June 21, 2017
Thanks for a Great Conference!
Thank you to everyone who attended the TLTA Annual Conference and Business Meeting in New Orleans last week! We had a great turnout, and we hope all of our attendees enjoyed the event.
Look for the Conference wrap-up in tomorrow's Downdate. And be sure to save the date for next year's Conference: June 11-13, 2018, at The Fairmont in Austin!
Dodd-Frank News: House Passes Financial CHOICE Act, But Unclear if Senate Will Consider It
By James E. Hyland, Esq., The Pennsylvania Avenue Group and TLTA Federal Legislative Counsel
On June 8, 2017, the full U.S. House of Representatives passed HR 10, the Financial CHOICE Act, by a vote of 233-186. No Democrat voted for it, and only one Republican voted against it. The Financial CHOICE Act is Chairman Hensarling’s (R-TX) blueprint to repeal and replace many parts of Dodd-Frank.
Below is an explanation of the Financial CHOICE Act's potential impact on the title insurance industry and its chances of passing through the U.S. Senate next.
Read More »
Remote Tech News: Notaries Moving Online; Morgan Stanley Developing Online Application Tool
Electronic notarization has been in the news a lot lately, including in the two articles below. Please note TLTA will be providing education on this issue in the near future. In addition, note that the effective date of HB 1217 – the Texas remote e-notary bill – is July 2018, so there will be a long implementation period that will also involve rule making from the Secretary of State. TLTA will be working with the Secretary of State, lenders, vendors and other stakeholders in the development of regulatory rules.
Every year, hundreds of millions of documents are notarized in the United States: from wills and mortgages to citizenship forms. And since the founding of this nation, notarizations have been done pretty much the same way: in person. Now, new technology and new laws are making it possible to conduct notarization remotely — though some concerns about digitization have divided the notary industry.
Read "Notaries Are Starting to Put Down the Stamp and Pick Up a Webcam" (NPR) »
Meanwhile, Morgan Stanley is developing a new digital mortgage application tool in a bid to get more of its existing clients to turn to it for home loans, its wealth management technology head said on Tuesday, June 13.
Read "Morgan Stanley Developing Online Mortgage Application Tool" (Reuters) »
Additional recent stories on e-notarization:
Read "North Carolina Officially Completes First-Ever eClosing" (HousingWire) »
Read "2017 Poised to be Landmark Year for e-Notarization Adoption" (HousingWire) »
Read "Three More States Pass Predictable Recording Fee Bills" (ALTA) (note: you will need to log in to view this article) »
Read "Technology Driving Changes at the Closing Table" (ALTA) (note: you will need to log in to view this article) »
1031 News: 1031 Exchanges Under Threat?
Realtor Mag | June 15, 2017
A major tax advantage for the commercial real estate industry may be one of the casualties in a sweeping federal tax reform expected this year, The Wall Street Journal reports.
Some lawmakers are eyeing the 1031 exchange provision to get the tax-rate cut they seek. The provision allows sellers of real estate and other assets to defer capital gains taxes by reinvesting any profit in “like-kind” properties. The 1031 exchange applies to a range of assets, but real estate accounts for the largest portion of exchanges at 36 percent, according to Ernst & Young LLP data.
Read More »
GSE News: Trump Nominates Fannie Mae Exec for Deputy Treasury Secretary
Mortgage Professional America | June 14, 2017
Fannie Mae executive vice president and general counsel Brian Brooks is Trump’s nomination as U.S. Treasury Deputy Secretary, according to Axios.
Prior to joining the GSE in late 2014, Brooks was the vice chairman of OneWest Bank. He managed the bank’s fair lending, corporate customer experience and mortgage marketing and communications groups as chief legal officer, according to his bio on Fannie Mae.
Read More »
TLTA is scheduling more live webinars for summer 2017. Register now, or explore the On-Demand webinar library today!