July 25, 2018
In This Issue:
- TDI Publishes Title Agent Statistical Report for 2016
- TRID Simultaneous Issue Fix One Step Closer
- Trump Nominee to Head BCFP Testifies Before Senate Banking Committee
- ALTA Announces Resignation of CEO Michelle Korsmo
- How to Prepare for a Lapse in the NFIP
TDI Publishes Title Agent Statistical Report for 2016
TDI | July 19, 2018
Under Insurance Code Section 2703.153, the Texas Department of Insurance’s Property and Casualty Data Services Team annually collects information from title agents and underwriters doing business in Texas. TDI asks agents and companies to report their income, expenses and losses. TDI publishes these reports in the Texas Title Insurance Agent Experience Report Compilation
Read the Report »
TRID Simultaneous Issue Fix One Step Closer
James E. Hyland, Esq. | The Pennsylvania Group and TLTA Federal Legislative Counsel | July 23, 2018
The title industry took another step closer in obtaining a fix to TRID that would correctly report the cost of owners and lenders title policies when issued simultaneously. This has been a long-running issue concerning BCFP rules on how simultaneous policies are priced on TRID forms.
On July 20, the U.S. House of Representatives passed the Financial Services Appropriations bill, H.R. 6147, on a largely party line vote. The bill contains the text of the TRID Reform Act, H.R. 5078. The bill also funds a number of federal agencies, including the Treasury Department, the Interior Department and other agencies, such as the EPA.
As we reported earlier this year, on Feb. 27, 2018, the U.S. House of Representatives passed by voice vote H.R. 5078, the TRID Reform Act. The bill would amend RESPA and direct that the disclosed charges for any title insurance premium shall be equal to the amount charged for each policy, subject to any discounts as required by either state regulation or the title company rate filings. In order to leapfrog its’ progress, Chairman Jeb Hensarling (R-TX) added a number of miscellaneous House bills, such as H.R. 5078, to the appropriations bills, because these typically get signed by the President.
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Read TLTA's Letter to BCFP »
Trump Nominee to Head BCFP Testifies Before Senate Banking Committee
NPR | July 19, 2018
Democrats on the powerful Senate Banking Committee said Kathy Kraninger is not qualified to be the director of the Consumer Financial Protection Bureau, the agency the White House has nominated her to run.
Republicans at her nomination hearing Thursday said her management experience at the White House Office of Management and Budget qualifies her for the job.
"I have the utmost confidence that she is well prepared to lead the bureau in enforcing federal consumer financial laws and protecting consumers in the financial marketplace," said Committee Chairman Mike Crapo, R-Idaho.
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ALTA Announces Resignation of CEO Michelle Korsmo
TLTA | July 16, 2018
ALTA announced the resignation of CEO Michelle Korsmo last week. Korsmo joined ALTA in April 2008, and she has served as CEO since August 2011. She will remain with ALTA until mid-September.
"Michelle has taken ALTA to new heights during her tenure," said Leslie Midgley, Executive Vice President and CEO, Texas Land Title Association. "She has truly been a transformational leader for our industry and TLTA appreciates the collaborative relationship we have enjoyed with her at the helm. We wish her all the best in her new role, but will sorely miss her."
Read ALTA's Announcement »
How to Prepare for a Lapse in the NFIP
ABA Banking Journal | July 19, 2018
Lenders should be prepared and have a plan to avoid the potential disruption to loans scheduled to close during a lapse. Loans that require flood insurance can still close during a lapse in the NFIP, either by following certain NFIP and regulatory guidelines and ensuring that a system is in place to obtain policies as soon as the NFIP is reauthorized, or by obtaining private flood insurance.
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