March 11, 2020
In This Issue:
- TLTA Closely Monitoring Coronavirus, Live Events Still on Schedule With Added Safety Measures
- Texas Supreme Court Issues Opinion in Teal Case
- Bill Introduced by Rep. Luetkemeyer to Remove Sole Director of CFPB
- CFPB Releases TRID FAQs on Lender Credits
- ALTA: TRID Experience Survey
- TDI: Sircon Systems Down This Weekend
TLTA Closely Monitoring Coronavirus, Live Events Still on Schedule with Added Safety Measures
TLTA | March 10, 2020
News about the COVID-19 coronavirus is changing hourly. Like all of you, TLTA is closely monitoring federal, state and local coronavirus planning, preparations and recommendations for best practices. All upcoming TLTA events, including the Land Title School, Abstract/Examination program and Annual Conference are proceeding as scheduled at this time and we are working closely with all our event partners and host venues to implement any additional safeguards. We are committed to protecting the health and safety of our participants, presenters and staff at all upcoming live events. Also, like many of you, TLTA is developing a business continuity plan for our office in the event that a remote work environment becomes necessary. We will continue to keep you updated as this situation develops.
Texas Supreme Court Issues Opinion in Teal Case
TLTA | March 9, 2020
On January 31, 2020, the Texas Supreme Court issued its opinion in Teal Trading and Development, LP v. Champee Springs Ranches Property Owners Association
, holding that a property owners’ association could enforce its restrictive non-access easement against a neighboring landowner and developer, despite the absence of any reference to the easement and an explicit prohibition against such restrictive easements in the property owners’ replat of their property.
TLTA previously filed an amicus letter urging the Texas Supreme Court to provide clear direction on whether the public may rely on unambiguous statements in recorded plats. TLTA was concerned that the lower court's opinion had injected unnecessary uncertainty into the interpretation of recorded plats, thereby eroding the trust in and viability of Texas’ real property records system. TLTA argued that the public – and not just the parties to the document – should be entitled to rely on government-approved and recorded plats, and proponents of a plat should not be entitled to take positions contrary to written statements within the plat.
However, the Supreme Court found that the 1999 replat at issue was ambiguous as to the restrictive easement and rejected Teal’s affirmative defenses of waiver, estoppel by deed, and quasi-estoppel. It held that Teal did not conclusively prove Champee Springs’ intent to waive the restrictive easement. There was no evidence that residents ever violated the restrictive easement, and while the 1999 replat was some evidence of waiver, it was not by itself sufficient to establish waiver.
Read More »
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 »
Bill Introduced by Rep. Luetkemeyer to Remove Sole Director of CFPB
National Mortgage Professional Magazine | March 7, 2020
Missouri Rep. Blaine Luetkemeyer (R), Ranking Member of the Subcommittee on Consumer Protection and Financial Institutions, has introduced a bill to replace the position of the Director at the Consumer Financial Protection Bureau (CFPB) with a five-member bipartisan commission.
“As former CFPB Director Mick Mulvaney said himself, the CFPB’s ‘lack of accountability to any representative branch of government should be a warning sign that a lapse in democratic structure and republican principles has occurred.’ He went on to say the power the director possesses ‘should frighten people.’ That power has raised so many alarms that the United States Supreme Court is currently deliberating on whether the position is even constitutional,” said Rep. Luetkemeyer. “Regardless of the Court’s decision, the fact of the matter is no single person should wield such unabated power over our economy, which is the exact reason many financial regulators are guided by a Commission. My bill eliminates the director position in favor of a commission to ensure the CPFB can be held accountable and maintain the transparency the American people expect.”
CFPB Releases TRID FAQs on Lender Credits
CFPB | February 26, 2020
CFPB continues to issue informal written guidance on the TILA/RESPA Integrated Disclosure (TRID) Rule in the form of Frequently Asked Questions. Recently, CFPB posted these FAQs related to the TRID Rule and lender credits:
Read the Answers and Access Additional TRID Rule FAQs »
- What is a lender credit for purposes of the TRID Rule?
- What is the difference between a specific lender credit and a general lender credit?
- Is a creditor required to disclose a closing cost and a related lender credit on the Loan Estimate if the creditor will absorb the cost?
- Is a creditor required to disclose a closing cost and related lender credit on the Closing Disclosure if the creditor will absorb the cost?
- How are lender credits disclosed on the Loan Estimate?
- How are lender credits disclosed on the Closing Disclosure?
- How does a creditor disclose lender credits for a loan that the creditor refers to as a "no-cost loan"?
- How does a creditor disclose lender credits if the creditor provides a credit, rebate, or reimbursement to offset specific closing costs charged to the consumer?
- How does a creditor disclose lender credits when it is offsetting a certain dollar amount of closing costs charged to the consumer without specifying which costs it is offsetting?
- Can lender credits change?
ALTA: TRID Experience Survey
ALTA | March 4, 2020
The Consumer Financial Protection Bureau (CFPB) is in the midst of a mandatory assessment of TRID. ALTA seeks to ensure the assessment report reflects your actual experience and shows the need for fixing the title fee disclosure and removing the optional tag from owner's title insurance. We can only meet our goal if ALTA and the CFPB have the data necessary to build that narrative.
The results from ALTA’s TRID Experience Survey
are intended to help ALTA's advocacy and engagement with CFPB on the assessment. The data will also be helpful for understanding differences in closing practices and experiences across the states.
- Your personal information will not be collected for use in the survey. Only aggregated data will be reported at the conclusion.
- Before you start the survey we suggest you discuss this topic with the others in your organization.
- Please attempt to answer each question to the best of your ability with actual data or estimates. While the survey asks for some detailed information, it is not necessary to go back in your files to complete the survey.
The survey is divided into four parts – Section I asks questions about your experience implementing TRID. Section II asks questions about changes to the consumers experience after TRID. Section III looks at the impact of TRID on sales of owners title insurance. Sections IV concerns the impact of TRID on disclosure accuracy and the sharing of information between you and the lender.
Thank you for helping ALTA and its members better understand the impact of TRID on title and settlement professionals and the closing experience.
Complete ALTA's Survey »
TDI: Sircon Systems Down This Weekend
Texas Department of Insurance | March 10, 2020
The following Sircon websites will be unavailable due to system testing from 5 a.m. Saturday, March 14, to 7 a.m. Monday, March 16:
It’s a big month for TLTA's educational webinars – check out our line-up of four webinars in March!
Please note that the March 24 webinar “Survey Endorsements” starts our 2-part series on this topic, followed up by the April 7 webinar, “Minerals: The Law, The Exception, and T-19 Series Coverage.” Register for one or both and get educated on this complex topic!
And don’t forget, in addition to our monthly live webinars, you have access to our library of more than 80 On-Demand webinars and videos covering the title industry topics you need to earn continuing education credits and stay ahead of the curve on the latest industry trends!