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October 2015
Title Notes E-News

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You Can't Fix Lazy, Crazy and Stupid
from SCMB - Do You Get It?

It sticks out like a sore thumb
Lazy, crazy, and stupid exists in all banks. That's an undeniable fact. Everyone knows it, but few are willing to point it out, because in reality, many of these types of employees are managers, senior executives, and some have even found their way onto the board of directors. Unfortunately for community banks, it's not that easy to hide them when you have just a few hundred employees or less. By the time a person becomes employed in the banking world, he is pretty much who he is at the core level. However, many managers have a fix-um mentality, believing they can actually fix people and turn them into something they're not. The best training and coaching in the world might teach a lazy, crazy, and stupid old dog a few new tricks, but the dog is still going to be lazy, crazy, and stupid. Since you can't fix it you need to learn how to spot it and then, as quickly as possible, get rid of it. Click HERE to learn know what to look for and understand these people.

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 Here are additional articles related to the Workplace you may enjoy: 
Industry Hot Topic: (TRID) TILA/RESPA Integrated Disclosures - PART IX

Transitional Period and Intial Supervisory Practice Over TRID
From the CFPB Monitor
by Wendy Trand Richard J. Andreano, jr.

The CFPB advises that during initial examinations for TRID rule compliance, examiners will look at an institution's compliance management system and its overall efforts to comply. The CFPB also advised that examiners will expect institutions to make good faith efforts to comply in a timely manner, and will consider the institution's implementation plan, including actions taken to update policies, procedures and processes; its training of appropriate staff; and, its handling of early technical problems or other implementation challenges. Click HERE to read the entire article.
Is the Mortgage Industry Entering a New Era of Partnership?
Regulatory and market pressures could force increased collaboration
by Michael Bell and Elliot Liss

The mortgage transaction involves many moving parts. A typical residential purchase home loan can be touched by five, 10 or even more separate service providers before the loan closes and the deed is recorded. Too often, redundant processes or poor communication lead to delay, unnecessary cost and even error. That's the way it has been for decades, unfortunately.

The past few years, however, bear witness to a push - whether intentional or not - toward better collaboration in the name of the consumer. TRID, Dodd Frank and the CFPB's enforcement actions are well-known examples of regulation driving mortgage-related businesses to collaborate more harmoniously.

With lenders directly on the hook for the actions of their service providers, and with settlement services agents playing a larger role in the process thanks to TRID, what are lenders seeking from their service providers today to mitigate risk and ensure success? And are lenders up to the task of more stringent and intensive vendor management? Click HERE to continue reading.
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Here are additional articles about the Mortgage Industry you may enjoy:
Want a Great Team? Build a Great Culture.
by Sanjeev Agrawal for Forbes
 
They say building a company is all about building a team. I disagree. I have discovered, sometimes by being a cultural misfit myself, that building a company is really about building a culture. A great team doesn't necessarily build a great culture, but a great culture almost certainly builds a great team.

It's hard to define culture. What amazes me most is not the difference in culture in different teams, but the difference in thinking about the notion of culture itself.

Great culture happens:
  • When you empower people.
  • When you demonstrate that ideas, not the highest paid person in the room (HIPPOs), win.
  • When you demonstrate that there are no rules just for others.
  • When you demonstrate that no one may help you, but no one can stop you.
  • When you demonstrate that nothing is more important than user happiness.
  • When you demonstrate that mission is more important than profits.
  • When you demonstrate that family comes first.
Click HERE to read this article in its entirety.
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Here is additional article related to Leadership in the Workplace you may enjoy: 
Don't Forget About Your Bank Employees!
by Nick Ramano

There is one statistic we probably already know: Millennials (age 15-35) now make up the largest percentage of the U.S. workforce. If you observe any workplace today even without extensive research you can easily validate that statistic. 

Certainly, there is a great deal noted in what we read and what we listen to about how these workers come with an entirely new set of expectations for their workplace. With the influx of this generation into our workforce, "worker experience" is now becoming as important as one of our favorite phrases-customer experience. There is no doubt that the Millennials in the workforce today have high expectations regarding what their work environment should be like, bringing work values different than the previous generations.

...Many longstanding employees view work as a place where they can advance and make more money. However, for the Millennial demographic, money is no longer the main driver. Meaningful work is. So what does that mean for the banking industry? Actually, a lot. Click HERE to read more.
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Here are additional articles related to Community Banking you may enjoy: 

Vic Coffey, 2015 President, Roanoke Valley Association of REALTORS�
 with Patti Dickerson of VTC
Virginia Title Center - Commitment to the Industry and our Communities
by Bobby Fothergill, VP/Agency Manager,
Virginia Title Center

Over the last two years, I have asked our teammates at Virginia Title Center to take a more active role in community and industry organizations and events. At VTC, we feel it is important to give back to the communities in which we serve, as well as work to support the real estate and mortgage industries.

