February 18, 2015
TLTA's Legislative Agenda Updated
TLTA takes pride in working with associations in related industries and meets regularly to share affirmative and defensive legislative agendas and how each organization can collaborate on the legislative process.
TLTA’s Legislative Agenda included a deceased borrower streamlining bill that sought to amend the Estates Code to provide for a more efficient procedure to address a default by a deceased borrower. After receiving input from various stakeholders on the proposed legislation and how it would relate to the 736 process and foreclosures, TLTA brought the Legislative Agenda before its Board of Directors for their input. The Board of Directors met last week and voted to remove deceased borrower streamlining from TLTA’s affirmative agenda, at least for this legislative session. TLTA’s Legislative Agenda still includes proposed legislation on correction instruments.
New Corrections Instruments Template Approved
Recently the County and District Clerks Association of Texas agreed to support TLTA’s proposed legislation to direct the clerks to index all Correction Instruments according to the Grantor and Grantee named in the Correction Instrument. As part of those discussions and feedback from the clerks, they requested that TLTA modify its template to remove the second incidence of direction to the clerks. Their concern was that it was redundant and the redundancy invited opportunities for human error. The TLTA Board of Directors met on February 12 and approved adoption of the amended version of the
TLTA Correction Instrument Template. The Correction Instruments bill (
SB 584) was filed by Senator Carlos Uresti.
State Rep. Menendez Wins in SD-26
The Texas Tribune | February 18, 2015
After a contentious battle State Rep. José Menéndez, a title industry professional from San Antonio, beat out Trey Martinez Fischer for a seat in the State Senate. The two Democrats were vying to succeed Leticia Van de Putte in the San Antonio based Senate District 26.
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CFPB Proposed Rule Expands Definition of "Small Creditor" & Rural Areas"
Housingwire | February 3, 2015
The Consumer Financial Protection Bureau proposed several changes to its mortgage rules to increase lending in underserved and rural areas. If the proposal is finalized it would increase the number of financial institutions able to offer certain types of mortgages in rural underserved areas, and would help small creditors adjust their business practice to comply with the new rules.
Click Here to read the full CFPB press release.
CFPB is accepting public comment on the proposed rule until March 30, 2015.
Click Here to submit your comments.
U.S. Housing Secretary Defends Reduction in Mortgage Insurance Fees
Reuters | February 10, 2015
Top U.S housing officials say reducing insurance fees for lower income home buyers will not put the Federal Housing Administration finances at risk. FHA insured loans are popular among first time homebuyers and low income buyers because a purchaser can buy a home with just a 3.5% down payment.
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CFPB Took Action Against NewDay Financial
The Consumer Financial Protection Bureau took action against NewDay Financial, LLC for deceptive mortgage advertising and kickbacks. NewDay will pay $2 million in civil penalties for its actions.
Click Here to Read the full CFPB Press Release.
Click Here for the consent order.
ALTA Says CFPB Complaint Portal Needs Work
The American Land Title Association submitted a letter to the Consumer Financial Protection Bureau encouraging the bureau to change the information it is collecting from companies in its complaint database. ALTA is concerned the portal is asking for too much information, making it difficult for businesses to actually use the complaint portal. To use the portal, businesses must fill out a form asking for tax ID and state business licenses for every affiliate or subsidiary of the company.
Click Here to read the full ALTA letter.
To See the Benefits of TILA-RESPA, Stay Positive
National Mortgage News | February 13, 2015
Most companies are still trying to figure out what the impacts of the new TILA-RESPA Integrated Disclosure will be. The focus right now for companies is on procedural changes and most likely not on the positive impact the new disclosure forms could have on the industry.
Five Servicers to Pay $123 Million to Service Members for Unlawful Foreclosures
DS News | February 10, 2015
Five of the nation's largest mortgage servicers will pay more than $123 million to 952 service members and their co-borrowers as part of a settlement with the U.S Department of Justice over non-judicial foreclosures that violated the Service Members Civil Relief Act. Those involved in the settlement Those involved in the settlement were JPMorgan Chase, Citi, Wells Fargo, GMAC Mortgage, and BAC Home Loans Servicing.
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Check out this month's top 5 on-demand Webinars:
Decedent's Estates, with a Focus on Intestacy
The Ethical Title Professional
Voluntary Liens: Creation, Homestead, Creditors & More
Probate and Entity Issues: What You Need to Close
Surveys- Don't Be Out of Bounds