April 22, 2020
In This Issue:
- U.S. Senate Passes New Coronavirus Stimulus Bill; House Expected to Approve Thursday
- Compliance Update: TDI's Modified Filings Chart Updated With Additional Deadline Extensions Due to COVID-19
- Job Opening: Title Insurance Specialist
- Banks Can Now Postpone Some Appraisals Until 120 Days After a Mortgage Closes
- Gov. Abbott Appoints Three to Finance Commission of Texas
U.S. Senate Passes New Coronavirus Stimulus Bill; House Expected to Approve Thursday
James E. Hyland, TLTA Federal Legislative Counsel | April 21, 2020
Late yesterday, the U.S. Senate passed legislation to add additional coronavirus-related stimulus to small businesses and the healthcare sector.
Around 5 p.m. on Tuesday, by voice vote, the Senate voted to add $360 billion to the Small Business Paycheck Protection Program (PPP), which provides a forgivable loan for an eight-week period at two and a half times payroll (calculated on 2019 payroll). Of this, $250 billion will go into the existing PPP. An additional $60 billion will be reserved for community institutions, including community banks, credit unions and community development institutions. The $60 billion will be divided in half with $30 billion available to lend for those institutions with less than $10 billion in assets and those between $10 billion and $50 billion in assets. Congress did not want only large institutions using most of the program.
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Compliance Update: TDI's Modified Filings Chart Updated With Additional Deadline Extensions Due to COVID-19
TLTA | April 21, 2020
The Texas Department of Insurance has updated the modified filings chart with additional deadline extensions due to the COVID-19 outbreak. The additions provide more time to file actuarial, financial and other documents.
Title Agent / Escrow Officer: Annual Audit of Trust Fund Accounts, Forms
The deadlines and requirements for these filings
have been modified. If you have questions about a title agent requirement that isn't listed or are having difficulty submitting a filing, please email TitleExaminations@tdi.texas.gov
Corporate and Financial Filing Requirements
These financial deadlines
are extended, however TDI encourages applicable filers to submit as soon as possible. If you have questions about a financial filing requirement that isn't listed or are having difficulty submitting a filing, please email FIN-GM@tdi.texas.gov
Additional information on TDI's coronavirus-related compliance updates can be reviewed on TLTA's page dedicated to special TDI compliance updates related to COVID-19
TDI Job Opening: Title Insurance Specialist
Texas Department of Insurance | April 21, 2020
The Texas Department of Insurance has a job opening that might interest you or someone in your professional network. The agency is hiring a "Title Industry Specialist" with meaningful title insurance experience.
Read TDI's Posting and Apply »
If you have questions, please contact TDI's David Muckerheide
Banks Can Now Postpone Some Appraisals Until 120 Days After a Mortgage Closes
HousingWire | April 20, 2020
Banks can now delay getting an appraisal on a property for as many as 120 days after a mortgage closes.
The rule change, which was proposed last week by the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corp., and the Office of the Comptroller of the Currency, is now official after the rule was published in the Federal Register on April 17, 2020.
Under the new rule, banks can postpone an appraisal on a residential or commercial property for 120 days after the loan is closed.
But the rule only applies to banks under the oversight of the Fed, FDIC and OCC, and the rule change only applies to loans kept in banks’ portfolios.
Loans sold to or guaranteed by the Federal Housing Administration, Department of Housing and Urban Development, Department of Veterans Affairs, Fannie Mae, or Freddie Mac will still require an appraisal before closing, per each agency’s or company’s rules.
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Gov. Abbott Appoints Three to Finance Commission of Texas
Gov. Greg Abbott | April 14, 2020
Gov. Greg Abbott has appointed Sharon McCormick and Laura Warren and reappointed Hector J. Cerna to the Finance Commission of Texas for terms set to expire on Feb. 1, 2026. The commission is the governing body of the state banking, savings and loan, and consumer credit agencies.
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