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Title Notes E-News           West Virginia Bankers Title, LLC              February 2016

The 7 Essential Practices of Leadership That Work
by Douglas Conant, ConantLeadership and co-author of Touchpoints

The craft of leadership is the art and science of influencing others. The 21st century is unfolding at an unprecedented pace with exponential complexity. Mastering this craft in the new millennium demands an understanding of both enduring leadership principles and essentialhigh-impact leadership practices.
The ConantLeadership Flywheel:

Click HERE to read more details about this high-impact leadership model that outlines the 7 essential leadership practices you will need to perform in today's complex world.

Here are additional articles related to Leadership and Professional Development you may enjoy: 
Industry Hot Topic: (TRID) .... The Never-Ending Saga
TILA/RESPA Integrated Disclosures - PART XII

Oops! CFPB Quietly Fixes Error in TRID Rule
by Phil Hall
To paraphrase Dinah Washington: What a difference a word makes. The Consumer Financial Protection Bureau (CFPB), with none of its usual media fanfare, quietly corrected the TILA/RESPA Integrated Disclosure (TRID) rule by inserting a missing word that impacted the question of property taxes.
As originally published in the Federal Register in December 2013, the CFPB's rules stated that "property insurance premiums, property taxes, homeowner's association dues, condominium fees, and cooperative fees ... are subject to tolerances whether or not they are placed into an escrow, impound, reserve, or similar account."
However, a small but crucial word was missing-the text was supposed to read "are not subject to tolerances whether or not they are placed into an escrow, impound, reserve, or similar account."


Use of Title Request Form
Improves Your Client Experience

In a continuous effort to provide the best service to you and your customers, I'd like to stress the importance of theTitle Request Form and why it is imperative that we receive it. The most obvious reason is so that we may order the title search from the attorney, but the Request contains vital information we need in order to issue an accurate Policy in a timely manner:
  • Contact person - Without knowing who is working on the file we cannot ensure that you will receive a copy of the documents you are waiting for. We also do not know to whom to direct any questions should we have any.
  • Loan amount - Determines the premium.
  • Construction/mobile homes - There are specific requirements that must be met with construction loans or property containing mobile homes. If we are unaware of this information, your Policy may not contain the appropriate coverage.
  • Vesting - For both refinances and purchases we need to know who the vested owner of the property is intended to be so that we can make the correct deed requirements and confirm that the right people are signing your Deed of Trust.
  • Closing agent - This will determine if a Closing Protection Letter is needed, which will also effect the premium.
  • Special instructions - Do you require a chain of title on your Commitment? Will your lien be in second position? Do you need particular Endorsements? This is the space to inform us of any specific items that need to be included with your Commitment/Policy.
Please do not assume that the attorney will give us this information. They often do not know how your loan is being structured and therefore cannot provide the information we need to issue your Commitment and Policy.
Your cooperation in this matter is very much appreciated and, as always, feel free to contact us with any questions or concerns you may have. Click HERE to access the WVBT Title Request Form.

4 Ways to Improve Loan Officer and Real Estate Agent Relationships
Here's how to make your relationships thrive
by Bill Gassett
Just as real estate agents need loan officers to sell homes, loan officers need homebuyers to stay in business. Long-term relationships with and referrals from real estate agents help loan officers keep volume up, which means it is important for loan officers to know how to cultivate these relationships. 
Here are 4 tips to help you build a foundation and improve your interactions with real estate agents, as well as help you stand out from the competition. 
      1. Realize you are on the same team3. Establish a system of communication
      2. Be accountable4. Uses social media to help each other
Click HERE to read the details of each of these tips.

Here is an additional article you may enjoy:
Becoming the Bank Your
Customers Love
It is possible for banks to become customer-centric if they combine the right mindset and culture with appropriate technologies and a connected platform.
by Anthony Morris
The changes we have seen in the past five to 10 years have brought an onslaught of complexity, cost and frustration for banks and customers alike. Today, customers are demanding one-on-one, smarter and simpler relationships with providers, but banks offer little in this space beyond the commoditized digital movement of money.

Is it actually possible for banks to truly know their customers and be their trusted financial partners, to the point where those customers can say, "I love my bank"? We believe this is possible and there are five steps to achieve this level of trust and intimacy. Click HERE to learn about these five steps.

Here are additional articles related to Banking you may enjoy: 
Investors Title Announces 4th Quarter and Fiscal Year 2015 Results
Investors Title Company announced its results for the fourth quarter and year ended December 31, 2015. For the year, net income attributable to the Company increased 29.9% to $12.5 million, or $6.30 per diluted share, versus $9.6 million, or $4.74 per diluted share, for the prior year. For the quarter, net income attributable to the Company decreased 18.5% to $2.2 million, or $1.12 per diluted share, versus $2.7 million, or $1.33 per diluted share, for the prior year period. Revenues for the year reached $127.2 million, a new record for the Company, which represents an increase of 3.3% versus the prior year.Click HERE to read the entire press release.
Are Banks Charging Enough For Their Loan Risk?
by Chris Nichols

Bankers are lamenting the current ridiculous low loan spreads and questioning if they are getting appropriately compensated for the risk that they are taking with their capital.
This brings up the question - Are banks getting compensated for all of the risks that they take for extending credit? Our resolute answer is - no, bankers rarely get sufficient revenue for the risks that they take in lending. That means that the strategy of banking should be to minimize the amount of credit risk, which is the opposite of how most community banks have constructed their business model. 
Our industry needs to shift from a risk-taking strategy to a consulting and service-based strategy. The goal of banking should be to maximize lifetime value.The banks that survive, and thrive, will be those that take minimal amount of risk and provide the highest level of both service and consultation to customers. This is the modern view of bank lending. Click HERE to read the entire article.

Here are additional articles related to Community Banks and Risk you may enjoy: 
Freddie Mac Launches Online Tool to Help Real Estate Professionals
Aims to strengthen customer connections and much more
by Cynthia Barraza

Freddie Mac launched an online real estate professionals resource center that is designed to keep real estate agents, brokers, housing counselors, and other practitioners on top of the latest affordable mortgage products, training, and networking opportunities as well as customizable promotion tools, the company announced recently.

The new Real Estate Professionals Resource Center is an easy-to-navigate webpage that helps connects users with information to help them strengthen their customer connections, educate clients, and do more business as their market's trusted advisor, the government-sponsored enterprise said. Click HERE to check it out.

Here are additional articles related to Realtors and Real Estate Trends you may enjoy:


**Remember to offer your borrowers Owner's Coverage on their most valuable investment. It's a one time premium with a lifetime of security. In addition, they will receive a reduced premium rate when they obtain it simultaneously with your Lender's Coverage.**

What Topics Are On Your Mind?

West Virginia Bankers Title wants to provide you with pertinent information in future E-Blasts and Webinars. What questions are on your mind regarding the real estate and mortgage lending industry? What Topics would you like addressed in future E-blasts? Send Jade Audia your thoughts.
Bob Drummond
Give us a call and let us know how we can better serve you and your team!
Vice President & Agency Manager
West Virginia Bankers Title, LLC
1547 Tulip Lane
Fairmont, WV 26554

Integrity. Security. Excellence.

At West Virginia Bankers Title, our goal is to provide security for your most valued investments, while offering exceptional customer service and delivering quality title insurance products in an accurate and timely manner.
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