October 14, 2015
Important Updates and Clarification to our Compliance FAQ
TLTA | Oct. 15, 2015
Thanks to everyone who sent us feedback about our Compliance FAQ from last week! We are glad that so many TLTA members are finding it helpful.
Please note that we have updated the last question, "What forms should be used in transactions that are not regulated by TRID?", to provide some important clarification.
Read More »
TRID 101: Top 10 Ways You Can Educate Your Clients
Marvin Stone and Dawn Lewallen, Stewart | Oct. 15, 2015
CFPB's TILA-RESPA Integrated Disclosures (TRID) is now in effect and a reality. Helping our real estate and lending partners and our joint customers get educated on the new process is critical to a successful transition. Not everyone is fully up-to-speed on what to expect with their next real estate transaction, though.
In this article, two TLTA experts provide you with 10 TRID points to make sure your transactions go as smoothly as possible in spite of new processes and forms.
During this time of great change, it is critical that real estate professionals, lenders and settlement providers work together to effectively manage the expectations of buyers and sellers.
Click here to download this TRID 101 list as a handy one-page PDF that can be forwarded or handed out to customers early in the process to eliminate surprises.
CFPB Issues Bulletin on Marketing Services Agreements
CFPB | Oct. 8, 2015
The CFPB recently released a bulletin discussing marketing services agreements (MSAs). It reminds industry professionals about the prohibition on kickbacks and referral fees under the Real Estate Settlement Procedures Act (RESPA) and describes the substantial risks posed by entering into MSAs.
Read More »
Data Call: 2014 Underwriter Experience Report Due December 2
TDI | Oct. 12, 2015
The Texas Department of Insurance has issued a mandatory annual data call to all title insurance companies (underwriters) writing title insurance in Texas. The purpose of this data call is to provide TDI with information needed to fix premium rates. This data call is required under Texas Insurance Code, Section 2703.153. This data call is intended for title companies, not agents.
Title companies subject to this data call must complete and return their report submission according to the general instructions no later than December 2, 2015.
Read More »
Questions Arise on How the TRID Transitional Period Works for Civil Liability
HousingWire | Oct. 12, 2015
The legal analysts at Ballard Spahr dig into the issues still being raised about how the transition period for the TILA-RESPA Integrated Disclosure rule works, and the issue of civil lawsuit liability.
Read More »
TDI Actuary Boerner Wins National Award
TDI | Oct. 2, 2015
Mike Boerner, director of the actuarial office for the Texas Department of Insurance (TDI), is the 2015 recipient of the Robert J. Myers Public Service Award from the American Academy of Actuaries. The award will be presented at the Academy’s Annual Meeting and Public Policy Forum in November in Washington, D.C.
Read More »
FIRPTA: Closing the Foreign Seller
Tuesday, Oct. 27, 2015 | 1:30 - 2:30 p.m. CDT
$35 members, $49 non-members
The Foreign Investment in Real Property Tax Act of 1980 (FIRPTA) is codified in Section 1445 of the Internal Revenue Code. In certain instances, this section creates a withholding tax on the sale of a "U.S. real property interest" by a foreign person or entity (corporation, partnership, trust, etc.). The IRS Code also addresses the role of the settlement agent in a transaction subject to the provision of FIRPTA.
The webinar will equip the title agent with the knowledge (from contract through settlement) on how to navigate through federal withholding tax relative to the non-resident foreign seller who is conveying a U.S. real property interest.
Presenter
John Gerard Gilbert, Sr., VP & Mid-Atlantic Regional Manager/Counsel, Title Resources Guaranty Company
Continuing Education
1 hour: Escrow, MCLE, CPE