January 29, 2014
TLTA Federal Issues Committee Meets in Austin
The TLTA Federal Issues Committee met last week in Austin to discuss the Consumer Financial Protection Bureau's (CFPB) combined mortgage disclosure rule and other federal issues impacting the Texas land title industry. Leaders from the California Land Title association also joined the call, as guests, to discuss shared concerns about implementation of the new rule.
The committee discussed the challenges with the new closing disclosure form and will be making recommendations to the TLTA Board regarding necessary changes in Texas regulations and forms to better mesh with the new federal rule.
Additionally, the committee discussed what education will be needed to help Texas agents understand the impact of the rule and prepare for implementation. There was also discussion about the significant software changes that will be necessary for agents to successfully share information with lenders under this new required disclosure and settlement process. TLTA will continue to provide more information on all of these critical matters in the coming months.
Now that this combined disclosure rule has been issued, along with the QM and other mortgage lending rules, the CFPB is asking related industries to provide additional feedback on the mortgage closing process. TLTA is developing official comments to submit to the Bureau and will be sharing those with you next week and encouraging you to comment directly to the Bureau as well.
If you have any questions, please contact Government Affairs Assistant David Glenn at 512.879.2891 or
[email protected].
Obama Speech Calls for U.S. Housing System Overhaul
Chicago Tribune | Jan. 29, 2014
President Barack Obama renewed his call on Tuesday to wind down mortgage-finance giants Fannie Mae and Freddie Mac and revamp the housing finance system to include a more limited government backstop. In his State of the Union address, Obama urged Congress to pass legislation that rebuilds the mortgage market to rely more on private capital but that also maintains support for creditworthy borrowers. "Send me legislation that protects taxpayers from footing the bill for a housing crisis ever again, and keeps the dream of homeownership alive," Obama said. "The most important investment many families make is their home."
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Senate Acts on Bill to Delay Flood Insurance Hikes
ABC News | Jan. 27, 2014
Bipartisan legislation that would delay flood insurance premium hikes for hundreds of thousands of people living in coastal and low-lying areas cleared its first hurdle in the Senate on Monday. The 86-13 vote demonstrated that the measure had filibuster-proof support in the chamber, which was likely to pass it in a few days. The legislation would delay for up to four years premium increases set to phase in next year on homeowners facing whopping premium increases under new flood maps and would allow homeowners with subsidized insurance policies to pass them on to people who buy their homes.
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Upcoming Hot Topic Webinars— Register Today!
The Ethical Title Professional
Wednesday, Feb. 5 | 10:30 - 11:30 a.m.
Presented by: EJ Brent, CESA, CTIA, First American Title Insurance Company
The Real Estate industry as a whole, the Realtors, the lenders and the title companies all hold positions of trust for all parties while dealing with real estate transactions. This is an extremely important role and ethical behavior concepts are not just agreed upon in our society, but are set forth specifically by some laws and rules. This course is designed to help the title professional consider, again, the ethical behavior in each and every dealing. It will help to determine a particular style of ethical reasoning and how to use a reasoning power to confront and deal with ethical dilemmas and will give guidance and direction in order for attendees to become a true "ethical title professional".
Learn More & Register »
Avoiding TDI Audit Violations: Compliance & Recent Changes
Thursday, Feb. 13 | 10:00 - 11:30 a.m.
Presented by: Robert York, TDIs Manager of Title Examinations
Brenda Nelson, Old Republic National Title Insurance Company
Ed Hill, Ed Hill & Company CPAs, LLC
Our panel of experts will walk you through the most common mistakes and violations discovered during TDI audits, address internal weaknesses that hinder the audit process and provide important guidance on how you can stay in compliance and be prepared for your next TDI audit. Attendees will be encouraged to submit questions prior to the webinar.
Learn More & Register »