February 11, 2015
Trouble Explaining Title Insurance?
Check out TLTA's Cheat Sheet: Title Industry and Texas Title Industry Facts
At our recent “Day at the Capitol” event, more than 70 TLTA members volunteered their time to speak to legislators about the title industry in Texas. Many found that it helped to have a collection of industry facts handy for those discussions, for example - Texas was first in the nation in the amount of premiums written in the first three quarters of 2014, but ranks 44th in claims paid to collected premiums. (California was second on the list of premiums written but experienced a “losses to premiums” ratio of 9.6% compared to Texas’ 1.5%.).
Click here to see the whole list for title industry discussions you may have with non-industry colleagues, friends, legislators, community members, etc.
Why New CFPB Closing Form is Driving Lenders 'Crazy'
National Mortgage News | February 5, 2015
Many lenders have expressed concern about the new disclosure forms that go into effect this August. Lenders are worried about the formatting of the form, and the way the new document lists fees that could lead to hang ups and delayed closings.
Read More>>
Bill Filed to Change Nonjudicial Foreclosure Requirements
Dallas Senator Royce West has introduced a bill that would change the requirements for a nonjudicial foreclosure of residential mortgage liens. (
Bill SB283) The bill would establish a quasi-judicial foreclosure system in Texas that is similar to the process used now for Home Equity Loan foreclosures.
The application for the expedited order to allow the foreclosure of the lien, the mortgage or mortgage provider would have to include that the payment for the mortgage loan is at least 120 days delinquent. A no loss mitigation application must be submitted to the mortgage provider by any person who is obligated to pay the mortgage loan.
The bill, if passed, would go into effect September 1, 2015. The bill would only apply to mortgage loan agreements signed after the effective date of the act.
Freddie Mac: The Return of the Refinance Market
Housingwire | February 4, 2015
For the first time since 2009, the median appreciation of a refinanced property has turned positive, meaning over half of all borrowers who refinanced saw their home equity increase since taking out their original loan. Borrowers who refinanced will save on net about $5 billion in interest over the first 12 months of their new loan.
Read More>>
Mortgage Choice Act Reintroduced in Congress
Housingwire | February 3, 2015
The Mortgage Choice Act was reintroduced this year to Congress. The act would amend and clarify the qualified mortgage definition in the Dodd-Frank Act and would improve access to credit and qualified mortgages. The bill is identical to the Mortgage Choice Act of 2013.
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New Data Security Bill Introduced in Congress
Last week, two new data privacy security bills were introduced in Congress. In the House, Reps Bobby Rush (D-IL) and Joe Barton (R-TX) filed H.R. 580, "The Data Accountability and Trust Act (DATA). This bill is substantially similar to bills from previous Congresses in that it would require businesses (like title companies, settlement agents and attorneys) that own or possess any personally identifiable consumer information to implement effective information security policies and procedures to safeguard that data. Additionally, this bill would create some standards around breach notifications, including timelines. In the Senate, Sens. Dianne Feinstein (D-CA), John Rockefeller (D-WV), Mark Pryor (D-AR), and Bill Nelson (D-FL) introduced a similar bill, S. 177, "The Data Security and Breach Notification Act."
Many of the requirements in these bills and other proposals on data security mirror the recommendations in the third pillar of ALTA's "Title Insurance and Settlement Company Best Practices." With data security becoming a bigger issue (and a point of potential agreement amongst Republicans and Democrats), those companies that have implemented ALTA's Best Practices will be in a better position to meet any new legal requirements.
House Bill Would Cap CFPB Budget
The Hill | February 4, 2015
A bill passed by the House would cut the amount of money the Consumer Financial Protection Bureau can spend. The bill would cap CFPB funding at $550 million, which is $36 million less than the Congressional Budget Office estimated the CFPB would spend in 2016.
Read More>>
TLTA Presents RESPA/TILA Training Series
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 is part of our strategy to keep our members updated and informed on all the CFPB requirements. TLTA is currently planning more sessions around the state for the Spring and Summer.
Click Here for more info.
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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