September 6, 2017

TLTA Establishes Disaster Recovery Resources

After hearing from so many of you, both those who need help and those who wish to give it, we have determined that the best role for TLTA to play in Hurricane Harvey relief efforts is to serve as a central source of information. We have created a TLTA Disaster Relief Resources web page filled with recovery information and resources for those affected as well as a list of donation opportunities for those of you who would like to help your fellow title industry members who are suffering. We are just starting the list of donation opportunities and expect it to grow in the coming days as we receive more information from our members about specific needs, so continue to check back for additions and please let us know if you need help.

TLTA to Represent Industry at TDI GARC Hearing Tomorrow

TLTA is representing the industry tomorrow at a TDI hearing regarding the Texas Title Insurance Guaranty Association guaranty assessment recoupment fee. On Feb. 7, 2017, TTIGA executed an assumption agreement with First National Title Insurance Company. Under the agreement, First National Title assumed TTIGA's liabilities for Southern Title Insurance policies. In March 2017, TTIGA assessed title insurers $6 million to pay for the assumption.
This assessment is essentially a loan from the underwriters to TTIGA to provide funds to pay FNTI to assume the liabilities of the failed underwriter. There is a mechanism in place, both in statute (Sec. 2602.210) and in regulation in P-30, for the underwriters to recoup the funds that have been assessed. The establishment of a Guaranty Assessment Recoupment fee (GARC fee) to be charged on each policy is part of that statutory and regulatory mechanism.

It's important to note that the statute allows for the GARC fee to be charged for one year, in the subsequent year after the assessment. In this case, the assessment was charged in 2017, so the GARC fee will be charged during the 2018 calendar year. TLTA will report on the results of the hearing.
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Don't Miss Tomorrow's Legislative Update Webinar

Sept. 1, 2017 marked the effective date of a whole host of new Texas laws that will impact the title industry. Find out how the 85th legislative session changed your business operations, from two outstanding attorneys who monitored all and worked on many of the changes that went through the Texas legislature. They will provide you with practical insight on what you need to know now, so you can be prepared for the new laws. You'll learn about:
  • Lis pendens expungement
  • Powers of attorney
  • Electronic remote notarization
  • Adverse possession against co-tenants
  • Home equity
  • Title insurance-related legislation that did not pass
  • What's next
  • And more!
Register for the Live Version »

Register for the On-Demand Version »

Hurricane Harvey News: Fannie and Freddie Suspend Foreclosures, Securities at Risk Due to Harvey

Fannie Mae and Freddie Mac are extending additional relief to homeowners affected by the catastrophic flooding caused by Hurricane Harvey. They recently announced a number of measures that mortgage servicers can take to aid borrowers whose homes were damaged by the storm, including mortgage forbearance and other options.
Read "Fannie Mae, Freddie Mac Suspend Foreclosures and Evictions in Wake of Hurricane Harvey" (HousingWire) »
Also, the hurricane-related flooding is putting at risk about $19.4 billion in properties financed by commercial mortgage-backed securities, according to Morningstar Credit Ratings.
Read "Billions in Commercial Mortgage-Backed Securities at Risk Due to Harvey" (Barron's) »

Small Business Administration to Give Out $3.3B in Hurricane Harvey Disaster Loans

HousingWire | Sept. 4, 2017 
The Small Business Administration announced it is prepared to financially help some of the homeowners impacted from Hurricane Harvey. The administration said it is ready to give out thousands of disaster recovery loans worth billions of dollars to rebuild Houston and other Harvey-hit areas.
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CFPB News: 2017 TILA-RESPA Rule: Detailed Summary of Changes and Clarifications

To support implementation of TRID, the CFPB has issued a Detailed Summary of Changes and Clarifications, clarifying and amending mortgage disclosure provisions implemented in Regulation Z.
Read the Detailed Summary of Changes and Clarifications to TRID (CFPB) »

CFPB News: CFPB Announces Annual Dollar Thresholds Under TILA Regs

HousingWire | Aug. 30, 2017 
The Consumer Financial Protection Bureau announced on Aug. 30 its annual adjustments to the dollar amounts of various thresholds under the Truth in Lending Act (TILA) regulations. The changes take effect Jan. 1.
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Tax Reform News: Mnuchin Reiterates Mortgage Interest Tax Deduction to Stay Put in Trump Administration Tax Plan

HousingWire | Sept. 4, 2017 
Treasury Secretary Steven Mnuchin reiterated in an interview with the Wall Street Journal that the mortgage interest tax deduction will stay put in the Trump administration's pending tax plans.
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TLTA is scheduling more live webinars for summer 2017. Register now, or explore the On-Demand webinar library today!