February 25, 2015
TLTA Legislative Update
TLTA is closely tracking 200 bills out of the 3,677 bills filed so far. These are bills which we have flagged thus far as either potentially impacting us or becoming vehicles later in the process for issues which may impact the title industry. TLTA’s Legislative Committee is meeting every other week to discuss these bills, “issue spot” and identify how these bills impact the title insurance industry.
The Legislative Committee has also formed subcommittees to dive deeper into a couple of bills that impact the title insurance industry: the Transfer on Death Deed (HB703/SB462) bill and the Single License for Escrow Officers bill (still in draft form). The subcommittees have met and identified questions and suggested amendments that they will take back to the bills’ stakeholders.
TLTA has also been meeting with legislators to educate them on issues that are important to the title insurance industry. Most recently, TLTA staff met with the new and returning members of the
House Insurance committee. Several of the bills we are tracking will eventually be referred to this committee and making connections with these committee members is vital to monitoring legislation that could impact the industry.
Check out TLTA’s legislative priorities
here.
Proposal Concerning Changes to TDI’s Contact Information
The Texas Department of Insurance (TDI) recently published
proposed rules concerning changes to TDI contact information. The proposed rules would require insurers to provide the updated Important Notice to their customers who have policies that are in effect but do not expire. However, TDI recognizes that title companies cannot notify existing policyholders of the changes they are making:
“Proposed new §1.210 does not apply to title insurance agents or title insurance companies because title insurance companies do not keep accessible records of policyholder names and addresses. Additionally, title policies last indefinitely, leaving companies with no practical way to determine whether a policy is still in effect. The cost for title insurance companies to contact all current policyholders is prohibitive and TDI will not impose this requirement. Like all other companies, however, title agents must update the Important Notice that accompanies new policies.”
This proposed policy change, however, does bring up the issue of how title companies produce or include the Important Notice which goes out with each Commitment and Policy. This will likely only require a software update, but some underwriters may have included the Important Notice in their policy jackets. If these jackets are still being printed, they will have to be reprinted; however, most underwriters are now producing jackets online so it will require only a software update. This may also affect the promulgated language in policies and commitments.
TLTA is monitoring this proposal and has requested input from TLTA’s Regulatory Committee. We would also like to hear from our members about how this proposal could affect you. The deadline for comments on this proposal is March 2. Please email
[email protected] with your comments.
Comment Period for Amendments to CFPB's TILA/RESPA Rules Open Until March 16
DS News | February 17, 2015
There is still time to give your feedback to the Consumer Financial Protection Bureau on the new TILA/RESPA integrated disclosure. The agency is accepting feedback until March 16th.
Click here for More Information>>
Have CFPB Rules Stifled Mortgage Credit? The Answer's Complicated
National Mortgage News | February 19, 2015
The CFPB's rules to improve mortgage underwriting took effect last year amid predictions that they would choke off the trickle of credit in an already crippled market. However, so far it appears this prediction has yet to come to fruition.
Bill Calls for CFPB Inspector General
The Hill | February 17, 2015
Two House lawmakers have proposed a bill that would install an inspector general for the Consumer Financial Protection Bureau. The inspector general would provide more oversight for the agency since it is not subject to any congressional oversight.
Read More>>
TILA/RESPA Integration: The Rest of the Story
National Mortgage Professional Magazine | February 18, 2015
The lending industry is making preparations for the new TILA/RESPA disclosure form but there is more to this story. What other documents will be effected by these changes? Out of about 40 documents used in the industry about half reference the traditional TILA/RESPA requirements.
Read More>>
CFPB Hits Three Lenders as Part of False Ad 'Sweep'
Housingwire | February 19, 2015
The Consumer Financial Protection Bureau is taking action against All Financial Services, Flagship Financial Group, and American Preferred Lending for misleading consumers with advertisements and implying U.S. government approval of their products. Implying any government affiliation is prohibited under the 2011 Mortgage Acts and Practices Advertising Rule.
Read More>>
TLTA 2015 Conference Sponsorships Now Available - Sponsor Items Going Fast!
The 2015 Annual Conference & Business Meeting will be here before you know it — sign up for a sponsorship today before the branding opportunities sell out! There are several excellent sponsor items and events still available and we can always customize an opportunity to fit your needs.
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