TLTA President's Message

 

Joe Grealish
TLTA President

 

 

 

Dear ,

As we make our way through the first half of 2014, I'm excited to update you on some of the things TLTA is working on, and provide clarification on questions we regularly receive.

We continue to provide feedback to the Consumer Financial Protection Bureau (CFPB) on its rules to combine mortgage settlement disclosures. Last month, we submitted comments to the Bureau highlighting certain issues, such as late arrivals of lender closing instructions, a confusing and over-inclusive APR, and consumer privacy concerns. We also stressed the importance of allowing the mortgage and settlement service industry time to adjust before any new rules or regulations are contemplated by the CFPB and emphasized the importance of the neutral 3rd party settlement agent in the closing process.

It's clear these rules will have a huge impact on our industry. To help you prepare before the rule's implementation in 2015, TLTA is presenting a webinar on Tuesday, April 22 to guide you through everything you need to know — learn more about the webinar and register here. The CFPB and the new rules will also be covered extensively at our Annual Conference & Business Meeting in San Antonio, June 16-18, and I hope you'll register today and plan to join me for that important annual industry meeting.

At the state level, we've received several questions about the new agent minimum capitalization requirements that go into effect July 3. TLTA prepared this guide to help answer the most common questions about the requirements so you can more easily plan your method of compliance with the new rule. Tomorrow, a TLTA webinar will provide all of the steps you need to take to become and prove your company is compliant. Learn more and register for that webinar here.

We have also fielded several questions regarding the Texas Department of Insurance's (TDI) recent conversion to an electronic platform to handle title agent licensing. The department recently mailed the main contacts at all title agencies information about new license numbers for title agents and escrow officers. It's important to note that this mailing did not include new licenses, but simply information about new license numbers. Your current license is still in force and will renew on its regular schedule. Going forward, when your company renews its title agent license, rather than renewing and paying for a separate license for each of your underwriters, only one license needs to be renewed and paid for. You can read more about these changes in previous TLTA updates here and here.

Finally, even though the 84th Legislative Session is still more than eight months away, our Legislative Committee will meet soon to discuss the industry issues we would like to address. If you have an issue you would like the committee to consider, please submit it using this form.

One of the key ways to ensure we have a strong voice legislatively and represent you effectively is to maintain a strong TLTAPAC. By having strong relationships with elected officials through the PAC, TLTA has fended off serious threats and helped shape proposed laws and regulations to ensure they allow our industry to carry out its business efficiently. Think about this — if all 5,000+ escrow officers in Texas gave only $25 each, that alone would raise $125,000 for the cause. Consider making a donation today to help make a difference!

Thanks for your hard work and commitment to TLTA and our industry.

Sincerely,


Joe Grealish
TLTA President


 

 

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Texas Land Title Association
1717 W. 6th St.
Austin, TX 78703
Phone 512.472.6593
FAX 512.472.5931

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