A joint resolution has passed both houses of the Texas Legislature to amend Texas’ Home Equity law. Because Texas’ Home Equity law is contained in the Texas Constitution, any proposed changes must be implemented through Constitutional amendments approved by Texas’…

A well-prepared Power of Attorney can be a convenient way to close a mortgage loan when a borrower/buyer cannot attend the closing.  It can also create additional risks for the Lender, so it is vitally important that Lenders carefully examine…

The DOD has issued regulations under the Military Lending Act to be effective for consumer loans to active military personnel and their dependents closed on or after October 3, 2016.  The Regulations require a certain disclosure be provided both orally…

On July 29th, 2016, the Consumer Financial Protection Bureau (CFPB) issued a proposal to clarify some of the issues/ambiguities regarding the TRID rule that have emerged in the past year.   The CFPB has requested that public comments to the proposed…

On May 20, 2016, the Texas Supreme Court ruled on two cases that impact all lenders who make Texas Home Equity Loans.  The cases are powerful reminders of the importance of compliance with Texas’ Home Equity law and the potential…

Richard Cordray, Director of the Consumer Financial Protection Bureau (CFPB),  recently announced that the CFPB  will issue amendments to the  “Know Before You Owe” Rule.  Mr. Cordray anticipates that the proposed amendments will be released for public comment in late…

March 15, 2016 NEW TITLE FEE The Texas Title Insurance Guaranty Association (TTIGA) recently announced a new Guaranty Fee of $3 for every title policy issued in Texas, effective April 1, 2016. This fee will create a guaranty fund to pay title claims of…

You may have noticed that our website, www.bairdlaw.com, was temporarily unavailable this morning due to traffic to the website exceeding bandwidth limits.  We apologize for any inconvenience this may have caused you and your operations. We are pleased that so…

Yesterday morning, the CFPB published a notice in the Federal Register to correct a typo regarding tolerances and property taxes.  This clarification from the CFPB makes clear that property taxes ARE NOT subject to tolerances. There was concern among some…

With all the focus on the TILA/RESPA Integrated Disclosures, it is easy to overlook some of the less challenging aspects of the new changes.  However, it is important that every Credit Union remember that the changes that went into effect…