June 26, 2019
In This Issue:
- Compliance Webinar: New Rate and Rate Rule Changes to the Basic Manual
- Texas Tops the U.S. for Real Estate Development Spending and Jobs
- Free Guide Outlines Legal Issues for Texas Landowners
- Push to Overhaul Fannie, Freddie Nudges Up Mortgage Costs
Sign Up Today for This Compliance Webinar: New Rate and Rate Rule Changes to the Basic Manual
TLTA | June 26, 2019
The Texas Department of Insurance recently adopted an order that revises the basic premium rate and amends our industry's rate rules. The changes enacted by this order will be effective Sept. 1, 2019. A compliance webinar detailing the changes enacted by TDI's order and how to implement them will be presented July 25.
Webinar: New Rate and Rate Rule Changes to the Basic Manual
Thursday, July 25
10:30 – 11:30 a.m.
Presenter: John P. Bruce, CTIP, NTP
CE Credit: 1 hr Escrow
Register Now »
The TDI order addressed in this TLTA webinar is the culmination of a year-long review of our basic premium rates and rate rules. TLTA volunteers and staff, working in concert with our industry's legal team and actuaries, were deeply involved in the public discussions and negotiations that led to the changes detailed in the compliance webinar linked above.
Read TDI's Order »
Texas Tops the U.S. for Real Estate Development Spending and Jobs
Dallas Morning News | June 25, 2019
For the second year in a row, Texas topped the nation in real estate development activity in 2018.
With almost $26 billion in direct spending on real estate projects, the Texas building sector contributed more than $62 billion to the state's economy last year, according to a report from the NAIOP, the Commercial Real Estate Development Association.
The development sector supported more than 400,000 jobs in the state last year, the industry trade group said in its annual economic impact report.
Texas was ahead of both New York and California in the ranking of real estate development impact in each state.
Commercial property developments created and supported 8.3 million American jobs in 2018 and resulted in salaries and wages of $325.9 billion, according to the NAIOP study.
The industry contributed $1 trillion last year to the country's gross domestic product, the report said.
Read More »
Free Guide Outlines Legal Issues for Texas Landowners
TexasRealtor | June 18, 2019
There’s a lot more to know about owning land in Texas than just oil and gas law. Fence laws, agricultural leases, water law, and renewable-energy leases are just a few examples of topics Texas landowners should learn about.
Owning Your Piece of Texas: Key Laws Texas Landowners Need to Know, a free handbook from Tiffany Dowell Lashmet, assistant professor and extension specialist for Texas A&M AgriLife Extension, is a resource for current and prospective landowners to get up to speed on Texas law.
Learn More and Download the Free Handbook »
Push to Overhaul Fannie, Freddie Nudges Up Mortgage Costs
Wall Street Journal | June 25, 2019
Investor anxiety about a Trump administration push to overhaul housing finance is showing up in prices in the market for mortgage-backed securities.
Securities issued by mortgage giants Fannie Mae and Freddie Mac are trading at a growing discount compared with securities sold by Ginnie Mae, another government agency that backs mortgages, bond data show. That has led to higher borrowing costs for plain vanilla mortgages.
The market for Fannie and Freddie’s securities is the world’s second largest behind Treasury's. Investor demand for the securities is strong because the companies are currently backstopped by the U.S. government. The companies are central to the popular 30-year mortgage, which locks in steady payments for buyers.
Yet investors say the gap between Fannie and Ginnie securities has widened as administration officials develop a proposal to overhaul Fannie and Freddie and release them from government control more than a decade after Washington seized the firms during the financial crisis.
Mark Calabria, Fannie and Freddie’s new federal regulator, has been vocal about his desire to end the decade-long conservatorship of the companies. The moves have made some investors wary any overhaul could reduce or eliminate the federal backstop.
White House staff are reviewing a draft of the plan, written by the Treasury Department, and it could be completed as early as July, according to people familiar with the matter. Only Congress can create a federal guarantee for Fannie and Freddie’s securities, but the chances of lawmakers acting are slim. As a result, investors are uncertain how the companies will be backstopped through any move to privatize the companies administratively.
Read More »
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