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

Motivation: Recommended Daily
by Carletta Clyatt, SVP at The Omnia Group

As a manager, it's tempting to allow staff motivation efforts to fall by the wayside. You have bigger things to think about, like reaching your consumer lending goals and dealing with irate customers about their NSF fees! 

Why should you have to worry about keeping your employees motivated? "People should feel lucky just to have a job!"...right? But if you manage with this state of mind, your staff will be made up of people who ARE just lucky to have jobs. They show up (most of the time), they do the work (most of the time) and they have a good idea of what it takes to NOT get fired (most of the time). Your superstars will have moved on and your potential superstars will be watching the clock by day and surfing employment sites by night.

Sure, a person needs a job to survive. But your best employees need meaning to live. Make your employees' jobs meaningful to them, so they give it their all because they want to, not because they think they have to.

I think Zig Ziglar put it best, "People often say that motivation doesn't last. Well, neither does bathing - that's why we recommend it daily."

Positive motivation creates positive momentum. Keep motivation top of mind and regularly use our simple, universal tactics to create a culture of motivated employees. Click HERE to read more.

Here are additional articles related to Leadership and Professional Development you may enjoy: 
Industry Hot Topic: (TRID) .... And the beat goes on
TILA/RESPA Integrated Disclosures - PART XIII

It's Official: TRID Kills Mortgage Profits
by Phil Hall

The net gain on each loan originated by independent mortgage banks and mortgage bank subsidiaries plummeted 60% in the fourth quarter of 2015 due to the implementation of the Consumer Financial Protection Bureau's TILA-RESPA Integrated Disclosures rule in October.  

Net gains only reached $493 on each loan they originated in the fourth quarter, down from a whopping $1,238 per loan in the third quarter of 2015, the Mortgage Bankers Association reported in its Quarterly Mortgage Bankers Performance Report.

"Production profits dropped by over 60% in the fourth quarter of 2015 compared to the third quarter," said Marina Walsh, MBA's vice president of industry analysis. "With the Know Before You Owe rule going into effect last October 3rd and declining production volume compared to the third quarter of 2015, mortgage bankers saw their total loan production expenses climb to $7,747 per loan, from $7,080 per loan in the third quarter." READ ON

Time to Worry About Revised HMDA is Now
by Karl Dahlgren, BAI
Don't get lulled by the 2018 date for collecting the expanded data required under the revised Home Mortgage Disclosure Act (HMDA). Yes, banks and non-bank mortgage lenders have two more years to meet the requirements. However, collecting that data accurately and understanding the story it tells will likely turn into the equivalent of a tough hike through rugged mountains. So, it's best to be prepared. 

Before venturing into any unfamiliar territory, it's essential to have an updated map and a thorough understanding of the potential risks. The expansion of HMDA gives lenders so much to learn, consider and act on that 2018 really is much closer than it seems at first. Lenders that invest now in learning and training will be better prepared to make the HMDA journey. READ ON

Here are additional articles related to Banking you may enjoy: 
Changing the Message About Mortgage Lenders: From Villain to Hero
The media and the public overlook the mortgage industry's efforts 
A hero can be defined as a company that partners with its clients to achieve customer delight. Such customer satisfaction can be obtained by allowing the customer to utilize the most recent technology and making sure the customer is protected by implementation of the latest laws. In addition, this hero is one that that helps its clients attain their dreams and, in doing so, promotes a healthy social and economic environment. 

Why then, are mortgage lending companies consistently portrayed as villains instead of heroes? While mortgage lenders are not completely altruistic as perhaps true heroes, due to their need to make a profit and to be a sustainable business, there is no villainous intent to deceive or hurt the consumer. In fact, the very opposite is true; lenders want to be able to provide the best product available to the consumer, in a sustainable business model while remaining in compliance with regulatory requirements.

Nevertheless, the message continuously exemplifies mortgage lenders as villains rather than heroes. READ ON 

Here are additional articles related to Mortgage Lending you may enjoy: 
The Best Voicemail Your Bank 
Has Ever Left
by Chris Nichols

If truth be told, bankers don't leave good voicemails to potential prospects. We have heard thousands and have received hundreds and they lack the basic elements of a good voicemail. It is not the banker's fault because the art of voicemail is rarely taught. That is a shame as a good voicemail can make a difference. A good calling officer carves out at least 2-4 hours per day to prospect and can make 20 cold/warm calls during that time. Usually, only 2 prospects out of 20 will answer a call, leaving 18 on the receiving end of a voicemail. Of those, usually only 1 will return a call. Click HERE to learn about a technique used to boost that effectiveness more than three-fold.
5 Things Real Estate Agents Should Know About Low Down Payment Options
Understanding how low down payment mortgage options will help you save money
by Cynthia Barraza

Here are 5 reasons why real estate agents need to know about low-down payment mortgage loans.
  1. FHA is mortgage insurance
  2. PMI allows a borrower to put less money down
  3. FHA can lead to more borrower debt
  4. Credit scores make a difference
  5. FHA mortgage insurance can't be terminated

Click HERE to read the entire article. 


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


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.


**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

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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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