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

5 Tips to Improve Nonverbal Communication in Meetings
by Hallie Crawford

Assertive communication is important for successful business relationships, whether they're with your co-workers, your clients or executives in your company. 

What we don't say can be just as important as what we do say. For example, we try to extend firm handshakes and smile when greeting important people in our business lives. 

A firm handshake is generally recognized as a sign of someone who is sure of himself and therefore someone we may be more likely to trust.

However, effective nonverbal communication goes further than that first handshake. Here are five ways to improve nonverbal communication, especially during meetings or presentations.
 
          1.  Eye contact4.  Gestures
          2.  Tone5.  Appearance
          3.  Posture 
 
Your appearance, gestures and posture are as important as what you say during a meeting. 
Click HERE to read the details on how you can improve nonverbal communication.
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Here are additional articles related to Leadership and Professional Development you may enjoy: 
Industry Hot Topic: (TRID) TILA/RESPA Integrated Disclosures - PART XIV

Here are some examples of common TRID errors - Range from simple to egregious
by Brenda Swanson

Regardless of how minor or major a mistake is, it still is one. A recent letter from the Association of Mortgage Investors gave an inside look at some of the mistakes that have come from the new TRID rule. The errors are broken up into three categories.

Frequent loan estimate defects
  • Numerical computation errors on the Loan Estimate (e.g., itemization of Loan Costs do not total the Total Loan Costs on page two of the Loan Estimate, Loan Costs and Other Costs do not total Estimated Closing Costs in the Costs at Closing table on page one of the Loan Estimate).
  • The Estimated Closing Costs are not calculated in the same manner as the Total Closing Costs disclosed on page 2 of the Loan Estimate.
  • Prepaids table does not include the applicable time period covered by the amount to be paid by the borrower and the total amount paid.
Frequent closing disclosure defects
  • Calculating Cash to Close table does not reflect "Yes" when amount changed from Loan Estimate to Final. When the answer to the question is "Yes", there is no indication where the consumer can find the amounts that have changed on the Loan Estimate.
  • Numerical computation errors (e.g., itemization of Loan Costs do not total the Total Loan Costs on page two of the Closing Disclosure, Loan Costs and Other Costs do not total Closing Costs in the Costs at Closing table on page one of the Closing Disclosure).
  • Loans closed prior to three day waiting period.
Examples of technical and minor errors frequently cited as TRID violations
  • TRID: Loan Estimate disclosed the Courier, wire, and storage fees on the same line in the closing costs section. Each fee should be disclosed on its own line.
  • TRID: LE Loan Costs/Other Costs Deficiency - The "Title - CPL" Fee is not labeled correctly on the Loan estimates. CPL is not an Acceptable abbreviation and should reflect "Closing Protection Letter".
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TRID TIP: Did you know that some of the issues seen on the secondary market can be fixed at closing?

Investors are rejecting loans if the word "Title - " doesn't precede all title fees on the closing disclosure form. (i.e. "Title - Settlement Agent Fee"). There have even been some issues with not having a space in between "Title" and the hyphen. The regulatory text has a space in the "Title -".

Double checking the closing disclosure form at closing could help alleviate this issue post closing.
Empty your cup: Time to unlearn entrenched habits
 
Community banks are at a place in history that requires emptying the cup to make room for new methods and ideas. Emptying the cup does not mean letting everything we know to go down the drain; rather, it represents that we let go of perceptions, actions, and mindsets that hamper our ability to be masterful today and tomorrow. Entrenched mindsets, tired dialogues, and tactical focus at the board level will keep our cups full; yet, they may be full of lukewarm coffee with soured milk. Click HERE to read the entire article.
 
Buying a home is an exciting and emotional time for many people. To help your clients buy a home with more confidence, make sure you recommend owner's title insurance. Here's why it's so important:
 
1.  Protects Largest Investment
2.  Reduces Risk
3.  You Can't Beat the Value
4.  Covers Your Heirs
5.  Nothing Compares
6.  8 in 10 Homebuyers Agree
7.  Peace of Mind
 
Click HERE to learn how to protect your clients. Contact your West Virginia Bankers Title Underwriter for a quote at 1.877.439.4910.
How Closing Funds Get Hijacked by Fraudsters
by Jeff Lazerson

Much easier than robbing banks, email hackers are tricking home purchasers with last-minute changes to wiring instructions. The result is downpayment and closing funds are being diverted to the crooks' account and potentially lost forever. The Federal Trade Commission is so concerned about this scam that they've issued a bulletin in cooperation with the National Association of Realtors titled; Scammers Phish for Mortgage Closing Costs. 
Here are the top 5 marketing risks for mortgage loan officers
What does your outbound message look like?
by Sue Woodard
 
Most people are familiar with the term "risk factors," but mortgage loan officers doing business today face both risks and factors when reaching out to prospective customers, partners and existing clients with advertising and marketing materials.  
  
Fortunately, there's good news here. The biggest and most common outbound marketing risks are controllable.
  • Risk #1: Lack of consistency and continuity
  • Risk #2: Loss of efficiency
  • Risk #3: Lack of Exposure
  • Risk #4: Failure to identify and motivate
  • Risk #5: Compliance
Click HERE to learn the details behind each of these risks.
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Here are additional articles related to Mortgage Lending you may enjoy: 
Banks Should Be Like Camels...huh?!
by Paul Robert

To begin your process of evolution, like the camel, here are a few ideas:
  • See your business through new lenses. 
  • Share that data with your staff. 
  • Challenge the current mindset. 
  • Keep the ball rolling. 
If your bank becomes dynamic, adjusts to new discoveries, and reimagines your business model, like the camel, it too can stave off extinction and thrive in a new and different environment. Click HERE to read Paul's entire thought-provoking article.
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Don't Use E-mail to Manage Transactions

As hackers continue to use fraudulent online messages to steal money from unsuspecting home buyers, the best way to protect yourself and your clients is to avoid using e-mail to transmit or store transaction-related details. Instead, security experts recommend using other tools to handle information about home sales-and making sure every client knows that instructions related to their home purchase will never appear in their inbox.
 
A key way to protect your clients, your brokerage, and your business from the scammers is to make clear to buyers that no one involved in their transaction will use e-mail to send them any sensitive information or instructions-and that they should check with you or another authorized person using a known phone number if they receive such a message. Tell them to be similarly suspicious of instructions in text messages. 
 
Click HERE to read the entire article. 
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Here are additional articles related to Realtors® and Real Estate Trends you may enjoy:

SPECIAL REQUEST FROM YOUR WVBT STAFF:
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.**

WANTED: YOUR FEEDBACK
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
304.333.5162
1.877.439.4910

 
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