February 15, 2012
TLTA Board Finalizes Positions for Feb. 28 Rule Hearing
As we reported earlier this month, the Texas Department of Insurance (TDI) will hold a Rule Hearing beginning February 28, 2012. The TLTA Board met last week to review the Regulatory Committee's recommendations and finalize TLTA's positions on the many agenda items to be considered. These final positions, along with other hearing details, may now be accessed on our Rule Hearing page here. We encourage those in the industry to attend this important public hearing. More Hearing Info >
TREC Committee Discusses HOA Addendum Dealing With Resale Certificates
The Texas Real Estate Commission Broker-Lawyer Committee met last week to discuss the originally proposed HOA Addendum to the TREC One-to-Four Family Residential Contract. TLTA had strong concerns with the original proposal and submitted a comment letter. The Committee considered the letter and discussed the title industry's concerns. The result was a recommendation that the HOA Addendum be amended to include language addressing the common failure to reimburse title agents ordering subdivision information in transactions that do not close. The new language for the proposed draft HOA Addendum is highlighted in the Committee meeting minutes which can be found here. It is important to note that this is only a proposal that will likely be recommended for adoption by the Commission at their next meeting on February 27th, which you can view more information about here. TLTA will be monitoring this process very closely and will encourage the Commission to adopt the Committee's recommendation.
Redistricting Lawyers Reach Deal on Texas Senate Maps
Ross Ramsey | The Texas Tribune
Redistricting foes reached agreement on a statewide map for Texas Senate elections today and were continuing work on state House and congressional maps. During a brief recess this afternoon, the judges said the primaries won't be held until May 29. Judge Jerry Smith said an April date appears to be impossible, and asked the lawyers for the political parties and the Secretary of State to pull together details for filing deadlines assuming May 29 will be the date. He also said that it's not a certainty; they still don't have all the maps they need to hold an election. Read More >
Software Companies Project Cost of New Settlement Statement
In reviewing draft settlement disclosure forms released by the Consumer Financial Protection Bureau (CFPB), two leading software providers estimated it would take 12 to 14 months of development time and cost each software provider $1.5 to $2 million to develop the new form. The CFPB is developing simplified mortgage disclosure forms, including a new HUD-1. It released a third round of new closing disclosure prototypes Jan. 25 and expects to conduct one more round of testing in February. The Bureau must publish proposed new forms and regulations by July 21, 2012. Read More >
Obama Details Housing Plan Aimed at Helping Homeowners
President Obama recently detailed his plan to "help millions of responsible homeowners" by making it easier for them to refinance their mortgage. His plan would allow borrowers with mortgages not guaranteed by government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac to refinance through a new program run by the Federal Housing Administration (FHA). The new proposals will require Congressional approval. Title insurance is expected to be required for these refinances. Read More >>
Texas to get $428 Million Slice of $25 Billion Foreclosure Settlement
Jennifer Hiller | San Antonio Express-News
Texas will get a $428 million slice of a $25 billion settlement between 49 state attorneys general and the nation's largest mortgage servicers and lenders. Of the Texas portion, $287 million will go toward restructuring mortgage loans — including refinancing upside-down borrowers who owe more than their home is currently worth — and to some borrowers who lost their homes in foreclosure, the Texas attorney general's office announced last week. Read More >