April 29, 2015
TDI Publishes Proposed Texas Disclosure for Comment - Hearing Set for May 27th
Will be Required With New CFPB Federal Closing Disclosure Beginning in August
The Texas Department of Insurance has posted the proposed new Texas Disclosure on their website and it is expected to be published in the Texas Register on May 1st, with a 30-day period for comments. A public hearing on this proposal will be held on Wednesday, May 27, at 9:30 a.m. in Austin. This
proposed new form was designed to be used in conjunction with the new required federal Closing Disclosure that goes into effect in August of this year. We anticipate that the Texas Disclosure will be adopted in time for that August 1 effective date, and we will keep you informed throughout this approval process. You can see the proposal, proposed rule and Texas Disclosure form on the
TDI website here. If you have any comments on the form, please email them to us at
[email protected] and we will work to address them.
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Legislative Update
As we near the last 30 days of the 84th Legislative Session, we wanted to provide you with a special legislative update and let you know how your TLTA Legislative team has been representing you. Below is a list of bills that we are either actively working on or are closely monitoring.
Our TLTA Legislative Committee, led by Chair Mike Savas, has been meeting every other week to review bills and identify any that would have an impact on our industry. We are extremely grateful for all their hard work and expertise. The TLTA staff and lobby team is actively working with stakeholders and legislators on a number of these bills. In some cases we are supporting legislation, in others we are seeking amendments to fix or improve the language and in other cases we are actively working to defeat legislation that we think would have a negative impact.
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CFPB and FTC fine Green Tree $63 Million for 'Mistreating Borrowers'
Housingwire | April 21, 2015
The CFPB and the Federal Trade Commission announced that the organizations are taking action against Green Tree Servicing for "mistreating borrowers" who were attempting to save their homes foreclosure. As part of the agreement, Green Tree agreed to pay $48 million in restitution to victims and a $15 million civil money penalty.
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House Passes ALTA-Supported Cybersecurity Bill
The New York Times | April 22, 2015
The House passed a bill that would push companies to share access to their computer networks and records with federal investigators. The House bill would provide legal liability protections for companies that share cyberthreat information with each other or with the government.
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Backlog Forces CFPB to Slow Down New Investigations
American Banker | April 22, 2015
The Consumer Financial Protection Bureau's enforcement attorneys have pulled back on new investigations in order to clear out a slew of pending cases, according to multiple current and former officials at the agency.
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Colorado Senate Committee OKs Bill to Boost Oversight of Title Firms
The Denver Post | April 22, 2015
The bill that would formally create the Colorado Title Insurance Commission, which would be a nine-member body with three consumer representatives, and would replace the current 15-member council that for a dozen years has offered suggestions on how to improve the industry.
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Loans Not Covered by TRID
ALTA | August 5, 2014
The CFPB's TILA-RESPA integrated disclosures (TRID) rule applies to most closed-end consumer mortgages. Read on to learn the types of transactions that are not covered by TRID and how to handle all-cash transactions.
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AICPA Issues Q&As for Practitioners Related to ALTA Best Practices Framework
The Journal of Accountancy | April 27, 2015
The American Institute of CPAs (AICPA) on Thursday issued new technical questions and answers to provide non-authoritative guidance to practitioners in connection with ALTA’s “Best Practices” framework.
ALTA published the framework in 2013 to highlight policies and procedures used by title insurance and settlement companies to enable a positive and compliant real estate settlement experience. For more info, click
here:
Tomorrow is the Last Chance to Win a Free Registration for the TLTA Annual Conference and Business Meeting! Drawing is End of Day April 30th!
You can also review the new
schedule,
get registered and
make your hotel reservation today.
NEW THIS YEAR! Optional Pre-Conference program scheduled for June 17 at the Gaylord:
TLTA TRID Readiness Series Part II
Hands-On, How-To Workshop that will take you through the new Closing Disclosure using case studies. Grab a calculator and a pencil and plan to join us!
10am-4pm includes lunch
Click here for Pre-Conference Program
Register Today!
Escheating in Texas
May 14, 2015 1:30-2:30 p.m.
Escheating is a commonly used word in the title industry, but do you know what it really means? The dictionary defines it as “a common law doctrine which transfers the property of a person who dies without heirs to the crown or state. It serves to ensure that property is not left in "limbo" without recognized ownership.” It’s an old concept that is still essential in today’s title industry.
If you are an Escrow Officer or Assistant, you can’t afford to miss this informative webinar where you will learn the historical background for escheat laws, current statutory references and applicable Texas Department of Insurance regulations. Also discussed, the time frames for reporting to the state, penalties for late filings, how the depositor gets the money from the state, when is last contact, and the importance to the integrity of the title industry of properly and promptly handling escheat matters.
Heidi Junge will lead this informative exploration of escheating and how critical it is to the title industry.
Register for live webinar>>
Register for On Demand webinar>>