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To: Shawn Sullivan
From: Diane Tomb, Chief Executive Officer
Subject: ALTA Advocacy Update - November 23, 2021
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It’s Thanksgiving week. Both houses of Congress are out for the holiday.
The Senate is expected to the take up its version of the National Defense Authorization Act (NDAA) when it returns after the holiday. The House version of the NDAA included the SECURE Notarization Act as a provision.
Before the House left town, the chamber passed its version of the Build Back Better Act (also known as the reconciliation bill). The Senate is expected to take it up by the end of the year with the hope of giving President Biden an end-of-year policy win.
Thanksgiving—my favorite holiday of the year—is a time to reflect. To express gratitude. To appreciate where we have been and where we are going.
We have a lot to be thankful for this year, from big wins on the advocacy front (see the bit about the SECURE Notarization Act above) to record enrollments in our online educational classes, to putting on an unbelievable and safe hybrid ALTA ONE in New Orleans last month. Those are just a small slice of the items I will be toasting on Thursday.
As we celebrate our accomplishments, there is always one eye toward the future. Last week, ALTA President Dan Wold was in town to talk about our strategic priorities for 2022 and our plan for making progress on these items. We discussed our advocacy agenda and our outreach with the new leadership at the Consumer Financial Protection Bureau (CFPB). Dan also took the time to reinforce his commitment to engagement across all areas at ALTA and especially with TIPAC. Dan met with the new TIPAC Chair Jeff McEvoy, along with Vice Chairs Jeff Bates and Rich Griffin, who were in town to talk about their approach to TIPAC fundraising in 2022.
One thing was very clear during last week’s meetings: We could not be as successful over the past year without the amazing engagement of our members and the talents of our team.
I am so thankful and grateful to work with an amazing team here at ALTA. Last week, our very own Emily Tryon was named a top lobbyist by the National Institute for Lobbying & Ethics (NILE). It’s great to see Emily get recognized by her peers for something we have known for years: She is a rockstar!
There is a lot to be grateful for in 2021. Hopefully, Congress will add to that list as it finishes up 2021. Happy Thanksgiving.
HUD Releases 2021 Report on Health of FHA Program
Last week, the Department of Housing and Urban Development (HUD) published its Annual Report to Congress on the financial status of the Federal Housing Administration’s (FHA) Mutual Mortgage Insurance Fund. The report showed the financial stability of the insurance fund improving with a combined capital ratio of 8.03%. This is well above the statutory minimum of 2.0%.
Despite calls from industry, FHA is so far resisting lowering its mortgage insurance premiums in light of the report. FHA officials are calling for a “cautionary approach” due to delinquencies and uncertainty about loans in forbearance. This comes as the inspector general for the Federal Housing Finance Agency (FHFA) reported that pandemic relief is expected to cost Fannie Mae and Freddie Mac roughly $8 billion over the next few years. The 50 basis point adverse market fee that was put in place in 2020 and eliminated this summer will cover most of those costs.
FHFA Releases Annual Scorecard for Fannie Mae and Freddie Mac
The FHFA released its 2022 Scorecard for Fannie Mae and Freddie Mac. The scorecard shows the metrics by which the regulator will evaluate the two GSEs and serves as a guide for GSE policy changes and decision making.
Not much is changing on the 2022 Scorecard, although it will place a greater emphasis on issues related to affordability, fair lending and equity. The 2022 Scorecard includes specific single-family initiatives related to facilitating a greater supply of affordable housing, updating the current pricing framework, modernizing the appraisal process, improving the availability of small-balance loans, finalizing the review of new credit score models and ensuring a focus on the effects of climate change.
Federal Regulators Require 36-Hour Cyber Incident Reporting for Banks
On Nov.18, the Federal Deposit Insurance Corporation (FDIC), the Federal Reserve Board and the Office of the Comptroller of the Currency (OCC) issued a final rule requiring banks to report significant computer-security incidents within 36 hours to their regulator. This is another step in the general trend of regulators asking industry to report incidents more quickly. A bipartisan effort in Congress is looking to make this the law for all critical infrastructure businesses.
The final rule defines significant incidents to those that impact: (i) the viability of a banking organization’s operations; (ii) its ability to deliver banking products and services; or (iii) the stability of the financial sector. Additionally, the final rule requires banks to obtain info about incidents involving their vendors as soon as possible if it will disrupt or degrade customers for four or more hours. Title companies should expect to start seeing faster reporting requirements in their bank contracts and closing instructions. The rule is effective April 1, 2022, and banking organizations are expected to comply with the final rule by May 1, 2022.
Digital Closing Boot Camps Feature All-New Content
Go digital with the ALTA, MBA & MISMO Digital Closing & eMortgage Boot Camps! Right now, you can take advantage of our BOGO offer and bring a colleague for free when you register. This is your opportunity to have all of your questions answered as our industry navigates unprecedented shifts. You have two chances to attend for your ultimate convenience.
Your first opportunity to attend Boot Camp is Dec. 6-7 in San Antonio, Texas. (Following this Boot Camp, the Texas Land Title Association [TLTA] will be hosting its 31st Annual Robert C. Sneed Texas Land Title Institute from Dec. 9-10. For more information on the TLTA event, visit tlta.com.)
If that time or place doesn’t work with your schedule, you have one more chance: The next Boot Camp will be held Jan. 13-14, 2022, in Clearwater, Fla. The Early Bird rate for our second Boot Camp expires Dec. 1. Register today and save $100!
Featuring all-new content: We offer a wide selection of technology-focused education sessions to help put you on the right path, including:
- WIIFM: Monetizing Digital Transformation
Session brought to you by Notarize.
Leveraging change to improve your internal processes and expand your market share is business 101! During this session, we will discuss how to get the most out of your organization’s digital adoption. Find out how to maximize your ROI as you implement digital closings and eMortgages.
- We Need to Talk
Session brought to you by SimpleNexus.
Believe it or not, one of the biggest hurdles to digital adoptions is communication. Strong communication practices and development of healthy feedback loops with industry partners, vendors and consumers are guaranteed to take your digital efforts to the next level.
Digital Closing Boot Camps are designed to inspire you to energize customer experiences as well as your company’s operational efficiencies. As an attendee, you will have the opportunity to mix with lenders and title professionals across the country. You also will get first-hand access to innovative technology solutions that will boost your results!
Join us at Boot Camp and get the blueprint for going digital.
Learn More
I hope this ALTA Advocacy Update is useful to your work this week. Your comments and questions are always welcome. I can be reached at dtomb@alta.org.
Best regards,
Diane Tomb
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