May 21, 2014

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Changes Proposed to TREC's Minerals Addendum

The Texas Real Estate Commission recently proposed changes to the Addendum for Reservation of Oil, Gas and Other Minerals (TAR 1905, TREC 44-1). Here's what's being considered:

The form will no longer be used with the Farm and Ranch Contract. Principals in transactions that require use of the Farm and Ranch Contract will need an attorney to draw up an addendum that addresses reservation of mineral rights.

Paragraph A has been changed so that the seller must choose to reserve all, one-half, or one-quarter of his interest in the oil, gas, and other minerals that may be produced from the property. The previous version allowed the seller to fill in any percentage.

The revised check boxes of Paragraph B now say if the seller does or does not retain rights to enter and use the surface property to perform specific acts related to his interest in oil, gas, and other minerals.

Changes to Paragraph C require the seller to provide contact information of existing leases to the buyer.
If these proposed changes are adopted, principals in transactions that require more detail than this form provides will need an attorney to draw up an addendum that addresses their concerns. Let us know what you think about these proposed changes by emailing TLTA Government Affairs Assistant David Glenn at [email protected].

San Antonio Mayor Julian Castro to Become HUD Secretary

Washington Post | May 17, 2014
President Obama plans to announce a Cabinet shuffle this week, asking San Antonio Mayor Julian Castro to take the reins at the Department of Housing and Urban Development and moving current Housing Secretary Shaun Donovan to the Office of Management and Budget as its next director, according to Democratic officials familiar with the proposed moves. Read More »

GSEs Publish Document to Support CFPB's Closing Disclosure

Fannie Mae and Freddie Mac (the GSEs) have published a Uniform Closing Dataset's (UCD) MISMO-mapping document, Appendix B: Closing Disclosure Mapping to the MISMO v3.3 Reference Model. The purpose of this document is to provide the industry with a common dataset to implement the Consumer Financial Protection Bureau's (CFPB) Closing Disclosure. The GSEs intend to collect the UCD from lenders in the future; however, they have not yet determined the method or timeline for data collection. More information will be provided to the industry on the GSE data collection method and timeline in the future. Additionally, if CFPB issues any future clarifications about the Integrated Mortgage Disclosures regulation that impacts the UCD, the UCD will be updated accordingly. Read More »

MCLE Courses Must Be Registered With TDI in 2015 to Receive Escrow Credit

The Texas Department of Insurance (TDI) recently decided that beginning on January 1, 2015, all continuing education courses must be registered with TDI to allow for Escrow CE credit to be applied. This means that the Department will no longer accept an MCLE transcript for unregistered courses after 12/31/2014. Until that time, the Department will still consider these courses on a case by case basis. The Department will also try and contact independent education providers to have them register as a provider with TDI and to register their courses to avoid any licensee confusion in the future.

Submit Title Agent Update Form With License Cancellations

Effective immediately, the Texas Department of Insurance (TDI) has requested that if an escrow officer licensee, which is also listed as an officer/director/manager, is being cancelled, and their association as officer/director/manager with the title agency is also being cancelled, a Title Agent Update Form (TAUF) removing that person as the officer/director/manager should also be submitted at the time of cancellation. You can download that form here. Submitting the TAUF at the time of cancellation will help avoid processing delays at the Department.

Register for These Upcoming Hot Topic Webinars!

Water Rights in the Everyday Lives of Texans
Tuesday, May 20 | 10:30 - 11:30 a.m.
Presented by:
Charles R. Porter, Jr., St. Edward's University
Live Version | On-Demand Version

Escrow Procedures - It Really IS All About the Money!
Thursday, May 22 | 10:30 - 11:30 a.m.
Presented by:
Denise Smith Holmes, Independence Title Company
Nancy Waggoner, Republic Title of Texas, Inc.
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Understanding Endorsements — 2014
Tuesday, June 24 | 2:00 - 3:00 p.m.
Presented by:
Janet Minke, CTIA, Alliant National Title Insurance Company
Live Version | On-Demand Version