As Lenders Move to More AI, Digitization, Borrowers Want A Real Human

by Andrew Brodsky

Regardless of what’s to come of this spring’s homebuying season, there will be home sales and loans to go with them — the question is how many. If mortgage loan officers want to claim more of those loans, being more involved personally with borrowers just might be the ticket. According to J.D. Power, “Borrowers are looking for more individual interaction from their lender throughout the process. The preference for purely digital lending is declining. Borrowers are looking for a more advisory experience driven by lender expertise delivered through live representatives.” The percentage of borrowers who think that in "a perfect lending environment" they should "always talk with a lender representative in person" has increased by 33%, and now amounts to 61% of all borrowers. Click HERE to learn more.

Survey Coverage Up To $5M for Lenders Coverage

A mortgagee policy with full survey coverage can now be obtained from Investors Title without the expense and delay of obtaining a current survey. This alternative in title insurance underwriting is designed to save time, improve scheduling and save the mortgagor from having to continually pay for updated surveys. A mortgagee policy can be issued providing full survey coverage without a current survey if, at any time in the chain of title, the property has been surveyed by a registered land surveyor and is described consistently with such survey. This coverage may be used to satisfy requirements for the issuance of an ALTA 9 up to $5 Million dollars in coverage. Click HERE for more information.

Bankers Title Offers Back-Office Settlement Support For Attorneys

We proudly offer back-office support for Attorneys with limited staff or those who prefer not to handle the funds and disbursement.

• We work with the Attorney behind the scenes to prepare the Settlement Statement, clear title requirements, and deliver the closing package to the Attorney to conduct the closing with their client.
• Bankers Title will handle all funds and disbursements
• Competitive all-inclusive fee for this service
• The Attorney instructs us on how they would like the communication with the client to be handled. We can communicate, or the Attorney can be the primary contact point.
• Free up your internal resources for more critical jobs and allow Bankers Title to take on the time-consuming tasks of preparing a settlement. Click HERE for more information.

Investors Title Offers Special Rates for CRA Premiums, Commercial Rates & Reissue Rates

• Community Housing Rate is available for policies issued to cover loans made to persons with income not to exceed the median income AND made in connection with Fannie Mae's or any lender's affordable housing programs, community development programs, low income housing or community enhancement programs. The rate shall be:$1.50 per thousand of coverage, Minimum Premium: $100.
• Special Commercial Rates help save your clients dollars on standard owner's and loan premiums. Standard Owner starts at $3.00 per thousand and Standard Loan at $2.00 per thousand up to $1M of liability.
• Reissue Rate for applications on which title insurance has been previously issued. Applies to ANY lender or owner previous policy, no matter the underwriter. Reissue rates apply up to the face amount of the previous policy, with excess insurance computed at the Standard Owner or Standard Loan rate.

Click HERE to review our Virginia rate brochure which outlines all of the details.

The Great Wealth Transfer: How Banks Win the Next Generation of Business Owners

by Jennifer Fimenna

Over the next 20 years, baby boomers will pass down an estimated $84.4 trillion in assets in what is being referred to as the Great Wealth Transfer. During this period, many boomer business owners will retire and turn their businesses over to younger generations. As a result, a growing number of small businesses will be piloted by individuals with more modern banking expectations. As small business ownership shifts from boomers to younger Americans, community financial institutions must prioritize meeting the digital banking expectations of Gen Z and millennials to compete effectively with America’s largest banks. Younger generations expect a personalized, intuitive, and secure experience, with highly available, fully featured solutions that are offered through both online and mobile channels. Click HERE to learn more about how to prepare for this cultural shift.