May 28, 2015
TLTA Testifies at This Week's Texas Disclosure Hearing at TDI
TDI Commissioner David Mattax presided over a hearing yesterday on the proposed new Texas Disclosure form, designed to be used in conjunction with the new CFPB Closing Disclosure. TDI Staff Attorney Marianne Baker outlined the proposed new form, T-64, and accompanying procedural rule, P-73, reported on
earlier in Dateline. TLTA Director of Government Affairs and Counsel Aaron Day and TLTA witness Janet Minke also testified in favor of the proposal. The Commissioner asked each witness if they believed this form would provide needed clarity for consumers and each agreed it would. TLTA anticipates that an adoption order will be issued on this proposal in the very near future with an August 1 effective date to coincide with the CFPB/TRID regulations.
Along with the testimony, TLTA submitted this formal
comment letter to TDI regarding a recommended minor change to the document. We appreciate all the helpful comments we received from TLTA members.
Background Information on the Texas Disclosure
TLTA formed a task force last year to determine how the new federal Closing Disclosure meshed with Texas Regulations. There are disclosures that are required in Texas that are either not accommodated on the federal disclosure or are not accurately represented on that form. This proposed separate
Texas Disclosure form is a result of that effort and it addresses those conflicts and deficiencies.
The Texas Disclosure specifically addresses the conflict between how simultaneous issue is required to be shown on the federal Closing Disclosure and how Texas regulations treat simultaneous issue transactions. Additionally, it provides a place for items that are required to be disclosed in Texas but are not accommodated on the Closing Disclosure. Finally, it includes a place for the signature line authorizing the settlement agent to disburse funds according to the Closing Disclosure.
Learn How to Complete the Closing Disclosure and Texas Disclosure
TLTA is offering hands-on TRID Training workshops in three locations where you can learn how to actually fill out both these new forms. Additionally, a webinar in July will focus on the just the Texas Disclosure, what goes where on the form and how to walk consumers through it at the closing table.
June 17th in
Dallas.
June 24th in
Austin.
July 15th in
Houston.
The Texas Disclosure - What Goes on it and How to Explain it at Closing
July 7, 2015 10:30-11:30 a.m. CT
Join Janet Minke for an overview and walk through of the new Texas Disclosure. This webinar will provide an in depth look at what must be included in the Texas Disclosure, as well as some optional elements you may elect to include to help buyers and sellers more clearly understand certain closing costs.
Register for live webinar>>
Register for On Demand webinar>>
Texas Legislative Update: Key Legislation Sent to the Governor
With just a few days left in the 84th Texas Legislative Session, the TLTA lobby team continues to work and monitor the process closely. Last week, several key pieces of legislation were sent to the Governor's office, including the bill on TLTA’s
affirmative agenda. These bills were previously reported in
Dateline and supported by TLTA.
SB 584 by Sen. Uresti & Rep. Simmons amends the Local Government Code to include correction instruments among the items to be indexed in a county clerk's index of instruments relating to real property. The bill requires the index entry for a correction instrument to contain the names of the grantors and grantees as stated in the correction instrument. It was sent to the Governor on May 20.
HB 2491 by Rep. Pickett and Sen. Eltife amends the statute to allow for the direct licensing of escrow officers. This bill proposes to change the licensing process so that a licensed escrow officer would be issued one license and be responsible for maintaining that license. However, an escrow officer must have an active appointment with a title agent in order to perform functions under the license. It was sent to the Governor on May 20.
SB 572 by Sen. Eltife and Rep. Sheets addresses concerns regarding the limit on the amount of single-risk that a title insurance company in Texas can retain as a percentage of a company's capital and surplus. This bill seeks to modify statutory single-risk premium limits in accordance with model legislation developed by the National Association of Insurance Commissioners. It was signed by the Governor on May 19 and becomes effective on September 1.
