October 12, 2011
TLTA Submits Agenda Items and Request for Rule Hearing to TDI
Last week, the TLTA Board of Directors approved agenda items and a request for a rule hearing was submitted to TDI. The agenda items include implementation of recent legislation, including agent solvency, in addition to some non-substantive Basic Manual housekeeping items. View the request for hearing and agenda items >
TLTA's Minerals Lawsuit Resolved
Earlier this year, TLTA filed an appeal in Travis County District Court challenging the 2% minerals credit that was part of former Commissioner Mike Geeslin's 2008 Rate Hearing Order. That lawsuit has now been resolved and the agreed final judgement states that Rate Rule R-36 will be invalid by statute as of January 1, 2012. If you have any questions, please email or call the TLTA offices at 512.472.6593.
Task Force Appointed to Review P-53
TLTA President Phyllis Mulder has appointed a task force to review how P-53 and anti-rebating statutes are currently working and to make any necessary recommendations to the TLTA Board of Directors and the Texas Department of Insurance. The task force is holding their first meeting later this month, and we will report on their progress.
Dallas County DA Sues MERS Over Filing Fees
The Dallas County District Attorney recently filed suit against Mortgage Electronic Registration Systems (MERS), its parent Merscorp Inc., and others alleging MERS acted as a shadow recording system to avoid county recording fees. Read more >
ALTA and NAR Submit Letter to Freddie Mac
With the increase in short sale transactions, short sale fraud is also on the rise. Last week, ALTA and the National Association of Realtors (NAR) submitted a letter to Freddie Mac outlining their concerns with Section B65.40 of the Freddie Mac Servicing Guide, which requires servicers to obtain an affidavit from various individuals involved in a short sale transaction. View ALTA and NAR's letter to Freddie Mac.
The TLTA Federal Issues committee discussed our concerns during the meeting late last month and we are continuing to monitor this issue. If you have any questions please contact our office.
ALTA: Maintain Conforming Loan Limits
ALTA recently joined other related associations to urge the Appropriations Committee to pass an amendment by Sen. Dianne Feinstein (D-CA) to extend for an additional year the temporary high-cost conforming loan limits for Fannie Mae, Freddie Mac, and FHA, which expire October 1. In the end, Feinstein did not offer her amendment, but vowed to continue to work to extend the limits. Read more >
TLTA, ALTA Comment on Mortgage Disclosure Form Drafts
ALTA's RESPA Task Force recently met with staff from the Consumer Financial Protection Bureau (CFPB) to gain insight into the Bureau's thoughts about a new HUD-1 settlement form. They will also urge the Bureau to appropriately disclose owner's title insurance and information that can vary, depending on jurisdiction.ALTA and TLTA also submitted comments to the Bureau on the fourth round of drafts of a new mortgage disclosure form. Read TLTA's letter or ALTA's letter
National Flood Insurance Program Extended Until Nov. 18
Congress last week approved a temporary extension of the National Flood Insurance Program (NFIP). There is a concern by many that without the short-term extension, closings would be delayed as buyers would have been unable to get flood coverage. Read more >
New, Stronger Real Estate License Laws
New state laws intended to strengthen real estate licensees' accountability to consumers have taken effect or will take effect in 2012. Read more >
Why I Give to the TLTAPAC - Tommy Bastian
Partner at Barret, Daffin, Frappier, Turner & Engel, LLP
Contrary to what many people believe, I think most legislators truly want only legislation that is good for the body public to become law. But good legislation cannot be fashioned in a vacuum without input from knowledgeable and well informed people, especially when the subject matter involves esoteric areas of the law and business - like the title industry.
Contributing to the TLTAPAC ensures the marriage of talented, knowledgeable title professionals with dedicated lobbyists who can provide legislators with the facts and information a legislator needs to formulate good public policy or vet proposed bills that have unintended consequences that only an industry professional would appreciate. Make a donation.