August 7, 2019
In This Issue:
- Congress Continues Wire Fraud Awareness Drumbeat
- CFPB Updates: TRID FAQs, Truth in Lending Annual Threshold Adjustments, Home Mortgage Disclosure Act Comment Period
- TLTA On-Demand Webinars Address TDI's New Rate Rule Changes and Title Agent Data Call
- TREC Releases Updated Seller's Disclosure Notice
Congress Continues Wire Fraud Awareness Drumbeat
TLTA | Aug. 5, 2019
Congress continues its drumbeat to raise the awareness level of wire fraud and encourage regulators to take action to reduce the incidence of this criminal activity.
Just last week, 33 Senators, including Sen. Ted Cruz (R-TX) signed a letter
to Federal Reserve Board Chair Jay Powell calling for greater action on this issue. A similar letter was sent by 43 House members in June, with five Texas members signing on. The Senate letter asked the Federal Reserve to make combating wire fraud a higher priority. It also suggested that the Federal Reserve look at the progress being made in the United Kingdom to address wire fraud and whether the United States can implement similar protocols such as effectively verifying the payee's name on a wire payment.
We know from the Federal Reserve’s response to the House letter that the response fell short of what our industry was seeking. The Federal Reserve stated that "(payee matching) presents legal and operations challenges." They noted that the "bank is permitted to rely on the number as proper identification" and "to require otherwise would create significant operations obstacles to processing hundreds of thousands of wire payments that occur each day.”
Because a large number of Senators (one-third of the Senate) are behind this latest effort, we are hopeful the Federal Reserve may be more responsive to Congressional concerns.
Read More »
CFPB Updates: TRID FAQs, Truth in Lending Annual Threshold Adjustments, Home Mortgage Disclosure Act Comment Period
CFPB | Aug. 1, 2019
On Aug. 1 the CFPB posted frequently asked questions on providing loan estimates to consumers. Read More »
TILA Threshold Adjustments
: On Aug. 1 the CFPB announced that it is issuing a final rule amending the official interpretations for Regulation Z, which implements the Truth in Lending Act (TILA). The Bureau is required to calculate annually the dollar amounts for several provisions in Regulation Z; this final rule reviews the dollar amounts for provisions implementing TILA and amendments to TILA, including under the Credit Card Accountability Responsibility and Disclosure Act of 2009 (CARD Act), the Home Ownership and Equity Protection Act of 1994 (HOEPA), and the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). These adjustments are applicable Jan. 1, 2020. Read More »
Home Mortgage Disclosure Act Comment Period:
On July 31 the CFPB announced that it is reopening the comment period for certain aspects of the May 2019 Notice of Proposed Rulemaking relating to Regulation C, which implements the Home Mortgage Disclosure Act.
Specifically, the Bureau requests comments on (1) the Bureau’s proposed changes to the permanent coverage threshold for closed-end mortgage loans, (2) the Bureau’s proposed changes to the permanent coverage threshold for open-end lines of credit, and (3) the appropriate effective date for any change to the closed-end coverage threshold.
Comments must be received by Oct. 15, 2019. Read More »
TLTA On-Demand Webinars Address TDI's New Rate Rule Changes and Title Agent Data Call
TLTA | Aug. 5, 2019
The Texas Department of Insurance recently adopted an order that revises the basic premium rate and amends our industry's rate rules. The changes enacted by this order will be effective Sept. 1, 2019. A compliance webinar detailing the changes enacted by TDI's order and how to implement them is now available on demand.
Read TDI's Order »
Webinar: New Rate and Rate Rule Changes to the Basic Manual
Presenter: John P. Bruce, CTIP, NTP
CE Credit: 1 hr Escrow
Register Now »
TDI has also issued its call for agent statistical data. Texas Insurance Code §2703.153 requires each title insurance company and title insurance agent engaged in the business of title insurance in Texas to annually submit business data to TDI. TDI uses this data to set title insurance premium rates. This report should be completed with data generated during calendar year 2018. You must respond to this data call using the provided instructions and forms
no later than Aug. 27, 2019. In this on-demand webinar, our team of experts walk you through the Texas Title Insurance Experience Report and provide a clear, basic overview for finding the information you need.
Webinar: On-Time and Error Free TDI Experience Reporting Webinar
Presenters: Nancy Waggoner, Nancy Waggoner, CPA, CFE and Sylvia Freyling, Fidelity National Title Insurance Company
CE Credit: 1.5 hrs Escrow
Register Now »
TREC Releases Updated Seller's Disclosure Notice
Texas Real Estate Commission | Aug. 6, 2019
The Texas Real Estate Commission has released an updated seller's disclosure notice for mandatory use Sept. 1. It's available immediately for voluntary use.
As of Sept. 1, 2019, any notice provided by the seller to the buyer as required by state law must include specific information regarding the location of the property within a 100-year flood plain and provide notice of prior flood damage and flood insurance.
The notice must also disclose a seller’s knowledge of water damage not due to a flood event and requires a seller to disclose whether a prior flood-related insurance claim was filed with an insurance provider or the seller received aid from FEMA.
Get the Updated Disclosure Notice »
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