April 24, 2019


In This Issue:

  • Legislative Update: Priority Bills, Property Taxes, State Budget Conferees
  • Compliance Reminder: Guaranty Fee Reinstated as of May 1
  • Texas Realtors: What Date Goes on the T-47?
  • ICYMI: Wells Fargo: Settlement Agent Communications
  • A Kinder, Gentler CFPB? Bureau Announces New Enforcement Rules
  • Calabria on GSEs: “A Path to End the Conservatorship”

Legislative Update

TLTA's legislative priorities continue advancing in the Texas House and Senate.
 
The committee substitute for HB 3228—which would clarify who has access to participate in TDI rate hearings (a measure we are working to pass)—was approved by the House Insurance Committee and will now be taken up by the House Calendars Committee. We continue working with the Senate on their companion legislation – SB 1062
 
Both chambers have held hearings on the TTIGA update bill (HB 1614/SB 2333), and the House committee recommended it for their local/uncontested calendar.
 
Likewise, the RON-related 'papering out' legislation we support (HB 3060/SB 2128) has been voted out of the Senate and received in the House. The House County Affairs Committee heard HB 3060 last week. TLTA Legislative Chair Steve Streiff testified on behalf of TLTA in support of the bill. 
 
Legislation related to certificates of authority that identify who has the authority on behalf of partnerships and corporations to sell real property (HB 1833/SB 977) was approved by the House Business and Industry Committee for consideration by the entire House and will now be taken up by the House Calendars Committee. We continue working toward a hearing soon in the Senate.
 
We are monitoring the progress of these 77 bills. We continue engaging in productive dialogue with stakeholders and the authors of bills that cause concern for our industry or our strategic partners.
 
Elsewhere in the Texas Legislature, conferees for the state budget (HB 1) have been named (they met yesterday for an organizational discussion): 
  
House budget conferees 
John Zerwas of Richmond (Chair), Greg Bonnen of Friendswood, Sarah Davis of West University Place, Oscar Longoria of Mission and Armando Walle of Houston  

Senate budget conferees 
Jane Nelson of Flower Mound (Chair), Larry Taylor of Friendswood, Joan Huffman of Houston, Lois Kolkhorst of Brenham and Robert Nichols of Jacksonville  
  
State budget conferees are charged with working out the differences in the chambers' plans for appropriating the $250 billion available to spend during the upcoming 2020-2021 biennium. Once an agreement has been reached among conferees, the budget bill will be subject to an up or down vote in each chamber before moving on to the governor, who has line item veto power.  
  
NOTE: The House and Senate both propose investing an additional $9 billion in the state's school finance system, although they differ on how to fill the biggest spending buckets: property tax relief, education funding, teacher pay raises.
 
Only 33 days remain until the Texas Legislature's 86th Session adjourns Sine Die.

Compliance Reminder: Guaranty Fee Reinstated as of May 1

TLTA | April 23, 2019
As announced in January and reported in Dateline, the Texas Title Insurance Guaranty Association (TTIGA) board voted to reinstate the Guaranty Fee at $2 per policy for each owner and lender title insurance policy closed on or after May 1, 2019. 
 
Collection of the Guaranty Fee was also required at select times from 2004 to 2017. Since Dec. 31, 2017, no Guaranty Fees should have been collected.
 
Whether or not the Guaranty Fee should be charged is determined by the closing date of applicable transactions, not the funding date. The $2 Guaranty Fee must be charged for any policy closed on or after May 1, 2019. Collection of the fee should continue through Dec. 31, 2019.
 
These fees should be remitted to TTIGA quarterly, and the first remittance is due Aug. 1, 2019.
 
Find Remittance Forms and Learn More »
 

Texas Realtors: What Date Goes on the T-47?

Texas Realtors | April 22, 2019
The T-47 Residential Real Property Affidavit (TXR 1907) has been the subject of some confusion among Texas REALTORS® members. The T-47 is an affidavit that accompanies a survey in real estate transactions when the buyer and seller wish to use an existing survey rather than paying for a new one at the time of the transaction. The seller is responsible for filling out this form.
 
The T-47 is a generally straightforward document used by title insurance companies to determine the coverage they are willing to provide. The confusion arises in Paragraph 4 where the seller is instructed to fill in a date after which no major changes to the property have occurred. Some say this date should be the date of the most recent survey conducted. Others say it is the date the seller acquired the property from the previous seller.
 
Read More »
 

ICYMI: Wells Fargo: Settlement Agent Communications

Wells Fargo | April 11, 2019
This newsletter is published for settlement agents who close Wells Fargo home loans to keep you informed of changes and important reminders to help you stay up to date on Wells Fargo closing requirements. We understand that keeping up with changing lender requirements can be challenging, and hope that this publication is helpful to you.
 
In this issue:
  • Separation of closer and funder roles
  • New Wells Fargo Vendor Support Team
  • New collaboration with Ernst Publishing
  • Help us better serve our veterans
Read More »


A Kinder, Gentler CFPB? Bureau Announces New Enforcement Rules

HousingWire | April 23, 2019
Kathy Kraninger may be charting a different path as director of the Consumer Financial Protection Bureau than that of her immediate predecessor, Mick Mulvaney, but one area where it appears Kraninger’s CFPB will be similar to Mulvaney’s is in the bureau’s friendlier attitude toward the companies it regulates.

To that end, the CFPB announced Tuesday that it is making changes to its policies on Civil Investigative Demands, the tool the bureau uses to issue investigational subpoenas to companies when probing potential violations of law.
 
Read More »

Calabria on GSEs: “A Path to End the Conservatorship”

MReport | April 23, 2019
Federal Housing Finance Agency (FHFA) Director Mark Calabria is aiming for privatization of Fannie Mae and Freddie Mac. In an interview with the Wall Street Journal, Calabria stated that he wants to put the now-profitable GSEs back into private hands, something that has been tried and failed by lawmakers in the past.

“I see my goal as setting a path to end the conservatorship” for the companies he said, adding, “they have to be stronger, healthier companies” compared to before the 2008 housing crisis.

“My objective is to get us to a spot where we don’t have to worry about the system blowing itself up,” he added.

Calabria stated that he is awaiting completion of plans ordered by President Donald Trump to refashion the mortgage system, set to be completed around June.
 
Read More »

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