July 29, 2020
In This Issue:
- ICYMI: Here’s Your Chance to Tell CFPB Why the Disclosure of Title Insurance Rates Is So Confusing on the Closing Disclosure
- TDI NEWS: Modified Requirements for Sworn Statements During COVID-19 Extended Again; Commissioner Sullivan Reiterates Call for Plain Language in New Article
- TREC NEWS: Renewal Deadline Extensions End July 31; Agency Mail Destroyed – If You Mailed Anything to TREC, Here's What You Can Do
- Senate Confirms Dana Wade as New FHA Commissioner
- MISMO Releases Proposed Commercial Appraisal Data Standards
ICYMI: Here’s Your Chance to Tell CFPB Why the Disclosure of Title Insurance Rates Is So Confusing on the Closing Disclosure
TLTA | July 29, 2020
Recently, TLTA representatives had a phone call with staff from the Consumer Financial Protection Bureau (CFPB). The purpose of the call was to share our ongoing concerns with the way title insurance rates are required to be disclosed on the Closing Disclosure (CD) when there is a simultaneous issue rate involved.
CFPB staff were very interested in the concerns and the confusion this can cause for consumers, as well as extra work it creates for title agents, who have to explain and help complete a separate form to properly disclose. CFPB staff requested that we supply them with data, and that’s where we need your help. We're grateful for all of you who helped us gather the information CFPB needs to consider a change in the form when you responded to our brief survey
– thank you.
If you have not already done so, please answer these three quick questions
with your best estimate – we understand you may not have hard data and don’t expect you to compile any to complete this survey.
TDI NEWS: Modified Requirements for Sworn Statements During COVID-19 Extended Again; Commissioner Sullivan Reiterates Call for Plain Language in New Article
TLTA | July 29, 2020
TDI recently updated their modified filings chart
with deadline extensions attributable to COVID-19.
On Wednesday, July 29, TDI announced that the window of time during which the financial and licensing filings identified in the modified filings chart could be submitted without sworn statements, affidavits and notarization was further extended from July 31 to Sept. 30.
Title Agent / Escrow Officer: Annual audit of trust fund accounts, licensing forms
Review the filings
that can be submitted without sworn statements, affidavits and notarizations. If you have questions about title agent and escrow officer licensing filings, please email TDI-TitleLicensing@tdi.texas.gov
Corporate and financial filing
Review the filings
that can be submitted without sworn statements, affidavits and notarizations. If you have questions about financial filing requirements, please email FIN-GM@tdi.texas.gov
TDI Commissioner Sullivan reiterates call for plain language
Commissioner Sullivan reiterated his ongoing call for the use of plain language in insurance policies via an article published in the Insurance Journal last week.
Read Commissioner Sullivan's article »
TREC NEWS: Renewal Deadline Extensions End July 31; Agency Mail Destroyed – If You Mailed Anything to TREC, Here's What You Can Do
TLTA | July 17, 2020
TREC and TALCB extensions of all renewal and application deadlines ends July 31
Anyone with a license expiration date of March 31, 2020, April 30, 2020, May 31, 2020 or June 30, 2020 is granted an extension through July 31, 2020. License holders are encouraged to do their very best to submit all required documentation and complete coursework to the extent possible and as soon as practicable as this will assist the agency in the timely review and processing of renewals. If you have already completed your renewal requirements, you can renew active at any time prior to July 31, 2020.
Read More »
Agency mail inadvertently destroyed
Last week, the company TREC and TALCB contracts with to collect and shred documents mistakenly collected mail delivered to the agency. This mail was then delivered to the company’s secure shredding facility. The staff recovered the majority of the mail, however, approximately 70 pieces of mail were likely destroyed. Because COVID related issues have impacted regular mail delivery schedules, it will be several days before the consequences of this mishandling are known.
What you can do if you sent mail to TREC between July 9 and July 20, 2020 »
Senate Confirms Dana Wade as New FHA Commissioner
HousingWire | July 28, 2020
The Senate has confirmed Dana Wade to serve as the Federal Housing Administration commissioner. The Trump Administration nominated Wade in February to replace Brian Montgomery.
Wade was the acting FHA commissioner from July 2017 to June 2018. She then moved to the Office of Management and Budget as a program associate director for general government from December 2018 to December 2019.
During Senate testimony in May, Wade said her top priorities, if confirmed as the next FHA commissioner, would include protecting current FHA homeowners and fully deploying FHA’s loss mitigation toolkit for COVID-affected homeowners; ensuring that FHA has the necessary staffing and other resources, as well as continuing the innovative FHA IT Modernization effort; and vigilantly monitoring risk to taxpayers of losses stemming from COVID-19 and protecting FHA’s capital reserve to the maximum extent possible.
Read More »
MISMO Releases Proposed Commercial Appraisal Data Standards
Mortgage Bankers Association | July 27, 2020
MISMO, the mortgage industry's standards organization, today released new proposed data standards for commercial property appraisals. The new dataset will facilitate the efficient exchange of appraisal information across the commercial real estate finance industry. It was developed by commercial real estate and technology professionals over the last two years and is now available for a 60-day public comment period, beginning today.
"MISMO's new proposed commercial appraisal standards improve communication between lenders and commercial property owners through exchanging commercial data more efficiently," said Mike Fratantoni, President of MISMO and Chief Economist and Senior Vice President of Research and Industry Technology at the Mortgage Bankers Association (MBA). "We appreciate the expertise from members of the Commercial MISMO workgroup in developing these standards and encourage the industry to review the proposal and provide MISMO with feedback."
The Commercial MISMO workgroup brought together stakeholders starting in the spring of 2018 to create a better experience for conducting and exchanging appraisal information for commercial property. This release includes the stand-alone Commercial Appraisal Dataset specification along with several additional resources to facilitate ease of use and adoption including an implementation guide; logical reference structure; logical data dictionary (LDD); documented use cases in Excel; as well as sample XML files for each use case. Note that legacy MISMO commercial specifications will be updated to include new and modified data points, enumerations and structures associated with the new Commercial Appraisal Dataset at a future date.
Read More »
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