June 5, 2019


In This Issue:

  • Texas Society of Professional Surveyors Updates Standards, Specifications for 1A, 1B Surveys
  • TDI Commissioner Sullivan Offers Resources to Support Plain Language Initiative
  • CFPB Video: How to Protect Yourself and Your Closing Funds From Mortgage Closing Scams
  • New TILA-RESPA Factsheet From CFPB
  • FHFA Merges GSE Issuance to Common Security in Bid to Cut Housing Costs for Millions

Texas Society of Professional Surveyors Updates Standards, Specifications for 1A, 1B Surveys

TLTA | June 4, 2019
The Texas Society of Professional Surveyors (TSPS) has updated its standards and specifications for category 1A and 1B surveys. The updates will become effective Sept. 1, 2019. 
 
Read the Updated Standards and Specifications »

If you have questions or concerns about these revisions, please share them with us so we can compile our industry's comments and submit them to TSPS's standards committee. 


TDI Commissioner Sullivan Offers Resources to Support Plain Language Initiative

TLTA | June 5, 2019
TDI Commissioner Sullivan’s plain language campaign continues. In a message delivered today, Commissioner Sullivan reiterated his commitment to improving understanding among insurance consumers, and he promised that more was to come. He also encouraged the insurance community to review these 10 tips for plain language.

TDI Plain Language Resources Page »


CFPB Video: How to Protect Yourself and Your Closing Funds From Mortgage Closing Scams

TLTA | June 3, 2019
CFPB has created an informational video to warn consumers about the threat of cyber and wire fraud in real estate transactions.
 
You might consider sharing this with your customers:
 

 
Watch the Video »
Read More From CFPB About Avoiding Mortgage Phishing Scams »


New TILA-RESPA Factsheet From CFPB

TLTA | May 30, 2019
Are Loan Estimates and Closing Disclosures Required for Assumption Transactions?
 
On May 1, the Consumer Financial Protection Bureau (CFPB) published a factsheet discussing assumption transaction requirements related to loan estimates and closing disclosures.
 
Review the Factsheet »
Other TILA-RESPA Integrated Disclosure Resources From CFPB »
 

FHFA Merges GSE Issuance to Common Security in Bid to Cut Housing Costs for Millions

HousingWire | June 3, 2019
As of Monday, Freddie Mac and Fannie Mae mortgage-backed securities will be issued under a common security – the Uniform MBS – in a move some have called the biggest change to the MBS in a generation.

The Federal Housing Finance Agency is finally seeing its long-laid plans to create a common securities program for the GSEs come to fruition, a step the agency called “momentous” and said will cut costs for American homebuyers.

“The mortgage world has changed today,” FHFA Deputy Director Robert Fishman said on a call with reporters Monday. 

What is UMBS and what will it really mean for the U.S. mortgage market?

Uniform MBS is a common security through which Fannie and Freddie will finance qualifying fixed-rate mortgage loans backed by one- to four-unit single-family properties. In essence, it will replace Fannie's MBS and Freddie's Participation Certificates so the two enterprises can trade in the same market.

Plans for the common security were first laid in 2012 and developed over the last several years. In February, the FHFA issued a final rule to guide participants as the implementation date neared.

Several years ago, the FHFA projected that full development of the common security would cost the GSEs more than $1 billion.

But, the FHFA has said that it expects to make that money back quickly thanks to the cost savings that will come from UMBS.
 
Read More »

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