November 20, 2019

In This Issue:

  • Cybercrime Booms as Scammers Hack Human Nature to Steal Billions
  • Texas Bankers Submit Amicus Letter in Freddie Mac v. Zepeda
  • TREC Names Chelsea Buchholtz Executive Director; First Female ED in Commission's History
  • TWIA to Consider 5 Percent Rate Hike at Next Meeting
  • J.D. Power: Consumers Less Satisfied With Mortgage Lenders; Too Much Technology May Be the Culprit

Cybercrime Booms as Scammers Hack Human Nature to Steal Billions

NPR | Nov. 18, 2019
The secret to comedy, according to the old joke, is timing. The same is true of cybercrime.
 
Mark learned this the hard way in 2017. He runs a real estate company in Seattle and asked us not to include his last name because of the possible repercussions for his business.
"The idea that someone was effectively able to dupe you ... is embarrassing," he says. "We're still kind of scratching our head over how it happened."

It started when someone hacked into his email conversation with a business partner. But the hackers didn't take over the email accounts. Instead, they lurked, monitoring the conversation and waiting for an opportunity.

When Mark and his partner mentioned a $50,000 disbursement owed to the partner, the scammers made their move.
 
Read More » 
Additional Information Can Be Found on TLTA's Cyber Fraud Resources Page »
 

Texas Bankers Submit Amicus Letter in Freddie Mac v. Zepeda

TLTA | Nov. 4, 2019
The Texas Bankers Association, Texas Mortgage Bankers Association, Independent Bankers Association of Texas and Cornerstone Credit Union League filed an amicus letter with the Supreme Court of Texas regarding its consideration of the subrogation doctrine in Federal Home Loan Mortgage Corporation v. Zepeda; No. 19-0712.
 
The amicus letter cites the signatories' portfolio of refis and home equity loans when explaining to the Court that Texas financial institutions rely on current Texas decisions regarding lien validity, and want those precedents protected. 
 
Read the Amicus Letter »

TLTA filed an amicus letter on this case last week asking the Court to uphold the centuries-old subrogation doctrine, stating that the subrogation doctrine is fundamental to the Texas title insurance industry.

Read TLTA's Amicus Letter »
 
TLTA's Judiciary Committee, which is chaired by Leslie Johnson, is responsible for recommending to our board of directors TLTA's position on court decisions that could affect the defense of title companies and title agents.
 
TLTA Judiciary Committee Members »
 

TREC Names Chelsea Buchholtz Executive Director; First Female ED in Commission's History

Texas Real Estate Commission | Nov. 19, 2019
The Texas Real Estate Commission (TREC) is pleased to announce Chelsea Buchholtz as Executive Director of TREC effective Jan. 1, 2020. She will be the first female executive director in TREC’s history. The Executive Director also serves as the Commissioner of the Texas Appraiser Licensing and Certification Board (TALCB), which participated significantly in the selection process. Ms. Buchholtz currently serves as the Commission’s General Counsel. She will succeed long-serving Executive Director and Commissioner, Douglas Oldmixon, who will remain with the agency for a period of transition through March 2020.

TREC and TALCB exist to safeguard consumers in matters of real estate property transactions and valuation services. More information regarding this transition to follow. 
 
Learn More »
 

TWIA to Consider 5 Percent Rate Hike at Next Meeting

KRIS-6 Corpus Christi | Nov. 20, 2019
The Texas Windstorm Insurance Association board will consider a 5 percent across-the-board rate increase for residential and commercial policyholders when it meets here next month.

The TWIA Actuarial and Underwriting Committee voted 5-2 to recommend that rate hike on Tuesday in Austin, but the committee also left open the possibility of making a second recommendation.

The committee approved another motion allowing it to make that second recommendation on a rate hike in no later than three months.

That will give the committee time to review six specific categories of information one member had requested.
 
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Learn More About TWIA's Ongoing Deliberations »
 

J.D. Power: Consumers Less Satisfied With Mortgage Lenders; Too Much Technology May Be the Culprit

Realtor Magazine | Nov. 15, 2019
Customers were slightly less satisfied with mortgage originators in the second quarter, and too much technology may be the culprit, according to the latest J.D. Power 2019 U.S. Primary Mortgage Origination Satisfaction Study. Lenders have been adding self-service technology to increase convenience in the mortgage process while trimming their customer-facing staff. But too much tech may fall short of customers’ expectations for service, the study notes.

“It is critical that originators get the balance right between tech and staffing to be able to deal with the swings in loan volume that can dramatically change from month to month,” says John Cabell, director of wealth and lending intelligence at J.D. Power.
 
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