August 8, 2018


In This Issue:

  • TDI Sets Hearing Aug. 24 to Consider Proposed Amendments to Basic Manual Related to Licensing and Continuing Education
  • Compliance Reminder: Basic Manual Updates To Be Implemented Aug. 9
  • U.S. Senate Postpones Vote for Next BCFP Director
  • Fannie-Freddie Watchdog Under Scrutiny
  • Russia Sanctions Bill Also Targets Real Estate Deals
  • Wells Fargo to Pay $2 Billion Penalty for Alleged Misrepresentation of Loan Quality

TDI Sets Hearing Aug. 24 to Consider Proposed Amendments to Basic Manual Related to Licensing and Continuing Education

TLTA | Aug. 1, 2018
The Texas Department of Insurance has announced it will hold a public hearing on proposed amendments to the Title Insurance Basic Manual on Friday, Aug. 24. The amendments include changes to:
Comply with legislative changes.
Streamline licensing, renewal, and other notifications.
Change escrow officer license expiration dates to the last day of the license holder's birth month.
Require registration and certification of continuing education programs.
See the full proposal and reference material »
Read TLTA's Submitted Comments »
 
The public hearing will be at 9:30 a.m., Central time on Friday, Aug. 24 in Room 100 of the William P. Hobby Jr. State Office Building, 333 Guadalupe St. in Austin.
 
TLTA has identified several potential amendments to TDI's proposals and will be presenting those to the Department. If you have questions or comments, please submit them to Aaron Day at aaron@tlta.com or call at 512.810.8800.
 
In addition, TLTA will provide a thorough analysis of the changes prior to their implementation.


Compliance Reminder: Basic Manual Updates To Be Implemented Aug. 9

TLTA | Aug. 1, 2018
Earlier this year, TDI Commissioner Kent Sullivan signed a final order on agenda items that update, correct and clarify rules and forms in the Basic Manual of Title Insurance. These updates were effective June 10, but implementation of the new rules and forms was delayed until Aug. 9. Learn More »

TLTA's online Basic Manual has been updated with all of these changes. TLTA Basic Manual subscribers (both print and online version subscribers) received the updates via email the week before last. If you have questions, please call us at 512.472.6593 or email tlta@tlta.com.

Not a TLTA Basic Manual subscriber? Click on the video below to watch a testimonial regarding the benefits of subscribing to TLTA's Basic Manual Service:
 

 
Subscribe to TLTA's Basic Manual Service Today!


U.S. Senate Postpones Vote for Next BCFP Director

HousingWire | Aug. 2, 2018
The Senate Banking Committee was set to vote Thursday on the confirmation of the next director of the Bureau of Consumer Financial Protection but announced suddenly that it would postpone its vote.

The committee planned its vote for the nomination of Kathy Kraninger as the next director of the BCFP, along with other nomination votes. However, Wednesday night, the Banking Committee announced the postponement of its vote. The new date for the vote is still to be determined.

Senate Banking Committee Chairman Mike Crapo, R-Idaho, scheduled the vote despite the fact that Kraninger has yet to submit responses to questions for the record from Senate Democrats concerning her views on financial regulation and immigration.
 
Read More »


Fannie-Freddie Watchdog Under Scrutiny

Politico | Aug. 2, 2018
The top watchdog for a federal housing regulator is under investigation for misconduct after complaints that she bowed to pressure from the agency’s powerful director, Mel Watt, to weaken her office’s oversight.

Laura Wertheimer, inspector general for the Federal Housing Finance Agency, which supervises mortgage financiers Fannie Mae and Freddie Mac, also allegedly disparaged employees and attempted to intimidate witnesses, according to letters and emails obtained by POLITICO.
 
Read More »


Russia Sanctions Bill Also Targets Real Estate Deals

Wall Street Journal | Aug. 3, 2018
New sanctions on Russia proposed by a group of U.S. senators also includes a provision that would make title insurance companies reveal the owners of shell companies when they make all-cash real-estate purchases anywhere in the U.S.
 
Shell-company real estate deals are legal, but are attractive to money launderers because the purchase can be made anonymously and the buyer doesn’t have to explain the origin of the funds used. Analysts say that secrecy has allowed kleptocrats, human traffickers and other criminals to exploit a hole in the U.S. financial system to legitimize their funds.

Read More »


Wells Fargo to Pay $2 Billion Penalty for Alleged Misrepresentation of Loan Quality

CNBC | Aug. 1, 2018
Wells Fargo will pay $2.09 billion in penalties for allegedly misrepresenting loan quality, according to the U.S. Attorney's Office for the Northern District of California.
 
The bank will pay the civil penalty after allegedly originating and selling tens of thousands of residential mortgage loans it knew contained misstated income information and didn't meet the quality that Wells represented, causing mortgage-backed bond investors to lose billions of dollars. Wells is not admitting to liability.
 
Read More »

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