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November 2016
Title Notes E-News

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10 Acts Of Humanity Standout Leaders Perform Daily
by Roy Osing for TalentCulture

Standout leadership doesn't have to be complicated; it doesn't have to conform to doctrine advocated by leadership gurus and HR pundits who advocate a more theoretical model. ...L eadership that sets you apart from the crowd boils down to how well you practice a few basic human acts, not on how well you comply with text book principles.

1.  Help others
 6.  Show your emotional side
2.  Walk in their footsteps
 7.  Look in their eyes and take notes
3.  Practice what you preach
 8.  Say "thank you" a lot
4.  Keep your promises
 9.  Share your status
5.  Leave the glory to others
10. Call someone

Common leaders have a good foundation of leadership theory. Standout leaders practice their art from their heart. Click HERE to read more about these 10 acts to learn how you can fine tune your leadership skills.

Here are additional articles related to Leadership you may enjoy: 
Virginia Title Center Welcomes
Nikki Castellano to the Team

Nikki joined the VTC team in October of 2016 as the Receptionist and Administrative Support. She brings three years of office experience providing a strong administrative background.

Nikki is a graduate of Glenvar High School, and is currently attending community college working towards a Business Administrative degree. 

She just recently moved to Roanoke City, which is about 20 minutes from where she grew up. When Nikki isn't traveling, she loves spending time with her friends and little dog, Josie.

Please join us in welcoming Nikki to the team!

Click HERE to meet the rest of the VTC team.
5 Ways the CFPB Constitutionality Ruling Impacts Banks and Consumers
by Phillip Branch

By now, you may have heard that the U.S. Court of Appeals for the D.C. Circuit declared that Congress had taken unconstitutional action with the Consumer Financial Protection Bureau (CFPB) and introduced a swath of changes that stand to impact providers and consumers in numerous ways. The court's decision puts the CFPB directly under the control of the White House. Currently, the CFPB operates as an independent agency. There are arguments on both sides of that coin, some saying that the autonomy provides necessary stability for the U.S. economy and others saying that it offers a dangerous lack of checks and balances.

The Consumer Bankers Association has declared that the decision has broad and immediately impactful implications for the banking industry and consumers because it undermines the current stability of the agency. Click HERE to review a list which highlights five significant and pressing changes.

Real Estate Loans: Title Insurance - 
What is its Value?  
by Spencer A. Stone

...It's probably not necessary for a loan officer involved in a real estate transaction to read the whole title insurance policy, yet it may be helpful to have a basic understanding of the benefits and limitations of a lender's title policy as well as some of the optional endorsements.  At its most basic level, a lender's title insurance policy is intended to insure that the lender has a valid and enforceable mortgage on the real estate.

....Some may wonder: What is the value of title insurance?  The answer is: Hopefully you'll never find out.  If your borrower pays its loan in full without incident, you never have to look at, or think about, the title insurance policy; you never know or care if there is a problem with title. However, the same can be said of the mortgage itself. If your borrower pays the loan in full, then you never needed the mortgage in the first place. ...if you need to begin foreclosure proceedings or your borrower files a bankruptcy petition, the title insurance policy can be invaluable. Click HERE to learn more about the value of title insurance or contact a Virginia Title Representative.

ALTA Survey Finds Customer Confusion Remains With New Disclosures

More than 40 percent of American homebuyers feel taken advantage of or are confused by the calculation of title insurance fees on the Consumer Financial Protection Bureau's (CFPB) new mortgage disclosures, according to a new study by the American Land Title Association (ALTA).

