Regulators have signaled that financial institutions should transition away from using the London Interbank Offering Rate (“LIBOR”) lending benchmark as it will be phased out by the end of 2021. If your office offers adjustable rate mortgages and uses the…

The 2019 Texas Legislative Session was relatively quiet for Residential Mortgage Lending, in stark contrast to the 2017 Legislative Session where Texas lenders saw substantial changes to Home Equity Lending, Powers of Attorney, Remote Notarization and other significant legislation. We…

In March, the Internal Revenue Service (IRS) issued a revised Form 4506-T, “Request for Transcript of Tax Return”. The new format protects tax payer data by partially masking personally identifiable information. Effective immediately, this revised Form must be used to…

The country will observe a National Day of Mourning on Wednesday, December 5, 2018, honoring the life of 41st President of the United States, George H.W. Bush. Question:  How will the National Day of Mourning impact the counting of “business days”…

The Texas Finance Commission has updated Chapter 153 of the Texas Administrative Code to reflect the changes to the Texas Home Equity Lending Laws that took effect in January of 2018.  The updated interpretations become effective March 29, 2018.  The…

The Texas Department of Insurance recently issued an order regarding a change to the Title Guaranty Fee.  Beginning January 1, 2018, the name of fee will be the Guaranty Assessment Recoupment Charge (GARC).  The fee will increase from $3.00 per policy to…

We wanted to alert you to an issue relating to Home Equity loans scheduled to be closed after January 1, 2018.  As you know, there will be a new 12-day Home Equity Disclosure beginning January 1, 2018.  The new disclosure…

The Texas voters approved the Texas Constitutional amendment affecting home equity loans, which will impact all credit unions making home equity loans in Texas.  These changes will become effective January 1, 2018. The full text of the changes can be…

The CFPB published their Summer 2017 Supervisory Highlights in September, which included a list of common TRID mistakes made by lenders.  The full publication can be found here.   The CFPB examiners found the following common TRID mistakes: Fees increased between Loan Estimate…

Special Note Regarding Hurricane Harvey: Many of our Credit Union clients have witnessed the devastation of Hurricane Harvey and are now helping their members restore some semblance of normalcy.   It is a daunting task but Credit Unions have historically been…