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October 2017
Title Notes E-News

TILA-RESPA INTEGRATED DISCLOSURES UPDATE
The CFPB has issued a detailed summary of the latest TRID Changes

The Consumer Financial Protection Bureau released a detailed summary of the changes and clarifications to the TILA-RESPA integrated disclosures that it finalized early in July.

The summary provides a quick reference to the 500-page final rule, which covers tolerance provisions for the disclosed total of payments, exemptions from TRID for certain loans, applicability of the disclosures to coop units and the sharing of disclosures, among other topics. 

The final rule also makes extensive technical corrections, many of which are addressed in the summary. Click HERE to review a copy of the summary.
New Scam Steals Real Estate Transaction Details

Real estate related scams are becoming more cunning and prevalent. A Durham, NC couple thought they lost their $50,000 down payment after responding to a well-crafted fake request for wired funds.  Click HERE to view the news report and learn more about the latest scam approaches.

Educational Resources Regarding Wire Fraud and Protecting NPI

Utilize these great downloadable materials provided by Investors Title to educate your teams.
  • CYBER - Can You Be Entirely Ready: Steps to consider for your information security plan
  • WIRE - What I Require Every Time: Red Flags and Good Rules of Thumb for Wires
  • Wire Checklist - Great resource for verifying incoming and outgoing wire instructions
  • FAST - Fast Action Stops Theft: Avoid Being a Victim - Know Your Cyber-Fraud
  • Fast Checklist - Response Plan Documentation Checklist
Holiday Schedules, Office and Courthouse Closures
  • Columbus Day: Monday, October 9 - VTC and Courthouses Closed 
  • VTC Main Office Relocation: Friday, November 3 - No phones or computer systems for the day
  • Professional Development: VTC will close at Noon on Thursday, November 9, and will be closed all day on November 10 for our team to participate in a professional development event
  • Veteran's Day: Friday, November 10 - Courthouses Closed
  • Thanksgiving: Thursday, November 23 and Friday November 24 VTC and Courthouses Closed. Courthouses will also close at Noon on Wednesday, November 22 with recording hours restricted to 8 a.m. to 11 a.m.
The Difference Between Open-Minded and
Close-Minded People
via Farnam Street

Why is it that some people seem to make constant progress in their professional and personal lives, while others appear to be doomed to repeat the same mistakes over and over?

While the answer isn't cut and dry, I've noticed an interesting mindset difference between these two groups: they approach obstacles and challenges very differently.

The first group approaches life with an open mind -- an eagerness to learn and a willingness to be wrong. The second group digs their heels in at the first sign of disagreement and would rather die than be wrong. The way each group approaches obstacles, it turns out, defines much of what separates them.  So which group are you in?  Click HERE to read on.
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Here are additional articles related to Professional Development you may enjoy: 
Virginia Title Center to Relocate Main Office November 3, 2017

Virginia Title Center is pleased to announce that we will be relocating our main office to West Village at 3565 Electric Road, Suite J, Roanoke, VA 24018 effective November 3, 2017. 

This new space will provide a more convenient, pleasant and professional atmosphere for our clients, as well as create greater efficiencies for our team.

NOTE: Our offices, phones and computer systems will be down on Friday, November 3rd in order to complete the move. We will be back up and running on Monday, November 6th. We appreciate your patience during this exciting transition.
Inside the Banker's Brain: Five Mental Modes
That Undermine Your Culture
by Lisa Joyce, The Financial Brand

By understanding human psychology and the mindsets that can drive those who work in financial services, banks and credit unions can foster the kind of internal culture that consistently delivers an exceptional experience.

The Aspen Institute set out to uncover why banking has become so complicated, and why most bankers seem short on empathy and only focused on their own short-term gains.  Click HERE to get the details.
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How the Increasing Nonbank Origination Share
is Changing the Housing Market
Nonbank originations hold lower average FICO scores
by Kelsey Ramirez

The origination share from nonbanks has increased significantly over the past five years, and is bringing several changes to the residential lending market, according to Urban Institute's August  ChartbookOverall, the nonbank origination share increased from 30% in 2013 to 60% in July 2017. During that same period, Ginnie Mae saw the highest increase, moving from 37% to 75%. Freddie Mac's share increased from 22% to 49% and Fannie Mae's jumped from 38% to 52%. Click HERE to learn more.
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Mortgage Lending and the Wonders of Day 1 Certainty
by Laura Williamson

Both major government-sponsored enterprises, Freddie Mac and Fannie Mae, are working to streamline the mortgage manufacturing to make securing and acquiring mortgages more efficient. Both seek to enhance the borrower and originator experience by offering different toolkits and resources. The Day 1 program was created with an ambitious goal: to transform the mortgage origination process. By combining greater speed, simplicity and certainty-along with a lower cost-to-produce and enhanced risk management for lenders-the program affords borrowers improved ease of access to mortgage credit.  Click HERE to learn more about these programs.
How FinTechs Finally Found Allure in Community Banks
by Karen Epper Hoffman

...For as they aim to grow their outfits, today's FinTech players now look beyond the biggest or most expansive financial institutions. As it turns out, FinTechs and community banks make for some amazing partnerships.

Community bankers also recognize that FinTechs could give them an edge in capturing Millennials and Generation Z consumers. While opportunities abound, community banks with limited resources and reach should choose carefully when considering potential FinTech partners and projects.   Click HERE  to read the article in its entirety.
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The Top Hopes and Fears of Would-Be Small Business Owners
by Ayaz Nanji

About the researchThe report was based on data from a survey of 1,000 would-be small business owners in the United States and was conducted by Paychex.

Some 78% of respondents say they would start a small business in hopes of becoming more independent; 64% say they would start a small business because they think they would love it.  Click HERE to view charts outlining the most common hopes and fears and, as well as a break down by gender.

 

**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?

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. 

 

 Our professionalism, technical knowledge and experience provide security as we insure protection for your most valued investment.