April 19, 2017

In Memory of TDI Commissioner David Mattax (1957 – 2017)

We are very sad to report that TDI Commissioner David Mattax passed away last week after a battle with cancer. TLTA is very grateful for Commissioner Mattax’ service to the State of Texas, and he will be greatly missed.
Said Gov. Abbott, "Commissioner David Mattax truly dedicated his life and career to the State of Texas. A brilliant lawyer whose loyalty to Texas never wavered, David was a doting son and brother who took great pride in mentoring young lawyers who would become the leaders of tomorrow. David’s brilliance, wit and wisdom will be dearly missed by all who knew him."
Read the Obituary »
Read the Press Release from the Office of the Governor »
Read the Austin-American Statesman Article »

TLTA Member John F. Rothermel, III Testifies on Mechanic's Liens Bill HB 3065

With six weeks to go in the 85th Session of the Texas Legislature, bills are moving quickly and TLTA is closely monitoring all legislation that could impact our industry.

On Monday, April 17, TLTA member John F. Rothermel, III testified against HB 3065, a bill that relates to mechanic's and materialman's liens. Rothermel described the current lien process as "essentially a five-legged stool...it has evolved to be reasonably balanced. We just want to make sure, over time, that we don't lose the balance in favor of one side or the other in the process."
Rothermel continued, "Our mechanic's lien bill – the law we currently have – with the long time periods after closing liens to be filed does have a real risk of hidden liens, and it does take a lot of effort to try to minimize those risks."
The chairman expressed the desire to move the bill. TLTA will keep you posted on the bill's status as it changes.
Follow HB 3065 »
Read the Full Text of HB 3065 »
See the Full List of Bills TLTA Is Following »

Texans For Free Enterprise Touts Two New Trade Association Allies: Texas Apartment Association and Texas Hotel and Lodging Association

In their recent newsletter, Texans for Free Enterprise announced that two state trade associations have signed on in support of legislation aimed at upending our safe and stable title insurance system: the Texas Apartment Association (TAA) and the Texas Hotel and Lodging Association (THLA). TLTA has already met with TAA leadership and will continue to educate them and others on the pitfalls of these misguided proposals.
Read the Newsletter and TFE's Statement »

Dodd-Frank News: Republican Proposal to Overhaul Dodd-Frank Guts CFPB 

HousingWire | April 12, 2017
The Republicans’ newly revealed act to replace the Dodd-Frank Wall Street Reform and Consumer Protection Act targets one of the most important government agencies to Congress Democrats, the CFPB.
According to a chart outlining the updates for the CHOICE Act 2.0, the CFPB would be changed to the Consumer Financial Opportunity Agency, an executive agency with a sole director removable at will. The deputy director would also be appointed and removed by the president.
Read More »

CFPB News: CFPB Proposes New Changes to HMDA 

HousingWire | April 13, 2017
The CFPB issued a much-asked-for proposal to clarify the 2015 updates to the Home Mortgage Disclosure Act rule in order to help ensure industry compliance, according to the national regulator.

The bureau first released updates to HMDA in October 2015 to improve the quality and type of data reported by financial institutions, the CFPB claims. From there, the CFPB gave the industry about three years to become compliant, with most of the updated requirements taking effect in January 2018. And ever since the bureau issued the new HMDA final rule, the industry has been on high alert to come into compliance, even going so far as to say that HMDA is replacing TRID as the most dreaded mortgage acronym.
Read More »

PACE Industry Responds to Congressional Efforts to Change Program's Rules

HousingWire | April 7, 2017
Earlier this week, a group of senators and representatives introduced bills in both houses of Congress that would change the rules for loans created by the Property Assessed Clean Energy program to make sure that homeowners are fully aware of the nature of the program before agreeing to the loan.
The bill, titled the Protecting Americans from Credit Exploitation Act (or PACE Act), would amend the Truth in Lending Act to require a full TILA disclosure of the PACE loan details and terms, as is currently required with mortgage loans.
Read More »

Tax Break for Mortgage Interest Losing Support

Columbus Dispatch | April 16, 2017
Here’s an idea: Taxpayers should underwrite rich Americans’ purchase of $1 million homes and vacation homes. Sounds crazy, yet that’s exactly what some think happens every year with the mortgage-interest deduction, a real-estate sacred cow for a century.
With Donald Trump’s pledge for comprehensive tax reform, voices from across the political spectrum are saying it’s time to examine the deduction.
Read More »

TLTA is scheduling several live webinars for spring 2017. Register now, or reserve your On-Demand version today!