Welcome to the May Edition of Virginia Title Center's Title Notes E-Blast.  It is our hope that you will find the information contained herein to be useful and timely.  Please let us know what you think.  We want to hear from you.
Thank you,

Patti Dickerson
Director of Marketing & Communications
VTC Logo
May 2013
Title Notes E-Blast

John "Jack" V. Konyk
Executive Director, Governmet Affairs Weiner Brodsky Kider PC

Gain insights into the impact of Dodd-Frank on Real Estate Lending on June 4

Do the ever changing regulations have your head spinning? If so, then this webinar will be time well spent for you! 

The recently finalized rules under Dodd-Frank pose incredible risk and complexity for the real estate lending industry. Jack Konyk, a prominent voice for the industry with legislators and regulators at all levels of government, will lead a discussion during this June 4th FREE webinar beginning at 2 p.m.

Jack is a well respected expert on Dodd-Frank issues that impact real estate lending. Not only is he knowledgeable about the issues and what lenders need to do to prepare, he's also plugged into some great circles politically. He will be able to provide insight as to what's moving or not in Washington as it relates to mortgage reform and the key issues for the industry.


Click here to reserve your FREE Webinar seat now!  

A Little Background on Jack Konyk

Jack Konyk has nearly four decades of financial services experience, having held a wide array of front-line and back-office positions in consumer banking and lending disciplines with a concentration in all aspects of mortgage finance. He most recently completed a 14-year tenure at National City Bank, now a part of PNC, where he held a variety of senior level managerial positions in regulatory compliance, enterprise risk management, and public and government affairs management, for a number of National City's consumer lending entities, most prominently National City Mortgage. 


Now serving the industry in an advisory and consulting capacity, Jack is Executive Director of Government Affairs at Washington DC-based Weiner Brodsky Sidman Kider PC, one of the nation's leading law firms practicing in the financial services area.  Check out this link for more detailed information about Jack. 

CFPB Explains New Mortgage 
Rules Via YouTube Campaign 
May 15th, 2013  |  by Alyssa Gerace
Published in News, Reverse Mortgage


The Consumer Financial Protection Bureau (CFPB) recently announced the availability of video presentations of new mortgage rules on its YouTube playlist.


The playlist includes a 69 minute overview of new 2013 mortgage rules, which has already garnered more than 300 views, along with shorter individual video presentations of six different rules. 


Consumers can watch the videos to learn the ropes about the Ability-to-Repay and Qualified Mortgage rule; 2013 HOEPA rule; ECOA Valuations and TILA Higher-Priced Mortgage Loans Appraisal rules; Loan Originator Compensation rule; Mortgage Servicing rules; and the TILA Escrow rule. 


"Our goal with these is to provide an overview of the rules in a plain language format that makes the content more accessible and consumable for a broad array of industry constituents, especially smaller businesses with limited legal and compliance staff," the CFPB said. 


Click here to access the video playlist.


Read the CFPB's small entity compliance guide "Ability-to-Repay and Qualified Mortgage Rule" here.


Given the level of ambiguity associated with thousands of pages of recent rulemaking activity and fast-approaching compliance deadlines, we encourage you to sign up for the e-mail list.

health care reform 

Update on Changes and Impact to Small Businesses, Their Employees and Families 


It's not news to any of us that one of the biggest challenges facing your small business clients is the volatility facing the health care industry and its resulting impact on employers.


John Snead, Director, Sales and Marketing at VBA Benefits Corporation, will moderate a Live webinar on July 17th beginning at 2 p.m.


This is an excellent opportunity to learn more about the key provisions and changes that are planned over the next 12 months and what it means for your clients, their employees and families.


Don't miss your chance to hear the latest on this hot topic. Reserve your FREE Webinar seat now! 


A Little Background on John Snead

In John's current role at the Virginia Bankers Association he is responsible for marketing all employee benefit programs and services provided by the VBA Benefits Corporation.   


Prior to joining the Virginia Bankers Association, John worked for Willis of Virginia as an Employee Benefits Sales Executive and for Genworth Financial as a Sales Analyst.  His key responsibilities at Willis were to ensure that company's benefit programs were current, competitive, and in compliance with all legal requirements. He analyzed statistical data and reports to identify and determine causes of healthcare cost drivers.  At Genworth, he organized qualitative information and data to identify sales strategies for the Group Long Term Care market.


John graduated from James Madison University (JMU) with both his Bachelor's and Master's in Business Administration.  He also holds a Virginia Life and Health Insurance License.

TITLE TIP: Environmental Protection Liens -
When to Use ALTA 8.1 vs 8.2
submitted by Gail Duffy, Title Services Manager and Underwriter, Virginia Title Center, LLC

The Facts:  An Environmental lien is a charge, security, or encumbrance on a property's title to secure payment of cost or debt arising from response actions, cleanup, or other remediation of hazardous substances or petroleum products.


An environmental lien is a super priority lien taking priority over prior perfected interests in the subject property. It takes priority over any other claim or lien upon the property whether prior in time or not.


