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"Do it on time and do it right!" - sounds like a lesson from your third-grade teacher, or any teacher, coach, mentor, or employer since the third grade. Every test you took in school, every term paper you turned in, and every game you ever played had a time limit and an expectation to perform at a high level during the allotted time.  

The American Land Title Association (ALTA) Best Practice #4 incorporates this standard into everyday real estate settlement policies and procedures at the office. Additionally, ALTA Best Practice #4 puts a priority on compliance with these standards and the training of staff to abide by this standard.

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The Consumer Financial Protection Bureau (CFPB) seeks information on key consumer "pain points" associated with mortgage closing and how those pain points might be addressed by market innovations and technology.

The CFPB seeks to encourage the development of a more streamlined, efficient, and educational closing process as the mortgage industry increases its usage of technology, electronic signatures, and paperless processes. The next phase of CFPB's Know Before You Owe initiative aims to identify ways to improve the mortgage closing process for consumers. This project will encourage interventions that increase consumer knowledge, understanding, and confidence at closing.

The CFPB seeks information from market participants, consumers, and other stakeholders who work closely with consumers. The information will inform the CFPB's understanding of what consumers find most problematic about the current closing process and inform the CFPB's vision for an improved closing experience.

Submit comments on or before February 7, 2014.

For more additional information and instructions on how to submit your comments please click here. 

Jack Welch is Executive Chairman of the Jack Welch Management Institute at Strayer University.  

Suzy Welch is a best-selling author, popular television commentator, and noted business journalist.  

This year undoubtedly marks the beginning of a new era for the U.S. housing market as lenders turn their focus to increased originations. Despite indications the housing finance market is improving, the industry is still faced with numerous challenges related to high origination and servicing costs, low through-put in mortgage approvals, and longer application to funding cycle times. Regulatory compliance continues to be an increasing concern for the industry. In fact, analysts expect compliance-related spending to be a major priority for financial institutions this year.

More than half of compliance rules related to the Dodd-Frank Act have yet to be defined. Moving forward, industry hurdles will not only include maintaining current compliance requirements, but also operating in a tighter regulatory environment than ever before seen while maintaining profitability. The resulting impact will be on lenders' core business-bringing loan applications through the door-as added resources will be necessary to remain compliant.

Large and small institutions need to be well equipped to handle added compliance guidelines. This is particularly the case for smaller institutions that do not have significant compliance resources on staff to navigate the changing landscape. It is clear that lenders will face complex issues in managing efficient compliance management within their organizations, but hiring more staff is not always the answer, and certainly not always feasible owing to financial restraints.

The growing costs of regulatory compliance: Is there an end in sight?
As Dodd-Frank is further defined and compliance with other federal laws and statutes increase, compliance costs will certainly continue to grow.

Clearly the work required to operate a profitable institution in a safe and sound manner is becoming much more difficult. Some banks have not only just survived but thrived in the more stringent environment. Others competing in the same markets have purposefully laid the basis for their future growth. Yet a few banks have not done either. External forces are important factors to strategic success, but they do not explain why some banks succeed and others do not.

Management reviews conducted by my firm, The Kafafian Group, have provided some insights into what differentiates a thriving bank from a struggling one. Here are five key takeaways from our assessments:

Plan your work, work your plan. Many banks we reviewed have had a strategy of "just existing as a community bank". Few bankers (management or board level) knew why they were in business or the type of business they wished to run. Setting and communicating....continue reading 

Why Use a Junior Loan Policy?  

The ALTA Residential Limited Coverage Junior Loan Policy is designed to provide lenders making junior mortgages on residential properties with limited title insurance protection. This coverage is a title insurance choice provided to lenders who are currently obtaining non-insurance products for their junior loans. The Junior Loan Policy is designed to meet the needs of lenders who want the stability of a title insurance product but who want a product that is abbreviated in coverage and priced at a flat fixed rate so that the cost can be easily calculated.  

Exactly What is a Junior Loan Policy?

This ALTA loan policy was originally approved 10-19-1996 and revised 8-1-2012 and essentially: 

• Gives limited coverage to a lender (and it's assignees) on a junior mortgage and/or home equity loan in a junior position;
• The land must be one-to-four family residential property or an individual condominium unit;
• The Policy can be issued in lieu of and in place of a commitment and prior to settlement;
• The policy may be issued before the junior lien is recorded;
• It serves as a report to the lender of the status of title based on the abbreviated last-owner search and includes the benefits of limited title insurance.

What does the Junior Loan Policy Cover?

That the Grantee is the named grantee on the last recorded document purporting to vest title; 

• The insured property description is the same as that contained in the last purported vesting document;
• Loss due to any monetary lien recorded in the public records which is not excepted from coverage on the policy; and
• Any loss due to ad valorem taxes that appear in the tax records where the land is located and which are not excepted from coverage.  

What does the Junior Loan Policy not cover?  

• The validity, enforceability, or effectiveness of the insured's mortgage, nor
• Any matter recorded subsequent to the date of the policy.

For more details about the Junior Loan Policy and to find out if it is the right product for you, please contact Gail Duffy at 1.800.468.5811 or by e-mail. 

VTC TEAMMATE FEATURE

Pam Blake, Title Underwriter

You can say hello to Pam by e-mail or call her at 800.468.5811.

Click here to view information about other members of the VTC team.

Check out our fun YouTube video that introduces the team.