June 6, 2018


In This Issue:

  • Texas Attorney General Opinion Requested on Electronic Signatures; Seeking Input from TLTA Members
  • Basic Manual Update Approved by TDI (Implementation Date: Aug. 9)
  • TLTA President Chris Phillips Thanks Congressmen Jeb Hensarling and French Hill at Dallas Luncheon
  • Goldman Sachs Teases Big Move Into Mortgages
  • First-Time U.S. Homebuyers Account for Almost Half of Mortgages

Texas Attorney General Opinion Requested on Electronic Signatures; Seeking Input from TLTA Members

TLTA | June 4, 2018
The Guadalupe County Attorney has asked the Texas Attorney General to issue an opinion regarding the following:
 
Whether a county clerk whose office does not accept electronic documents for recording must accept and record a printed copy of an electronic document that does not comply with the original signature and other requirements of certain provisions of the Property Code
 
TLTA's Remote eNotary Task Force is reviewing this issue. Additionally, TLTA members are encouraged to share their thoughts, concerns and ideas with Aaron Day.
 
Read the Request for Opinion »

Basic Manual Updates Approved by TDI (Implementation Date: Aug. 9)

TLTA | June 1, 2018
On Friday, June 1 TDI announced that Insurance Commissioner Kent Sullivan signed a final order on agenda items that update, correct and clarify rules and forms in the Basic Manual of Title Insurance.
 
The order has an "effective date" of June 10, 2018, however the "implementation date" (i.e., the date TDI will begin enforcing the rules) is Aug. 9, 2018.
 
Many of the rule improvements implemented under this order were submitted by TLTA in 2016 to address "housekeeping items" in the Basic Manual. Avoiding substantive or potentially controversial changes--and instead focusing on a large volume of needed technical corrections--was the goal of this round of rule changes. However, some items--such as 2017-4, which allows for agents to request release of agent's solvency account funds--are new and substantive. Therefore, you will want to review these changes carefully.
 
TLTA has prepared a guide to aid in your analysis of these changes.
 
Read More »

TLTA President Chris Phillips Thanks Congressmen Jeb Hensarling and French Hill at Dallas Luncheon

TLTA | June 2, 2018
At a luncheon hosted in Dallas this week, TLTA President Chris Phillips had the opportunity to thank U.S. Reps. Jeb Hensarling and French Hill for their leadership on CFPB reform issues championed by the title industry. 
 
Congressman Hensarling chairs the important House Financial Services Committee, and Congressman Hill is carrying legislation that would fix the TRID simultaneous issue problem. Hill's legislation has passed the House and is currently awaiting action by the Senate. 

Goldman Sachs Teases Big Move Into Mortgages

HousingWire | June 4, 2018
Once a big player in mortgage lending, Goldman Sachs’ footprint in housing finance has gotten significantly smaller since the financial crisis…but that could be about to change.

In the aftermath of the crisis, the megabank’s mortgage presence was largely limited to lending to its own clients and buying up delinquent mortgages from Fannie Mae and Freddie Mac as part of its $5 billion settlement with the government over toxic mortgage bonds.

But in the last few years, Goldman Sachs began to inch its way back into housing finance on a few different fronts.

First, Goldman Sachs launched Marcus in 2016 expanding its lending beyond its traditional business model to include smaller, personal loans. And earlier this year, Marcus expanded and began offering home improvement loans.
 
Read More »

First-Time U.S. Homebuyers Account for Almost Half of Mortgages

Bloomberg | June 1, 2018
Young Americans are hitting more and more homeownership roadblocks: crippling student debt, escalating home prices, surging mortgage rates and a scarcity of listings.
 
So why have they gone on a buying binge?

First-time buyers accounted for 46 percent of new mortgages (excluding refinancings) that Freddie Mac backed in the first quarter, their biggest quarterly share in data going back to 2012, according to the company. Meanwhile, the National Association of Realtors puts the median age of first-timers in the U.S. at 32.
 
Read More »

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