February 14, 2018

TLTA Sends Letter Supporting Legislation to Modify TRID

TLTA | Feb. 13, 2018
On Tuesday Feb. 13, TLTA sent a letter to House Financial Services Committee Chairman Jeb Hensarling (R-Texas) supporting H.R. 3978. H.R. 3978 by Rep. French Hill (R-Arkansas) would make modifications to TRID rulemaking, particularly concerning the disclosure of discounted premiums for policies that are purchased simultaneously.
Read the Letter » 

CFBP News: CFPB Releases Strategic Plan

CFPB | Feb. 12, 2018
On Feb. 12, the Consumer Financial Protection Bureau (CFPB) released its five-year Strategic Plan that establishes its mission, strategic goals and strategic objectives.

“If there is one way to summarize the strategic changes occurring at the Bureau, it is this: we have committed to fulfill the Bureau’s statutory responsibilities, but go no further,” said Acting Director Mick Mulvaney. “By hewing to the statute, this Strategic Plan provides the Bureau a ready roadmap, a touchstone with a fixed meaning that should serve as a bulwark against the misuse of our unparalleled powers.”

According to a press release issued by the CFPB, "The plan draws directly from the Dodd-Frank Wall Street Reform and Consumer Protection Act and refocuses the Bureau’s mission on regulating consumer financial products or services under existing federal consumer financial laws, enforcing those laws judiciously, and educating and empowering consumers to make better informed financial decisions. Among changes from the prior Strategic Plan, the Bureau will now focus on equally protecting the legal rights of all, including those regulated by the Bureau, and will engage in rulemaking where appropriate to address unwarranted regulatory burdens and to implement federal consumer financial law and will operate more efficiently, effectively, and transparently."     


CFPB News: White House Budget Plan Proposes Cutting CFPB Budget, Restricting Enforcement Powers

The Washington Post | Feb. 12, 2018
The White House on Monday proposed a major restructuring of the Consumer Financial Protection Bureau that would significantly cut the watchdog agency’s budget and limit its enforcement power.

Under the proposal, included in President Trump’s 2019 budget plan, the CFPB would be funded through Congress rather than the Federal Reserve, giving lawmakers more influence over the agency’s priorities. The CFPB’s 2019 budget would also be capped at its 2015 level, $485 million, compared with a projected $630 million this year. The plan, which would take two years to implement, also calls for putting restrictions on the CFPB’s enforcement authority.

“The proposed reforms would impose financial discipline, reduce wasteful spending, and ensure appropriate congressional oversight,” according to a strategic statement released Monday. “. . . To prevent actions that unduly burden the financial industry and limit consumer choice, the proposal restricts CFPB’s broad enforcement authority over Federal consumer law.”

Mortgage Choice Act Approved by U.S. House

HousingWire | Feb. 8, 2018
The House of Representatives voted Feb. 8 to pass the Mortgage Choice Act of 2017, which would adjust the Truth in Lending Act’s definitions of points and fees under the Ability to Repay/Qualified Mortgage rule.

The bill would remove the following from the points and fees calculation: title insurance purchased from a company affiliated with the lender; and escrowed homeowners insurance premiums. 

The National Association of Realtors, which expressed support for the bill, said that the bill would help enhance competition in the mortgage and title insurance markets, and ensure consumers are able to choose the lenders and title providers best suited for their home buying needs.

Primary Elections: Why Your Vote Matters; Early Voting Begins Feb. 20

TLTA | Feb. 13, 2018
Let’s take a moment to consider how your vote in the Texas Primary elections could impact your life over the next four years.  
If you're concerned about re-regulation efforts affecting the Texas Title Industry, then your vote in March matters.
If you woke up to fight traffic this morning on your daily commute making transportation issues important to you, then your vote in March matters.
If you're a parent concerned about your child’s education or the jobs they can pursue in the future, then your vote in March matters.
The list of issues that statewide elected officials and the state legislature decide that will impact you covers all of these and more – property taxes, energy policies, environmental policies, local government revenue, public safety, higher education, etc. 

So, we encourage you to decide which issues really matter to you, your family and state, and then find out what positions statewide and local candidates are taking this March. 
What's My District and Who Represents Me »
Who's Running in Texas »

Mortgage Rates Climb to Highs Not Seen in More Than a Year

The Washington Post | Feb. 8, 2018
Mortgage rates continued their ascent this week, their fifth consecutive increase.

According to the latest data released Thursday by Freddie Mac, the 30-year fixed-rate average shot up to 4.32 percent with an average 0.6 point. (Points are fees paid to a lender equal to 1 percent of the loan amount.) It was 4.22 percent a week ago and 4.17 percent a year ago. The 30-year fixed rate has risen about 40 basis points (a basis point is 0.01 percentage point) since the start of the year and hasn’t been this high since December 2016.

The 15-year fixed-rate average jumped to 3.77 percent with an average 0.5 point. It was 3.68 percent a week ago and 3.39 percent a year ago. The five-year adjustable rate average rose to 3.57 percent with an average 0.4 point. It was 3.53 percent a week ago and 3.21 percent a year ago.
Read More »

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