During this time we have volunteered our time with Meals on Wheels, Roanoke Valley SPCA, the United Way of Roanoke Valley, Carilion Clinic Childrens Hospital, The First Tee of the Roanoke Valley, and the Trust House, an organization in Roanoke focused on homeless families and veterans in crisis. 

We have also worked to re-establish a local mortgage bankers association, the Blue Ridge Mortgage Lenders Association, and we have increased our activities in the various Realtor and Builder Associations in the markets we serve. Patti Dickerson, our Director of Marketing and Communications, has been an integral part of our efforts to increase our involvement.
 
It is for this reason, I was thrilled to learn that Patti was awarded the 2015 Individual Affiliate of the Year for the Roanoke Valley Association of Realtors at the recent RVAR Affiliates Night. This award is given annually to an individual of an affiliate member who has worked to advance the mission of the Association. This year Patti served as Vice-Chair of the Affiliates Committee, was a member of the Programs and Special Events Committee, and participated in numerous RVAR events, meetings, and community activities.
 
While Patti will be the first to tell you she doesn't volunteer for awards or recognition, I will tell you Virginia Title Center is proud of her for this recognition. It was well deserved. Congratulations, Patti!
7 Essential Steps to Build a Strong Work Ethic
from the Ziglar Vault

Earn the respect of employees and "face your challenges head-on, be your best, and keep your(self) at the top of your game," with these seven essential steps from Entrepreneur. To begin with, it is important to point out the vitality of good work ethic. When people talk negatively about you or your business, about a bad experience they may have had, it "can affect your bottom line and your reputation." However, the simple way to avoid this from happening is to "foster and maintain a strong work ethic. A strong work ethic energizes you and your employees to face your challenges head-on, be your best, and keep you at the top of your game."

So whether it is to fix a bad press issue in your business or just to develop a better work ethic, here are the seven essential steps to building a "rock-solid work ethic" that you need to know and internalize. Click HERE to learn more about these 7 steps.

1. Professionalism2. Respectfulness3. Dependability4. Dedication
5. Determination6. Accountability7. Humility
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Online Visibility Boosting Tips You Can Implement Today
by Mark Mathis, General Manager, Agent and Broker at Homes.com

With constant access to technology, consumers now turn to the Internet for most of their real estate needs. In fact, according to the National Association of REALTORS� , 92% of people now use the Internet in their home search. While it's clear that real estate agents should be taking advantage of online visibility, it can be tricky for agents to position themselves where consumers are searching.

Here are three ways to boost your online visibility even if you aren't a tech guru:
  • Create Quality Content
  • Stay Active on Social Media
  • Advertise in the Right Places
Click HERE to get the details you can implement today.
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Here are additional articles related to Realtors� and Real Estate Trends you may enjoy:
The Future of Banking: Four Scenarios
by Alessandro Hatami

The fact that the financial services industry, and especially banking, is going through the greatest disruption since the arrival of computers in the 60s is now universally accepted. The advent of digital technology and more importantly its adoption by customers is changing the fundamentals of the business. This is not just the arrival of a new channel, it's a rethink of how business is conducted, how customers are engaged with and how financial products are manufactured.

So the big question is after the "Big Disruption" has had its impact what will the future look like? Endless scenarios could be offered, but I thought it would be worthwhile to sketch four scenarios of the Bank of the Future 10 years from today:
 
Scenario 1 -- The Better BankScenario 3 -- The Distributed Bank
Scenario 2 -- The New BankScenario 4 -- The Disintermediated Bank

Click HERE to read the details of Hatami's four scenarios.
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Here are additional thought-provoking Banking Related articles you may enjoy:
What Really Happened to Your Credit Card on October 1?
by Bob Sullivan

Credit cards with magnetic stripes are being eliminated in favor of cards with fraud-fighting computer chips. How much do you know?

Why is October 1 important?
I still have an old magnetic stripe credit card. Will it stop working?
How will this affect me directly?
What if I still swipe my card?
Why should I care?
Will it eliminate all credit card fraud?
Why do I keep hearing the term "EMV?" What does it mean? How does it work?
The rest of the world has been using EMV for years. Why was the U.S. so slow?
How far along is the change?

Click HERE to learn the answers to these questions along with all the details you need to know as a cardholder. There is also a short video available. 
 
VBA Credit Management Conference -- Door Prize Winners Announced 

Together, Bankers Title, Bankers Title Shenandoah, and Virginia Title Center participated in the two day Virginia Bankers Association Credit Management Conference in Charlottesville in early October.

Congratulations to the door prize drawing winners who each won wine bottle totes filled with wine goodies and a $50 Amazon gift card:
  • James Young, Grayson National Bank of Independence
  • Andrew Agee, BNC Bank or Roanoke

 

**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.**

WANTED: YOUR FEEDBACK
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. 

 

 Our professionalism, technical knowledge and experience provide security as we insure protection for your most valued investment.