November 23, 2011
TLTA Submits Joint Letter in Support of Extending FHA Loan Limits
TLTA recently submitted a joint letter with other Texas real estate organizations in support of extending the current FHA loan limits. In Texas, approximately 14 counties would be impacted if the limits were lowered to their pre-2008 levels. After weeks of negotiations, the U.S. Congress recently reached a compromise that will reinstate higher levels through 2013. Read the Joint Letter >
ALTA Submits Comments on Mortgage Closing Disclosure Form Draft
Earlier this week, ALTA's RESPA Task Force submitted initial comments to the Consumer Financial Protection Bureau (CFPB) on their first draft of the new closing stage Settlement Disclosure Form that is designed to replace the HUD-1. TLTA is also reviewing the forms and will be submitting comments soon. Read More >
Congress Extends NFIP to Dec. 16
Congress passed a short extension of the National Flood Insurance Program (NFIP) on Friday that will give the NFIP authority to write new policies through December 16, 2011. Congress will likely use the additional time to complete work on a 5-year NFIP re-authorization bill to provide certainty and avoid further disruption to real estate markets. Read More >
Federal Court Issues New Political Maps for Texas
A federal court on Thursday issued new political maps for the 2012 election in Texas, which some believe will give Democrats a greater chance of winning seats in Congress and the Legislature. The maps will remain in place until there is a resolution to a lawsuit filed in San Antonio over redistricting maps drawn by the Legislature. Read More >
Fannie Mae, Freddie Mac Announce HARP Changes
This week, Fannie Mae and Freddie Mac published amendments to their mortgage refinance programs to comply with changes to the Home Affordable Refinance Program (HARP). The changes are designed to give more "under water" borrowers the potential to refinance their loans at today's low rates. The GSE's requirement that there be active title insurance policies in place on each newly refinanced loan remains in place. Read More >