August 9, 2023
In This Issue:
- ALTA: Fannie Mae Is No Longer Pursuing Title Waiver Pilot Program
- TDI Issues Bulletin Concerning Title Insurance Annual Audit Reports
- Texas Secretary of State: Constitutional Amendment to Implement Property Tax Relief Plan Passed by Texas Legislature Will Be Prop 4 on Ballots This November
ALTA: Fannie Mae Is No Longer Pursuing Title Waiver Pilot Program
TLTA | Aug. 9, 2023
Diane Tomb, CEO of ALTA, reported the following news in a recent email update on risks of title insurance alternatives:
"This week, ALTA confirmed that Fannie Mae is no longer pursuing the title waiver pilot program it had under development. This pilot will not be submitted to the FHFA for review or consideration."
In March,
Politico reported that Fannie Mae was developing a pilot program that would waive title insurance requirements for some of the loans they purchase from mortgage lenders. ALTA's report is good news and we will share further updates when available.
As TLTA has reported in previous issues of Dateline, 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.
Your team at TLTA will continue monitoring and responding to these ongoing developments in partnership with our members and other industry advocates.
ICYMI, ALTA has compiled a collection of information and resources related to unregulated title insurance alternatives. You can review ALTA's collection of
resources here.
TDI Issues Bulletin Concerning Title Insurance Annual Audit Reports
TDI | Aug. 9, 2023
The 88th Texas Legislature passed House Bill 1901, which amended Insurance Code §2651.151 and §2651.152 to allow title agents and direct operations the option to file annual escrow audit reports electronically instead of by certified mail. HB 1901 is effective September 1, 2023.
The audit reports can be submitted via email to
[email protected].
Please contact Title Examinations with any questions by phone at (512) 676-6880 or by email at
[email protected].
TLTA Editor's Note: TLTA supported passage of HB 1901 during the recently concluded legislative session. TLTA Legislative Committee Chair Steve Streiff and Government Affairs Director Aaron Day will report on the impact of this bill's passage, along with other bills passed this session that could impact our industry, during a new webinar you can watch live Aug. 16: 2023 Texas Legislative Session: New Laws That Could Impact Title Industry and Bad Bills Defeated.
Texas Secretary of State: Constitutional Amendment to Implement Property Tax Relief Plan Passed by Texas Legislature Will Be Prop 4 on Ballots This November
TLTA | Aug. 6, 2023
During the Texas Legislature's recently concluded special session on property tax relief, legislators approved a constitutional amendment that would authorize the tax cuts approved by passage of SB 2 and SB 3.
-
HJR 2 (constitutional amendment to implement tax cuts outlined in bills below)
- SB 2 (property tax relief legislation)
- SB 3 (franchise tax relief legislation)
Texas Secretary of State announced last week that HJR 2 will be Proposition 4 on the ballot that Texans will consider Nov. 7, 2023. This amendment must be approved by Texas voters before the tax cuts outlined in these bills will be effective.
TLTA Editor's Note: A TLTA webinar on implications of these tax changes for title agents will be presented Sept. 7 at 10:30 a.m. We will post a registration link here in Dateline when registration for the webinar opens.