September 15, 2021

In This Issue:

  • TREC News
  • Treasury Removes Restrictions on Investment Properties
  • Biden Nominates HUD Advisor Alanna McCargo to be Ginnie Mae President
  • FHFA Requires GSEs to Submit Annual Equity Plans
  • TDI Compliance Reminders

TREC News

Rule and Contract Changes From the August 2021 Meeting

During the August quarterly Commission meeting, several rule and form changes were proposed and adopted. 
 
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Broker-Lawyer Committee Appointments Announced

The Texas Real Estate Commission (TREC) is pleased to announce the appointment of two broker members to the TREC Broker-Lawyer Committee. Broker members Dianne McCoy and Mary Miner were appointed at the August 2021 Commission meeting with terms set to expire in 2027.
 
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Treasury Removes Restrictions on Investment Properties

HousingWire | Sept. 14, 2021
The Treasury Department and FHFA announced Tuesday that they are suspending certain requirements that were added in January to the Preferred Stock Purchase Agreements (PSPAs) between Treasury and Fannie Mae and Freddie Mac.

Under those requirements, Fannie Mae had restricted its acquisition of loans secured by second homes and investment properties to 7% of its total single-family acquisitions and applied stricter underwriting to those loans.
 
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Biden Nominates HUD Advisor Alanna McCargo to be Ginnie Mae President

HousingWire | Sept. 14, 2021
Alanna McCargo, senior advisor at the Department of Housing and Urban Development, has been picked by the Biden administration to head Ginnie Mae.

The position of GNMA president has notably sat vacant for close to five years, with Ted Tozer, the last permanent president, resigning in 2017. Since then, the industry has been waiting with bated breath for someone to fill the role.
 
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FHFA Requires GSEs to Submit Annual Equity Plans

HousingWire | Sept. 7, 2021
The Federal Housing Finance Agency (FHFA) will require the government sponsored enterprises to submit annual plans to advance equity in housing finance for the next three years.

The first annual plan, which the GSEs must submit and implement in less than four months, must specifically include plans to reduce the racial or ethnic homeownership gap and reduce underinvestment or undervaluation in areas that were formerly redlined.

The FHFA will accept public comment on the new initiative until Oct. 25, 2021. The first progress reports are due the following year, on April 1, 2023. The FHFA will conduct a virtual listening session at the end of September.
 
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TDI Compliance Reminders

TLTA | Sept. 15, 2021

Underwriter Data Call: Due Oct. 8

The Texas Department of Insurance (TDI) issues this mandatory data call under Insurance Code Section 2703.153, which requires title insurance underwriting companies to submit data to TDI annually. TDI uses this data to set title insurance premium rates, as required by Insurance Code Section 2703.151. This data call requests income, expense, and policy data from calendar year 2019.
 
Learn More, Submission Instructions »
 

Attention Title Agents: TDI's T-S1 Form Due by Sept. 30

Just a reminder that the T-S1, also known as the Title Agent's Unencumbered Assets Certification, is due to TDI's Title Examinations Department by Sept. 30, 2021. All title agents are required to turn in a new T-S1 form every year between Sept. 1 - 30. 
  
Download the Title Agent's Unencumbered Assets Certification (Form T-S1)    
 
TDI has requested that you submit your T-S1 form by email to TitleExaminations@tdi.texas.gov
  
For more information contact TitleExaminations@tdi.texas.gov at 512-676-6880.
 

Escrow Officer License Renewals - Some Escrow Officers Are Failing to Renew Their Licenses

Prior to TDI rule changes implemented in the last two years, title agents were responsible for renewing their escrow officers’ licenses along with their agency license. Under today's rules, escrow officers are responsible for renewing their own licenses. 
 
Some escrow officers are failing to renew their licenses.
 
Ensuring TDI has your current personal email address is a crucial first step in monitoring license renewal notices. Learn how to keep your email address up-to-date and other helpful tips for renewing your license and staying in compliance. 


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