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July 2017
Title Notes E-News

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Commonwealth of Virginia Recording Fee Increase
Pursuant to Code Virginia Code section 17.1-258.3:1 (HB2035)

Effective July 1st, 2017 Circuit Courts may now charge a fee up to $5.00 per document for all paper documents recorded in Land Records. Please verify recording cost online prior to recording via the Deed Calculation Website. We recommend including a printed copy of the deed calculation with every recording. Many localities will begin to offer E-recordings effective July, 1st, 2017. Watch next month's newsletter for more details about e-recordings in Virginia. 
Wire Fraud: A new nightmare for real estate conveyancers and title companies
by Fracnis DiSanti, CATIC

As if real estate conveyancers and title insurance companies did not have enough to worry about, they now face a growing threat that has dire financial consequences.  Hackers are acquiring information by infiltrating and monitoring emails of the real estate community. They learn who the parties are to the transaction, the amount of the purchase, the date of the closing, and most importantly, if any of the funds are being wired. Once the information is learned, the hacker generates an identity very similar to one of the parties involved in the transaction.

Hackers are targeting not only the real estate conveyancers, but also the real estate agents who are involved in the transaction. The unprotected emails of the realtors are compromised by the hacker. From there, the hackers can monitor the information being exchanged and learn the information they will later need to set up the fake email account.

In an effort to combat these hacker attacks, there are a number of measures designed to increase security. Such measures include: avoid web-based email accounts such as yahoo or gmail to transmit business communications; secure your wireless network; change computer passwords regularly; keep virus and firewall software up to date; and most importantly, in the event there is a change in wire instructions during a transaction, call the receiver of the wire directly and verify the requested change.   Click HERE to read on.
What a Coaching Conversation Should Look Like
by Gregg Thompson, Bluepoint Leadership Development

One of the key foundation stones upon which successful coaching is built is conversation - the dialogue you have with the people you are coaching.  As a coach, your job is to create a space in which other people will regularly have conversations that not only uncover new ideas and generate innovative solutions, but that result in entirely new attitudes and behaviors, and that forge commitments to make significant, sustained personal changes.  Click HERE to read more.

13 Influencers You Should Be Following to Be a Better Leader
by John Eades

People are spending an enormous amount of time each day checking social media.  In today's fast-paced, content-saturated world, who you choose to follow is massively important to your development as a leader.  Instead of trying to change your behavior by checking social media less, you'll be better served to take a lesson from Tony Robbins: "Who you spend your time with is who you become."  Click HERE to see what  13 thought leaders you must be following online in order to be a better leader.

Here is an additional article related to the Leadership & Professional Development you may enjoy: 
Anticipated Growth May Spur Small-Business Lending, New Account

..."When looking for a loan small businesses tend to look to their primary financial institution, so attracting small business deposit accounts can serve as the entry point for future loan business," said Bill Handel, vice president of research, Raddon. "Financial institutions can win small business customers by demonstrating that they understand business owners' challenges, have the expertise these customers need, and can deliver the technology and service to help small businesses grow." Click HERE to read more.

Taking care of small business: Winning back SMBs and lost loan relationships
by Nathan Snell

Let's take a closer look at that number: It comes to one business for every 11 or 12 people in the U.S. Clearly, this market is ripe with opportunity. And yet, reasons abound as to why banks haven't fulfilled small business loan requests.  For starters, small business loans have traditionally been unprofitable and somewhat inefficient for banks, and thus present something of a challenge.
HERE to read more.

Report From Community Banking's Trenches
by Jeff Gerrish

As many of my readers know, I travel extensively, working with community banks in all 50 states and a couple of territories. Because of that, I often get asked what the feeling from "the trenches" is on various topics.  The trenches, by the way, are where the real people live, work, and play. Click HERE to see what Jeff has to share abut what he sees going on from the trenches as it relates to a few different issues, including the following:

- The Trump effect

- Mergers and acquisitions -Technology Security

- Regulatory relief

- Enterprise risk management

Here are additional articles related to the Community  Banking you may enjoy: 
The [mortgage] industry's next level of compliance: Preservation via blockchain
by Jason Nadeau

Blockchain to the rescue
Current mortgage systems lack the ability to preserve proof of compliance since they are designed as manufacturing, checklist or document collection technologies. They were not designed to "preserve" the data, documents, rules, decisions and state of the loan. But imagine the results if each loan could be preserved at the point of every decision. New rules engines could be created to monitor compliance, and lenders would be able to perfectly recreate each loan at any time in the future.   Click HERE to read on.

Here are additional articles related to the Mortgage Industry 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.**

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 Operations & Marketing
Virginia Title Center, LLC
Integrity. Security. Excellence.


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