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June 2015
Title Notes E-News

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Four Ideas That Could Influence the Future of Community Banks
by Tim Cook, ICBA

Every industry thrives on new ideas, big and small. Ideas drive innovation, and they define what's possible or new, often spawning from a problem or need. But before they become commonly adopted principles, ideas are tested in the marketplace over time. Those that bring results provide new competitive advantages and, at least for some, set new standards for success.

Most community banks have their own set of established ideas, either on paper or in everyday practice. Others are still being explored in the marketplace. New ideas are always surfacing, demanding attention and testing.

Click HERE for Tim Cook's full article regarding the four ideas likely to shape how the most successful community banks prepare for the future.


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


Industry Hot Topic:

TILA/RESPA Integrated Disclosures (TRID) PART V


CFPB Announces Two-Month Delay on TRID Enactment 


"The CFPB will be issuing a proposed amendment to delay the effective date of the Know Before You Owe rule until Oct. 1, 2015," said CFPB Director Richard Cordray. "We made this decision to correct an administrative error that we just discovered in meeting the requirements under federal law, which would have delayed the effective date of the rule by two weeks. We further believe that the additional time included in the proposed effective date would better accommodate the interests of the many consumers and providers whose families will be busy with the transition to the new school year at that time." 


Changes In Store for Residential Mortgage Loan Closings

excerpts from article by Mel Tull, VBA General Counsel

Beginning October 1, the borrowing public will experience fundamental changes in the closing process for most residential mortgage loans as lenders implement the new TILA/RESPA integrated disclosure rules (TRID).

TRID replaces the Good Faith Estimate form, the initial TIL, the Appraisal Disclosure and the Servicing Transfer Disclosure with a Loan Estimate form that contains estimated loan closing costs and must be delivered or mailed to the borrower no later than three business days after receipt of a loan application and at least seven business days before closing. TRID also replaces the HUD-1 form and final TIL with a Closing Disclosure form that contains final closing costs and general loan information/terms and must be delivered to the borrower at least three business days prior to closing.

To facilitate timely closings and avoid delays, borrowers, loan originators and real estate brokers should conduct inspections and walk-throughs as early in the process as possible to allow ample time to react to any adverse discoveries.These items, invoices and all other loan related cost information, such as home owners' association dues and special assessments, should be provided to the lender as soon as possible and no later than seven to ten business days prior to closing, to allow ample time for coordination and finalization of the entire document between the lender and the closing agent.

Borrowers, loan originators and real estate agents are encouraged to anticipate delays and take precautions to mitigate the impact of delays as the entire real estate industry adjusts to the new rules, forms and closing procedures  Allotting more time between the execution of a purchase contract and the scheduled closing may be advisable (such as 60 days rather than 30 days). Longer interest rate locks may be prudent (again, 60 days may be more appropriate than 30 days). It may be a good idea not to schedule multiple contingent closings close in time given the increased risk that any one of the transactions could be delayed. For example, back-to-back closings where the proceeds of a sale transaction in the morning are used to close on a purchase in the afternoon are risky given that the morning transaction could be delayed three days to deliver a revised Closing Disclosure. Click HERE to read Mel's article in its entirety. 

It's Here! Investors Title Insurance Company Announces "TRID--Together We're Prepared" Seminar Series On-Demand

We are pleased to announce that Investors Title Insurance Company "TRID - Together We're Prepared" seminar series is now available through their new on-demand education portal.  We encourage you to view each of the three modules for a comprehensive understanding of the new CFPB rules and disclosures. In addition to the video presentations, participants are given access to Investors Title's online TRID resources.

Click HERE for instructions on how you may register your account and view the webinars.


TRID Changes and People Skills

 by David Lykken

Much has been written about the struggle to get business practices in compliance with TRID. Much has also been written about the technology that can help mortgage organizations become compliant. Little has been written about the importance of strengthening the communication skills of LOs in preparation for TRID. If our people can't communicate the changes to borrowers in a way that instills confidence and puts them at ease, then all of our other changes will have been for naught. As TRID integration becomes a reality, do your people know how to talk about it comfortably and confidently with borrowers? Read more...



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:
8 Behaviors of Phenomenally Successful People
by Jeff Hayden, contributing editor, Inc.

Because no one is truly successful without knowing how to get the best from other people... and from themselves.


