November 21, 2013                           View in Browser >


Aaron Day
Director of Government Affairs and Counsel
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CFPB Releases Final Rule on Combined Mortgage Disclosures
Title Industry Secures Key Changes
The Consumer Financial Protection Bureau (CFPB) today released its final rule on the new combined disclosure/settlement statement that will replace the GFE, TIL and HUD-1. The rule will go into effect Aug. 1, 2015. You can review the 1,888 page rule in its entirety here

Although we've not been able to study the rule yet, initial reports indicate that most of the changes TLTA and the industry worked hard to secure were indeed made, so we are pleased that our advocacy efforts were successful in that regard.  Those changes include:

• Title fees will not be included in the APR
• Shared responsibility between lender and settlement agent for filling out the form is allowed
• Expanded exceptions within the "3-day-rule"
• No machine-readable forms storage and usage requirements

Read More »


TLTA Represents Industry at Hearing to Determine Recoupment Fee
January 1 Effective Date Anticipated
TLTA represented the industry last Friday at a TDI hearing to determine the Guaranty Assessment Recoupment (GARC) fee to be charged in connection with the failure of Southern Title Insurance Corporation. Commissioner Julia Rathgeber presided over the short hearing.  

TDI staff testified about the method of collecting the GARC fee and the amount to be charged. They recommended that for simplicity and ease of compliance, the fee should be charged as a flat fee, like the Guaranty Fee. Additionally, they recommended that, based on projected policy volume for 2014, a fee of approximately $1.80 be charged on each owners and loan policy and that a fee of $0 be established for all endorsements, binders and other insuring forms. 

Again, this would allow the recoupment fee to function exactly like the current Guaranty Fee does with the flat fee being charged only on the owner and loan policies and then submitted quarterly by title agents to the Guaranty Association. Please note that TTIGA recently voted to terminate, for the time being, the collection of the Guaranty Fee. You can read more about that here.

TLTA testified in support of the TDI staff recommendation, and thanked the Commissioner and TDI staff for seeking input and working closely with the industry to develop a practical way to administer this fee. No other public testimony was provided.

We anticipate the the Commissioner will rule on the exact amount of the fee and an order will be issued very soon, with  the effective date for compliance around Jan. 1, 2014. Title agents should begin preparations internally to be ready to collect this fee starting in January. We expect that underwriters will issue guidance on the specifics about collection and disclosure of this temporary fee and TLTA will continue to update you throughout this process.

Important TDI Compliance Update! 
Submit your company email address to TDI
The Texas Department of Insurance's Title Licensing Office needs to send your company important information regarding changes to their agent licensing procedures. It's critical that you make sure TDI has the correct email address on file for your company. Please email Sherry Richburg at sherry.richburg@tdi.texas.gov to update this information.

Record Breaking Year for TLTAbay over $24,000 Raised!
Thank You TLTAbay Donors, Bidders and Winners
TLTA would like to thank all of our members who participated in the 2013 TLTAbay Annual Online auction benefiting the TLTAPAC! Thanks to our generous donors, bidders and winners, we raised over $24,000 — a new record! Special thanks to the TLTAbay Fundraising Chair Becky Cotton-Osmon and our fundraiser volunteers, including Dan Bartlett, Dawn Bowers, Guy Robert Jackson, Patrick Mann, Chris Phillips, Tammi Sewell, Ashley Tidmore, Celia Goode-Haddock and Alladin Charania. Even though this year's auction is over, it's not too late to support the TLTAPAC — please consider making a donation today.


Guidelines Help Heirs Assume and Modify Loans
New York Times | Nov. 14, 2013

New guidelines from the Consumer Financial Protection Bureau are aimed at preventing mortgage servicers from unnecessarily foreclosing on homes after a borrower dies.  The guidelines, issued last month, come in response to complaints that servicers are failing to work with survivors who want to assume the loan for a property to which they have claim. "There were concerns about servicers refusing to talk to family members, or demanding documents that basically didn’t exist," said Kelly Cochran, the bureau's assistant director for the office of regulations.” Read More »


Upcoming TLTA Hot Topic Webinars — Register Today!
New and Revised Procedural Rules, Rates and Forms

Tuesday, Dec. 3 | 10:30 - 11:30 a.m.
Closers, assistants, forms managers: this webinar is for you! Review all the housekeeping changes to procedural rules, rate rules and many forms, including two new insuring forms that will go into effect after the next rate hearing and a change to Minimum Escrow Accounting Procedures to address mobile notaries. Learn More & Register »

New Agent Solvency Requirements
Wednesday, Dec. 11 | 10:30 - 11:30 a.m.
Are you an owner or manager? Do you assist agents who are new to our industry? If so, this indepth look at the new mandatory solvency requirements is a must for you. This webinar will help you sort out the various plans, learn about reporting requirements and understand the new forms to implement it all. Learn More & Register »

Agent Licensing Changes & New CE Requirements
Tuesday, Dec. 10  Dec. 17 | 10:30 - 11:30 a.m.
Agency owners and managers, as well as underwriter agency representatives and managers, should definitely find the time for this webinar. There are several changes in how existing agents will be licensed the future, as well as new training requirements to be met for new agent licensing. Learn More & Register »

 

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