January 23, 2015

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TLTA works with TDI to develop Texas Disclosure Form

Form to be used in conjunction with new CFPB Closing Disclosure 

In anticipation of the new CFPB rule and integrated disclosures (Closing Disclosure) that go into effect in August 2015, TLTA formed a task force during the fall to determine how this new federal disclosure would work under Texas regulations.  The result was the creation of a proposed separate Texas Disclosure form that would take care of a few deficiencies in the federal disclosure. 

The Texas Disclosure addresses the conflict between how the simultaneous issue is required to be shown on the Closing Disclosure and the Texas regulations regarding simultaneous issue transactions. Additionally, it provides a place for items that are required to be disclosed in Texas but are not accommodated on the Closing Disclosure.  Finally, it includes a place for the signature line authorizing the settlement agent to disburse funds according to the Closing Disclosure. 

After the task force developed the form it was approved by the TLTA Board of Directors and informally submitted to the Texas Department of Insurance.  We  are working with TDI at present on some revisions and will publish the proposal as soon as we have the final version available. We expect that TDI will soon be proposing the form and rule for adoption by publishing it in the Texas Register for comment. We will keep you posted as the proposal makes its way through the process.

TLTA Urges CFPB to Correct Simultaneous Issue Conflict

CFPB staff recently reached out to TLTA and other land title associations asking for input on new integrated disclosures. This week TLTA sent in a comment letter urging them to amend their official rule interpretations in order to accommodate the manner in which simultaneous issue is handled in Texas, according to Texas regulations.   At issue is the consumer confusion resulting from the Closing Disclosure requiring that the prices for the Owner’s and Lender’s title policies be inaccurately represented when there is a simultaneous issue. 

TLTA and TDI intend on addressing the issue with a separate Texas Disclosure.  However, TLTA urges CFPB to accommodate the practice in the 26 states and the majority of transactions in the nation where this is in conflict.   

TLTA is not alone in this effort.  ALTA has also recently issued an open letter calling for CFPB to correct their approach to simultaneous issue price disclosures.

U.S. Supreme Court Backs Borrowers' Right to Rescind Certain Mortgages

Bloomberg | January 13, 2015

The U.S. Supreme Court gave homeowners more ability to cancel their mortgages if lenders don't provide the required disclosures. The justices said that borrowers don't have to file suit within three years and instead can meet the deadline by sending a letter to lenders. 

Read More>>

Dotzour Talks Home Prices, Construction and Housing's Impact on Texas Economy

Dallas Fed's Southwest Economy

The Federal Reserve Bank of Dallas interviewed Real Estate Center Chief Economist  Dr. Mark Dotzour about why Texas home prices continue to rise, the construction market, and the housing markets overall impact on the Texas economy. 

Read the full interview here. 

Nearly Half of Homebuyers Don't Shop Around for Mortgages

The Wall Street Journal | January 13, 2015

A government study revealed that nearly half of homebuyers don't consult multiple lenders when looking for a mortgage. of those surveyed 47% admitted they only considered one mortgage lender. 

Read More>>

A Strategy in the Fight Over Dodd-Frank: Go Big

The New York Times | January 14, 2015

The big banks are fighting for financial reform. They have pushed for delays, lobbied Congress to repeal aspects of Dodd-Frank, worked over regulators to make the rules as loose as possible, threatened legal challenges, and filed lawsuits. 

Read More>>

Lawmaker Urges CFPB to Abandon Office Renovation Plans

Reuters | January 13, 2015

A republican lawmaker urged CFPB to abandon the renovation of its Washington building and find cheaper office space. This is just one sign that critics will keep a close eye on the agency this year. 

Read More>>


Sign Up Today! We need your help to pack the halls of the Capitol during TLTA's Day at the Capitol, Feb. 2-3. We are currently scheduling legislative appointments and want to include you so don't miss out. Make sure you get an appointment with your representatives. This is your chance to speak with your legislators about the issues that affect the title industry and ultimately your bottom line. 

Register Now

Note: There are limited rooms available at the TLTA discounted rate 
Book Hotel Today. The hotel is expected to sell out. If you choose to call the hotel for a reservation make sure to ask for in house reservations not central booking. 

If you have any problems reserving a room you can contact Lynne Daves at 512.879.2828

February 18th in Dallas & February 19th in Austin

Are you ready for the new CFPB integrated disclosure regulations that go into effect in August of 2015? Did you know that the HUD-1 will be replaced by the Closing Disclosure in most residential transactions? Did you know that in many transactions the lender will complete and deliver the new closing disclosure to the buyer?

TLTA’s readiness training will give you the tools you need to prepare to implement these massive changes in your operation. 

February 18
The Irving Convention Center 
500 W. Las Colinas Blvd.
Irving, TX 75039
Map & Parking Information
Local Area Hotels

February 19
Norris Conference Center – Austin
2525 W. Anderson Lane, Suite 365
Austin, TX 78757
Map & Parking Information
Local Area Hotels 


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