December 20, 2013
Happy Holidays from TLTA!
The TLTA office will be closed Dec. 24-27 & Jan. 1 for the holidays.
Lenders Brace for QM
HousingWire | Dec. 13, 2013
While all eyes are looking to the Consumer Financial Protection Bureau for guidance on a series of upcoming lending regulations, the bureau is not the only watchdog lenders are following. "The CFPB is looking at effort when they evaluate, and I know lenders are aware of that and are appreciative of that. But the CFPB enforcement is not the only thing in this scenario," said Laurie Spira, chief compliance officer at DocMagic said.
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Agencies Issue Final Rule to Exempt Subset of Higher-Priced Mortgage Loans from Appraisal Requirements
CFPB | Dec. 12, 2013
On Thursday, December 12, the Federal Reserve Board, CFPB, FDIC, FHFA, NCUA, and OCC (collectively, the Agencies) finalized a rule amending the Higher-Priced Mortgage Loan Appraisal Rules under the Truth in Lending Act (Regulation Z) to adopt exemptions originally proposed July 10, 2013 for manufactured housing and certain types of refinancing and transactions of $25,000 or less (indexed for inflation).
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CFPB Updates Readiness Guide for Revised Mortgage Rules
CFPB | Dec. 12, 2013
The Consumer Financial Protection Bureau has released updates to its Mortgage Rules Readiness Guide in connection with the new mortgage regulations issued in January 2013 and amended through Oct. 15, 2013. This update offers financial institutions and other industry participants valuable guidance on how to evaluate their readiness for complying with the 2013 mortgage rule changes. The updated guide incorporates changes made to Regulation Z, the implementing regulation for the Truth in Lending Act (TILA), and to Regulation X, the implementing regulation for the Real Estate Settlement Procedures Act (RESPA).
Read the Guide »
Basic Manual Changes Less Than Two Weeks Away
Subscribe Now to Get Updates!
Substantial changes are coming to the Basic Manual in 2014, and the first updates will go into effect Friday, Jan. 3, 2014. If you haven't already, subscribe to TLTA's Basic Manual Online Service to ensure you receive these updates as soon as they occur. If you subscribed in 2013 and simply need to renew, you can do so
here. If you have any questions about your subscription, please email
[email protected] or call 512.472.6050.
Upcoming Hot Topic Webinars— Register Today!
Owner Financing — Traps for the Unwary
Tuesday, Jan. 7 | 10:30 - 11:30 a.m.
This webinar will briefly identify the federal laws and regulations that apply to those who owner finance residential real property. In addition, it will explain how non-compliance can make residential real estate lien notes undesirable as collateral and affect the ability to obtain a financing line of credit. Finally, it will summarize critical changes made by the Dodd Frank Act to Truth in Lending and other laws.
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Curative Issues: Don't Fear Commitment (on Schedule C, that is!)
Tuesday, Jan. 14 | 1:30 - 2:30 p.m.
This webinar will help attendees understand the importance of reading and understanding the curative issues found on Schedule C of the Title Commitment prior to sitting down at the closing table. Learn how bad legal descriptions or incomplete conveyances must be corrected in order to ensure the subject tract. Also covered will be the importance of obtaining correct payoff information and releases for purchase money deed of trusts or home equity loans. Find out how Abstracts of Judgment, Federal Tax Liens, State Tax Liens and Child Support Liens affect title and the parties to the transaction.
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Abstract & Examination — Building Blocks of the Title Insurance Industry
Wednesday, Jan. 15 | 1:30 - 2:30 p.m.
The determination of whether or not a title company will close and insure a real estate transaction is based primarily on a complete and thorough examination of the real property records of the county in which the real property is located. These records are normally contained in a title plant owned or leased by the agent that has been asked to insure the transaction. Once the agent has searched the real property records and determined which records affect the property, an examination of the documents is undertaken, and underwriting standards are applied to determine the current status of title, any encumbrances on title, and any additional documents or information that are needed by the title agent before the closing can occur. This webinar will review the basics of the search and examination process.
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