May 3, 2017

Bills Relating to TLTA's Affirmative Agenda Gain Momentum

The bills relating to TLTA's affirmative agenda for the 85th legislative session have been moving through the House and Senate.
SB 1249, which relates to adverse possession amongst co-tenant heirs, passed through the Senate Committee on State Affairs on April 5. On April 18, it was referred to the House Committee on Judiciary and Civil Jurisprudence. HB 3378, the companion bill to SB 1249, has been left pending in committee while waiting on the Senate bill to arrive.
Meanwhile, the two bills relating to expungement of lis pendens have been picking up steam. SB 1955 passed through the Senate Committee on State Affairs on April 26 and was referred to the House Committee on Business and Industry on May 2. HB 4086, the companion bill to SB 1955, is scheduled to be placed on the General State Calendar on May 4.
In addition, none of the bills directly relating to title insurance have progressed since our last Legislative Update.
TLTA will keep you updated on the status of these bills as they progress.
See the Full List of Bills TLTA Is Following »

Dodd-Frank News: TLTA Sends Letter of Support for Hensarling CHOICE Act; Mnuchin Supports Act as Well

On Monday, May 1, the Texas Land Title Association sent a letter to Financial Services Committee Chairman Jeb Hensarling (R-TX) expressing our support of the Financial CHOICE Act.
"We applaud your efforts to repeal and replace parts of Dodd-Frank that are holding back economic growth, particularly housing and business lending by community financial institutions," the letter stated. "We support provisions to make it easier for community financial institutions to make mortgage loans, such as the provision that would create a legal safe harbor from ability-to-repay requirements for mortgage loans that are kept on a depository institution’s balance sheet."
The letter also expressed support for "changes to the regulatory structure of the CFPB that we think will make the agency more accountable to the public."
Read the Letter »
Also, Secretary of the Treasury Steven Mnuchin released a statement on April 27 supporting the act.
"As Secretary, I am committed to policies that will ensure sustained economic growth that is driven by Main Street and not held back by Washington," said Mnuchin. "The existing regulatory system is limiting, not stimulating our economy. At the Treasury, we are focused on delivering regulatory relief that encourages banks to provide the capital and liquidity needed to create jobs and opportunities for growth, and that provides protection against taxpayer-funded bailouts."
Read "Mnuchin Supports Financial CHOICE Act" (The M Report) »

Tax News: What Trump's Tax Proposal Means for the Housing Market

Forbes | April 26, 2017
On Wednesday, April 26, the White House released what it is calling a “first draft” of Trump’s promised tax-cut plan. The outline, which fits on a single page, largely adheres to pledges Trump made on the campaign trail, as well as to the details that have slipped out in the frenzied days leading up to the announcement.
The release does confirm that the president would like to preserve the home mortgage interest deduction, while doubling the standard deduction – two points of particular interest to homeowners, buyers and the real estate industry at large.
Read More »

GSE News: GSEs Won’t Stay ‘As-is’ for Long

The M Report | May 1, 2017
Fannie Mae and Freddie Mac should prepare for change – and sooner rather than later. According to Steven Mnuchin, the Trump administration won’t keep the status quo for long.
Mnuchin discussed the GSEs and housing reform in general as part of an interview with reporter Maria Bartiromo on Fox Business’ “Mornings with Maria” on Monday. Though he didn’t go into too much detail, he did say that privatizing the two Enterprises wasn’t necessarily the plan.
Read More »

Trade Groups Support Upgrade to PACE Loan Protections

National Mortgage Professional | April 26, 2017
More than two dozen national and regional trade groups representing the mortgage and real estate industries have joined together to support new legislation that is designed to improve consumer protection requirements for PACE loans.
In a joint letter to the U.S. Senate and House of Representatives, sponsors of S 838 and HR 1958, the Protecting Americans from Credit Entanglements Act of 2017, the trade groups voiced their appreciation for the legislation’s goal of providing PACE loans with the Truth-in-Lending Act consumer protections required of other mortgage products.
Read More »

'Ultimate Housing Insider' Pam Patenaude Nominated as HUD Deputy Secretary | April 28, 2017
Pam Patenaude was nominated by Trump to become deputy secretary of Housing and Urban Development, according to a White House statement released on Friday, April 28. The move has been met with resounding applause – and perhaps a collective sigh of relief – by industry insiders who think her background could serve as the perfect complement to HUD Secretary Ben Carson, who entered his role without any experience in housing or government.
Patenaude, currently president of the J. Ronald Terwilliger Foundation for America’s Families, was formerly an assistant secretary for community, planning, and development at HUD, under President George W. Bush. She also served as director of housing policy at the Bipartisan Policy Center’s Housing Commission. Patenaude's nomination must be confirmed by the Senate.
Read More »

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