November 28, 2012

Is the Payoff Statement Form Working?

Please Provide Your Feedback
As a result of House Bill 558 passed during the 2011 Legislative Session, a new payoff statement was created to provide efficiencies in the payoff process and also help ensure that title agents would not be forced to pay shortages in the payoff due to a reliance on an earlier calculation of the payoff by the lender. The Texas Finance Commission promulgated the new payoff statement form in December 2011 and you may view the form here.  

Now that the form has existed in the marketplace for a year, TLTA would like to ask a few questions to see how the form is working and learn whether or not there have been any issues identified relative to this new process.

If you haven't taken the survey yet, please help us by responding here. It should only take a couple of minutes to complete.

FHA's Biggest Loser: No-Money-Down Mortgages

The Wall Street Journal | November 26, 2012
One of the biggest reasons the Federal Housing Administration is facing severe financial woes is a problem agency officials identified and sought to correct years ago. The Federal Housing Administration is facing a capital crunch largely due to loans it guaranteed as the housing bubble deflated from 2007 through 2009, the agency has said. A big chunk of the losses leading to a $16.3 billion shortfall have come from programs that allowed home sellers to fund down payments via nonprofit groups that provided them to buyers as a "gift." Read More ยป

Title Companies Support the TLTAPAC With Election Jeans Day 

Two TLTA member companies recently held a special Jean Day to help support the TLTAPAC and provide employees with some comfort on Election Day. We would like to thank Lone Star Title Company of El Paso and Empire Title Company, LTD, where employees who made a donation to the TLTAPAC were allowed to wear jeans to work on Election Day. Check out their photos on TLTA's Facebook page here. If you hold a Jeans Day for the TLTAPAC, let us know and we'll mention your company in the newsletter and post your photos too! You may also make a donation online today here.

It's Not Too Late to Register for the Texas Land Title Institute! 

...and Don't Miss the New Title Insurance Primer for Attorneys
On December 6-7, TLTA will hold the 22nd Annual Robert C. Sneed Texas Land Title Institute at the Hyatt Regency Hill Country Resort and Spa in San Antonio. This is the "must-attend" CLE event of the year, and if you've been before, you already know the value and quality of this program. Read more about the program and register online here.

You also won't want to miss our new program this year being held before the Institute on December 5 - Title Insurance - A Primer for Attorneys. This course will address title insurance questions that frequently arise in connection with a closing and are presented to the lawyer representing a party. The speakers will address title insurance due diligence for the client and how to assure the best coverage and rates. Read the detailed schedule and register for this program 

Register for both of these programs, and you'll receive a free 1-year subscription to the Institute Legal Library. The online library chronicles all 21 years of Institute presentations - that's more than 400 course articles - and is searchable by topic. Can't make it to the Institute this year? Sign up today for the Institute Legal Library and you'll receive these next two months free. It's just $149 for members and $195 for nonmembers. Learn more here.