July 19, 2017
Special Session Began Yesterday
On Monday, July 10, Gov. Greg Abbott issued a proclamation for the 85th legislature's special session, which began Tuesday, July 18. Not long after that proclamation, bills were being filed by legislators.
Read "Gov. Abbott Announces Special Session, Declares Items to Be Included" (TLTA) »
Read "Lawmakers File Dozens of Bills as Abbott Officially Calls Special Session" (Texas Tribune) »
Read the Proclamation »
TLTA Monitoring "Innocent Buyers Bill"
TLTA is currently monitoring HJR 26 and HB 120 – a proposed Constitutional amendment and the enabling legislation – that would prohibit taxing authorities from coming back on new purchasers for any back taxes later assessed due to a previous erroneous exemption on the property. Please keep in mind that before these bills can be considered for passage, the governor would have to add the subject matter to the call. We will keep you informed of their progress as the special session continues.
CFPB News: CFPB Names New Advisory Board and Council Members, Proposes Increasing Thresholds for Home Equity Lines of Credit
The CFPB named 13 new consumer experts from outside the federal government to its Consumer Advisory Board, Community Bank Advisory Council, Credit Union Advisory Council and Academic Research Council. The bureau originally announced back in January of this year that it started accepting applications.
Read "CFPB Names New Advisory Board and Council Members" (HousingWire) »
Also, the CFPB recently proposed that the reporting requirements for banks and credit unions regarding home equity lines of credit should be eased. As of January 2018, the new rule will be that a bank must report HELOCs if they made more than 500 loans through calendar years 2018 and 2019 versus the currently standing 100. This change would be temporary, allowing the CFPB to consider whether to make the adjustment permanent.
Read "CFPB Increasing Thresholds" (The M Report) »
Tech News: How Technology Plays a Part in Getting a Mortgage Today
U.S. News and World Report | July 12, 2017
The real estate financing process is often expected to be a series of in-person meetings at banks or other offices, complete with scanning documents of financial background information and a slow approval process.
But those days are rapidly changing. Lenders are beginning to embrace more new technology, and new lenders are even entering the game based around an automated platform.
Read More »
TLTA is scheduling more live webinars for summer 2017. Register now, or explore the On-Demand webinar library today!