June 10, 2020
In This Issue:
- Texas Secretary of State Publishes Notice Regarding RIN Extension
- CFPB Issues Guidance on TRID Rule
- New Changes to Paycheck Protection Program (PPP) Win Final Approval
- Fed Expands Main Street Program to Allow for Both Smaller and Bigger Loans
- 2020 Virtual Conference: Special $95 Early Bird Rate Expires Friday
Texas Secretary of State Publishes Notice Regarding RIN Extension
TLTA | June 9, 2020
The Texas Secretary of State today published notice
of the emergency executive action by which Gov. Abbott extended his partial suspension of the state statute that governs notarizations in Texas. Under this extension, the temporary use of Remote Ink-Signed Notarization (RIN) in Texas continues to be acceptable through June 30.
On May 21, TLTA sent a letter
to Gov. Abbott requesting he extend the termination date of the emergency executive action that first allowed the temporary use of RIN. We were informed that at 1:30 p.m. Friday, May 29, the governor extended the period of time during which RIN can be used to June 30, 2020, and the publication of this notice today by the Secretary of State documents the approval of that emergency extension.
Our request to extend the termination date to June 30 was approved by emergency executive action via email communication between the offices of the governor and our state's attorney general. That's the same mechanism employed by the governor's office when emergency use of RIN was first approved in April.
Following TLTA's initial request for emergency use of RIN
in late April, Gov. Abbott temporarily suspended traditional notary regulations
to allow for temporary use of RIN under COVID-19 public health protocols. Under RIN, a "wet signature" is still used, but the signature is witnessed by a notary via video and audio channels, and the notary seal is affixed at a later time. These are the conditions that apply whenever this suspension is invoked under the existing order.
Read the Notice Published by Texas Secretary of State »
Learn More About RIN »
CFPB Issues Guidance on TRID Rule
CFPB | June 9, 2020
On Tuesday, CFPB published guidance related to the TILA-RESPA Integrated Disclosure (TRID) Rule.
First, the Bureau published a Factsheet on how to disclose title insurance on the Loan Estimate and Closing Disclosure, including when a negative owner’s title insurance cost disclosure is appropriate.
Second, the Bureau updated the TRID FAQs to include guidance on the total of payments disclosure, using the optional signature line on the Loan Estimate and Closing Disclosure, and the requirement to include seller information on the consumer’s disclosures if providing separate Closing Disclosures.
Review the TRID Title Insurance Factsheet and TRID FAQs »
New Changes to Paycheck Protection Program (PPP) Win Final Approval
James E. Hyland – TLTA Federal Legislative Counsel | June 8, 2020
On Friday, June 5, President Trump signed into law new changes to the Small Business Administration’s Paycheck Protection Program (PPP). The president’s signature on the new law followed the Senate’s passage of H.R. 7010 by voice vote last Wednesday, and House passage in late May by a vote of 417-1.
H.R. 7010 was introduced by Rep. Dean Phillips (D-MN), and Rep. Chip Roy (R-TX), who represents the 21st Congressional District that runs from Austin to San Antonio. Congress recognized that the COVID-19 lockdowns and slow openings throughout the country did not make the initial program viable as written.
Under the enactment of this legislation, the entirety of PPP is extended from June 30, 2020 to Dec. 31, 2020. Furthermore, the loan forgiveness period is extended to 24 weeks, rather than 8 weeks. Congress recognized that borrowers needed more than 8 weeks to use the funds in order to qualify for loan forgiveness. Borrowers who took out PPP loans early in the program are about to reach the end of their 8-week forgiveness period, yet many small businesses across the nation continue to face forced closures resulting from challenges caused by the pandemic.
The PPP legislation approved last week also replaces the 75/25 rule with a 60/40 rule, so employers can now spend 60% on employee retention and 40% on rent, utilities, etc. For new PPP loans that are not forgiven, they will have a 5-year maturity. While existing loans will remain at a 2-year maturity, Congress specifically provided that the legislation did not prevent a longer maturity if it can be renegotiated with lenders.
Read More »
Fed Expands Main Street Program to Allow for Both Smaller and Bigger Loans
CNBC | June 8, 2020
As the Federal Reserve prepares to start up its Main Street lending program, it has changed the terms to allow for greater participation.
The central bank said Monday that it is lowering the initially stated minimum loan and raising the maximum that can be borrowed, plus is expanding the loan terms to five years. The program is part of the Fed’s efforts to get money to small- and medium-sized businesses hurt during the coronavirus-induced recession.
Under the new guidelines, the minimum loan now will be $250,000, half the amount under previous versions of the plan. The maximum will now vary by facility but could be up to $300 million from the previous $200 million.
Read More »
2020 Virtual Conference: Special $95 Early Bird Rate Expires Friday
TLTA | June 10, 2020
Our 2020 Virtual Annual Conference and Business Meeting is going to be a great adventure, and we hope you're planning to come along to experience it all with us!
Register by this Friday, June 12, to receive our super special early bird rate of $95. After June 12, the price jumps to $145, so register now to take advantage of this great deal. We hope this affordable rate will allow you to register more folks from your office this year – the more the merrier for this first-of-its-kind TLTA event!
Register Now »
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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!