Nov. 21, 2017

Federal News: Cordray Leaving CFPB, TRID Reform Bill Passes House Committee, The Latest on Tax Reform

James E. Hyland, Esq. | The Pennsylvania Avenue Group and TLTA Federal Legislative Counsel
CFPB director Richard Cordray recently announced he will resign at the end of November. Mick Mulvaney, Office of Management and Budget director and former Congressman from South Carolina, has been named interim director while the administration finds a new nominee. The CFPB has over 1,600 employees and a budget of $600 million. Given the size and scope of the agency, change may be slow.

In addition, the House Committee on Financial Services approved legislation last week – HR 3978, by a vote of 53 to 5 – that will force the CFPB to revise their TRID regulations to recognize the true cost of the simultaneous issue of both a lender’s and owner’s title policy when issued at the same time. The CFPB’s refusal to acknowledge the concept of simultaneous issue has caused confusion with consumers since it was enacted. Rep. French Hill (R-AR) is the author of the bill. Rep. Vincente Gonzalez (R-TX) is a co-sponsor.

New leadership at the CFPB will hopefully work with Congress to correct this and perhaps ease TRID's difficult rules.
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Read Letter of Support Signed by TLTA and Other Trade Associations »
Read ALTA Statement on Richard Cordray Stepping Down as CFPB Director »

TDI Releases 2015 Agent Statistical Data

Texas Department of Insurance | Nov. 15, 2017
The compiled 2015 Agent Statistical Data is now available online. The underwriter report is not yet available but TLTA anticipates that it will be soon and will keep you posted. 
TDI annually collects information from title agents and underwriters doing business in Texas. Agent companies report their income, expenses and losses. The results are published in the Texas Title Insurance Agent Experience Report Compilation. 
View the Full Report in PDF or Excel Format »

ALTA, Other Trades Warn Limiting Capital Gains Exemption Would Disrupt Housing Market

American Land Title Association | Nov. 16, 2017
ALTA and 12 other trade associations warned the Senate that limiting the capital gains exemption would severely disrupt the U.S. residential real estate industry and the well-being of local communities.

Currently, homeowners can exclude from their taxable income up to $250,000 in capital gains ($500,000 for married taxpayers) from a sale of their primary residence. Under the proposals – to qualify for this break – homeowners must have owned and lived in their home for at least five of the last eight years. The current rule requires two of the last five years.
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Tax News: House Passes Its Tax Reform Plan as Senate Version Comes Under New Attack; Housing Finance Reform Next on To-Do List for Trump and Congress

House Republicans approved their sweeping tax-cut package Thursday, Nov. 16, setting up a showdown with the Senate, where Republicans are struggling to win support for their own significantly different approach.

Senate GOP leaders, after making some revisions this week, are facing mounting dissent and criticism that their tax plan favors corporations and the wealthy. An analysis by Congress' bipartisan tax experts on Thursday concluded the Senate plan would raise taxes for some of the poorest Americans by 2021.
Read "House Passes Its Tax Reform Plan as Senate Version Comes Under New Attack" (L.A. Times) »
In addition, the White House and Congressional GOP leaders are eyeing a tight window between tax reform passage and the 2018 midterms to pass housing finance reform. And with key policymakers readying their exit, the effort could be the most concerted push yet.
Read "Housing Finance Reform Next on To-Do List for Trump and Congress" (National Mortgage News) »

Mortgage Delinquency Soars, Hurricanes Blamed

Mortgage Daily | Nov. 17, 2017
The quarterly non-current mortgage rate surged 58 basis points, with government-insured performance taking the biggest beating. Much of the blame was ascribed to the effects from the recent hurricanes.

Single-family loans that were at least 30 days late or in the foreclosure inventory accounted for 6.11 percent of all outstanding mortgages as of Sept. 30.
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