July 8, 2020
In This Issue:
- Early Voting for Runoff, Special Elections Ends Friday, July 10
- CFPB News: Proposed Amendments to TILA Higher-Priced Mortgage Loan Escrow Rule; Additions to Executive Team
- Nearly 6,300 Texas Companies Received PPP Loans of More Than $1 Million
- 2020 Virtual Conference: Packed With Ideal Opportunities to Support Your TLTAPAC
- Texas Finance Commission's Revised Payoff Statement Proposal Published in Texas Register
Early Voting for Runoff, Special Elections Ends Friday, July 10
TLTA | June 30, 2020
Candidates who didn’t receive at least 50% of the vote in the March primary elections are back on the ballot in the July 14 runoff election. The winners of these runoff races will be their political parties' nominees on the general election ballot in November.
If you live in the Texas Senate District 14 in Austin, there's also a special election on your July 14 ballot to replace former Sen. Kirk Watson, who left the Texas Senate to serve as founding Dean of the Hobby School of Public Affairs at the University of Houston.
Turnout for runoff election is often low, so your vote will count more than ever. Please make a plan to vote early this week, and be sure to remind your family, friends, neighbors and coworkers that voting is one of our country's most cherished liberties.
When and Where to Vote »
CFPB News: Proposed Amendments to TILA Higher-Priced Mortgage Loan Escrow Rule; Additions to Executive Team
CFPB | July 6, 2020
The Bureau issued a notice of proposed rulemaking (NPRM) to add a new exemption from the requirement to establish escrow accounts for certain higher-priced mortgage loans (HPMLs). Specifically, the NPRM proposes to add new a provision that would exempt from the Regulation Z HPML escrow requirement any loan made by an insured depository institution or insured credit union and secured by a first lien on the principal dwelling of a consumer if (1) the institution has assets of $10 billion or less, adjusted for inflation; (2) the institution and its affiliates originated 1,000 or fewer loans secured by a first lien on a principal dwelling during the preceding calendar year; and (3) certain of the existing HPML escrow exemption criteria are met, as described in the NPRM.
The deadline for comments is 60 days after the proposed rule is published in the Federal Register.
You can access the NPRM here
, an unofficial redline showing the changes to the regulation and official commentary proposed in the NPRM here
, and the Bureau’s press release accompanying the NPRM here
Also this week, CFPB Director Kraninger announced a new deputy director and other additions to CFPB's executive team.
Learn more »
Nearly 6,300 Texas Companies Received PPP Loans of More Than $1 Million
Texas Tribune | July 6, 2020
Nearly 6,300 Texas-based companies received loans from the federal government valued at more than $1 million this spring, representing a major injection of government money into the state as the federal government was straining to keep the economy afloat.
Within that sum, nearly 400 Texas companies received loans within the range of $5 million to $10 million, according to data the Trump administration released Monday.
Read More »
TLTA Editor's Note:
We received the following information from an industry friend related to the Texas title industry's participation in PPP (although we have not verified the info) – There were 290 loans to title companies in Texas for less than $150k. In total these companies borrowed $14,854,140. There were 88 loans to title companies above $150k in Texas. Three were in the 2-5m range, 10 in the 1-2m, 31 in the $350k-1m and 44 in the $150k-350 ranges. If you took them as all at the top of their ranges that’s another $81.4m borrowed. You can review the data set released by Treasury and SBA to learn more about Texas PPP recipients.
Virtual Conference Packed With Ideal Opportunities to Support Your TLTAPAC
TLTA | July 6, 2020
Supporting your TLTAPAC is the easiest and most effective way to help maintain strong relationships with the lawmakers who oversee our regulated industry, and the 2020 Virtual Annual Conference and Business Meeting
is packed with opportunities to back your TLTAPAC, including a fantasy golf tournament, BYOBreakfast with Evan Smith, a live auction, and more!
TLTAPAC LIVE AUCTION WITH JEFF COPELAND
We're not going to let the pandemic get in our way of a good time and the TLTA conference wouldn't be complete without this annual tradition – a PAC live auction complete with our very own Jeff Copeland as auctioneer. Be sure to bring your wallet with you to the President’s Party and get ready to bid on some great items, including weekend getaways, one-of-a-kind treasures, an outdoor theater, and more! Don't miss it! Review the auction items »
TLTAPAC BREAKFAST WITH EVAN SMITH
BYOBreakfast and pull up a chair to hear perennial favorite Evan Smith—co-founder and CEO of the Texas Tribune, and host of “Overheard with Evan Smith,” a weekly half-hour interview program that airs on PBS stations around the country—as he shares his take on what he calls pandemic politics, including what we can expect in the upcoming legislative session, the elections ahead, and more. Purchase your ticket »
FANTASY GOLF TOURNMANENT
The Bert Massey Classic benefiting TLTAPAC has gone virtual! Time to tee up for the PAC, and this time you don’t even have to get your clubs out. Pick your fantasy foursome for Thursday’s PGA Tournament Play and watch the leaderboard unfold. It’s all for fun and to support the important work of your TLTAPAC with your $50 entry fee going directly to the PAC. TLTA will reach out to you for your fantasy team picks prior to Thursday, and winning teams will be announced on Friday after conference concludes. Get ready to score serious bragging rights! Purchase now »
Register for Conference Now »
Learn More »
Texas Finance Commission's Revised Payoff Statement Proposal Published in Texas Register
TLTA | July 2, 2020
On July 2, the Texas Finance Commission's re-proposal of the payoff statement that will be used by the Texas Department of Banking, the Department of Savings and Mortgage Lending (DSML), and the Office of Consumer Credit Commissioner was published in the Texas Register
In September 2019, the Finance Commission took up an initial payoff statement proposal and sought comments. TLTA provided comments and has been working with DSML staff to address TLTA's concerns with the initial proposal.
The revised proposal presented to the Finance Commission in June incorporated the revisions TLTA requested, including the addition of the "Loan Number" and "Original Loan Amount," so escrow officers will be able to better distinguish between multiple loans on the same piece of property. The addition of this information should make it easier to determine appropriate pay-off amounts and decrease the opportunity for human error.
The commission is expected to adopt the revised payoff statement proposal at their next meeting Aug. 21.
Read Texas Register Posting »
Review the Revised Payoff Statement Proposed for Commission Approval Aug. 21 »
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