Incredibly successful people make a huge difference not just in their own lives but also in the lives of the people they care about, both professionally and personally. 

  1. They answer the unasked question.
  2. They refuse to wait.
  3. They appreciate the unappreciated.
  4. They give latitude instead of direction.
  5. They stop and smell their roses.
  6. They look beneath the surface.
  7. They make love a verb.
  8. They try only to be themselves. 

Click HERE to read the entire article.


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

Virginia Title Center's
Debbie Elig Celebrates
Silver Anniversary

Please join us in congratulating Debbie Elig, Certified Commercial Underwriter, for 25 years of service with Virginia Title Center. 

Thank you for your dedication!

Why Banks Should Stop Fighting And Learn To Love Regulators

Frank Sorrentino, Forbes


As the backbone of the US economy, our nation's growth depends on community banks figuring out how to operate in this ever-increasing regulatory environment. 


While most banks aren't accustomed to having an open dialogue with their regulators, this relationship is more important to nurture than ever. The banks that recognize the need to not only embrace regulators, but develop a positive relationship with them, are the institutions that will be poised to prosper as industry leaders.

Click HERE to read Frank's article in its entirety.


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

Is Title Insurance On Newly Constructed Homes Necessary?
by Amy Swinderman

Key Takeaways:

  • A lender's title insurance policy is issued in the amount of the loan and assures the lender of the validity, priority and enforceability of its mortgage, and protects the lender's security interest in the property. Liability decreases as the mortgage debt is reduced, and this policy does not protect homeowners.
  • An owner's title insurance policy is typically issued in the amount of the real estate purchase price and remains in effect for as long as the owner, or his or her heirs, retains an interest in the property. It identifies potential risks before a transaction is completed. In the event a claim is discovered, the owner's policy will cover it, as well as court costs and related fees.
  • Newly constructed homes may be built on land that is part of a larger parcel that has undiscovered claims.
  • Consumers have the right to shop around for title insurance.
Read Amy Swinderman's entire article HERE
Back-Office Hiring Now a Front-and-Center Focus for Lenders
by Bonnie Sinnock


"...Probably the biggest demand is for good underwriters who are not just dependent on an automated underwriting system. Subjectivity is needed outside of the matrix and as the buybacks happen, you have to argue a decision," said David Lykken, managing partner of the consulting firm Mortgage Banking Solutions. "Smart business owners and executives are paying up for that position."


...And a lender's job isn't over once it finds and hires a quality loan officer. More than compensation, a lender's best retention strategy is ensuring that loan officers and their referral partners, like real estate agents, feel supported by strong processors and underwriters..."


Read the entire article HERE


Here are additional articles related to the Mortgage Industry you may enjoy:
RESPA Frequently Asked Questions - NAR has compiled a list of questions commonly received about RESPA.

How to Avoid 'Losing It' - Is a client getting under your skin? A negotiation getting too tense? Are you absolutely dreading a task?

For Sellers, Emotions Trump More Money - Study shows that home sellers today are twice as likely to choose an offer based on emotion rather than money alone.

Buying or Selling a House This Summer? You'll Need Some Extra Patience - Why closing on a home could soon take longer.
10 Mistakes Bank Sales Leaders Should Never Make
by Ned Miller, MZBIERLY Consulting, Inc.


If you're a sales leader, here are 10 mistakes you don't want to make:

  1. Managing everybody the same way.
  2. Administering your bank's sales process rather than leading it.
  3. Thinking that you can be successful from behind your desk.
  4. Forgetting about coaching the top of the sales funnel while helping your Relationship Managers close business. 
  5. Failing to provide ongoing refresher training to your teams.
  6. Letting average-performers develop their own prospect list.
  7. Not strategizing with people about their top customers and prospects.
  8. Assuming that because you're always available for quick informal coaching, you don't need to schedule 1 on 1 coaching sessions.
  9. Not coordinating with your line of business partners to keep conversations moving forward on non-credit products and services (e.g. Treasury Management,  Trust and Investments, Capital Markets, etc.)
  10. Not maintaining contact with bankers whom you would like to hire, even if they're happy where they are.


**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.


Virginia Title Center is committed to serve you with unmatched expertise, exceptional customer service and a comprehensive selection of title and settlement solutions to help you grow and succeed. 


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