October 10, 2012
TLTA Argues Against Inclusion of Title Insurance in APR
As we've previously reported, one of the issues we have with the CFPB's plans to combine mortgage disclosure forms is the Bureau's recommendation that title insurance charges and a number of other costs be rolled into the Annual Percentage Rate (APR). We recently submitted a letter to the CFPB to further detail our concerns, which you may read here. We also submitted a joint letter with a number of related industry associations, which you may view here.
Submit Your Comments on the APR Issue Today
It's crucial that you provide your own personalized feedback on this issue. If we are to have a chance of success in getting any desired changes made to the CFPB's proposal, we will have to speak with a strong voice, and we will need full participation from the TLTA membership. CFPB Staff has emphasized the importance of hearing from many individuals with their own perspective so we encourage you to write your own comment letter to the Bureau detailing your concerns with this issue before the November 6, 2012 deadline. In the coming weeks, we will also ask you to comment on other specific issues, such as who will fill out the form and the 3-day rule. The easiest way to submit your comments is by visiting this site and clicking the "Comment Now" button in the upper left-hand corner of the page. You may also mail comments to:
Ms. Monica Jackson, Office of the Executive Secretary
Consumer Financial Protection Bureau
1700 G Street N.W.
Washington, DC 20552
Can Realtors Indicate a Title Company in an MLS Listing?
The following guidance was recently posted on the Texas Association of Realtors blog:
Is it a violation of the Real Estate Settlement Procedures Act to indicate a title company in the MLS?
No, this alone would not be a RESPA violation. Similar to a price in an MLS listing, a title company in an MLS listing would be considered an offer to negotiate, not a required term of the contract. However, it would be a RESPA violation if the seller conditioned the sale of the property on the buyer purchasing the title insurance from the title company indicated in the MLS.
Do You Understand the Survey Paragraph?
Texas Association of Realtors | September 25, 2012
Loretta DeHay, general counsel and deputy administrator of the Texas Real estate Commission recently offered an explanation to the Texas Association of Realtors for the correct use of Paragraph 6C, Survey, in the TREC sales contract. Read More »
Fannie and Freddie Release Secondary Market Platform White Paper
Last week, the Federal Housing Finance Agency (FHFA) released its white paper on designing a single-securitization platform for the Government Sponsored Entities (GSEs). The paper establishes a framework to guide the alignment of the GSEs' current back-office systems for building and selling mortgage-backed securities. As part of the design, the GSEs will also develop a unified set of representations and warranties and other industry standards. Currently, the GSEs have similar representations and warranties for title insurance. Read More »
Donate to TLTAbay Today - We Need Your Support!
The TLTAbay online auction is an annual fundraiser benefiting the TLTAPAC. This year's auction will begin on Thursday, November 8 and run through Thursday, November 15. We need your help to secure auction items and ensure another spectacular year. Suggested donation items include: electronics, gift cards, sporting event tickets, travel vouchers, vacations, spa packages and jewelry. Don't know what to donate? You can make a monetary donation and we'll do the shopping for you! Read more about the auction and make a donation here or contact Ryan Poulos for more information.