October 3, 2012
Help Protect Title Agents' Role in the Future
Urgent Request: Complete ALTA's Survey Regarding New Lender Requirements
As we've been reporting, lenders are reacting to a perceived increase in regulatory pressure in the wake of the financial crisis and are responding in a variety of ways that could affect your business. It is important that you complete this survey from the American Land Title Association (ALTA) today to help them collect vital data to support their efforts to find a workable solution to this growing concern.
As you know, some lenders are turning to third party "vetting" companies, however, others are ramping up new internal requirements for those with whom they do business, including title agents. ALTA has been working to get ahead of this alarming trend by developing a set of industry standards to meet these new lender demands. Their goal is to ensure that title agents retain their role in the transaction and do not lose business as a result of this new environment. Many of these standards are already in place in Texas because of our strong regulatory framework. Therefore, it is important that you help with this process by completing ALTA's Survey and letting them know all the safeguards that are already in place with your company. Please respond today as it is critical that an alternative, more workable solution be offered to the lending community in the immediate future. The survey should take less than 2 minutes to complete.
Preliminary Survey Results Provide Valuable Data on E&O Coverage
We Still Need Your Feedback - Respond Today!
Last week, we asked you to tell us about your experiences with Errors and Omissions insurance and whether or not your company has coverage in place. We've received over 150 responses so far and they are still coming in, but here are some of the preliminary results:
73% of respondents have E&O insurance
77% said more lenders are requiring coverage
24% said E&O insurance was difficult to obtain
36% responded that the underwriting process was onerous
If you haven't already completed the survey, we still want your feedback - it's very important! Fill out the brief survey here that should take just 2 minutes or less to complete. Please note that your responses will be confidential and the data will only be used in the aggregate. If you have any questions, please contact Aaron Day at
[email protected] or 512.472.6593.
TLTA Meets With Related Trade Associations to Discuss Key Issues
TLTA has a proactive program in place to maintain relationships and work cooperatively with leaders of other real estate related associations through our Related Industries Committee chaired by TLTA Past President Terry Grantham. As part of this ongoing effort, TLTA met last week with representatives from the Texas Society of Professional Surveyors (TSPS) and representatives from the Texas Mortgage Bankers Association (TMBA) to discuss how we can work together on issues of common concern that our industries are currently facing. The meetings centered around the upcoming Legislative Session and the current and pending federal issues impacting our respective groups. As a result, some joint educational efforts are planned with TSPS and we will be holding several follow up meetings with TMBA and other lending groups on the CFPB proposal as well as the issue of lender vetting. In addition to Terry Grantham, we would like to thank these TLTA members who attended the meetings: Roland Love, John DeLoach, Glena Yates, Brian Pitman and Stewart Morris, Jr. We are planning meetings with other related industry groups in the near future, including the Realtors, Builders and State Bar, and we will keep you updated on those efforts.
Big Banks Face Deadline on Mortgage-Servicing Changes
The Washington Post | October 1, 2012
A significant element of the government’s historic settlement with big banks over foreclosure abuses takes effect Tuesday, when firms face a deadline for carrying out more than 300 changes in the way they service mortgages and treat struggling homeowners. Much of the hoopla surrounding this year’s $25 billion government settlement has focused on the banks’ agreement to reduce the loan balances of some borrowers and undertake more refinancings for thousands of Americans. Read More »
Bank of America to Extinguish Up to 150,000 Second Liens
Housing Wire | October 1, 2012
Borrowers with second liens owned and serviced by Bank of America ($9.01 0.045%) may qualify to get their subordinate debt extinguished entirely. The banking giant mailed 150,000 letters to pre-qualified homeowners who are eligible to have their Bank of America second-lien mortgages eliminated. The program was designed to ease the pains of struggling borrowers who are also dealing with issues on first mortgages and to help more individuals create equity in their properties. Read More »
Last Chance to Become a TLTA Individual Member for Just $20!
The deadline to get the $20 discounted rate on TLTA Individual Membership has been extended to this Friday, October 5. Join today and you'll not only help build the title industry's voice in Texas, but you'll also gain access to several exclusive benefits including, an easy to find listing in the special section of the TLTA Membership Directory, access to quarterly technology webinars and discounted pricing on products and events in 2013. This is your last chance to join at the discounted rate of $20 before the price increases to $40! Learn More