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

Unleashing Your Employees' Super Powers
by Meghan M. Biro

Make a list of five of your good employees. Not the stars, and not the laggards, but people who come in everyday, do a good job, and go home. (This applies to telecommuting roles too btw) Now take a look at that list, and take a minute to think about each of those five people. What percent of their potential do you think they're delivering at work? 50%? 60%? 70%? Can you imagine them taking their performance up a notch or two?  What would that mean for your organization's results?

It would mean a lot! So why not rethink employee engagement and retaining your talent that shows up every day?

Unleashing Career Potential Matters
Great leaders inspire people and find ways to unleash their hidden power. And from that, flows success. And satisfaction. And energy. And innovation. And profits. And a better workplace culture. Read on...
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Here are additional articles related to Leadership and Culture you may enjoy: 
Three Tips for Growing Core Customer Relationships
by Achim Griesel

Have you heard this from a community banker? "We are uniquely positioned to service the affluent customer." And, "Our service is second to none."

Don't fool yourself. Your prospects don't know about your service unless it causes problems for them. And, very few community-based financial institutions are more uniquely positioned to serve the affluent class than are their large competitors at the regional and national banks.

Real growth requires much more than the false perception that customers are privileged to bring their relationships to your organization. It takes a variety of factors, such as your brand, your product, your policies, your employees and their execution and your marketing. As banks try to build and sustain growth of their customer base, they often fall into the trap of focusing on only one of these factors or activities. But each of these activities has an impact and some are more important than others. Real growth requires a coordinated system of activities. Read on...
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Here are additional articles related to Community Banks you may enjoy: 
Automating Loan Decisions for Small Business
by Pullen Daniel

It's no secret that small business loans historically offer small profit; in fact, there is little economic difference in funding a $100,000 loan versus a $1 million loan. However, even though these loans may not always be the biggest movers to a bank's bottom line, this type of lending is essential to establishing and building lasting relationships with small businesses.

So, how do banks make these small business loans not only a strong relationship-building tool, but also more beneficial to the bottom line without sacrificing quality? The answer lies in process improvement. Read on...
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Here are additional articles related to Business Banking you may enjoy: 
The First Question in Strategic Planning: 
'What Can Go Wrong?'
by Clifford Rossi
 
Comprehensive risk management cannot be limited to assessing the potential successes and failures of your everyday business. How your bank considers a change in business is just as important.

Relatively poor earnings growth, nonbank competition and intense regulation are but a few of the realities threatening the core business model of banking these days. Some of these realities have warranted bank management to weigh transformational changes to compensate: a new product, an M&A deal or new pricing, to name just a few examples.

But a discussion about any strategic change, even if a new strategy is never implemented, must include an assessment of the risks involved. Read on... 
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Here are additional articles related to Bank Leadership you may enjoy: 
Creating a Great Customer Experience

A few recent articles for your reference:



Like-Kind Exchange Gaining in Popularity

There is growing interest in the tax advantages available in like-kind exchanges of properties. 
 
Like-kind exchanges, also known as Internal Revenue Code Section 1031, give individuals and businesses a tax deferment on gains after they get rid of one property as long as the proceeds are reinvested in a similar property.

Realtors participate in like-kind exchanges for many reasons besides deferring capital gains taxes; they use them as equity to buy more properties, as well as in estate planning, diversifying their portfolio, and completing development projects, according to a NAR report. Read on... 
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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

 
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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