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April 2022
Title Notes
E-News
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Should You Trust Your Gut?
by Phil McKinney
Your gut is surprisingly smart. It knows what’s good for you, and how to keep your body functioning properly. When you are in danger, it is your gut reaction that triggers your fight-or-flight response. But do you trust your gut? Do you trust its decisions? Chances are, sometimes you do and sometimes you don’t. Trust is such a difficult thing for us humans because we are constantly second-guessing ourselves. We have this amazing ability to think things through and analyze different scenarios, but sometimes that can work against us. When we trust our gut, we are trusting our intuition, which can be a very powerful thing. Click HERE to learn more.
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13 Unconventional Bank Marketing Campaigns for 2022
by Garret Reich, The Financial Brand
A unique (and effective) marketing campaign is crucial to any sector, but banking needs them the most, because 'traditional' can get old, real fast. CHECK OUT these creative marketing ideas (from a mix of banks, credit unions, digital banks and fintechs) that are keeping banking on its toes.
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SPECIAL FEATURE: Spotlight on Settlement
Good for the Money
by Linda Wagamon, Escrow Coordinator, Investors Title
Closing funds can come in many forms, and it is important to ensure that immediately negotiable “Good Funds” are received and credited to the escrow account prior to disbursement. Some examples of “Good Funds” include: Wires; Certified Checks; Cashier’s Checks; Checks Drawn on the Government of the United States, an Individual State, or an Agency of the U.S. Government; Collected Funds.
While earnest money deposits do not need to be immediately negotiable “Good Funds” to be accepted, no disbursements can be made until the funds have had sufficient time to clear the escrow account and become “Collected Funds.” Clearing times vary, however, so it is important to confirm with your bank the specific time it will take for the check to clear your account.
It is also important to understand the differences between an ACH (Automated Clearing House) deposit and a wire. ACH deposits can take 3-5 business days to clear. During this time, a customer may recall or “claw back” the ACH, so ACH funds should be held and treated in the same manner as checks. ACH deposits (like checks) can still be debited from the escrow account, if deemed fraudulent, 60 days after deposits. Also, you should check your organization’s and bank’s policies on acceptance of ACH funds as some bank accounts do not accept or may have a block established on ACH deposits. [Virginia Title Center does NOT accept ACH funds.]
Wires are the preferred method for transferring closing funds. Incoming wires are Good Funds once the incoming bank has received the wire. Be sure to require the sender to include the buyer/seller/ property information related to the transaction on the wire when they send it. Doing so will help identify any wires received while ensuring they are posted to the correct transaction. Due to the prevalence of wire fraud, be sure to follow your organization’s procedures and preventative measures, such as ensuring that all wire instructions are sent via encrypted email or fax and requiring the verification of all wire instructions at a known phone number.
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16 Lessons Leaders Often Learn the Hard Way - Critical Lessons That They Fail to Teach you in School
by Frank Sonnenberg
Most people learn life’s most valuable lessons too late in life. Good leaders have learned over time what really matters, such as generosity, appreciation, seeking success as a journey, and maintaining high standards for yourself and others. One of the true tests of integrity is your refusal to compromise your honor at any price. Click HERE to learn 16 critical lessons that they fail to teach you in school.
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Things Your Loan Officers Should Do With Rates Rising
by Dave Hershman
The market is definitely changing in 2022. Higher mortgage rates (thus far), drastically fewer refinances and a shortage of inventory for purchases. The one thing I have found in my 35+ years in this industry is that it is always changing. As a leader, you must help your loan officers adapt to change so that they can continue to succeed in any market. What should you be suggesting they do? Click HERE for just a few areas of focus that I consider critical.
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The Day of the Tech-Forward Community Bank Has Arrived (Here's What it Looks Like)
by Bill Streeter
Mixing advanced technology, fintech partnerships and a customer-first culture can give community banks and credit unions an edge. Utah's TAB Bank takes that one step further, pairing it with a national niche-market model. In the process, the bank is drafting a potential roadmap for other smaller institutions. Click HERE to learn more.
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FHA Implements New Portal
from Investors Title
The Federal Housing Administration (FHA) has announced the availability of a new portal for the Department of Housing and Urban Development’s (HUD) Single Family Mortgage Asset Recovery Technology (SMART) system. This self-service portal – the SMART Integrated Portal (SIP) – allows borrowers, servicers, and third parties to request payoff amounts in realtime for FHA partial claims or subordination checklists. Click HERE to learn more.
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What Millennial & Gen Z Business Owners Want from Banks
by Bill Streeter
Financial institutions score well overall among small and midsize business owners. One big caveat: The best results come from the largest and the oldest firms. The huge crop of pandemic startups — the 'Covid class'— are less impressed with their banking providers. New data provides a roadmap for how financial marketers can attract and keep these digitally focused newcomers. Click HERE to learn more.
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Congratulations to Michelle Pickett of Atlantic Bay Mortgage!
Michelle Pickett, Sr. Mortgage Banker at Atlantic Bay Mortgage was the big winner of the Virginia Title Center & Bankers Title door prize while attending the Virginia Mortgage Bankers Association's Annual Loan Officer Summit in Richmond on March 2nd. Cheers Michelle!
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Virginia Title Center Offers Comprehensive Commercial Services |
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Click HERE for more information on how we can assist you.
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Did you know that Virginia Title Center’s skilled and dedicated team of experienced professionals are focused on meeting the unique needs of each client?
Our knowledgeable team includes two Certified Commercial Underwriters with over 35 years of combined experience, along with thirteen seasoned Settlement Processors. We take pride in delivering exceptional service for any size, type and complexity of commercial transaction.
Our comprehensive commercial services include:
- Coordination of Title Searches
- Commercial Title Insurance and Endorsements
- Escrow Services
- Closing and Disbursement Services
- 1031 Exchange Services facilitated through Investors Title Exchange Corporation
Virginia Title Center offers cost effective title and settlement services with competitive rates to help reduce closing costs.
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Did You Know That Virginia Title Center Offers Free Settlement Quotes 24/7 Through Our On-line Quote Calculator? |
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Visit our website and give it a try today!
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ATTENTION LENDERS:
Important Information Regarding Receipt of Closing Packages
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Virginia Title Center appreciates your support and cooperation in submitting your closing packages with clear to close no less than 24 hours before the scheduled date and time of closing.
It is the practice of our settlement processing team to review the documents submitted for accuracy prior to providing them to our closers. Often, our mobile closers need to travel up to an hour to the closing destination and also choose to review documents for questions prior to closing.
This 24 hour standard allows us to keep the client the top priority, and assure a smooth closing. A positive experience reflects favorably on you, your company, and Virginia Title Center. If your closing department is unable to meet this 24 hour prior to closing target, we will request that the closing be rescheduled.
Please share this with your team members as appropriate. Thank you for your understanding.
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Why Every Buyer Needs an Owner's Policy |
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Owner's Policy Comparison Chart |
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Protect Your Clients From Wire Fraud |
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Follow us on Social Media |
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Patti L. Dickerson
Director of Operations & Marketing
Virginia Title Center, LLC
1.800.468.5811 or 540.772.0585
Integrity. Security. Excellence.
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Main Office:
3565 Electric Road, SW, Suite J
Roanoke, VA 24018
Rocky Mount Office:
270 South Main Street, Suite 201
Rocky Mount, VA 24151
Blacksburg Office:
1997 South Main Street, Suite 604
Blacksburg, VA 24060
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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.
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