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October 2015
Title Notes E-News

Stay connected with us:  
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.
 

Bankers Title Housekeeping Helpful Hints:

When Bankers Title is handling the recordation of your documents here is a quick check list of required items:
  • Copy of title commitment.
  • Postage paid self-addressed return envelopes (one for each document being recorded).
  • Print out of the deed calculation verifying recording cost calculation. Click HERE to access on-line tool.
  • Make check payable to CLERK OF THE CIRCUIT COURT for recording fees.
  • Original executed documents to be recorded, with cover sheets, if applicable.
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Don't wait! ...Get the title search ordered... Here's what to send with a new order:
  • Property address
  • Property owners name
  • Lender instructions and/or loan commitment letter to customer
  • copy of the sales contract
  • anticipated closing date
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Bankers Title is Committed to Meeting Our Service Standards:
Title Only:
5 business days
Title/Settlement Service:
Preliminary docs/title received within 15 business days of order
Recordings:
Please provide a 24 hour notice
Construction Updates:
24 hours
Final Title Policy:
30 business days after receipt of payment and all requirements
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A Reminder From a Clerk of the Circuit Court:

We have recently observed many of the Notary stamps have been a light grey or blue color which is
not visible when scanned.
 
Per code section 47.1-16, the Notary shall affix a sharp, legible, permanent, and photographically reproducible image of the official seal.
 
Please make sure the Notary stamp is dark and visible or the document will be rejected.

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DID YOU KNOW???

Bankers Title proudly supports your local economy by employing the services of independent title abstractors. To-date in 2015, we have contracted more than $300,000.00 with local abstractors across our footprint in Virginia. We are honored to partner with a great network of experienced title abstractors. 
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: 

Bankers Title Team Participates in All-VBA Managed Agency Meeting

On Columbus Day, the Bankers Title Team was chauffeured by our own Vance Stallings to Staunton in order to participate in an all-VBA Managed Agency Meeting. Team building, title training, settlement discussions, and more took place during the full day session ... all to ensure we have the knowledge and expertise to continue providing our clients exceptional service.

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: 
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:
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, Virginia
  • Andrew Agee, BNC Bank or Roanoke, Virginia

 

**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?

Bankers Title 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 Hot Topics would you like to receive greater insights and clarity? Send Robyn your thoughts.

J. Vance Stallings, Esq.

Vice President

Bankers Title, LLC

4804 Courthouse Street, Suite 2B

Williamsburg, VA 23188

Phone (757) 645-9327

Fax (757) 476-7415

Robyn Parker
Vice President
Bankers Title, LLC
9011 Arboretum Parkway, Suite 110
Richmond, VA 23236
Phone  (800) 830-1414
Fax  (804)-560-7202

Integrity. Security. Excellence.

Since 1994, we have provided market-leading title insurance and settlement solutions with uncompromising commitment to integrity, financial stability, and excellence in all that we do.