Rodney Anderson, Andi Bolin, Celia Flowers, Mickey Gerdes, Scott Gillen, Erica Hallmark, Graham Hanks, Chad Hansen, Josh Liszewski, Roland Love, TLTA CEO Leslie Midgley, Megen Mikulik. Melissa Mikulik, Chris Phillips, Brian Pitman, Lauren Siegel, Tara
Smith, Mary Thomas, Mark
Till, Andy White, and Brooks Yeager.
TLTA's delegation met with members and/or staff from the following congressional offices: U.S. Sens. John Cornyn and Ted Cruz. U.S. Reps. Nathanial Moran, Monica De La Cruz, Jodey Arrington, August Pfluger, Mike McCaul, Al Green, Vincente Gonzalez, Roger Williams, Julie Johnson, Lance Gooden, Jake Ellzey, Craig Goldman, Pat Fallon, Sylvia Garcia, Keith Self, Brandon Ellis, French Hill and Michael Cloud.
All the meetings TLTA's delegation participated in during the advocacy summit were productive, and we took the opportunity to share with federal lawmakers our industry's request for their support of the Protecting America’s Property Rights proposed legislation, which would make title insurance a requirement on all Fannie and Freddie backed loans. We also voiced our strong concerns related to FinCEN's new Residential Reporting Rule.
See More Photos From TLTA's Meetings with Federal Lawmakers and Staff »