Virginia Title Center will be closed on Thursday, July 4th

in observance of Independence Day

Many of the Courthouses will be closed on Thursday, July 4th and Friday, July 5th

I Always Thought Title Insurance Was a Waste of Money Until This Happened to Me

by Christy Bieber

I am currently involved in a long process of buying a home from some investors who purchased it in foreclosure. The home closing has been held up multiple times, as the sellers are having a hard time getting liens off the property.

That's not what made me glad for title insurance though, since the title company identified all of these claims and is requiring the sellers to clear them up before the purchase can be finalized. The thing that made me glad I have title insurance was when the former owner of the property showed up. Our sellers are allowing us to stay at the house before closing since it's their fault we're delayed, and we were outside our home one day when the former owner came by.

She claimed she still owned the home and was involved in a lawsuit to get it back -- and that this had worked for her several times before. A review of court records showed that she had, in fact, had several foreclosure auctions canceled -- although the most recent one was a final sale and she didn't own the house anymore.

The issue, though, is that if she did make a claim, we could be stuck potentially defending it or losing money. But having title insurance would protect us against those losses. Remember, a home is a very expensive purchase. You simply can't take a chance of something unexpected happening with your ownership rights and not have insurance to protect you in case that occurs.

Mortgage lenders require that you buy a lender's title insurance policy. However, buying an owner's title insurance policy is usually considered to be optional. While it is optional, though, the reality is that you never know when something could go wrong. And if it does, you don't want to get stuck with legal fees or paying someone else's debt. Click HERE to read this article in its entirety.

As Deepfakes Redraw Cybersecurity Battlelines, Banks Must Change Their Approach

by Michael Marcotte, artius.iD

When deepfakes charged into the public consciousness, the cybersecurity landscape immediately underwent a seismic shift. The battle lines were instantly redrawn, and conventional cybersecurity assumptions and rules were undermined overnight. Banking and financial services institutions are on the front lines of this new arms race – and currently, some are on the back foot. Malicious actors armed with generative artificial intelligence (gen AI), deepfakes, and machine learning have already caused havoc, siphoning off millions in cash and stealing reams of highly sensitive financial data. The very notion of a bank is built on perceived impermeability. When this perception shatters, banks can unravel rapidly, as the history of bank runs shows from the 16th century right up to Silicon Valley Bank last year. Click HERE to learn more.

2024 Sued for Wire Fraud Report: In-Depth Analysis of Recent Wire Fraud Cases Shaping the Legal Landscape for Real Estate Firms

by Tom Cronkright, Executive Chairman and Co-founder at CertifID

There’s been an alarming rise in real estate wire fraud, and it’s having a devastating impact on buyers, sellers, and the industry as a whole. Those victimized by such scams are turning to the courts to seek damages after their life savings or business liquidity is stolen by scammers. With this increasing pressure in and out of court, real estate firms can no longer be passive observers. The fallout from a single fraudulent transaction can lead to lost business and a tarnished reputation that takes years to rebuild. This means that the onus is on professionals to understand their risks and take action to prevent fraud before it happens. By understanding today’s legal landscape and taking proactive steps, professionals can better safeguard clients and their businesses. Click HERE to download your copy of this Fraud Report which provides the necessary insights and recommendations to navigate this complex issue effectively. Click HERE for an additional article highlighting excerpts from the Fraud Report.

Virginia Title Center Keeps You And Your Clients Safe From Wire Fraud with CertifID

At Virginia Title Center, we take the safety of your money and your client's money seriously as we offer wire fraud protection through a partnership with CertifID. This offers end-to-end protection to keep customer information secured and insured at all times through a suite of services. CertifID makes it easy for us to securely send our wire instructions to clients and lenders; allows us to safely collect bank details from home sellers and other partners; verifies the bank details that have been provided are accurate and not tampered with; and, offers Payoff Protect to validate the authenticity of wiring instructions to ensure loan payoff payments aren't sent to fraudsters. All wire transactions are backed by Lloyd's of London and insured up to $1 million. Click HERE for a flyer you can share with your clients, and talk to your settlement processor to learn how using CertifID can protect you and your clients.

3 Ways to Compassionately Hold Your Team Accountable

by David Rock, Emma Sarro, and Chris Weller

Why are some teams more successful than others when it comes to meeting deadlines, hitting targets, and growing revenues? Researchers at the NeuroLeadership Institute looked at the cognitive processes associated with leaders who cultivate accountability on their teams. They identified three distinct habits practiced by these leaders: They think ahead, obsess about commitments, and anchor on solutions. Click HERE to learn more.

4 Things Banks Are Doing to Grease the M&A Wheels

by Caitlin Mullen

As regulatory approval timelines for bank mergers and acquisitions stretch out, bankers are eager to smooth the way for a potential deal. That’s led more banks to pledge they’ll raise capital to boost a deal’s chances of approval, or explore charter changes to find a more amenable regulator. Investment bankers and attorneys say banks are making these moves more often with the goal of obtaining necessary regulatory approvals. After hitting a five-year low in 2023, bank M&A activity has shown signs of life this year. Click HERE to read on.

Identify -- and Develop -- Your Natural Strengths

by Sanyin Siang

When we think of self-improvement, we tend to focus on our weaknesses. But that means we often underestimate our strengths — or even don’t recognize them at all. In this article, the author explains why we’ve developed this focus on weakness, and she then lays out a program for identifying and developing our strengths, with a particular focus on natural abilities that we might take for granted and therefore overlook. Click HERE to learn how to work to identify and develop your innate strengths, and then use them with intention.

What Makes CRE Risk in 2024 and Beyond Different From Recent Bank Failures?

by Kelly A. Brown and Rachel Koning Beals

All eyes are on the Federal Reserve for interest-rate timing and the careful policy navigation required as inflation sticks around. But for the Fed, and for the banking industry at large, there’s another underlying concern that persists: commercial real estate (CRE) exposure and its particular vulnerability to higher-for-longer rates. The Fed and other regulators have made clear they have CRE under close watch. And they’ve conceded that not all lending institutions will make it out unscathed. “We have identified the banks that have high commercial real estate concentrations, particularly office and retail and other [property types] that have been affected a lot,” Fed Chairman Jerome Powell said in congressional testimony earlier this year. “This is a problem that we’ll be working on for years more, I’m sure. There will be bank failures, but not the big banks.” Click HERE to learn more.

The Top 20 Reasons People Quarrel

by Frank Sonnenberg

Having an argument isn’t exactly anyone’s idea of a good time. And yet, they seem to be a common occurrence, both at home and at work. By pinpointing the main triggers of disagreement, you might be able to steer clear of conflicts altogether. According to an unscientific poll, most people quarrel for the same reasons. From communication breakdowns to divergent values, 20 root causes of conflict fuel the flames of discord. Understanding these fundamental triggers is essential for managing interpersonal relationships. Click HERE to understand the 20 root causes. Identifying the causes of conflict is half the solution; doing something about it is the other half. Avoiding arguments doesn’t require rocket science. It simply requires genuine desire and unwavering commitment.