ALTA 8.1: Environmental Protection Lien

This endorsement insures a residential lender against loss of priority to (a) any environmental protection lien that, at Date of Policy, is recorded in those records established under state statutes at Date of Policy for the purpose of imparting constructive notice of matters relating to real property to purchasers for value and without Knowledge, or is filed in the records of the clerk of the United States district court for the district in which the Land is located, except set forth in Schedule B; or (b) any environmental protection lien provided by any state statute in effect at Date of Policy, except environmental protection liens provided by the following statutes: (to be filled in)

ALTA 8.2: Commercial Environmental Protection Lien

This endorsement mirrors the ALTA 8.1 endorsement with some significant differences: (1) the endorsement is drafted for use in commercial real estate transactions, and is also used for unimproved land and agricultural use; (2) the endorsement is designed to be utilized for both a mortgagee and an owner's title insurance policy; and (3) no state statute section is contained in said endorsement.


The endorsement insures against loss or damage which the insured lender or owner may sustain because of an environmental protection lien recorded in either the local land records or in the US District Court Records unless said lien is expressly excepted to in Schedule B of the policy.


Your Title Underwriter is the best resource to ensure the appropriate endorsement is utilized.

Investors Title Reports Record Levels of Earnings, Revenue

Investors Title Co. announced its results for the year-end 2012. For the year, net income increased 60 percent to $11 million, or $5.24 per diluted share, compared with $6.9 million, or $3.20 per diluted share, for the prior year period.

For the year, revenues increased 27 percent over the prior year to $115 million due to high levels of overall mortgage activity, and new premium charges and rate increases.

Expenses increased due to commissions to agents, claims and payroll expense. Commissions to agents increased commensurate with the increase in agency premiums. The claims provision rate as a percentage of net premiums written tracked favorably to the long-term trend. The increase in payroll expense was primarily driven by an increase in staffing levels in software development.

 "We are pleased to report record levels of revenue and earnings per share for 2012," said J. Allen Fine, chairman for Investors Title. "A favorable interest rate environment led to high levels of mortgage lending across the industry, with increases in both purchase and refinance activity versus the prior year. Our balance sheet and financial condition remain strong, as total assets reached an all-time high of $171.9 million as of year-end. In the coming year, we will continue to emphasize the expansion of our agency base and operational efficiency."

Reserve for claims moved up from $38 million to $39.1 million.

Investors Title Insurance Company consistently achieves some of the highest financial stability ratings in the industry as designated by Demotech, Inc., an independent financial analysis and actuarial services firm: 

"Highly Recommended" for Commercial Transactions 
 A" (Double Prime) - Unsurpassed

"As a loan processor, the first thing I do when I receive a loan file is to look and see who the closing agent is. I am always thrilled when I see the name 'Virginia Title Center, LLC' on the instructions.


I work closely with Susan Miller from the Staunton office in processing our loan closings. Susan and all of the employees at both the Roanoke and Staunton offices are always professional, knowledgeable, and prompt in relaying answers to my questions and getting our loans closed.


I have been in banking for 34 years, and working with the people at Virginia Title Center, LLC has always been a pleasant experience."


Jan R. Rorrer, Loan Operations Supervisor

Bank of Floyd

Nicole Hamilton
Nicole Hamilton
VTC Settlement Services
Nicole Hamilton Joins Settlement Services Team

Virginia Title Center is proud to announce and welcome Nicole C. Hamilton as a Settlement Processor in its Staunton, VA office. Nicole will be responsible for coordinating and performing all aspects of residential and commercial closings.

Nicole joins the Virginia Title Center team after serving as a Real Estate Paralegal for nearly 12 years with Poindexter, Schorsch, Jones & Hill, P.C. in Waynesboro, VA, where she was responsible for the operation of the real estate department.


"Nicole's extensive knowledge and professional experience interacting with a variety of Lenders, Realtors, Attorneys and clients is a wonderful addition to our settlement team," said Brandy Wimer, Settlement Services Manager.


Nicole is a graduate of Fort Defiance High School in Fort Defiance, VA. She attended Concord University in Athens, WV, and Blue Ridge Community College in Weyers Cave, VA. Hamilton lives in Churchville, VA with her husband, Eric, and sons, Dylan and Brandon. Please welcome Nicole.

Staunton team resized
Meet your VTC Staunton, VA Team. L to R: Lori Messer, Susan Miller, Nicole Hamilton, Brandy Wimer, Kara Ramsey


**Remember to offer your borrowers Owners' 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?

Virginia Title Center 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 Hot Topics would you like to receive greater insights and clarity? Send Patti your thoughts.
Patti L. Dickerson                                      
Director of Marketing & Communications
Virginia Title Center, LLC
"where going the extra mile
     is nothing extra at all..."

Give Patti a call today!
"It is not the strongest of the species that survives, nor the most
intelligent, but the one most responsive to change."
 - Charles Darwin -
Hello, just a reminder that you're receiving this email because you have done business with or expressed an interest in Virginia Title Center, LLC. Don't forget to add [email protected] to your address book so we'll be sure to land in your inbox!
Like us on Facebook        View our profile on LinkedIn
Office Locations:
4502 Starkey Road, Suite 200, Roanoke, VA 24018
20 Bobby's Way, Suite 101, Staunton, VA 24401