September 16, 2020

In This Issue:

  • TLTA Advocacy Update: Uniform Payoff Statement Effective Sept. 20, TLTAPAC Giving, and More
  • Texas Privacy Protection Advisory Council Publishes Report to 87th Texas Legislature
  • Mortgage Industry Provides Commentary on CFPB’s Proposed Changes to QM Loan Definition
  • CFPB Releases Latest Supervisory Highlights Report

TLTA Advocacy Update: Uniform Payoff Statement Effective Sept. 20, TLTAPAC Giving, and More

TLTA | Sept. 16, 2020

Uniform Payoff Statement Effective Sept. 20

The Texas Finance Commission's new uniform payoff statement, which 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 last week and will be effective Sept. 20. 
In September 2019, the Finance Commission took up an initial uniform 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 uniform payoff statement incorporates 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.

TLTAPAC Giving Increases as November Election Approaches

As we approach the November election, your TLTAPAC has contributed to half of the members of the Texas Legislature, as well as many statewide officeholders and Texas Supreme Court members. TLTA's goal is to make all of our contributions to members of the Texas Legislature before the pre-87th Legislative Session moratorium that goes into effect Dec. 12, 2020.
Most of our political contributions this cycle have gone to legislators with primary challengers or tough general elections. Local Legislative Liaisons (LLL), please continue watching for local fundraisers, as the delivery of TLTAPAC funds from constituents in the legislators' districts is more effective than delivery of the same check from TLTA's office in Austin. After the November election, fundraising will begin for the legislators who did not need help during this election cycle, so we need all hands on deck within our LLL community to get in contact with members before the Dec. 12 moratorium.

Regulatory and Legislative Committees Provide Updates to TLTA Board of Directors, Prepare for Upcoming Meetings

The chairs of TLTA's Regulatory and Legislative Committees provided updates to TLTA's Board of Directors yesterday during the Board’s Annual Planning Meeting. Plans for pursuing Basic Manual changes, as well as how to prepare for the upcoming 87th Session of the Texas Legislature during challenging COVID-19 public health protocols, were among the issues discussed. The Regulatory Committee will hold its first meeting of the year on Sept. 23, and the Legislative Committee on Oct. 7.

Texas Privacy Protection Advisory Council Publishes Report to 87th Texas Legislature

Texas Land Title Association | Sept. 16, 2020
The Texas Privacy Protection Advisory Council, which is responsible for conducting a global study of privacy laws related to the protection of identifiable information connected to a specific individual, technological device, or household, published their report for the 87th Texas Legislature.
The Council is responsible for reporting any recommendations for statutory changes intended to enhance data security to the Texas Legislature. TLTA is closely monitoring the council's work, and our team will remain engaged in any privacy legislation that affects title agents and their customers.
Read the Texas Privacy Protection Advisory Council's Report »

Mortgage Industry Provides Commentary on CFPB’s Proposed Changes to QM Loan Definition

HousingWire | Sept. 9, 2020
Prior to the deadline for public commentary on Tuesday, housing industry trade groups, companies and organizations responded to the Consumer Financial Protection Bureau’s proposed rulemaking for the general qualified mortgage definition and the expiration of the QM patch in January 2021.

In June, the bureau released two proposals regarding the QM Patch, which allows loans sold to Fannie Mae or Freddie Mac to exceed the 43% debt-to-income ratio the Bureau had established in its Ability to Repay/Qualified Mortgage rule.
Read More »

CFPB Releases Latest Supervisory Highlights Report

ALTA | Sept. 15, 2020
In its latest Supervisory Highlights, the Consumer Financial Protection Bureau (CFPB) reported examination findings in the areas of consumer reporting, debt collection, deposits, fair lending, mortgage servicing and payday lending.

The report includes “supervisory observations” based on findings from CFPB examinations completed between September 2019 and December 2019. In addition, the report presents supervisory program developments and guidance related to COVID-19, the CFPB’s policy regarding abusive acts or practices, responsible business conduct, innovation and the pilot advisory opinion program.

The CFPB said the report does not impose any new or different legal requirements, and all violations described in the report are based only on those specific facts and circumstances noted during those examinations.
Read More »
Review CFPB's Supervisory Highlights Report »

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