June 26, 2013
Title Insurance Requirement Included in GSE Reform Bill
American Land Title Association | June 25, 2013
A bipartisan bill introduced yesterday would wind down Fannie Mae and Freddie Mac over five years and replace the Federal Housing Finance Agency with a new government agency, the Federal Mortgage Insurance Corporation (FMIC). Under the proposed legislation, the FMIC would issue bond insurance on some well-capitalized institutions’ mortgage bonds. The mortgages in these bonds would have to meet specific standards—similar to the GSEs’ seller servicing guides—set by the FMIC. Issuers would pay for the insurance through a fee that would be held in reserve and only used once a large amount of private capital is exhausted in future downturns. Read More »
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, 2013. The separate completed underwriter report must be postmarked or submitted electronically by Aug. 16, 2013. If you have any questions, please contact Betty Flores 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. Stay tuned for more information.
TX Supreme Court Ruling Affects Certain Transactions
A recent Texas Supreme Court case ruling affects the handling of home equity transactions. In a milestone case, the court strictly limited the use of Powers of Attorney for the borrower in home equity and potentially reverse mortgage transactions. If you have any questions, consult your underwriter or attorney. Read more from pages 32 and 33 of the case here.
Supreme Court Move Complicates Cordray Confirmation
The Wall Street Journal | June 25, 2013
The Supreme Court’s decision to take a case involving President Barack Obama’s nominees to a federal labor panel is expected to further stall efforts to confirm Richard Cordray as director of the Consumer Financial Protection Bureau. Mr. Cordray’s nomination has been in limbo for nearly two years as Republican lawmakers refuse to confirm him – or anyone – to run the consumer agency absent structural changes to the CFPB. Read More »
Congrats TLTAPAC Live Auction Winners!
TLTA would like to thank the individuals and donors below for their participation in the TLTAPAC Live Auction at the Annual Conference & Business Meeting last week in Austin. A special thanks is also in order for auctioneer-extraordinaire Jeff Copeland, Federal Title, Inc., who once again provided some great entertainment and a lot of laughs. Stay tuned for a message from TLTA announcing this year's TLTAPAC grand total.
Winners:
Greg Lyssy
Mission Title, LP
Betty Winters
Eagle Title of Palo Pinto County, Inc.
George Houghton
Stewart Title Guaranty Company
Andi Phillips
First Fidelity Title
Guy Robert Jackson
Chambers County Abstract Co., Inc.
Gary Southworth
Independence Title Company
Mary Ann Howard
Alliant National Title Insurance Company
Byron Lewis
Edwards Abstract and Title Co.
Jordan Anderson
Bay Area Title Services, LLC
Snapper Carr
Focused Advocacy, LLC
Bruce Boyer
Donors:
Jim Johnson
Charter Title Company
Alex Harris
Bay Area Title Services, LLC
Jim Bowen
Ranger Title Company
Bill James
Fidelity National Title Group
R. Wayne Norton
Allegiance Title Company
Brian Pitman
Independence Title Company
Bar H Bar Ranch
Renaissance Dallas Hotel
If you haven't yet donated this year, it's not too late to be included - make a donation online here!