March 15, 2023

In This Issue:

  • 88th Texas Legislature: Trust as Grantee Clarification Bill Advances, RIN Companion Bill Filed
  • HUD Issues Final Rule to Offer 40-Year FHA Loan Mods
  • FHFA Delays Implementation of LLPA DTI Fees
  • Fannie Mae Appoints Michael Seelig to Its Board of Directors

88th Texas Legislature: Trust as Grantee Clarification Advances, RIN Bill Filed

TLTA | March 16, 2023
The bill filing deadline passed on Friday, March 10 with the Texas Legislature filing a record number of bills, exceeding the previous record by more than 800. Click the chart below to see additional data on the record number of bills filed, historical comparisons, and more:
 

 
Higher bill counts in both chambers this legislative session translate to increased opportunities and risks for our industry and the state's real estate marketplace. TLTA's team of advocates are monitoring all bills filed and will continue alerting you if bills of significance to our industry gain momentum in the legislative process, which kills roughly 3 of every 4 bills filed.
 
Great news: All of our legislative agenda items have been filed in both chambers. Our deepest respect and gratitude for all our bill authors, who are noted individually below.  
 
There are 73 days remaining in the legislative session in progress.
 

TLTA Legislative Priority, Trust as Grantee Clarification, Passed by Texas Senate, Filed in House  

Among the industry priorities on TLTA's affirmative legislative agenda this session is a Trust as Grantee Clarification bill. 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. 
 
Last week the Senate version of this bill, SB 801, was approved by the Senate State Affairs Committee. Leslie Johnson, TLTA Board member and Judiciary Committee Chair, testified in support of SB 801 during the hearing. Today, SB 801 made it to the Senate floor, where it was approved by the full Senate. It's now headed to the Texas House for that chamber's consideration. 
 
We are also excited to report that an identical companion bill, HB 4281, was filed in the House by Rep. Oscar Longoria, who chairs the House Business and Industry Committee.
 
Thank you, Chairman Hughes and Chairman Longoria for your leadership on this important real estate marketplace legislation.  
 

TLTA Legislative Priority, Remote Ink Notarization as Part of RON Framework, Filed in House - HB 5004 

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 Legislative Session, and we are pleased to announce that Rep. Giovanni Capriglione filed HB 5004. Learn more in this one-pager.
 
As reported in last week's Dateline, Sen. Tan Parker filed the companion bill in the Senate.  
 
Thank you, Sen. Parker and Rep. Capriglione for supporting the continuation of this effective real estate marketplace tool.  

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) | SB 1578 (Menéndez)
Review TLTA's One-Pager
Status: Filed in House, Filed in Senate

Trust as Grantee Clarification 
SB 801 (Sen. Hughes) | HB 4281 (Rep. Longoria)
Review TLTA's One-Pager
Status: Passed by Texas Senate, Files in House
 
Remote Ink Notarization
SB 1780 (Sen. Parker) | HB 5004 (Rep. Capriglione)
Review TLTA's One-Pager
Status: Filed in Senate, Filed in House
 

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 »

HUD Issues Final Rule to Offer 40-Year FHA Loan Mods

DS News | March 9, 2023
The U.S. Department of Housing & Urban Development (HUD) has published a Final Rule in the Federal Register its intent to increase the maximum allowable term for Federal Housing Administration (FHA)-insured loan modifications from 360 months to 480 months (40 months).
 
The new rule will become effective Monday, May 8, 2023.
 
Read More »

FHFA Delays Implementation of LLPA DTI Fees

HousingWire | March 15, 2023
Following a chorus of complaints from the mortgage industry, the Federal Housing Finance Agency (FHFA) on Wednesday announced that it would delay the implementation of a new and controversial upfront fee on Fannie Mae and Freddie Mac borrowers with higher debt-to-income ratios.

The upfront pricing fee on DTI ratios of 40% or more – part of a larger series of changes to the Enterprises’ pricing grids – was slated to go into effect on May 1, 2023.
 
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Fannie Mae Appoints Michael Seelig to Its Board of Directors

HousingWire | March 15, 2023
Fannie Mae announced on Wednesday that it has appointed Michael Seelig to its board of directors, where he will serve on the audit committee. Seelig’s mandate is to “help Fannie Mae fulfill its mission to facilitate equitable and sustainable access to homeownership and quality affordable rental housing across America,” according to a statement from the government-sponsored enterprise (GSE).

Seelig joins the organization after serving as a senior executive at business advisory firm PricewaterhouseCoopers LLP (PwC), where he served as a partner from 1997 to 2022.
 
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