March 7, 2018

Senate Agrees to Begin Debate Over Dodd-Frank Overhaul Bill

HousingWire | March 6, 2018
The Senate passed a motion Tuesday to proceed to debate on a bill that would overhaul major parts of the Dodd-Frank Act and is expected to vote on the bill at some point this week.

Late last year the Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155), which was sponsored by Banking Committee Chairman Mike Crapo, R-Idaho, with nearly 20 co-sponsors on both sides of the aisle, was introduced in the Committee on Banking, Housing and Urban Affairs.
The bill contains policies which would roll back or eliminate key parts from the Dodd-Frank Wall Street Reform and Consumer Protection Act.

Simultaneous Issue Also in the Mix

Also on Tuesday, March 6, Sens. Tim Scott (R-SC) and Doug Jones (D-AL) introduced The TRID Improvement Act (S. 2490), a bipartisan bill that corrects the inaccurate disclosure of title insurance premiums on the TILA-RESPA Integrated Disclosures (TRID) and helps consumers understand the true cost of their real estate transaction.
According to ALTA, the senators have asked Senate Banking Committee Chairman Mike Crapo (R-ID) for inclusion of this bill in S. 2155, which is being debated in the Senate.
Read the ALTA Press Release »

TREC Adopts New Contract Forms: Mandatory Use Begins May 15

Texas Real Estate Commission | February 2018
At its February meeting, the Texas Real Estate Commission adopted two new forms and revised six others. Use of the forms is voluntary until May 15, when it becomes mandatory. 
Revised Contract Forms
  • Unimproved Property Contract 
  • One to Four Family Residential Contract (Resale) 
  • New Home Contract (Incomplete Construction) 
  • New Home Contract (Completed Construction)
  • Farm & Ranch Contract  
  • Residential Condominium Contract (Resale) 

New Addendums
  • Addendum for Authorizing Hydrostatic Testing
  • Addendum Concerning Right to Terminate Due to Lender’s Appraisal 

Get the Forms (look for 2.12.18 version) » 
See the Descriptive Presentation » 

Texas Department of Insurance Launches New Website

TDI | March 1, 2018
Earlier this month the Texas Department Insurance launched a new, easier-to-use website. According to a TDI press release, the Consumer section is now written in plain, easy-to-understand language and the Agent/Adjuster section has been reorganized to make it easy to apply for and manage a license. The site also works better on smartphones and tablets.
Check Out the New Site » 
Go Straight to Title Insurance Info » 

CFPB News: Crapo, Hensarling Lead Court Brief Supporting Mulvaney as CFPB Head

American Banker | March 5, 2018
Over 100 Republican lawmakers filed a legal brief Friday backing Mick Mulvaney in the lawsuit challenging his appointment as acting head of the Consumer Financial Protection Bureau.

The 38 senators and 75 House members — led by Senate Banking Committee Chairman Mike Crapo, R-Idaho, and House Financial Services Committee Chairman Jeb Hensarling, R-Texas — said President Trump had legal standing to appoint Mulvaney despite deputy CFPB Director Leandra English's claim that she was the rightful acting director.
See the Brief » 

Texas Primaries 2018: Full Election Results

The Texas Tribune | March 7, 2018
The March 6 Texas primary elections were the first in the nation since Donald Trump was elected president.  
As polls opened in the Texas primaries on Tuesday, The Texas Tribune laid out seven key questions for election night. Now that the smoke is clearing, here are the answers.
See the Full Election Results »

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