Hollerbach Knows Texas Better

 

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With the passage and signature into law by the Governor of S.B. 1320 - effective September 1, this will be changing. Notaries will now be allowed to accept passports issued by foreign governments, removing the need for a sworn witness. This will also increase the importance of the settlement or closing agent, who will now be responsible for verifying the identification of non-US citizens. Although there had originally been some push to include additional forms of ID (including any foreign ID card with a photo and signature), a foreign passport will be the only acceptable form of identification for now. With an increasing number of homeowners likely to come from the ranks of foreign nationals and immigrants, this little-noted provision may become very important in years to come.

Notes From The 82nd Legislative Session.

  • The big topic in Austin, as it was in other states, was the budget shortfall. More than a few will have an ox gored soon.

  • Because of that concern—or in spite of it—many of the Texas mortgage lenders believe that the biggest regulatory or legislative changes they'll face this year will be at the Federal level…namely, the Consumer Financial Protection Bureau and the Dodd-Frank act.

  • Some of the folks to whom I've spoken to are expecting that the Federal Government may even pressure the state to follow up on the act with its lenders and bankers. The anticipation, although it's early, is that Texas may be one of those states that "pushes back."

  • Finally, there seemed to be a fair amount of discussion in the hallways about tax lien loans, and, specifically, the priority conferred by the loan. There are no bills on the matter right now, and down the road, it's not clear yet which way the wind will blow. But it is being talked about…

 

Learn how Hollerbach & Associates serves lenders, title agents, underwriters and settlement services firms doing business in Texas.
 

 

LONE STAR STATE RESOURCES

 

Texas Bankers Association
http://www.texasbankers.com/

Texas Land Title Association
http://www.tlta.com

Real Estate Center at Texas A&M University
http://recenter.tamu.edu/