August 2, 2017

 

GSE Reform Update

By James E. Hyland, Esq. The Pennsylvania Avenue Group and TLTA Federal Legislative Counsel | Aug. 2, 2017
In this exclusive article, Jim Hyland explains the background on GSE reform and discusses how these changes could impact the housing market overall and the title insurance industry in particular.
 
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Fraud News: ALTA Releases Several Resources to Help Protect Title Companies and Customers From Wire Fraud

American Land Title Association | July 25, 2017
Last week, ALTA released several tools to help title insurance companies and their customers prevent wire transfer fraud.

Watch "Protect Your Money From Wire Fraud Schemes When Buying a Home" (ALTA) »
Read "Examples of Fraudulent Emails" (ALTA) »
Read "Sample Wire Fraud Warnings You Can Use" (ALTA) »
Read "Red Flags to Protect Your Company Against Wire Fraud" (ALTA) »

TDI Quarterly Audit Results Published

Texas Department of Insurance | July 31, 2017
The following is a summary of recent TDI audits, violations and enforcement actions from March through May 2017. Read TDI's complete summary of operations for the quarter or read the key statistics below. 
  
Compliance Audits: TDI's goal is to comprehensively audit agencies at least once every two years. That means this quarter (within the last three months), TDI conducted 76 audits.  
  
Commissioner Orders: From March through May 2017, TDI signed nine orders resulting in fines. As of this report, 44 cases remain active and under investigation. 
  
Compliance Audit Results: Below are TDI's most common audit findings from March through May 2017. The numbers below represent how many agencies had an infraction, not the number of times the infraction occurred.
 
Number of Agencies
Category
Description
46
Texas Insurance Code
Section 2702.053 – Actual receipts and/or disbursements not in agreement with settlement statement or premium split not disclosed.
41
Escrow Accounting
Outstanding checks not cleared timely.
36
Minimum Escrow Accounting Procedures and Internal Controls
#16 – Every disbursement not supported by invoice or sufficient other evidence.
29
Procedural Rules
P-21: Schedule D of commitment not in file or premium split not disclosed on commitment.
27
Procedural Rules
P-73: Failure to prepare/maintain Form T-64 (TD) when CD used.


Housing Finance Reform Still a Priority for Trump Administration

HousingWire | July 27, 2017
U.S. Department of the Treasury Secretary Steven Mnuchin testified before the House Financial Services Committee on Thursday, July 27, assuring members that housing finance reform remains a priority for Trump’s administration.

Committee chairman Jeb Hensarling (R-TX) began the hearing by explaining the economy is not performing at its potential. He explained in order to create a sounder economy, Washington must begin to look at the cost of regulations.
 
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The Future is Bright for E-mortgages: An Overview of Relevant Laws and Requirements

American Land Title Association | July 20, 2017
The industry is working to streamline the overall mortgage process by encouraging the use of electronic documents. Fortunately, there are U.S. federal and state laws that permit lenders to originate e-mortgages in any state and deliver them to investors, including Freddie Mac, for purchase. And with the legal framework in place, interest in e-mortgages is picking up speed.
 
While barriers to adoption remain, powerful forces are driving interest in e-mortgages, not the least of which is borrower demand for faster, better and more reliable service. No fewer than 15 financial institutions have begun implementing e-mortgage process tests or committing to the e-mortgage business outright over the past year. Eight other financial institutions are ready to provide warehouse financing for e-notes.
 
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TLTA is scheduling more live webinars for summer 2017. Register now, or explore the On-Demand webinar library today!