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May 2015
Title Notes E-News

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TILA/RESPA Integrated Disclosures (TRID) PART IV

92% of Title Professionals Will Be Prepared for New Closing Disclosures

via PRWeb

An overwhelming majority of title professionals will be prepared for the Aug. 1, 2015, implementation of the Consumer Financial Protection Bureau's (CFPB) TILA-RESPA Integrated Disclosures (TRID) rule, according to a new survey conducted by ALTA.

When asked about title professionals' biggest concerns while preparing for the new disclosures, collaboration with lenders and real estate agents, and potential closing delays top the list.

Title professionals and lenders have been modifying business processes, upgrading software and training staff to comply with the 1,888-page regulation.


According to the survey, 87 percent believe TRID will delay real estate closings for consumers or result in closings taking longer to complete. 


The top reasons given as to why closing delays will occur include:  

  • Changes at the closing table
  • Walk-through issues
  • small lender/credit collaboration issues
  • Lender/Realtor collaboration issues

Consumer Understanding: According to the survey, more than 65 percent of title professionals believe the TILA-RESPA forms will not help the CFPB meet its objective of helping consumers understand or be better prepared to understand the costs of buying a home. The top reasons given include:  

  • Inaccurate disclosure of title insurance premiums
  • New forms highlight the costs but do not explain costs to homebuyers
  • New rules could cause potential closing delays
  • Too much details for homebuyers to grasp
  • Cost of compliance for business passed along to consumers
Access the full survey HERE. 



As you move through the learning curve with these new rules and forms, Virginia Title Center is here to assist you. Please do not hesitate to reach out to our Agency Manager, Bobby Fothergill (1.800.468.5811 or [email protected]).


Please reference TRID materials available on the Virginia Title Center website: TRID Training, Reference and Forms Manuals are available for download HERE.


Together We're Prepared!

Here are additional articles related to TRID you may enjoy:
Challenges of Communicating with Coworkers
by Andrea Murad, FoxBusiness

Good communication skills will help you succeed in your career. But knowing when to pick up the phone, meet in person or send an email, along with how to best craft your message, can be challenging. While technical skills are important, your communication skills are what build the foundation for strong relationships within your network.

Communicating at work is different than in a social setting since you have to be able to ask clarifying questions and give constructive feedback. "Being able to be upfront about issues and telling someone in a respectful way without making it personal is very important," says Paul Wolfe, senior vice president of Human Resources at career website

As you move ahead in your career, having good communication skills become even more important. "If you're a good communicator, you will fit into any aspect of the business and it will help you move forward," says Mike Erwin, senior career advisor for CareerBuilder.

What makes for good communication? "The key to effective communication is listening,"

Click HERE to read what guidance experts provide on how to improve your communication skills. 


Here are additional articles related to Leadership, Personal & Professional Development you may enjoy: 

VTC's Brandy Wimer Completes GARCC Leadership Program

Virginia Title Center is proud to announce that Brandy Wimer, Settlement Services Manager, graduated from the Greater Augusta Regional Chamber of Commerce's Leadership Greater Augusta Program.

Leadership Greater Augusta (LGA) is a nine-month interactive, informative program designed to strengthen individuals for personal, organizational, and community leadership.
LGA offers existing and emerging leaders opportunities for skill building and leadership development. The program includes a comprehensive examination of the Greater Augusta region, and encourages participants to apply their leadership skills through community-oriented group projects.

Congratulations Brandy! Job well done!

Bankers: Think about what gets measured.

Jeff for Banks, Jeff Marsico


"What gets measured, gets managed." Why did we need Peter Drucker to point this out? Educators are forever carping about standardized tests because they are spending a lot of time on teaching kids to improve their test scores.

