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#2016190 - 05/27/15 02:43 PM TX Disclosure to be used in with the Closing Disc
purllow182 Offline
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purllow182
Joined: Apr 2014
Posts: 69
Hello - Any of you lending in the state of Texas, hearing anything regarding this? Would be interested if you've heard anything other than it being proposed...thanks

Texas Land Title Association formed a task force last year to determine how the new federal Closing Disclosure meshed with Texas Regulations. There are disclosures that are required in Texas that are either not accommodated on the federal disclosure or are not accurately represented on that form. This proposed separate Texas Disclosure form is a result of that effort and it addresses those conflicts and deficiencies.

The Texas Disclosure specifically addresses the conflict between how simultaneous issue is required to be shown on the federal Closing Disclosure and how Texas regulations treat simultaneous issue transactions. Additionally, it provides a place for items that are required to be disclosed in Texas but are not accommodated on the Closing Disclosure. Finally, it includes a place for the signature line authorizing the settlement agent to disburse funds according to the Closing Disclosure."
Instructions are Proposed Procedural Rule
The new Disclosure is Texas Disclosure Form T-64 :

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#2016202 - 05/27/15 03:01 PM Re: TX Disclosure to be used in with the Closing Disc purllow182
rlcarey Online
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Joined: Jul 2001
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Galveston, TX
The hearing on this proposal is scheduled for today.
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#2016208 - 05/27/15 03:08 PM Re: TX Disclosure to be used in with the Closing Disc purllow182
purllow182 Offline
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purllow182
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Posts: 69
Thanks @rlcarey!

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#2027794 - 07/17/15 01:59 PM Re: TX Disclosure to be used in with the Closing Disc purllow182
DoubleNickel Offline
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Joined: Jan 2013
Posts: 25
The following information was in the July 2015 issue of Capitol Comments from IBAT: Texas Department of Insurance adopts Texas disclosure rule and form required with new CFPB TRID disclosure:
The Texas Department of Insurance adopted new 28 TAC §9.2,24 which adopts by reference a new procedural rule (Rule P-7325) and form (Form T-6426) as amendments to the Basic Manual of Rules, Rates and Forms for the Writing of Title Insurance in the State of Texas. The form is an addendum--the Texas Disclosure--to the new federal Closing Disclosure form (Closing Disclosure). The procedural rule requires settlement agents to use the Texas Disclosure. The Closing Disclosure helps consumers understand the costs associated with closing on a mortgage loan. The Texas Disclosure is necessary to provide a clear and complete disclosure of costs related to closing and title insurance in
Texas.
Comment: The new Texas Closing Disclosure is for use with the federal TILA/RESPA Integrated Disclosure. The effective date is August 1, 2015, but its use is not required until the TRID is required, and it isn’t required until October 3, 2015. It is the responsibility of the closing agent to complete the disclosure.

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#2027816 - 07/17/15 02:33 PM Re: TX Disclosure to be used in with the Closing Disc purllow182
The OG Zaibatsu Offline
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The OG Zaibatsu
Joined: Dec 2007
Posts: 1,713
Texas
And you will notice that the last line of the comment says that it is the closing agent's (title company) responsibility. It is not the banker's responsibility.
Last edited by -Z-; 07/17/15 06:17 PM.
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#2027845 - 07/17/15 03:06 PM Re: TX Disclosure to be used in with the Closing Disc purllow182
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 83,227
Galveston, TX
And I would recommend that bank stay as far away from this disclosure as possible.
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