March 10, 2021

In This Issue:

  • TLTA Legislative Update
  • ICYMI: New TREC Contract Forms Now Available
  • What the $1.9 Trillion Stimulus Bill Means for Title Professionals
  • FHFA Doubles Affordable Housing Disbursement to $1B

TLTA Legislative Update

TLTA | March 10, 2021
 
We are pleased to report that the second of TLTA's two legislative priorities, our Homestead Certainty bill related to homestead affidavits, was filed in the Texas House this week by Rep. Hugh Shine. You can review his bill, HB 3115, and this one-pager we developed to help explain the bill to legislators and stakeholders.
 
As reported in last week's Dateline, TLTA's other affirmative legislative priority, SB 885 related to the statute of limitations for quitclaims, was filed by Sen. Bryan Hughes in the Senate. Learn more about Sen. Hughes' Quitclaim bill.
 
The bill filing deadline is this Friday, and we are so grateful to our bill authors, Sen. Hughes and Rep. Shine, for ensuring our industry has a chance to advance these important priorities. As previously reported, this is a challenging session to win legislators' attention due to pandemic-related disruptions and considerations. Kudos to our legislative team for their hard work educating our bill authors and staff, engaging stakeholders, and helping get everyone comfortable with the good public policy we will continue working to pass before the legislative session adjourns at the end of May. 
 
In addition to the two affirmative legislative agenda items listed above, our legislative team are monitoring more than 100 of the approx. 4,000 bills filed to-date. Review a list and description of the proposed pieces of legislation we are monitoring
 
In addition to pandemic-related challenges this session, the power and water outages related to Winter Storm Uri are dominating almost every political and policy discussion statewide. Still, legislative business continues throughout the Capitol—more and more of it in-person—and most major committees held hearings this week to discuss bills – the first time this session that's happened.   

TLTA's legislative priorities

Our legislative priorities for the 87th Legislative Session were approved by TLTA's Board of Directors as recommended by our Legislative Committee, which is chaired by Steve Streiff. TLTA is seeking introduction and passage of two statutory changes that would improve real estate transactions. As reported above, the Quitclaims bill was filed in the Senate last week. And, our Homestead Certainty bill was filed this week. Next steps for both pieces of legislation are securing committee hearings.
 

Bills we are monitoring

We are currently tracking the following 101 bills of interest. If these bills begin to move through the process and TLTA takes official positions on them, we’ll provide more detailed information about our stance and how they might affect you and your business.
 

Questions about TLTA's legislative process and how you can get involved?

  The TLTA Legislative Committee, our Local Legislative Liaisons, our Grassroots Network and our PAC Board of Governors are all part of our team of engaged legislative advocates. Learn More About TLTA's Legislative Process and How You Can Get Involved »
 

ICYMI: New TREC Contract Forms Now Available

Texas Realtors | March 8, 2021
The Texas Real Estate Commission in November 2020 approved several changes to promulgated contract forms. The new and revised TREC forms—plus Texas REALTORS forms updated to match the TREC changes—are listed below and are mandatory beginning April 1.
 
Read More »
 
TLTA Editor's Note: 
These revised forms include changes that address how the option fee is handled and delivered in the contract. Read TREC's FAQs re: Changes to Delivery of Option Fees »
 
TLTA hosted a webinar in February that reviewed the new changes to the TREC contract forms. you can watch our On-Demand TLTA Webinar: Recent TREC Contract Form Changes »
 
 

What the $1.9 Trillion Stimulus Bill Means for Title Professionals

ALTA | March 9, 2021
The U.S. House of Representatives passed the $1.9 trillion COVID-19 relief package approved by the Senate. President Biden is expected to sign the American Rescue Plan prior to the expiration of unemployment benefits on March 14.

At the center of the plan is another round of economic impact payments of up to $1,400, a $300 weekly boost to jobless benefits until September and an expansion of the child tax credit for one year. There are also new funds for vaccine distribution and testing, rental assistance and K-12 schools for reopening costs. Lastly, the bill includes about $350 billion for state and local governments. Here’s a look at some of the provisions:

Read More »
 

FHFA Doubles Affordable Housing Disbursement to $1B

HousingWire | March 1, 2021
Federal Housing Finance Agency (FHFA) Director Mark Calabria announced on Monday that he has authorized the disbursement of $1.09 billion for Fannie Mae and Freddie Mac‘s affordable housing allocations.

This is the largest amount ever disbursed by the government sponsored enterprises, and more than double what was provided the prior year.

Of the GSEs’ provided funds, $711 million will go to the U.S. Department of Housing and Urban Development for the Housing Trust Fund, an increase from the $326.4 million disbursed in 2019, and $383 million to the Department of the Treasury for the Capital Magnet Fund, an increase from $175.8 million the year prior.

According to Calabria, the $1 billion disbursement will help construct and preserve affordable housing nationally.
 
Read More » 

In addition to live webinars held throughout the year, 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!