March 2, 2022
In This Issue:
- 2022 Texas Primary Election Update
- Update on Agent and Underwriter Experience Report Compilation, Publication from TDI
- ICYMI: TLTA and ALTA Submit Comments to FinCEN Regarding Proposed Anti-money Laundering Regulations
- New Program in Gregg County Tx Alerts Landowners to Potential Property Theft
- FHFA Announces More than $1.1 Billion for Affordable Housing Programs
2022 Texas Primary Election Update
TLTA | March 2, 2022
Texas held primary elections yesterday. While some results are not official yet, we have enough information to measure generally what the landscape will look like as we head into primary run-offs and begin the long march to November's general election.
Based on the results we've seen to-date, there are no major surprises that impact our industry, although several incumbent Texas Legislators will need to compete in run-off elections in April to secure their parties' nominations. We are monitoring those contests closely.
You can review current election results here
via the Texas Tribune.
Again, not all election returns are official yet, so primary election analysis and data should be treated as tentative until all results are officially announced in the coming days.
We will continue to provide updates and reports as election season proceeds. If you have questions about the impact of the primary elections on our industry's legislative priorities, please contact Aaron Day via email@example.com
Update on Agent and Underwriter Experience Report Compilation, Publication from TDI
TLTA | March 2, 2022
We continue communicating with the team at Texas Department of Insurance (TDI) regarding the publication timeline for 2019 statistical data. TDI expects to publish the 2019 experience reports no later than early April 2022. Additionally, TDI reported that they are working on compilation of the 2020 experience reports.
If you receive requests from TDI regarding submissions or correction of data, please respond promptly, as delays in gathering statistical data delays publication of the experience reports. As a reminder, the 2020 underwriters data call was due February 28, 2022. Report all past due data to PCDataCallTitle@tdi.texas.gov
The team at TDI is grateful for our industry's patience and assistance as the statutorily-required reports are produced. The most effective way to expedite delivery of experience reports is reporting data and corrections to TDI when requested, and then making room for the team at TDI to complete the time-consuming process of completing the reports alongside their other regulatory duties.
If you have questions about our discussion with TDI, you can email us via firstname.lastname@example.org
ICYMI: TLTA and ALTA Submit Comments to FinCEN Regarding Proposed Anti-money Laundering Regulations
FinCEN proposals would require banking regulations and compliance for escrow officers
TLTA | March 1, 2022
On Dec. 8, 2021, FinCEN issued an Advanced Notice of Public Rule Making (ANPRM) to solicit public comment on a potential rulemaking to address the vulnerability of the U.S. real estate market to money laundering and other illicit activity.
both submitted letters in response to FinCEN's ANPRM.
Many TLTA members are aware of the current FinCEN Geographically Targeted Orders (GTOs) affecting 12 metropolitan areas in the U.S., including some in Texas. These orders require title insurance companies in these areas to file reports on all-cash purchases of residential real properties through LLCs or entities if the transaction exceeds $300,000. FinCEN is contemplating rulemaking that would expand these reporting requirements to any all-cash deal—including those by real persons in addition to those purchased by entities for commercial as well as residential—with no geographical limitations.
Additionally, FinCEN is contemplating adding additional duties for title agents handling escrow monies that banks currently are required to perform: According to FinCEN, “[t]his ANPRM seeks public comment on whether FinCEN should impose a similar [to the current GTOs for title insurance companies], ongoing, and expanded reporting requirements through regulations...including, for example, potentially promulgating Bank Secrecy Act record keeping and reporting requirements for 'persons involved in real estate settlements and closings.'"
TLTA staff reviewed FinCEN's proposals and worked with TLTA's board on development of formal comments, which were submitted Feb. 17.
Review TLTA's Letter to FinCEN »
Review ALTA's Letter to FinCEN »
Read an Article by ALTA re: FinCEN's Proposals »
New Program in Gregg County Tx Alerts Landowners to Potential Property Theft
KLTV | Feb. 8, 2022
Swindlers can potentially steal what is generally the most valuable thing you own: your home and property. But there is some protection out there and it’s available through Gregg County’s website.
Gregg County Clerk Michelle Gilley says it’s possible for someone to lay claim to your property without you knowing anything about it.
Read More »
FHFA Announces More than $1.1 Billion for Affordable Housing Programs
Federal Housing Finance Agency | Feb. 28, 2022
FHFA Acting Director Sandra L. Thompson announced that the Housing Trust Fund and Capital Magnet Fund will receive a total of $1.138 billion for affordable housing initiatives from Fannie Mae and Freddie Mac (the Enterprises). This is the largest amount ever provided to these programs from the Enterprises.
Read More »
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