January 12, 2022

In This Issue:

  • Finance Commission of Texas Announces Appointment of Savings and Mortgage Lending Department Commissioner Hector Retta
  • Gov. Abbott Appoints Four to Joint Interim Committee to Study Land Banks
  • MISMO Names 2022 Board of Directors
  • ICYMI: New Texas Laws Effective Jan. 1, 2022, Including Change in Homestead Exemption Filing
  • FHFA Hikes Fees for High-Balance and Second-Home Loans

Finance Commission of Texas Announces Appointment of Savings and Mortgage Lending Department Commissioner Hector Retta

Texas Finance Commission | Jan. 6, 2022
On December 16, 2021, the Finance Commission of Texas appointed Hector Retta the new Commissioner of the Department Savings and Mortgage Lending, effective February 1, 2022.

Hector Retta of El Paso, Texas, will serve as the tenth commissioner of the department. Mr. Retta previously served as President, Chief Executive Officer, and Vice Chairman of Capital Bank, SSB in El Paso, Texas, from July 2010 until June 2017. Mr. Retta was Executive Vice President and Regional President of Wells Fargo in Orange County, California, from 2009 until 2010, and Senior Vice President and Regional President of Wells Fargo Border Banking from 2005 until 2009. Prior to his association with Wells Fargo, Mr. Retta was a Managing Director, Private Client Services with JPMorgan. He is a native of Dallas, Texas, and earned a BBA and an MS in Economics from Baylor University.
 
TLTA Editor's Note: TLTA has enjoyed a strong working relationship with previous leadership at TDSML on issues of common concern, and we look forward to working with Commissioner Retta. Congratulations, commissioner.
 

Gov. Abbott Appoints Four to Joint Interim Committee to Study Land Banks

Governor's Press Office | Jan. 7, 2022
Gov. Abbott has appointed Leslie Bingham, Anna Maria Farías, Ernest Richards, and Carl Pankratz to the Joint Interim Committee to Study Land Banks. The Governor has designated Leslie Bingham as the committee’s presiding officer. Their terms of appointment will expire on September 1, 2023, when state law provides that the committee is abolished. Created by the 87th Texas Legislature, the committee is tasked with studying the powers of land banks to acquire and dispose of real property, the impact of land banks affordable housing, the funding mechanisms of land banks, and more.
 
Learn More »
 
TLTA Editor's Note: Carl Pankratz formerly worked for Capital Title of Texas.
 

MISMO Names 2022 Board of Directors

ALTA | Jan. 11, 2022
MISMO, which collaborates across the industry to create standards that expedite the exchange of information and accelerate the industry’s move to a fully digital mortgage process, announced its 2022 Board of Directors.
 
The MISMO Board of Directors will be chaired by Gary Clark CMB, chief operating officer of Sierra Pacific Mortgage. Christopher McEntee, vice president of ICE Mortgage Technology, will serve as vice chair. MISMO Board ex-officio members are: Seth Appleton, MISMO; Randy Poirier, vice president of data solutions with Black Knight and Bryan Doyle, managing director with CBRE.
 
New members of the MISMO board are:
  • Sage Nichols, executive, CoreLogic
  • Sally Tyler, executive vice president and division president, First American Title Insurance Company
Review List of Returning Board Members and Learn More »
 

ICYMI: New Laws Effective Jan. 1, 2022, Including Change in Homestead Exemption Filing

TLTA | Jan. 12, 2022
Nearly two dozen new laws went into effect Jan. 1, 2022, and another half dozen will go into effect Jan. 18, 2022. 
 
Among the new laws effective as of Jan. 1 is a change in homestead exemption requirements that allows homeowners to secure their homestead exemption during the year in which the property was acquired. Previously, when someone purchased a home, the new homeowner had to wait until Jan. 1 of the following year to receive the benefit of the homestead exemption provided under Texas law. Learn more about SB 8, the bill that implemented this change. SB 8 was passed during the Texas Legislature's second special session this summer. 
 
Review a complete list of the 23 new laws effective Jan. 1, 2022.

FHFA Hikes Fees for High-Balance and Second-Home Loans

HousingWire | Jan. 6, 2021
The Federal Housing Finance Agency introduced new upfront fees on Wednesday for some high-balance and second-home loans sold to Fannie Mae and Freddie Mac.

Upfront fees for high balance loans will increase between 0.25% and 0.75%, tiered by loan-to-value ratio. For second home loans, the upfront fees will increase between 1.125% and 3.875%, also tiered by loan-to-value ratio. 

The new pricing framework will take effect April 1, 2022, to “minimize market and pipeline disruption,” the agency said in a press release.
 
Read More » 


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