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September 2022

Title Notes


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Using the 80/20 Rule to Think Critically

by Mike Figliuolo

Learn how an Italian gardener’s simple principle can make problem solving much easier. Critical thinking doesn’t only apply to coming up with recommendations. You need to think critically about the way you’re going to spend your time and energy. Those things are limited. You have too many problems to solve and not enough time. I encourage people to follow the 80/20 rule, also known as the Pareto principle. You can’t focus on that 80% that only drives 20% of the results. Focus your efforts on the meaningful. Click HERE to learn more.

How Receptive Are You to “Constructive” Feedback That You Disagree With?
How to Harness the Four Aspects of Focus

Grow or Die: The Ultimatum Facing U.S. Banks

by Jeffry Pilcher

The Financial Brand analyzed the number of FDIC-insured banks and bank branches in the U.S. since 1935. The trends paint an alarming picture for the future of banking. In the next 20 years, half the banks around today will be gone, leaving fewer than 2,000 banks in the US by the year 2042. In 2012 there were 6,087 FDIC-insured institutions with $14.4 trillion in assets. By 2021, this number had dwindled down to just 4,236 banks but assets had grown to a whopping $24 trillion. In 2021, there were 141 fewer FDIC-insured banks and 2,740 fewer branches than there were the year prior -- a decline of 3.22% and 3.66% respectively. Over the last 10 years, the number of FDIC-insured banks has declined an average of 3.86%. There are now just over 4,000 banks left in the U.S. Click HERE to read on.

Economic Fears Give Banks a Big Chance to Offer Personalized Insights
The Future of Retail Banking: 5 Scenarios for 2025 and Beyond

Implementation of 2021 ALTA Owner's and Loan Policies

from Investors Title

The 2021 American Land Title Association (ALTA) Owner's and Loan Policy forms were approved by ALTA effective July 1, 2021. Investors Title implemented the forms for new title commitments issued on or after August 1, 2022. The 2006 policy forms will be available upon request until they are decertified by ALTA on December 31, 2022. Largely, the revisions to the policy forms fall into two categories: 1) conforming the policy forms to the changes previously made to the 2016 ALTA Commitment; and 2) updating various terms to comply with changes in laws and regulations passed or revised after the implementation of the current policy forms in 2006. Some important additional coverage provisions have also bee added to the 2021 policy forms. Click HERE to review the highlights of some of the important changes broken down by the four sections of the policy forms.

ALTA Endorsement Chart - Applications of 2006 and 2021 ALTA Endorsement Forms to Policies
ALTA Loan Policy Comparison Chart - ALTA 2021 vs ALTA 2006

4 Unexpected Realities Real Leaders Learn That Phonies Never Get

by Dan Rockwell

The tragedy of phoniness is an empty heart. Real leaders learn to bring their best selves to work. Phonies wear a mask. Phonies become phonies because they’re worried about opinions, approval, and recognition. Click HERE to learn the difference between a phony and genuine leader for optimal effectiveness in the workplace.

Let People Know You Care by Asking Them to Stay
The Secrets to Greatness for Female Leaders

HELOCs Are Now "Raging Back"

by Bill Conroy

A combination of fast-rising home values and the fact that nearly two-thirds of borrowers with at least some home equity have mortgage rates below 4% — and would not benefit from refinancing — is helping to propel a resurgent market for home-equity lines of credit (HELOCs). The Federal Reserve Bank of New York’s second-quarter 2022 Household Debt and Credit Report shows that limits on HELOCs jumped by $18 billion in the second quarter of this year, “the first substantial increase in HELOC limits since 2011,” and an indicator of an increase in new originations. HELOC balances stood at $319 billion for the second quarter, according to the Federal Reserve report. Click HERE to read on.

A 1031 Exchange is a Tax-Deferred Way to Invest in Real Estate

by Aly J. Yale

A 1031 exchange is a type of real estate purchase allowed under Section 1031 of the US Internal Revenue Code. It allows you to defer capital gains taxes when selling a property, as long as the proceeds are used toward a similar investment within 180 days. A 1031 exchange can help you buy more profitable properties, diversify, or defer taxes associated with depreciation. Did you know that Virginia Title Center can assist you and your clients facilitate a 1031 Exchange through Investors Title's Exchange Corporation? Click HERE to learn more about the process.

Check Out the 1031 Exchange Resources Offered Through Investors Title
Virginia Title Center 1031 Exchange Order Form 

How People Development Makes a Company More Competitive

by Dave Coffaro

Organization leaders hear it every day: “It’s difficult finding qualified employees.” “People don’t want to return to in-person work.” “Now we have to think about employee well-being; what’s next!”  In business, competition for the highest value resources — human, physical, economic, noneconomic — is constant. Today’s competition for human resources has taken on new dimensions. Differentiating an organization as a people development exemplar enhances its ability to attract the best available employees and demonstrates a core commitment to continually earn and sustain organizational relevance. Click HERE to learn more.

Organizational Success: It's a Team Effort
The Value of Kindness in the Culture of Banking

Lessons From the Largest Fraud in a Generation

by Nick Chandi

The first charges against Payment Protection Program fraud were filed in May 2020 — barely a month after the Coronavirus Aid, Relief and Economic Security (CARES) Act was passed. The man in question was seeking over half a million dollars in fraudulent loans for businesses that did not exist or had long closed before COVID-19. Since then, small and midsize business (SMB) lending fraud has increased by 8.3%. At least 100 individuals have been charged and no one, not even celebrities, have been spared. Some estimate that $80 billion was stolen in PPP fraud schemes, about 10% of the money disbursed via 21 million PPP loans. Experts say this may be the single largest fraud in our generation. How did this happen? Click HERE to learn how, and what can be done to prevent it in the future.

Top Trends Transforming Business Banking in 2022 and Beyond
How Banks Can Meet the SMB Demands for Omnichannel Payments
Yun: Slowing Inflation Suggests Mortgage Rates Have Topped Out
Survey: 94% of Sellers Don't Disclose Property Defects
Economist: Mortgage Rates Hurt Buyers More Than Home Prices
How to Handle a Price Reduction on a Listing
Virginia Title Center Offers Comprehensive Commercial Services
Click HERE for more information on how we can assist you.
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.
Did You Know That Virginia Title Center Offers Free Settlement Quotes 24/7 Through Our On-line Quote Calculator?
Visit our website and give it a try today!
Click HERE for a sample
Important Information Regarding Receipt of Closing Packages
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.
Why Every Buyer Needs an Owner's Policy
Owner's Policy Comparison Chart
Protect Your Clients From Wire Fraud
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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. 

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
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.