Mortgage Industry News

The attorneys at Black | Mann & Graham publish residential mortgage industry specific news and changes in state and federal law to educate our community of attorneys, lenders, and customers. Join our newsletter at the bottom of the page to be notified when a new article is published.

Home Equity Lending Proposed Constitutional Amendments (S.J.R. 60)

Published on Thursday, June 15, 2017 in Texas Legislation

The Texas Legislature recently passed Senate Joint Resolution 60 (S.J.R. 60), a joint resolution proposing amendments to the Texas Constitution that would change provisions governing Texas Home Equity lending. S.J.R. 60 will be submitted to the voters at an election to be held November 7, 2017, and, if approved, will take effect January 1, 2018. With regard to the amendments proposed by S.J.R. 60, this memorandum discusses the following: (i) changes with substantive effect (Major Changes); (ii) changes with less substantive effect (Minor Changes); (iii) potential implementation issues—including our view that the changes will create a twelve-day window from January 1, 2018, to January 12, 2018, during which home equity loans cannot close (Implementation Issues); and (iv) an assessment of the likelihood of approval (Likelihood of Passage). For reference, the text of S.J.R. 60 is reprinted in an addendum to this memorandum.

Texas Home Equity Lending Interpretations Amendments

Published on Monday, November 28, 2016 in Texas Legislation

In the November 18, 2016, issue of the Texas Register (41 TexReg 9106), the Finance Commission of Texas and the Texas Credit Union Commission (the “Commissions”) jointly adopted amendments to §§153.5, 153.8, 153.13, 153.14 and 153.17 of the Home Equity Lending Interpretations. These amendments are effective as of November 24, 2016. The Commissions adopted the amendments without change to the proposed text published in the July 22, 2016, issue of the Texas Register.

2015 Legislative Update from 84th Regular Session of the Texas Legislature

Published on Thursday, August 27, 2015 in Texas Legislation

 

This legislative update summarizes the bills and one proposed constitutional amendment that we consider of interest to our clients, listed in order of importance and not when effective. The effective dates are noted in the applicable summary.

Home Equity Lending – Proposed Amendments to Home Equity Lending Interpretations, §§153.1, 153.5, 153.15 and 153.51

Published on Tuesday, July 08, 2014 in Texas Legislation
In the July 4, 2014 issue of the Texas Register (Volume 39 Number 27), the Finance Commission of Texas and the Texas Credit Union Commission (“commissions”) jointly proposed amendments to the following home equity lending interpretations in the Texas Administrative Code (7 TAC Chapter 153), as set out below:

Texas Finance Commission Amends Loan Status Forms in the Texas Administrative Code

Published on Wednesday, April 30, 2014 in Texas Legislation
In the April 25, 2014, issue of the Texas Register (39 TexReg 3392), the Finance Commission of Texas adopted amendments to the Loan Status Forms, Figure: 7 TAC §80.201(a) and Figure: 7 TAC §80.201(b). The amendments to the figures in §80.201(a) and (b) are adopted without changes to the text as published in the March 7, 2014, issue of the Texas Register (39 TexReg 1562). In general, the purpose of the amendments is to correct the placement of language in the figures. These amendments make no substantive changes to the existing Loan Status Forms. 
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