"ALTA and its members are committed to educating consumers about how title insurance provides peace of mind by protecting their property rights," Korsmo said. "An equal commitment from the Bureau is needed to ensure that confusion over the price of title insurance does not undercut these efforts. Consumers will benefit from having the actual cost of title insurance disclosed on the mortgage disclosures. This is not only supported by ALTA's research, but also by our members' experiences every day at closing tables across the country." Click HERE to read this article in its entirety.
Please Don't Forget the Following November Holidays

Virginia Title Center, LLC and The Clerk of the Court offices will be CLOSED on the following days in November:
  • Friday, November 11, 2016 - Veteran's Day
  • Thursday, November 24, 2016 - Thanksgiving Day
  • Friday, November 25, 2016 - Day After Thanksgiving

Please allow additional time when placing orders and/or scheduling closings. 

Patti Dickerson accepting award from
Chip Glover 2016 VMLA Convention Chair and Emily Farley 2016 VMLA President
VTC Teammate Receives Recognition at VMLA Annual Conference
by Bobby Fothergill,
VP/Agency Manager, Virginia Title Center, LLC

Three years ago, Patti Dickerson and myself, along with members of the mortgage community in the Roanoke and New River Valleys, worked  to re-establish a local chapter of the Virginia Mortgage Lenders Association. The Blue Ridge Mortgage Lenders Association was formed so mortgage originators could share ideas, learn about industry trends, and provide a voice on matters important to the industry to the government on both the Federal and State levels.
I think members of the Blue Ridge Mortgage Lenders Association would agree with me, that the success of our chapter would not be possible without the contributions of Patti Dickerson.  She has been the glue that has kept us together. Whether it is arranging venues and speakers for meetings, sending out reminders of upcoming meetings, or taking notes during our board meetings, she has provided invaluable contributions to our chapter.
On October 7th at the Virginia Mortgage Lenders Association annual conference in Norfolk, the VMLA recognized Patti for her contributions by awarding her the 2016 Alex McCrone Member of the Year Award.  On behalf of the members of the Blue Ridge Mortgage Association, I would like to congratulate Patti on this recognition.  It was well deserved!
10 Ways Banking Will Be Different in 2020
by Grace Noto

An obvious statement: The banking world is changing.  However, it does give rise to less obvious questions: Just how fast is it changing, and in what ways? For instance, what will the banking world look like in five years? Will there be chatbots in every smartphone and every app? Will bitcoins or other cryptocurrencies be mainstream forms of money exchange?

In Bank Innovation's State of Banking Innovation in 2016 survey, we asked the survey's 171 respondents - the majority of whom self-identified as bankers -what they thought banking will be like in 2020. Click  HERE to read the ten different ways they responded.


Lenders Need to Focus on HMDA Changes
Here's What's Coming Next
by Kelsey Ramirez

Changes to the Home Mortgage Disclosure Act will become effective in just a few months, and many lenders still aren't ready. For instance, with an increased number of data points that need to be collected, the number of fields where errors can occur will double by 2018.

In October 2015, the Consumer Financial Protection Bureau published its changes to the Home Mortgage Disclosure Act. 

Three major changes are coming in 2017, according to Alice Alvey, Mortgage U senior vice president, who spoke about the changes in an interview on the Lykken on Lending broadcast. Click HERE what these changes include.

Here are additional articles related to the  Mortgage Industry you may enjoy: 
Here are the Top 5 Trends in Real Estate Over the Past 35 Years
A look back at real estate from Realtors
by Kelsey Ramirez

Thirty-five years ago the housing market looked drastically different, with the word "internet" nowhere to be found and the thought of less than a 4% mortgage rate crazy. The National Association of Realtors, however, has followed the changes every step of the way, releasing its Profile of Home Buyers and Sellers survey since 1981.

Here's an overview of the trends since the survey's inception:
  1. Participation from first-time buyers is depressed
  2. The internet is not replacing real estate agents
  3. Buyers purchasing bigger, but the pace is currently at a standstill
  4. Down payments have trended down over time, but not in recent years
  5. The home search is taking longer: tight inventory has slowed the pace in the past two years.

Click HERE to learn more about how the industry has changed in the last 35 years.


Here are additional articles related to Realtors® and Real Estate Trends 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.


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. 


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