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August 2015
Title Notes E-News

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What Exceptional Leaders See
by Kerry W. Elam, Actualize Consulting

Most businesses are loaded with stress and demands for results under inevitable time pressure. To meet the increasing workloads, the most effective leaders spend valuable time observing operations, and the people doing the work. Leaders take time to be empathetic, see each individual, and lead from a place of understanding.  Being able to see the unique strengths of a person sets true leaders apart. This article explores what an exceptional leader sees and how to implement.

Click HERE to learn more.
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 Here are additional articles related to Leadership you may enjoy: 
Industry Hot Topic:
TILA/RESPA Integrated Disclosures (TRID) PART VII
 
Three Takeaways From the TRID Trenches
Focusing on the positive impacts by Nancy Tarr

I've led or participated in hundreds of hours of internal meetings, customer-focused webinars, and presentations at various conferences, I've noted three takeaways from the TRID training trenches that trumpet some of the positive impacts to the real estate industry.
  1. TRID is breaking down traditional silos between lenders, real estate agents and brokers, and title insurance and settlement service providers.
  2. TRID is shining a light on the distinct regional differences in closing and settlement across the industry.
  3. TRID is elevating the role of consumer education among all the parties involved in residential real estate transactions.
Click HERE to ready more from Nancy Tarr.

Tolerances with the TILA-RESPA Integrated Disclosures
Similar to existing law, the Consumer Financial Protection Bureau's final TILA-RESPA rule restricts the circumstances in which consumers can be required to pay more for settlement services than the amount stated on their Loan Estimate.

Generally, good faith requires the closing cost estimate on the initial Loan Estimate to equal the final amount charged on the Closing Disclosure. Here's a look at which fees can and can't change:
http://altaonline.typepad.com/.a/6a0192ac343706970d01bb0804b47d970d-pi
Click HERE to enlarge graphic and to read the entire blog.

The Production Challenges Beyond TRID
There's going to be life after TRID, and the savvy lenders will be those that look beyond Oct. 3 and address the long-standing inefficiencies in mortgage production that TRID is bringing to light. If the mortgage industry is serious about addressing the longer closing times created by TRID, not to mention attracting millennials as potential homebuyers and/or employees, it has got to get with the times. And the times? They are digital. Click HERE to continue reading.



Check out this "TRID Tips for Real Estate Agents" Flyer to help avoid delays on your closings after October 3, 2015.
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As you continue to 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 bfothergill@virginiatitlecenter.com).
 
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!
Five Steps for Hiring Bankers
Who Can Sell
by Tony Cole

Hiring bankers who can sell requires an effective system that you implement on a consistent basis.

Recruiting is a big problem for most banks and financial firms. The question is always, "How do I hire bankers who can also sell?" Unfortunately, there is no simple answer to this question. However, the one thing you must recognize is that you and your process are responsible for the quality of the salespeople on your team today. Recruiting and hiring are like sales: you must have an effective system in place. Recruiting is not a "sometime" thing; it is an "all the time activity" for sales leaders.

Here are five initial steps that will help line-of-business sales managers get ready to hire better salespeople (who are also bankers): (Click HERE to read details about each step)
  1. Realize and admit that you have people on your team today who are underperforming
  2. Realize that you are perfectly designed for the results you are getting today.
  3. Decide today that you are going to hire better sales people and not deviate from that objective.
  4. Put in a process of establishing exactly the right person for the job.
  5. Set expectations for new hires.
Now, there is a bonus step that trumps all five of the above for hiring better sales people and here it is: implement a system and execute on it consistently.  
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Here are additional articles about Challenges in Bank Culture you may enjoy:
CFPB to Mortgage Industry:
Get out of MSAs
by Trey Garrison
 
Industry calls move regulation by enforcement

The Consumer Financial Protection Bureau wants mortgage lenders to stop using marketing services agreements, and it's using the stick rather than the rules process to do so.

In recent months, the CFPB has been on the warpath fining lenders for alleged kickbacks and other violations related to MSAs, and have looked with suspicion at the entire business model.

