February 20, 2019
In This Issue:
- Legislative Update: Day at the Capitol, Our Legislative Agenda Continues to Advance
- TTIGA: Guaranty Fee Reinstated as of May 1
- Do You Have Questions About the Texas Real Estate Commission's Laws or Rules?
- 5 Questions Facing Fannie Mae and Freddie Mac in 2019
- Sen. Perdue (R-Georgia) Introduces Bill to Change CFPB's Funding Source
Nearly 300 title professionals from across Texas traveled to Austin last week and joined us as we went door-to-door in the Capitol on a goodwill mission to share our industry's powerful story with legislators and staff.
We are very proud to report that title professionals visited all of the Capitol's 181 legislative offices. Legislators need to see our industry show up in good times and bad, and our 2019 Day at the Capitol successfully reminded lawmakers that Texas' title insurance professionals are good community partners who work for Texans. A big roaring 'thank you!' to everyone who participated last week, including our event sponsors: Stewart, Fidelity National Title Group, National Investors Title Insurance Company and First National Title Insurance Company.
Title professionals from across Texas went door-to-door in the Capitol Feb. 13 as part of a goodwill mission to share our industry's powerful story with legislators and staff
TLTA's legislative team is working to advance our Legislative Agenda
for the 86th Session. Our priorities include maintaining Texas’ successful title insurance system, modernizing the Texas Title Insurance Guaranty Association (HB 1614
), clarifying the Remote Online Notary (RON) statute approved last session, and certificates of authority for entities.
We are pleased to report that state Rep. John Wray last week filed the certificates of authority for entities bill (HB 1833
Texas lawmakers have filed more than 2,900 bills to-date. Staff at TLTA are currently monitoring the development of these bills
and other issues that could impact our industry or industry partners.
TTIGA: Guaranty Fee Reinstated as of May 1
TLTA | Feb. 18, 2019
Every Texas title agent or direct operation is required to collect a policy guaranty fee for each owners and lenders title insurance policy issued on or after May 1, 2019.
These fees must be remitted quarterly to TTIGA.
The amount of the fee is set by TTIGA's Board of Directors. For policies issued May 1, 2019 through Dec. 31, 2019 the fee has been set to $2.00 per policy.
Collection of the Guaranty Fee was also required at select times from 2004 to 2017.
Notice From TTIGA Regarding Reinstatement of the Guaranty Fee »
FAQs Regarding the Guaranty Fee »
Find Remittance Forms and Learn More »
Do You Have Questions About the Texas Real Estate Commission's Laws or Rules?
TREC | Feb. 14, 2019
Did you know that TREC's Standards and Enforcement Services (SES) staff are available to answer certain legal questions by email or phone?
SES carries out the Commission’s mission to protect Texas consumers by enforcing the laws and rules that regulate real estate brokers and sales agents, real estate (home) inspectors, residential service (home warranty) companies, and timeshare providers. SES also implements the relevant standards and reviews applications for licensure and determinations of moral character to assess the honesty, integrity, and trustworthiness of applicants.
We know you sometimes have questions about TREC rules or laws related to the specific areas SES handles and we want to help. You may call SES directly at 512-.936.3005 or you can also email your questions directly to firstname.lastname@example.org.
Where can I find an answer before calling or emailing SES with a question?
The Commission has an extensive FAQ page
that answers many questions. You can search by category or do a word search on the webpage to find your topic. You can also search on our website
for a relevant article or form. Use the “Site Search” feature that is on the top of most pages of our website.
We also have disciplinary history information
available and it’s searchable by name, license type, dates, cities, case number, and violations. You can also see a specific license holder’s disciplinary history by looking up the license holder using the “license holder search” feature and then selecting the “print license history” button.
We have extensive information on our website about filing a complaint, the complaint process, a detailed complaint overview manual, and FAQs on the complaint process (search by the category "How Are Disputes Handled?" or do a word search with "complaint").
Learn More »
5 Questions Facing Fannie Mae and Freddie Mac in 2019
National Mortgage News | Feb. 14, 2019
Fannie Mae and Freddie Mae are in a transition period. Both companies are looking for new CEOs, and its regulator, the Federal Housing Finance Agency, is about to get a new director. But there are a number of other questions facing the two government-sponsored enterprises with implications for their financial footing, strategy and role in the mortgage industry.
Fannie reported net income of $3.2 billion and net revenue of $5.1 billion for the fourth quarter of 2018, compared with a net loss of $6.5 billion and net revenue of $5.5 billion in the year-earlier period. For the year it recorded net income of $15.6 billion and net revenue of $21.9 billion, compared with $2.5 billion of net income and $23 billion of net revenue in 2017.
Freddie, in comparison, had fourth-quarter net income of $1.1 billion, compared with a net loss of $3.3 billion a year earlier, due to a $5.2 billion writedown of the deferred tax asset as a result of tax reform. For the full year, net income was $9.2 billion, up from $5.6 billion in 2017.
Here's a look at five questions facing Fannie Mae and Freddie Mac that could change those numbers.
Read More »
Sen. Perdue (R-Georgia) Introduces Bill to Change CFPB's Funding Source
InsideARM | Feb. 14, 2019
On February 12, Sen. David Perdue (R-GA), a member of the Senate Banking Committee, introduced SB 453, also known as the CFPB Accountability Act of 2019. According to the text of the bill, it would amend the Consumer Financial Protection Act of 2010 to subject the Consumer Financial Protection Bureau (CFPB) to the regular appropriations process.
In a press release issued the same day that the newest bill was introduced, Sen. Perdue stated, "Dodd-Frank gave the CFPB unprecedented power with no Congressional oversight. Despite the new Director’s efforts to bring transparency to the Bureau, its structure is still completely unconstitutional. The American people deserve a closer look at the CFPB to understand how its actions will impact consumers."
The bill is co-sponsored by seventeen republican senators.
Sen. Perdue has introduced a similar bill in the past. In 2015, Sen. Perdue introduced S. 1383 (114th Congress). In 2016, Sen. Perdue sponsored S. 3318 (114th Congress). Both bills were likewise titled as the Consumer Financial Protection Bureau Accountability Act, the only difference in the titles was the year. The House of Representatives saw a similar bill in 2015 in H.R. 1261 (114th Congress), sponsored by Rep. Sean Duffy (R-WI).
Read More »
TLTA has scheduled a variety of live webinars for 2019! Register now, or explore our library of more than 80 On-Demand webinars and videos covering the title industry topics you need!