March 8, 2023
In This Issue:
- 88th Texas Legislature: Industry Supported Trust Bill to Be Heard in State Affairs Committee Today; RIN Bill Filed in Texas Senate
- Politico: Fannie Mae Developing Pilot Project to Waive Title Insurance Requirements for Some Loans
- House Financial Services Committee to Hold CFPB Reform Hearing Today
- Seller Impersonation Fraud: New Webinar This Friday Includes Options to Protect and Prevent This Continued Threat
88th Texas Legislature: Industry Supported Trust Bill to Be Heard in State Affairs Committee Today; RIN Bill Filed in Texas Senate
TLTA | March 9, 2023
The Texas Legislature's bill filing deadline is this Friday, March 10. We are pleased to announce that all of TLTA's affirmative agenda for the legislative session have been filed in either the Texas House or the Texas Senate. We're grateful for our bill authors and we celebrate their leadership on these important industry and real estate marketplace priorities. Learn more about TLTA's affirmative legislative agenda below.
There are 80 days remaining in the legislative session in progress.
Hearing on TLTA-supported SB 801 today at 9 a.m. in Senate State Affairs Committee. TLTA Board Member Leslie Johnson to testify.
SB 801, a TLTA priority bill filed by Sen. Bryan Hughes, will be heard today at 9 a.m. in the Senate State Affairs Committee, which Hughes chairs. This important real estate marketplace legislation would clarify that a deed conveying title to a trust (as opposed to naming the trustee of that trust) should be deemed to be a conveyance into the trustee. Learn more in this
one-pager.
Leslie Johnson, TLTA Board member and Judiciary Committee Chair, will testify in support of SB 801 at this morning's hearing:
Watch the hearing beginning at 9 a.m. this morning, Thursday, March 9 »
TLTA priority RIN bill filed in Texas Senate - SB 1780
Allowing the use of Remote Ink Notarization (RIN) within the existing Remote Online Notary (RON) statutory framework is an important part of TLTA's affirmative agenda for the 88th Texas Legislative Session in progress now, and we are pleased to announced that Sen. Tan Parker filed that bill this week - SB 1780.
Learn more about SB 1780 in this one-pager »
Bills TLTA Advocates Are Working to Pass
TLTA's advocacy team is supporting passage of the following bills during the 88th Legislative Session. These affirmative legislative agenda items were approved by
TLTA's Board of Directors as recommended by our
Legislative Committee, which is chaired by Steve Streiff. These statutory changes would improve real estate transactions statewide:
Private Transfer Fee Statute Enhancement
HB 2447 (Rep. Darby) | S
B 1578 (Menéndez)
Review TLTA's One-Pager
Status: Filed in House, Filed in Senate
Trust as Grantee Clarification
SB 801 (Sen. Hughes)
Review TLTA's One-Pager
Status: Hearing in Senate State Affairs scheduled
Remote Ink Notarization
SB 1780 (Sen. Parker)
Review TLTA's One-Pager
Status: Filed
Bills TLTA Is Monitoring
TLTA's legislative team reviews all bills filed during the session and monitors those that might impact our industry or the state's real estate marketplace. 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.
Review Current Bills to Watch List »
Questions About TLTA's Legislative Process?
TLTA's Legislative Committee, Local Legislative Liaisons, our industry's grassroots network and the TLTA PAC Board of Governors are all part of TLTA's team of engaged legislative advocates.
Learn More About TLTA's Legislative Process and How You Can Get Involved »
Politico: Fannie Mae Developing Pilot Project to Waive Title Insurance Requirements for Some Loans
TLTA | March 7, 2023
Last week
Politico reported that Fannie Mae is developing a pilot program that would waive title insurance requirements for some of the loans they purchase from mortgage lenders. The program’s goal, according to Politico, would be reducing closing costs for some borrowers. While there’s insufficient information available at this time to comment on the specifics of the proposed Fannie program described in Politico’s report, we know enough to be aware, concerned and engaged.
There’s been an increased focus on housing affordability over the last two years at the state and federal levels, leading to new guidelines and interest among FHFA, VA and other regulatory and administrative bodies regarding use of unregulated alternative title products in lieu of title insurance. Your team at TLTA are actively engaged in these affordable housing discussions at all levels of government, helping lawmakers and stakeholders seek out sustainable, effective solutions to housing affordability challenges, while educating about the dangers of unregulated title insurance alternatives, which could impact the stability of our real estate marketplace.
We will continue monitoring and responding to these ongoing developments in partnership with our members and other industry advocates. ICYMI: ALTA has created
a page dedicated to this issue. It includes, among other things, this
one-pager that outlines ALTA concerns about the risk of alternative title products to consumers.
Additional background can be found in the following:
Fannie Mae Issues Selling Guide Update Regarding Use of Attorney Title Opinion Letters. Tracks Changes Freddie Mac Made in 2020
Fannie Mae's Report: Barriers to Entry – Closing Costs for First-Time and Low-Income Homebuyers (from December 2021)
FHFA Announces Intent to Establish a Federal Advisory Committee on Affordable, Equitable, and Sustainable Housing
House Financial Services Committee to Hold CFPB Reform Hearing Today
HousingWire | March 7, 2023
The House Financial Services Subcommittee on Financial Institutions and Monetary Policy announced this week that it will hold a hearing on ways to reform the Consumer Financial Protection Bureau (CFPB).
The hearing, “Consumer Financial Protection Bureau: Ripe for Reform,” is expected to discuss “the leadership structure, funding, budget, and operations of the CFPB and areas in which reforms are needed,” according to a committee memorandum.
This will mark the first hearing by the House Financial Services Committee since Republicans assumed control of the House of Representatives in January. The chairman of the subcommittee is Rep. Andy Barr of Kentucky and the ranking member is Rep. Bill Foster of Illinois.
The witnesses will include American Financial Services Association CEO Bill Himpler, Patomak Global Partners Managing Director Brian Johnson and Minnesota Attorney General Keith Ellison. The witness list also includes two attorneys from the right-leaning Pacific Legal Foundation and the Competitive Enterprise Institute.
The hearing will take place as the U.S. Supreme Court prepares to hear arguments related to the CFPB’s constitutionality. Many of the issues core to the Supreme Court hearing are also slated to be discussed in the committee memorandum for the hearing.
Read More »
Seller Impersonation Fraud: New Webinar This Friday Includes Options to Protect and Prevent This Continued Threat
TLTA | March 9, 2023
This webinar addresses the extraordinary increase in fraud on the seller side of real estate transactions involving the impersonation of the owner and/or the mortgage holder. The skill level currently exhibited by these fraudsters is very high, and the fraudulent closings result in full policy losses in most cases. Lost funds are rarely recoverable.
We will discuss the techniques being utilized by the fraudsters and explore suggestions and potential processes that will help you detect and foil these frauds – just being careful and alert is often not enough!
Presenter:
Roland Love
Vice President, Business Alliances & Field Operations
Independence Title Company
CE Credit:
1.0 Escrow Credit
Learn More and Register Now »