The CFPB sees MSAs as tools that can be easily abused, and issued a stern warning about their use to other companies in the field.

Click HERE to read this article.
5 Strategies To Bring More Happiness To Your Life
Sure Fire Ways to Have a Smile on Your Face
compliments of Life is Good

Happiness is a life-long practice.

At Life is Good, we choose to focus on the good in life, and through this practice, the pursuit of happiness becomes the kind of adventure that is energizing and makes you want to follow your dreams.

Choosing to focus on the good isn't always easy, but there 
are strategies that have been shown to provide an 
immediate boost. These activities might feel like work at first, but soon they will become your happiness habits.

5 HAPPINESS STRATEGIES:
  1. Write down 3 things you're grateful for
  2. Call someone you love
  3. Change your "to-do" list into a "get-to" list
  4. Listen to music
  5. Stay optimistic about your future

Life is not perfect, life is not always easy, but Life is good when we choose to focus on what makes us happiest. Click HERE to read the entire article.
Top 10 Time Wasters In Community Banking
From the two-part series on the SCCMG blog

The microwave and community banking
Years ago it was said with technology we would all have more free time than ever. The microwave mentality of having technology and resources at our fingertips would reduce our time at work and with chores at home. Didn't happen. Banking was suppose to get easier for the employees with ATMs, mobile banking, and the latest and greatest core banking systems. With all that, we still hear employees complain about being short-staffed and pressed for time. The best community banks are well-staffed, not under-staffed. The problem arises with the incredible amount of time wasted every single day and no amount of technology and over-staffing will solve it. 

Here are 10 time wasters we see on a daily basis in community banks:

1. Fixing the Unfixable
6.  Not Having a Calendar
2. Product Training
7.  No Daily Meetings
3. Half-day and Longer Meetings
8.  Screening Calls
4. Listening to the Zero Hero
9.  A Meddling Board
5. Email
10. I'm Too Busy
You've got a choice
This isn't rocket science. Most people can easily spot the time they waste as well what others waste. The difficult part for most is dealing with the time wasters directly. As crazy as it sounds, some people want to cling to these time wasters because they've become a comfort zone and a reason they can fall back on to give others the perception they are busy and overworked. Life's too short for these kinds of games and waste. Take control of the waste, work around what you don't have control over, and then aggressively guard your new found time.

To read this two-part series in its entirety:  PART I and  PART 2
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Here are additional articles related to Community Banking you may enjoy:
The 8 Biggest Concerns for REALTORS®

REALTORS® are "strongly confident" about the housing market's outlook over the next six months, although confidence has eased since the beginning of this spring, according to the latest REALTORS® Confidence Index, a monthly survey of nearly 3,000 REALTORS® about local market conditions.  

In general, REALTORS® continued to report "strong" local market conditions last month for single-family and townhome properties. The strong confidence is being buoyed by strong job creation, the reduction in the Federal Housing Administration's annual mortgage insurance premium rates, and the acceptance of Fannie Mae and Freddie Mac's 3 percent down payment loans. 

Still, REALTORS® are reporting several issues with the market. The survey revealed the following top concerns:
  1. The upcoming TILA-RESPA Integrated Disclosure regulations, which take effect Oct. 3, and concerns that they could delay closings. 
  2. Tight inventory with a limited number of homes for-sale.
  3. Affordability issues: Fewer affordable homes so sellers are also hesitant to move.
  4. Financing issues, such as difficulty in qualifying for a mortgage due to higher FICO credit and down payment standards, protracted mortgage approval process, and condo-financing issues.
  5. Appraisal issues: conservative estimates, "out-of-town appraisers," and slow turn-around.
  6. Rising interest rates.
  7. Declining demand from international buyers due to a strong U.S. dollar.
  8. Uncertainty about flood insurance rates and reform.
Source: "June 2015 REALTORS® Confidence Index,"National Association of REALTORS® (June 2015)
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Here are additional articles related to Realtors® and Real Estate Trends you may enjoy:

 

**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.**

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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
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