March 21, 2012
Title Industry Shares Settlement Form Concerns With CFPB Small Business Panel
Panel Will Complete Final Report Within 60 Days
Earlier this month, the Consumer Financial Protection Bureau (CFPB) held its first Small Business Review Regulatory Enforcement Fairness Act (SBREFA) panel on the combined RESPA/TILA mortgage disclosure and settlement forms. Four members of the title industry participated in the meeting that was held in Washington, D.C., including TLTA member Celia Flowers of East Texas Title Companies in Tyler. The title industry focused their comments on three specific concerns: the CFPB's consideration of who will complete the Settlement Disclosure Form, a proposed "3 Day Rule" and the overall cost of implementation. You may read more about the title industry's concerns and alternatives to the proposed new forms and draft regulations in a joint letter from the four industry panelists here, as well as a cover letter from Celia Flowers here. The CFPB is not required to accept any of the panel's recommendations, but we are hopeful they will give the industry's suggestions strong consideration.
Within 60 days of convening, the SBREFA panel will complete a report on the issues, which will include discussions from the meeting, their findings on the economic impacts of the proposal and any alternatives that achieve the proposal's objectives while minimizing unnecessary burdens. TLTA surveyed its membership and provided the more than 100 responses we received to Celia in preparation for participation in the panel. The title industry, at both the state and national level, has also provided informal feedback to the CFPB on the forms after each of the nine releases of drafts. We will keep you updated on this issue of vital importance to all in the industry.
FHFA Publishes Final Rule on Private Transfer Fees
The Federal Housing Finance Agency (FHFA) has sent a final rule to the Federal Register on private transfer fees. The final rule limits Fannie Mae, Freddie Mac and the Federal Home Loan Banks from dealing in mortgages on properties encumbered by certain types of private transfer fee covenants and in certain related securities. Transfer fees are contractual arrangements where an owner pays a fixed amount or a percentage of the sales price at the time of transferring the property. In 2010, TLTA submitted this letter to the FHFA in support of a rule banning private transfer fees and during the 82nd Texas Legislative Session, TLTA helped work on successful legislation to prohibit private transfer fees in Texas. Read More >
Case Review: Two Crucial Lessons for Texas Title Insurance Companies
Miller v. LandAmerica Lawyers Title of El Paso
By Richard Black | Senior Vice President | Stewart Title Guaranty Company
In 2006, Mr. and Mrs. Miller were purchasers in a real estate transaction handled by LandAmerica Lawyers Title of El Paso. Prior to the closing, the Millers received a Commitment for Title Insurance, which they would later admit they did not read. However, upon inspecting the property prior to closing, the Millers discovered a sizeable underground pipe crossing the backyard area which they chose to ignore. Read the Full Review >
Why I Give to the TLTAPAC
By Denise Werst, First American Title Insurance Company
Each contribution to the TLTAPAC allows the TLTA staff and leadership to educate our Texas legislators about the legislation that directly impacts our industry
Each contribution to the TLTAPAC helps assure that our industry’s collective voice is heard
I support the TLTAPAC because I chose title insurance as my career path and believe it is important to support that profession. My contributions to the TLTAPAC are the best way I know to actively support our industry.
Make a donation to the TLTAPAC using your credit card or mail a check. Corporate contributions are also needed. Have your company sponsor a TLTAPAC event during our Annual Conference and Business Meeting.
We are also seeking personal or corporate donations for our Live Auction at Conference. If you have access to timeshares, travel vouchers or other unique goods and would like to donate them, please email
[email protected].