September 25, 2019

In This Issue:

  • TREC Amends Rules Related to Paying for Referrals of Business
  • Hosts Grassroots Meet-and-Greet for Reps. Kacal and Raney in Bryan-College Station
  • Proposes Amendments to Continuing Education Rules
  • County Commissioners Court Increases Recording Fees
  • on Corcoran Group Another Wake-Up Call to Industry
  • VIDEO: Fannie Mae and Freddie Mac Won't Go to Market Until End of 2020, FHFA Director Says

TREC Amends Rules Related to Paying for Referrals of Business

Brokers and Preferred Lists of Service Providers – What’s allowed now?
Texas Real Estate Commission | Sept. 17, 2019
The Texas Real Estate Commission recently amended §535.148 (and made conforming changes to §535.220) to strengthen settlement service provider independence and provide clarity about consumer protection issues when a license holder pays funds to or receives funds from another real estate settlement service provider. TREC has long had rules in place limiting an inspector’s ability to engage in what is commonly known as “pay to play.” However, TREC has not had explicit rules addressing this issue for other TREC license holders. The recent rule amendments provide parity for all license types subject to TREC’s jurisdiction.
 
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TLTA Hosts Grassroots Meet-and-Greet for Reps. Kacal and Raney in Bryan-College Station

TLTA | Sept. 23, 2019
TLTA's engaged and growing network of grassroots advocates continue sharing our industry's story with state lawmakers who serve the communities in which title professionals live and do business.
 
On Sept. 18 in Bryan-College Station, TLTA hosted a meet-and-greet with state Reps. Kyle Kacal (R-College Station) and John Raney (R-College Station). The event was well attended by TLTA's members and our industry's expanding network of grassroots allies. 
 

TLTA hosts grassroots meet-and-greets with Reps. Kacal and Raney in Bryan-College Station Sept. 18
 

Heath Poole (TLTA's Local Legislative Liaison for Reps. Kacal and Raney), Aaron Day, Rep. Kyle Kacal, Leslie Midgley, Ron Dold, Mike Savas, Steve Young, Rep. John Raney


TREC Proposes Amendments to Continuing Education Rules

Texas Real Estate Commission | Sept. 21, 2019
The Texas Real Estate Commission proposes amendments to 22 TAC §535.61, Approval of Providers of Qualifying Courses. The proposed amendments implement statutory changes enacted by the 86th Legislature in SB 624 as part of the Sunset Review process. The proposed amendments to §535.61 change "subsequent approval" to "renewal" and authorize the Commission to deny an application for renewal as an approved provider if the provider is in violation of a Commission order.

The amendments are proposed under Texas Occupations Code, §1101.151, which authorizes the Texas Real Estate Commission to adopt and enforce rules necessary to administer Chapters 1101 and 1102; and to establish standards of conduct and ethics for its license holders to fulfill the purposes of Chapters 1101 and 1102 and ensure compliance with Chapters 1101 and 1102.

Comments on the proposal may be submitted to Chelsea Buchholtz, General Counsel, Texas Real Estate Commission, P.O. Box 12188, Austin, Texas 78711-2188 or via email to general.counsel@trec.texas.gov. The deadline for comments is 30 days after publication in the Texas Register.
 
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Tarrant County Commissioners Court Increases Recording Fees

TLTA | Sept. 24, 2019
The Tarrant County Commissioners Court approved a new recording fee schedule today, Sept. 24. The new schedule will be effective as of Oct. 1.  
 
Notice Regarding the Adoption of the New Fee Schedule »
New Fee Schedule »
 
If you have questions or need additional information, please contact Tarrant County:
 
Michelle Moore
Manager, Recording and Records Management
Tarrant County Clerk
817-884-1061
MMoore@TarrantCounty.com

Cyberattack on Corcoran Group Another Wake-Up Call to Industry

Realtor.Com | Sept. 19, 2019
A cyberattack on the computer systems of the Corcoran Group last Friday is serving as a reminder for all professionals in the real estate industry to protect their technology from hackers. Confidential financial information regarding the company’s operations was sent to every agent in its firm. The email reportedly was sent to the entire company and contained agent splits, marketing budgets, and gross commission income.

“Since we are a commission-based business, with agents rewarded at different split levels depending on their production history, this information has the potential to be internally explosive,” writes Frederick Peters, the CEO of Warburg Realty, in a column for Forbes.com, calling on the industry to take cyberthreats seriously.

In the Corcoran Group situation, the email was traced back from the compromised email of the firm’s president of sales. No customer data was involved. The firm says it is investigating who hacked into the official’s email account.
 
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Learn More on TLTA's Cyber Security Resources Page »
Register for TLTA Latest Cyber Security Webinar: Wire Fraud, Ransomware and Data Breaches »

VIDEO: Fannie Mae and Freddie Mac Won't Go to Market Until End of 2020, FHFA Director Says

Bloomberg | Sept. 18, 2019
Federal Housing Finance Agency Director Mark Calabria discusses the outlook for Fannie Mae and Freddie Mac with Bloomberg's Vonnie Quinn on "Bloomberg Markets."
 
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