April 8, 2020

In This Issue:

  • Fannie, Freddie Provide New Temporary Guidance for Use of RON, POA
  • Coronavirus Financial Relief for Businesses
  • Employment Law Aspects of COVID-19: Complimentary Webinar-Style Briefing Thursday, April 9
  • Emergency Guidance on Home Equity Lending
  • Underwriters: Did You Submit Your Experience Report to TDI?
  • Fed Says It Will Provide Financing Against New U.S. 'Payroll Protection' Loans

Fannie, Freddie Provide New Temporary Guidance for Use of RON, POA

Fannie Mae | April 8, 2020
In response to the COVID-19 national emergency, Fannie Mae and Freddie Mac have provided temporary guidance to lenders on several policy areas to support mortgage originations, appraisals, and quality control (QC). These FAQs provide additional information on the temporary policies. We will be adding more FAQs, therefore Fannie Mae and Freddie Mac encourage you to check in frequently for updates – refer to the “NEW” or “UPDATED” notations after the question. 
 
Read Fannie and Freddie's COVID-19 FAQs on Selling »

Coronavirus Financial Relief for Businesses

TLTA | April 7, 2020
For title agents seeking information and insights regarding federal financial support for businesses, the team at Foley and Lardner, LLP, participated in a webinar-style briefing, Coronavirus Financial Relief for Businesses, hosted by TLTA. A recording of the presentation and the slide deck are available to you on TLTA's COVID-19 web page. 
 
Watch a Recording of Coronavirus Financial Relief for Businesses »
Review Slide Deck From the Briefing »
TLTA's Coronavirus Resources Webpage »

Employment Law Aspects of COVID-19: Complimentary Webinar-Style Briefing Thursday April 9

TLTA | April 8, 2020
For title agents seeking information and insights regarding employment law considerations during the COVID-19 public health crisis, Ted Smith of Cornell Smith Mierl Brutocao Burton, LLP, will participate tomorrow in a live webinar-style briefing, Employment Law Aspects of COVID-19. Advance RSVP is required.
 
This complimentary webinar-style briefing will cover the following:
  • Details of the new Emergency Family and Medical Leave Expansion Act and the Emergency Paid Sick Leave Act
  • Legal issues involving layoffs, furloughs, reductions in pay, and other efforts to contain costs in the current uncertainty
  • Work-from-home arrangements
  • Best practices and pitfalls to avoid in communications with employees and other third parties
  • TWC unemployment / work sharing / mass unemployment programs
  • Other updates

Employment Law Aspects of COVID-19
Thursday, April 9, 2020 | 10 - 11:30 a.m. CDT
Presenters: Ted Smith of Cornell Smith Mierl Brutocao Burton, LLP
 
RSVP for this complimentary webinar-style briefing now. After registering, you will receive a confirmation email containing information about joining the free webinar tomorrow, Thursday, April 9 at 10 a.m.

Emergency Guidance on Home Equity Lending

TLTA | April 2, 2020
The Texas Joint Financial Regulatory Agencies—which include the Department of Banking, Department of Savings and Mortgage Lending, Office of Consumer Credit Commissioner and the Texas Credit Union Department—published guidance on emergency measures for home equity lending during the COVID-19 public health crisis.
 
Their guidance addresses the following topics:
  • Existing HELOC
  • Refinance of home equity loan
  • Modification of existing home equity loan
  • Authorized closing locations
On the subject of authorized closing locations, the agencies write, "Lenders working with consumers on home equity loans must remain cognizant of the requirements in Section 50(a)(5)(D) and 50(a)(6)(N) and work with a qualified attorney to develop a plan to ensure loans are closed appropriately. The agencies agree that a reasonable option may include closing in any area located at the permanent physical address of the office or branch office of the lender, attorney, or title company, as described by the interpretation at 7 Texas Administrative Code §153.15 (e.g., a parking lot)."

Review the Agencies' Guidance »
 
EDITOR'S NOTE: 
The Texas Mortgage Bankers Association have graciously invited all TLTA members to participate in a complimentary webinar on handling home equity loans during this COVID-19 crisis. We encourage everyone to take advantage of the opportunity. Additional information and how to register can be found below:
 

 
Coronavirus & Home Equity
Friday, April 10, 10 a.m. 
RSVP Required


Join the Texas Mortgage Bankers Association's free webinar about the joint regulatory agency guidance on home equity. TMBA General Counsel John Fleming will moderate the following expert panel:
Thomas Vetters with Robertson Anschutz, and Vetters, LLC
David Dulock with Black, Mann, and Graham, LLP
Roland Love with Independence Title Company
RSVP for TMBA's Complimentary Home Equity Webinar »

Underwriters: Did You Submit Your Experience Report to TDI?

TLTA | April 7, 2020
The Texas Department of Insurance issued a mandatory data call to all companies writing title insurance in Texas – reports were due April 1.
 
If you have not done so already, please follow these instructions to submit your experience report. The data call is for the calendar year ended Dec. 31, 2018. If your company has no experience to report for 2018, you must submit a "none" report. Please see the instructions for additional information on submitting a "none" report. Additionally, if your company did not issue any policies or collect any premiums but still has expense to report, fill out the report as stated in the instructions.
 
The purpose of this data call—required under Insurance Code Section 2703.153—is to provide TDI with information needed to set premium rates.
 
If you have questions about this data call, please contact TDI's Property and Casualty – Actuarial Division at 512-676-6687 or PCDataCallTitle@tdi.texas.gov.
 
Instructions, Forms and More »
 

Fed Says It Will Provide Financing Against New U.S. 'Payroll Protection' Loans

Reuters | April 6, 2020
The Federal Reserve on Monday moved to bolster a new small-business lending program by allowing banks to turn those loans over to the U.S. central bank for cash, easing concerns among banks about getting stuck holding the low interest loans.

The Fed said it would announce details later this week of a new term financing arrangement for loans made under what is known as the Payroll Protection Program, part of the federal response to the economic effects of the coronavirus pandemic.

Term financing facilities have been a staple of the Fed’s crisis response, encouraging banks to make loans for a variety of purposes with the understanding that they could turn them over to the central bank, get cash and continue lending.

The program is similar to the arrangement the U.S. government has with mortgage agencies like Fannie Mae and Freddie Mac, whose stamp of approval on a loan makes banks more willing to lend.
 
Read More »

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