September 19, 2012
TLTA Seeks to Clarify Proposed TREC Contract Changes
As we previously reported, the Texas Real Estate Commission (TREC) recently proposed changes to several forms, which you may view here. TLTA formed a working group to analyze the changes and submitted a letter to TREC this week with our concerns and suggested changes to Section 6 A(8) on the One to Four Family Residential Contract (Resale) form. You may view TLTA's letter here and TREC's originally proposed changes to the form here. Our suggested changes seek to clarify that the responsibility for costs associated with a survey amendment exception should be determined by the parties. We are seeking to clarify language to further recognize that the survey provided must be approved by the title company in order to insure title. We encourage you to read our letter and submit comments to TREC in support of this language to firstname.lastname@example.org by the October 8 deadline, and if you have any questions, please contact TLTA Director of Government Affairs and Counsel Aaron Day at email@example.com.
More Information on Lender Vetting of Texas Title Agents
Reminder: Complete our questionnaire today!
As we previously reported, it has come to our attention that some Texas title agents are being asked to pay a third party as a condition of doing business with certain lenders. In response, we have submitted a letter to TDI outlining some concerns and requesting a meeting to discuss the matter further. We have also been hearing that many agents don't know how much of their business comes from lenders, particularly warehouse lenders, that have instituted these vetting programs. Knowing which warehouse lenders are the source of your business can help you start some conversations about how to respond to these new lender demands. You can determine that information by following the instructions here.
For more background on the issue of increased lender oversight of service providers read this article from ALTA as well as the story below.
TLTA Needs Your Feedback on This Issue!
We need some important information from you as we try to understand and assess the scope of this issue. Regardless of whether or not you have been contacted about this vetting requirement, please take a moment to complete this brief questionnaire to help us find out two things:
How many agents have or have not been contacted, and
As you communicate with your lenders about this, what feedback are you getting from them?
Your feedback on this issue is very important and we appreciate any information you can provide. If you have any questions or additional information you can provide us, please contact Aaron Day at firstname.lastname@example.org or 512.472.6593.
Market Pressures on Lenders Impacting Settlement Service Providers
American Land Title Association | September 13, 2012
Uncertain regulatory requirements coupled with recent monetary settlements have forced lenders to be more sensitive to the types of companies they do business with. Consequently, regulators' increased demand to protect consumers has forced lenders to adjust their relationships with service providers. Recent bulletins and consent orders from the Federal Reserve, Consumer Financial Protection Bureau (CFPB) and Office of the Comptroller of the Currency (OCC), and requirements for more oversight of foreclosure practices by lenders and servicers coming out of the national mortgage servicing settlement all point to increased focus on service providers and holding lenders responsible. Read More »
Donate to TLTAbay Today - We Need Your Support!
The TLTAbay online auction is an annual fundraiser benefiting the TLTAPAC. This year's auction will begin on Thursday, November 8 and run through Thursday, November 15. We need your help to secure auction items and ensure another spectacular year. Suggested donation items include: electronics, gift cards, sporting event tickets, travel vouchers, vacations, spa packages and jewelry. Don't know what to donate? You can make a monetary donation and we'll do the shopping for you! Read more about the auction and make a donation here or contact Ryan Poulos for more information.