August 16, 2017
Special Session Adjourns Sine Die
On the evening of Tuesday, Aug. 15, the Texas House of Representatives adjourned sine die, followed by the Texas Senate adjourning sine die. Watch next week's Dateline Austin for a more detailed analysis.
Read "The Brief: The Texas Legislature Goes Out With a Bang" (Texas Tribune) »
Dodd-Frank News: New Study Released on How Dodd-Frank Has Impacted Closing Times
Real Estate Center, Texas A&M University | Aug. 8, 2017
Given the importance of mortgage loans for Texas real estate markets and the state's banking industry, the Real Estate Center embarked on a research program to investigate the impact of the Dodd-Frank Act on the time it takes to sell a home. The Center leveraged its long-term time series data to investigate the length of time to complete home sale transactions in Texas after an offer is accepted.
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TDI Call for Statistical Data Not Issued Yet
TLTA has received a number of questions in recent weeks about the status of TDI's 2016 call for Statistical Data. The call has not been issued yet, and we do not have a projected date to report. We are monitoring the status with TDI, though; and as soon as we get any details about the timeframe for this annual report, we’ll send them your way. In addition, please note the 2015 data has not been posted online yet, and we will also advise once it is available.
How Will New Laws Impact Your Business? Find Out in TLTA's Legislative Update Webinar
Sept. 1, 2017 marks the effective date of a whole host of new Texas laws that will impact the title industry. To help you understand how these laws will change your business operations, tune in for the webinar New Texas Laws That Affect Your Business on Thursday, Sept. 7, from 2:30 - 3:30 p.m. CDT. This webinar is led by Roland Love, President / Texas Region, North American Title Company and Aaron Day, Director of Government Affairs and Counsel, TLTA.
Get practical insight on what you need to know now, and get ready to learn more about:
Lis pendens expungement
Powers of attorney
Electronic remote notarization
Adverse possession against co-tenants
Title insurance-related legislation that did not pass
Register for the Live Version »
Register for the On-Demand Version »
RESPA News: Adding Tolerance to Disclosure Requirements; CFPB Pushes Zillow to Settle on RESPA Violations
Effective Oct. 10, 2017, the federal mortgage disclosure requirements under the Real Estate Settlement Procedures Act and the Truth in Lending Act that are implemented in Regulation Z will be changed to clarify technical amendments. The rule, announced Friday, Aug. 11, will also create tolerances for the total of payments, adjusts a partial exemption predominantly for housing finance agencies and non-profits, extends coverage of TILA-RESPA integrated disclosure requirements, and provides guidance on sharing the integrated disclosures with various parties involved in the mortgage origination process.
Read "Adding Tolerance to Disclosure Requirements" (DS News) »
In addition, the CFPB concluded its investigation into whether or not Zillow violated Section 8 of the Real Estate Settlement Procedures Act and Section 1036 of the Consumer Financial Protection Act. Zillow gave an update on the investigation during its earnings call on Tuesday, revealing the CFPB wants to discuss a settlement with Zillow.
Read "CFPB Pushes Zillow to Settle on RESPA Violations" (HousingWire) »
GSE News: Fannie and Freddie Will Stick With FICO Formula for at Least Two More Years
Washington Post | Aug. 9, 2017
If you’ve been waiting for the long-anticipated news that the two dominant players in the home-mortgage arena — Fannie Mae and Freddie Mac — finally have decided to overhaul their outdated credit-scoring systems to expand homeownership opportunities for a broader range of consumers, sorry. Your wait just got a lot longer.
There will be no modernization of the mortgage giants’ controversial scoring systems before mid-2019 at the earliest, according to Fannie’s and Freddie’s top government regulator.
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TLTA is scheduling more live webinars for summer 2017. Register now, or explore the On-Demand webinar library today!