July 9, 2014

TLTA Regulatory Committee Discusses Potential Rule Hearing Items 

The TLTA Regulatory Committee met this week to discuss potential items to be considered at the next Texas Department of Insurance (TDI) rule hearing. The full committee heard updates from several subcommittees and discussed a number of potential changes in preparation for a rule hearing that could take place in the coming months. We appreciate the work of these dedicated volunteers, and will continue to keep you updated on their work throughout the year. If there are any issues which require the attention of the Regulatory Committee, please submit them with this form to [email protected].

CFPB: Heirs Can Be Added to Mortgage Without Triggering ATR 

MortgageOrb | July 8, 2014
The Consumer Financial Protection Bureau (CFPB) has thrown a bone to mortgage lenders, stating in a new interpretive rule that when a borrower dies, his or her mortgage can be passed on to heirs without those heirs having to meet the bureau's ability-to-repay (ATR) rules. By allowing the name of an heir to be added to the mortgage without triggering the ATR rule, the heir can continue to make mortgage payments and potentially keep the home in the family. Also, the heir can apply for refinancing or a mortgage modification in the event he or she is unable to make the current monthly payment. "Losing a loved one should not mean also losing your home. Today's interpretive rule makes it clear that when family members inherit property, they can take over the mortgage without jumping through unnecessary hoops," says Richard Cordray, director of the CFPB, in a release. Read More »

Millennials Will Soon Be a Force to be Reckoned With in Housing Markets 

Inman News | July 7, 2014
The U.S. homeownership rate dropped for the ninth year in a row in 2013, thanks in no small part to the fact that millions of 20- and 30-somethings were still living with their parents, according to the latest "State of the Nation's Housing" report from Harvard University’s Joint Center for Housing Studies. The decline in homeownership rates from 2004 to 2013 was most dramatic among 25- to 34-year-olds (down nearly 8 percentage points) and 35- to 44-year-olds (down 9 percentage points). Some 15.3 million adults in their 20s and 3.1 million in their 30s were still living with their parents last year, helping bring the homeownership rate down to 65.1 percent. Read More »

Upcoming Hot Topic Webinar!

Time for Change - 2014 TREC Contract Changes
Friday, July 25 | 10:30 - 11:30 p.m. CDT
Presented by:
Dan Hamilton, Texas Agency Representative, Alliant National Title Insurance Company
Live Version | On-Demand Version