November 16, 2011
Deadline Today to Comment on Draft Settlement Statements
The Consumer Financial Protection Bureau (CFPB) is testing two new prototypes for a new mortgage closing disclosure form that will replace the current HUD-1 Settlement Statement. One draft is a five-page form, code named "Hornbeam" and the other is a six-page form known as "Ironwood". Both are designed to function as the final mortgage disclosure form for consumers. This is a rare opportunity to offer feedback on forms that will have a huge effect on the industry, and we encourage you to comment before the deadline at the end of today. Be sure to switch to the "industry tool" when you arrive at the website. Comment here >
Finance Commission Publishes Proposed Payoff Statement
The Texas Finance Commission recently published a proposed Payoff Statement for comment. The proposed form is the result of the combined effort of members of the Texas Mortgage Bankers Association (TMBA) and TLTA. We are grateful for many hours of service from the TLTA task force, which includes Brandy Barton, DHI Title Company of Central Texas; Jeremiah Garza, Hoffman Kaliser & Messina, P.C.; DeDe Haustein, Independence Title Company and Janet Minke, Alliant National Title Insurance Company.
The new form was created in accordance with House Bill 558 by Representative Joe Deshotel and the legislation represents a significant protection for Texas title agents. It's worth noting that although there are time tables required for the request and delivery of the payoff statement, parties are free to work under a more expedited schedule. If that occurs, the protections under the statute would simply not apply. If you have any questions or concerns about the proposed forms please contact
[email protected]. View Texas Registry for more info>
Lawmakers Reach Deal on Raising FHA Loan Limits
Republicans and Democrats in the U.S. Congress on Monday agreed on a measure that would increase the maximum size of mortgage loans that can be insured by the Federal Housing Administration (FHA), a key funding source for U.S. home loans. The measure to raise the loan limits backed by the FHA still has to pass the Republican-led house and Democrat-controlled Senate before it becomes law, but the agreement by a bipartisan panel of lawmakers from both chambers indicates a strong likelihood of final approval. Read More >
Covered Bond Companion Bill Introduced in U.S. Senate
On Thursday, Senators Kay Hagan (D-NC), and Bob Corker (R-TN), introduced the United States Covered Bond Act of 2011. The legislation would support development of a covered bond market in the U.S. by creating a legislative framework to expand funding options for financial institutions in the U.S. Read More >
U.S. Sen. Corker Introduces GSE Reform Bill
Last week, U.S. Senator Bob Corker (R-TN) also introduced the Residential Mortgage Market Privatization and Standardization Act. The bill would gradually wind down Fannie Mae and Freddie Mac over 10 years and replace the government mortgage giants with a private market built on transparency and uniformity. The American Land Title Association has requested a meeting with Senator Corker's staff to discuss the bill. Read More >