Baseball players are measured on batting average, on base and slugging percentages. So they are spending significant energy to improve them. Why is this a bad thing?
Because in banking, what we measure is not always consistent with where we want our institution to go... i.e. with our strategy. We measure branches by number of accounts opened. And we're surprised that Wells Fargo gets accused of opening accounts without customers' knowledge. We measure lenders by size of portfolio, and we're surprised that we drop rate, points, and covenants to get deals done.
During a recent podcast I conducted regarding this subject for lenders entitled: Using Bank Data to Get Better Results.... I suggested using different measurements, such as coterminous spread, coterminous spread less provision, pre-tax portfolio profit, and ROE. 

Click HERE to read Jeff's blog post in its entirety.


 Here are additional articles related to Banking Strategies you may enjoy: 

Click image to enlarge
How to Read a Potential Homebuyer's Mind
Chart shows how relationships play into the decision
by Brena Swanson for Housingwire

Chase just released a new survey with insights into what goes on in a potential homebuyer's mind when making the decision to buy a new home.


The survey includes interesting facts, like how 42% of homebuyers say they are not at all concerned about having a lack of understanding about the mortgage process.


Yet, when put to the test, just one in four buyers correctly answered a series of questions about homebuying - including how annual percentage rates work, down payments and lenders.


The survey also shows that people are willing to jump into the housing market, and the latest industry reports back that up .... click here to READ MORE


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

Kevin Tynan,
Liberty Bank in Chicago
How Community Banks Can Seize Opportunity in the Mortgage Market
by Kevin Tynan, Liberty Bank in Chicago

Nonbank lenders are gaining a bigger piece of the mortgage market. That's bad news for big and midsize banks - but it may prove to be a boon for community banks.


The country's four largest banks will see their mortgage originations market share fall from 45% to about 30% by 2020, according to a 2014Accenture report. Midsize banks will see a drop from 23% to 17%, while online lenders are expected to more than double their share from 6% to 15%.


Community banks can learn a lot from the consumer shift to nonbank lenders. Right now, small banks are losing retail deposits to national banks. But the mortgage business caters to their inherent strengths: knowledge of borrowers and local conditions .... continue reading.


 Here are additional articles related to Community Banks you may enjoy:

Avoid Loan Portfolio Fire Alarms
by Daniel Rothstein, CEO, DR Risk Solutions

Banks have been pressured consistently to adopt concentration limits, particularly in regard to managing their loan portfolios.


These limits are almost always expressed as a percentage of capital, but may also be expressed in other ways, such as a percent of a given portfolio. However measured, a banker wants to avoid violating the limits. In particular, a record of violating a limit, and then asking the board to adopt a higher limit, will be frowned upon by regulators. They will bring pressure in unpleasant ways to change that behavior.


Something that can help prevent this series of events: "trigger points." Click HERE to read the article in its entirety.

"For most community banks, the relationship with borrowers and the reputation in the community are paramount. Abrupt changes are to be avoided. The goal is to maintain a steady hand and to signal well ahead of time any decrease in appetite that you may decide to adopt; to increase activities in areas of increased appetite; to add to capital if desired; or take other appropriate action."


Here are additional articles related to Commercial Banking you may enjoy:
Why We Need the Government to Stay Put in the Housing Market -  There is no reasonable argument for lower levels of government participation in the housing industry. It is the backstop of government support (implicit with the GSEs and explicit with Ginnie Mae) that helps to keep the American dream alive, even in difficult times.

 Study Finds Realtors Prefer Working With Mortgage Brokers - Inman has released the top-line findings from a new study entitled, "What Real Estate Brokers and Agents Want From Lenders," that examines why real estate professionals choose to recommend a particular lender, what kinds of lenders they prefer and what behavior puts a lender in the penalty box. The study also explores the ineffectiveness of lender marketing, the chilling effect that RESPA is having on broker/lender relationships and their early opinions on big bank "listing" apps.


**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?

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 topics would you like addressed in future E-blasts? Send Patti your thoughts.
Past issues of the Virginia Title Center E-News are archived on our website HERE
Patti L. Dickerson                                      

Give us a call and let us know how we can better serve you and your team!

Director of Marketing & Communications
Virginia Title Center, LLC
Integrity. Security. Excellence.


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