May 13, 2015
ALTA President to Testify Tomorrow before House Financial Services Subcommittee
Diane Evans will testify before the Housing Insurance Subcommittee of the House Financial Services Committee this Thursday, May 14. The hearing is entitled "
TILA- RESPA Integrated Disclosure: Examining the Costs and Benefits of Changes to the Real Estate Settlement Process".
Diane will once again highlight the need for the CFPB to modify and clarify the new TILA-RESPA Integrated Disclosures rule to help with the August 1st transition.
Click Here to read a memorandum about this hearing.
Click Here to watch Diane's testimony live.
Update on the Financial Regulatory Improvement Act of 2015
Earlier this week, Senator Richard Shelby (R-AL.), the Chairman of the U.S. Senate Banking Committee, released a 216-page draft proposal for regulatory relief for financial institutions and the financial industry. Senate Shelby has said this is “discussion draft is a working document intended to initiate a conversation with all members of the Committee who are interested in reaching a bipartisan agreement to improve access to credit and to reduce the level of risk in our financial system.” Senator Shelby said he intends to move the legislation through the Senate Banking Committee on May 21. Among the fifty three separate provisions in the bill and of interest to our industry is a provision that would waive the three-day waiting period in the new TILA/RESPA Integrated Disclosure rules if the change was simply a reduction in a buyers interest rate. The provision would provide lenders a safe harbor from liability until the CFPB certifies that the use of the new forms is not in conflict with state law.
While the bill will likely make it out of the Senate Banking Committee, it is unclear if the full Senate will consider it. Some Democrats, like Ranking Democrat Sherrod Brown (D-OH) have already come out against the overall bill calling it a “wish list” for Dodd Frank rollbacks. More on the bill’s text and the Senator’s statement
can be found here.
Dodd-Frank Reform, TILA - RESPA Dominate House Hearings
Housingwire | May 11, 2015
There are at least three hearings in Washington that will affect the housing industry. The House Financial Services Oversight and Investigations Subcommittee will hold a hearing on May 13th entitled "The Dodd-Frank Regulatory Overreach."
Later that day, the Subcommittee on Capital Markets and Government Sponsored Enterprises will hold a hearing entitled “Legislative Proposals to Enhance Capital Formation and Reduce Regulatory Burdens, Part II."
On May 14 ALTA President Diane Evans will testify before the Housing and Insurance subcommittee in a hearing entitled “TILA-RESPA Integrated Disclosure: Examining the Costs and Benefits of Changes to the Real Estate Settlement Process.”
Read More>>
Texas Association of Realtors Educating Members on TRID
Housingwire | May 6, 2015
The Texas Association of Realtors is actively educating its members about TRID. TAR recently published a TRID timeline explaining the basics including why HUD-1 is disappearing. TLTA president Dawn Moore will be part of TAR's education process and will soon present a webinar to their Realtor members on the new integrated disclosures and how it will affect the transaction.
Read More>>
Chase and BOA offer more TRID Guidance to Settlement Agents
Chase and Bank of America both issued updates to title providers and settlement attorneys answering questions about the preparation for CFPB's TILA-RESPA Integrated Disclosure requirements, which are scheduled to be effective for applications on August 1.
Read the Chase letter
here.
Read the Bank of America letter
here.
Survey: Title Professionals Will Be Prepared for TRID
National Mortgage News | May 11, 2015
A survey conducted in April 2015 by ALTA reveals the majority of title agents, underwriters, real estate attorneys and abstracters are prepared for the implementation of the new Integrated Disclosures. The new Disclosures go into effect on August 1, 2015 and 92% of title professionals say they are ready to meet that deadline.
Read More>>
Click here to check out the full ALTA survey.
Last Chance To Show Your Support! TLTAPAC's Race to the Finish!
Will you pledge just $1 per mile that our lobbyists walk at the Capitol next week to ensure that the legislative interests of the title industry are represented during these final days of session?
The decisions lawmakers make affect not only your company, but you directly. They affect your day-to-day job as well as your career and your ability to continue to earn a living in this business.
Cheer on Aaron and Allen, TLTA’s lobby team extraordinaire, as they walk the Capitol next week wearing pedometers to show just how much
TLTAPAC goes the distance for the title industry! Everyone wins during our biennial Race to the Finish fundraiser!
To get involved in the race, all you have to do is review the pledge form, select a lobby team member, and pledge either an amount per mile or make a one-time contribution. Make a pledge now or if you have any questions, contact Angela Obolsky, Government Affairs Assistant at 512-879-2891. The deadline for pledges is tomorrow, so don’t delay!
Check out the Exciting New Schedule and Speakers for the TLTA Conference!
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!
Last Chance to Register! Escheating in Texas
May 14, 2015 1:30-2:30 p.m.
If you are an Escrow Officer or Assistant, you can’t afford to miss this informative webinar. 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>>
The Twilight Zone of Cyber Fraud and Escrow Theft
June 3, 2015 10:30-11:30 a.m.
Follow the tales of 8 victims of cyber fraud and escrow theft as they found themselves transferred from their everyday life as a title professional into the Twilight Zone of Cyber Fraud and Escrow Theft! This session will raise awareness of cyber fraud and escrow theft by sharing cautionary stories of fraud that ended the careers of some innocent practitioners. Attendees will leave this session prepared to implement best practices in the protection of escrow funds.
Register for live webinar>>
Register for On Demand webinar>>