June 10, 2015
TDI Issues Notice of Correction to Rule Adoption
We
previously reported on changes to TDI's contact information. However, TDI recently made some changes to the adopted rule.
The Commissioner of Insurance recently adopted rules adding new 28 TAC §§1.208 - 1.210, concerning TDI contact information. The adoption also amends 28 TAC §1.601, concerning notice of toll-free numbers and information and complaint procedures, and 28 TAC §1.602, concerning notice of Internet website.
Click here to see what corrections were made.
Clarification to Last Week's TDI Compliance Update
Last week we sent you a
TDI Compliance update stating that effective June 15, 2015, TDI will no longer accept licensing application forms with a revision date prior to February 2015. We received questions from several TLTA members who pointed out that there are a number of TDI licensing forms that have not been revised since February 2015, leading to confusion about how to comply.
TDI has provided us with the following clarification: “Some forms have not been revised since February 2015, but if they have, you must use the most current version of those forms. Always check the effective date on the website and use the most recent forms. All effective dates shown on the forms are up-to-date. Please Note: We expect all licensing forms to be revised in the very near future.”
CFPB Issues Fact Sheet to Clarify Impact of Integrated Disclosures on Loan Closings
The CFPB fact sheet is meant to clarify the impact of the requirement - effective August 1, 2015 - that a creditor must deliver the Closing Disclosure to the consumer three days before closing. It provides an overview of the limited circumstances when changes to the loan require a new three-day review.
Click Here to review the fact sheet.
House Bill Introduced to Allow for CFPB Enforcement Grace Period
CFPB Director Richard Cordray announced last week that there would not be a TRID grace period later this year (for more information on that see the following story), however several members of Congress are supporting a bill that would require CFPB to do just that. H.R. 2213 was filed in the U.S House of Representatives to provide a "safe harbor from the enforcement of integrated disclosure requirements for mortgage loan transactions under the Real Estate Settlement Procedures Act of 1974 and the Truth in Lending Act." The bill was referred to the Committee on Financial Services.
Read the full bill
here.
CFPB Director Stops Short of Granting Enforcement Grace Period
Says Agency Will Be Sensitive to Good Faith Efforts
CFPB Director Richard Cordray sent a letter to lawmakers outlining the agency's position on TRID Enforcement after August 1st. He wrote this
letter to Senator Donnelly and Senator Tim Scott and sent the same one to the House as well.
The CFPB letter was written in response to a
letter members of the U.S. House and and a
letter members of the U.S. Senate sent Cordray a two weeks ago. Both the House and Senate letters ask for a grace or hold harmless enforcement period through the remainder of 2015 to help industry professionals adjust to the new Rule. Similar requests have been made by many industry groups.
Despite lawmakers and industry professionals specifically asking for a hold-harmless period, Cordray's letter never mentions granting the grace period requested. Instead the letter states "our oversight of the implementation of the Rule will be sensitive to the progress made by those entities that have squarely focused on making good-faith efforts to come into compliance with the Rule on time." Cordray went on to say he does not believe there will be any delays in closings due to TRID implementation. These statements were also included on a blog post on the
CFPB website.
The Grace Period That Wasn't: CFPB Stays Course on New Disclosures
National Mortgage News | June 3, 2015
The Consumer Financial Protection Bureau gave little ground in its pledge Wednesday to be "sensitive" to lenders that make a "good-faith effort" to comply with new mortgage disclosure rules that go into effect in August. ALTA was looking to the Bureau to announce a specific hold-harmless period for those working to comply in good-faith with the new mortgage disclosures. Read ALTA’s
statement here.
Read More>>
It's almost here! Check out the Exciting Conference Program and Speakers for the TLTA Conference!
Register now to join us for the 2015 Conference. We look forward to seeing you in Grapevine! If you are in the Dallas area and need education hours, sign up today for the education-only package and earn up to 4.0 hours of Escrow and 1 hour of MCLE and TREC.
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. We are also offering the Series in
Austin on June 24th and
Houston on July 15th. Sign up now as spots are going fast!
TLTA TRID Readiness Series Part II, Dallas, June 17th, Gaylord Texan
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
Register Today!
TLTA TRID Readiness Series Part II, Austin, June 24th, Norris Conference Center
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
Register Today!
TLTA TRID Readiness Series Part II, Houston, July 15th, The Hess Club
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
Register Today!
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>>
New Texas Laws Effective Sept. 1 – What you Need to Know!
Sept. 1 marks the effective date of a whole host of new Texas laws that will impact the title industry. Find out how the 84th Legislative Session changed your business from two outstanding attorneys who monitored all and worked on many of the changes that went through the Texas Legislature. They will provide you with practical insight on what you need to be aware of now so you can be prepared for the new laws. You’ll learn about:
• Escrow Officer Licensing
• Correction Instruments
• Transfer on Death (TOD) Deeds
• Powers of Attorney
…and more!
Register for live webinar>>
Register for On Demand webinar>>