July 10, 2013
CFPB Releases Mortgage Rules Readiness Guide
On Monday, the Consumer Financial Protection Bureau published a "Mortgage Rules Readiness Guide" to help mortgage companies and servicers prepare for implementation of the initial Dodd-Frank Wall Street Reform and Consumer Protection Act rules that were finalized last January and go into effect Jan. 1, 2014. It is important to note that this guide does not address the CFPB's rules dealing with mortgage disclosures, which we anticipate will be finalized in September.
This guide addresses new changes to "Truth in Lending" Regulation Z, which include new rules for Qualified Mortgage Standards, Escrow Requirements under TILA, High-Cost Mortgage and Homeownership Counseling and Mortgage Servicing Rules. Aside from covering the recently finalized rules that will impact the ability for consumers to obtain certain loans, this guide serves as an interesting indicator about the guidance we can expect to see once the September "Know Before You Owe" rules dealing with the combined TILA and RESPA disclosures are finalized.
Again, it is important to note that this guide does not address the CFPB's rules dealing with the combined mortgage disclosure and settlement form, which we anticipate will be finalized in September. Read the Guide »
Rick Perry Won't Run for Re-election
The Texas Tribune | July 8, 2013
Gov. Rick Perry announced Monday that he will not run for re-election next year, creating the first open race for Texas governor since 1990 and making Attorney General Greg Abbott the instant favorite to replace him. "I remain excited about the future and the challenges ahead, but the time has come to pass on the mantle of leadership," Perry said. "Today I am announcing I will not seek re-election as governor of Texas. I will spend the next 18 months working to create more jobs, opportunity and innovation. I will actively lead this great state." Read More »
TLTA Webinar: Lien on Me — Understanding Lien Priorities
Thursday, July 11 | 1:30 - 2:30 p.m.
This webinar is designed to explore instances in which the priority relationship between competing liens is different than "first in time, first in right." Both contractual and statutory priority issues will also be reviewed. Title examiners and escrow officers will benefit from participating since mischaracterization of priorities can impact their work. Proper application of lien-priority rules helps to refine insuring requirements in Commitments for Title Insurance while facilitating the preservation of priority in loan closings. If you can't make it to the live webinar, be sure to register for the on-demand version so you can watch it whenever you want. Learn More & Register »
TDI Has Issued Separate Calls for Agent and Underwriter Statistical Data
Agent Deadline Aug. 2, Underwriter Deadline Aug. 16
The Texas Department of Insurance (TDI) has issued its call for Agent and Underwriter Statistical Data. The form acknowledging that you have received the agent data call, along with the listing of your branch offices, was required to be submitted to the Department by fax or email last Monday, June 24. You can also download that form here. The completed agent report must be postmarked or submitted electronically by Aug. 2. The separate completed underwriter report must be postmarked or submitted electronically by Aug. 16. If you have any questions, please contact Betty Flores at TDI at 512.322.5029.
TLTA will hold a webinar for those who are new to filing out the Agent Statistical Report on Wednesday, July 17, at 10 a.m. Learn more and register here.