May 13, 2020

In This Issue:

  • Texas Supreme Court Issues Ruling in Federal Home Loan Mortgage Corporation v. Zepeda
  • FinCEN Reissues Real Estate Geographic Targeting Orders for Bexar, Dallas and Tarrant Counties
  • FHFA Extends Emergency Loan Processing Changes
  • New Video From ALTA Celebrates Title Industry's Good Deeds During COVID-19
  • TDI Job Opening: Title Insurance Specialist

Texas Supreme Court Issues Ruling in Federal Home Loan Mortgage Corporation v. Zepeda

Leslie S. Johnson, Chair, TLTA Judiciary Committee | May 11, 2020
On April 24, 2020, the Texas Supreme Court issued an important ruling on the availability of subrogation for invalid home equity loans in Federal Home Loan Mortgage Corporation v. Zepeda, No. 19-0712, 2020 WL 1975169 (Tex. Apr. 24, 2020). TLTA is grateful that the Court’s decision aligns with the amicus letter we submitted encouraging the Court to uphold the centuries-old subrogation doctrine.
 
Read Leslie's Full Analysis of the Texas Supreme Court Ruling »
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 »
 

FinCEN Reissues Real Estate Geographic Targeting Orders for Bexar, Dallas and Tarrant Counties

U.S. Treasury FinCEN | May 8, 2020
The Financial Crimes Enforcement Network (FinCEN) today announced the renewal of its Geographic Targeting Orders (GTOs) that require U.S. title insurance companies to identify the natural persons behind shell companies used in all-cash purchases of residential real estate. These renewed GTOs are identical to the November 2019 GTOs. The purchase amount threshold remains $300,000 for each covered metropolitan area.

The terms of this Order are effective beginning May 10, 2020 and ending on November 5, 2020. GTOs continue to provide valuable data on the purchase of residential real estate by persons possibly involved in various illicit enterprises. Reissuing the GTOs will further assist in tracking illicit funds and other criminal or illicit activity, as well as inform FinCEN’s future regulatory efforts in this sector.

Today’s GTOs cover certain counties within the following major U.S. metropolitan areas: Boston; Chicago; Dallas-Fort Worth; Honolulu; Las Vegas; Los Angeles; Miami; New York City; San Antonio; San Diego; San Francisco; and Seattle. 
 
Read the Press Release »
Review the GTO »
Review FAQs »
 

FHFA Extends Emergency Loan Processing Changes

Mortgage News Daily | May 6, 2020
The Federal Housing Finance Agency (FHFA) has extended several of the "flexibilities" it announced in March to assist mortgage originators in processing loans for Fannie Mae and Freddie Mac during shutdown associated with the COVID-19 emergency. The accommodations are designed to eliminate some in-person contact and to make it possible for processing staff to work from remote locations.
 
Originally intended to remain in effect for loans with application dates on or before May 17, the following are now extended to at least June 30.
  • Use of exterior only or desktop appraisals for purchase and rate term refinances where complete interior and exterior appraisals cannot be obtained due to virus fears.
  • Flexibility for borrowers to provide documentation (rather than requiring an inspection) to allow disbursements for completed renovations.
  • Alternative methods for verifying employment before loan closing including email verification, year-to-date paystubs, or bank statements. Verification can also be obtained in some situations up until the date of loan delivery.
  • Expanding the use of power of attorney and remote online notarizations to assist with loan closings.
Read More »
 

New Video From ALTA Celebrates Title Industry's Good Deeds During COVID-19

ALTA | May 6, 2020
Title insurance professionals take pride in protecting their customers by ensuring that their home is theirs when they make one of the biggest financial decisions of their lives. In the midst of the COVID-19 pandemic, the title insurance industry has stepped up even more to help their communities. Whether it's volunteerism or innovation to get deals closed during this time of social distancing, the title industry is here to provide protection, today, tomorrow and forever. Watch this video to see how ALTA members across the country have been delivering for people and organizations in their local communities.
 
Watch ALTA's New Video »
 
Throughout the pandemic, ALTA members across the country have been delivering for people and organizations in their local communities. From making masks to donating money to local restaurants and helping the homeless, the response to ALTA’s #GoodDeeds campaign has been inspirational.
 
Please continue to share your good deeds on our blog, by emailing your story and pictures to communications@alta.org or by posting on social media with #GoodDeeds and tag @ALTAonline. Thank you so much for your leadership and the inspiration you have provided during these times.
 
 

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.

In addition to the live webinars listed below, 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!