September 30, 2015
CFPB Director Cordray Cites “an Informal Grace Period” Following TRID, any Punishments to be “Diagnostic not Punitive”
CFPB | Sept. 30, 2015
During his testimony yesterday in front of the House Financial Services Committee (which TLTA attended), CFPB Director Richard Cordray reiterated comments he made during previous testimony that the CFPB’s TRID enforcement actions would be “diagnostic and corrective and not punitive” and that there would be an informal grace period following the Oct. 3rd launch of TRID for “some period of months” but he didn’t provide specifics on how many months.
TLTA, ALTA and several state and national banking and mortgage lending associations and companies have provided testimony and
letters in support of a hold harmless period following the TRID deployment. For more on this story, read below:
House committee grills CFPB director on TRID, HMDA and more
Cordray Signals ‘Hold-Harmless’ Period for TRID Compliance
Industry voices concern over looming TRID-related delays, headaches
ALTA Encouraged by CFPB Statement on TRID Hold-Harmless Period
TLTA's Handy New Compliance Checklist Now Available
TLTA | Sept. 29, 2015
TLTA has created a checklist and timeline for many TDI regulations and reporting requirements to help companies stay in compliance. We are pleased to make it available to you as a TLTA member.
Click here to view and print this handy three-page reference tool filled with time frame charts, a reporting calendar, annual report information and useful websites.
TLTA and Texas Banking Associations Submit Letter of Support for Homebuyers Assistance Act Hold Harmless Period
TLTA | Sept. 30, 2015
TLTA, the Texas Bankers Association and the Independent Bankers Association of Texas wrote a joint
letter to Chairman Jeb Hensarling of the U.S. House Committee on Financial Services urging the House to
consider implementing the Homebuyers Assistance Act (H.R. 3192) in order to protect all organizations
involved with real estate transactions, including buyers and sellers. This legislation would provide for a
formal hold-harmless period with regard to the new TRID regulations.
Read More »
New York Times Shines Spotlight on New Mortgage Disclosure Rules, Interviews ALTA President Diane Evans
New York Times | Sept. 25, 2015
A recent New York Times article discussed how TRID will affect home loan offers and how lenders have been preparing for the TRID implementation. Diane Evans, president of ALTA, was quoted in the article.
Click here to read TLTA's summary of the article.
Click here to read the New York Times article (a subscription may be required).
4 Reasons Lenders Should Love TRID
National Mortgage News | Sept. 21, 2015
There's no shortage of advice, opinions and ideas for how to brace for the impact of TILA-RESPA Integrated Disclosures. But with all the doom-and-gloom of the lead-up to Oct. 3, it's important to keep in mind that these rules don't just appease regulators. TRID also offers lenders better opportunities to engage with customers.
Here are the four main reasons lenders should be excited about the new disclosure rules.
Read More »
How Will TRID Impact the Digital Mortgage Space?
HousingWire | Sept. 23, 2015
According to a recent randomized survey, it takes 28 percent of Americans more than five hours to obtain a loan approval. However, with advances like thedigital mortgage, the majority of our borrowers can now receive a preliminary credit decision in less than 30 minutes.
Read More »
What's Trending on Facebook
We're launching a new Dateline feature this week: a spotlight on the articles that are getting the most views on our Facebook page.
What the New Mortgage Closing Process Means for Consumers (Washington Post)
Will the New Mortgage Disclosure Laws Delay Your Home Purchase? (Yahoo! Homes)
Want to see more popular articles? Click here to see and "like" TLTA's Facebook page!
Sign Up for the 25th Annual Land Title Institute
Our 25th Annual Robert C. Sneed Texas Land Title Institute is just around the corner! Will you be there?
The program is coming soon. In the meantime, you can:
Register online to attend the Institute.
Register for our Pre-Institute Seminar, "Title Insurance & Doc Prep Basics: an Introduction to Closing the Deal."
Learn about sponsorship opportunities that are still available.
Check the Institute website for more information.
Catchy Tax Issues
Friday, Oct. 2, 2015 | 10:30 - 11:30 a.m. CDT
This webinar will explore how Texas title policies cover and limit coverage of property tax issues, many of which are unique to Texas. We will review the rules and procedures of TDI Rule P-20, including:
How to handle “current-year” property taxes
Insuring taxes “not yet due and payable”
Rollback tax liability
Review some “special” property tax issues
Recent laws passed related to property taxation in Texas
Presenter Charles Craig will give attendees a better understanding of the Texas property taxation system, title coverage and limitations under TDI Rule P-20, as well as how to apply title underwriting principles to Texas property tax issues, both general and special.
This webinar and materials are useful in preparing for the TLTA Certification exam, as well as for generally increasing your knowledge in the area of Ad Valorem Taxes.
Click here to register.
Click here to see all of our webinar offerings.