TLTA Delegation Attends ALTA Federal Affairs Conference in DC
Last week, a delegation of TLTA members and past presidents led by President Dawn Moore, visited Washington, D.C. as part of the American Land Title Association Federal Affairs Conference. Over the course of a day and a half, the group held sixteen different face-to-face meetings with members and staff of the U.S. Congress to discuss the CFPB and their TRID implementation set to begin August 1, 2015.
Read More Here>>
TLTA Submits Letter to Senator Elizabeth Warren
TLTA recently wrote a letter to Senator Elizabeth Warren in response to questions she raised about title insurance during a recent U.S. Senate Hearing.
Read the full letter
here.
Georgia Lawmaker Proposes Bill to Make CFPB Accountable to Congress
U.S. Senator David Perdue (R-Georgia) has introduced a bill that would make the Consumer Financial Protection Bureau
(CFPB)more accountable by bringing it under the Congressional appropriations process. Perdue said the Consumer Financial Protection Bureau Accountability Act of 2015 will provide critical Congressional oversight.
Read More>>
Back by Popular Demand - Texas Tribune's Evan Smith Plus Monuments Men Author Robert Edsel to Keynote at PAC Events During the TLTA Conference
Back by popular demand at the 2015 TLTA Conference and Business Meeting is Evan Smith, Editor in Chief and CEO of the Texas Tribune, who will provide a behind the scenes look at the political landscape during and after the 84th Legislative Session.
New this year to conference is Robert Edsel, author of The Monuments Men: Allied Heroes, Nazi Thieves and The Greatest Treasure Hunt in History. Robert's enlightening and interactive presentation brings together history and culture using images of treasured monuments, never before seen works of art and little known historical anecdotes from World War II. Robert was recently featured on CNN discussing the potential loss of centuries old art in the Middle East due to fighting in the region. Robert Edsel's books will be available for purchase and will be signed by him after the breakfast.
Don’t miss these exciting speakers. Register for Conference now before the early registration deadline this Friday. Register today for the PAC breakfasts to hear Evan Smith and Robert Edsel. Be sure to purchase tickets to both of these great events. Proceeds to both support the TLTA PAC.
CFPB Seeks to Fine PayPal $25 Million Over Credit Allegations
The Washington Post | May 20, 2015
Consumers using PayPal to shop online were unknowingly signed up for credit lines and promised discounts and payment options they never received, according to a complaint filed in federal court by the Consumer Financial Protection Bureau (CFPB).
Read More>>
Early Registration Extended until Friday!
Check out the Exciting Conference Program and Speakers for the TLTA Conference!
Review the new program, and get registered.
Hotel Update: Due to an overwhelming response the Gaylord Texan is currently sold out of rooms in the TLTA block. We are working with the Gaylord to see if additional rooms can be secured, as well as nearby hotels to make sure everyone is accommodated.
Important: If you plan to attend the conference but HAVE NOT made your hotel reservation at the Gaylord Texan, please email or call Alex Ferber, 512.879.2882, ASAP to get on the wait list, so we can assist with getting you accommodations.
Make a backup reservation at our nearby Conference overflow hotel,
Courtyard Marriott Dallas DFW Airport North/Grapevine. Please see more information below:
Courtyard Marriott Dallas DFW Airport North/Grapevine
2200 Bass Pro Court
Grapevine, TX 76051
2 miles / 5 minute drive to Gaylord Texan
$169 plus applicable taxes
Click here to book your room
To book by phone: 817.251.9095 and mention TLTA Annual Conference Room Block
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!
Don't get Caught in 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>>
The Texas Disclosure - What Goes on it and How to Explain it at Closing
July 7, 2015 10:30-11:30 a.m. CT
Join Janet Minke for an overview and walk through of the new Texas Disclosure. This webinar will provide an in depth look at what must be included in the Texas Disclosure, as well as some optional elements you may elect to include to help buyers and sellers more clearly understand certain closing costs.
Register for live webinar>>
Register for On Demand webinar>>