Virginia Title Center and the Courthouses will be closed on Wednesday, June 19th

in observance of Juneteenth

Average Title Insurance Claim Cost for Fraud and Forgery is $143,000

from American Land Title Association

Fraud and forgery claims represent 21% of the total dollars spent by title insurers on claims expense and losses, with an average claim cost of over $143,000, according to a recent independent analysis. Including fraud and forgery, the analysis found nearly 30% of title insurers’ losses and claims expenses arose from title problems not discoverable from a public records search.

“The evidence is clear: expert title professionals do so much more than just scan public records or push a button to secure property rights,” said Diane Tomb, ALTA’s chief executive officer. “With the cost of fraud and forgery claims averaging more than twice the national average salary in the U.S., the risk of not purchasing a title insurance policy is far too high. This analysis highlights the significant risk exposure presented by any waiver of title insurance policies on loans purchased by the Government-Sponsored Enterprises or from any unregulated alternative product that does not provide comprehensive coverage against nearly a third of all claims.” Click HERE learn about more alarm statistics related to title insurance claims.

High Inflation is Changing the Way Americans Retire

by Megan Henney, FOXBusiness

The uncertain economic landscape has many Americans reconsidering whether retirement is a realistic goal. More than one-quarter of all non-retired investors said they would likely be forced to return to the workforce at some point due to inadequate savings if they were to retire within the next 12 months, while 19% doubt that they will ever save up enough money to retire. An additional 19% said they will retire later than planned because of inflation. High inflation has created severe financial pressures for most U.S. households, which are forced to pay more for everyday necessities like food and rent. Grocery prices are up more than 21% from the start of 2021, while shelter costs are up 18.37%, according to FOX Business calculations. Energy prices, meanwhile, are up 38.4.%. Click HERE to learn more.

How Three Community Bank CEOs Are Tackling Tech, Talent and Deposit Challenges

by Matt Doffing, The Financial Brand

Keeping up with technology. Hiring and retaining talented employees. Attracting deposits and stressing over the net interest margin.

Community bank leaders identify these as some of the biggest obstacles they face right now. Although the current list might sound similar to those in years past, they feel like the operating environment is tougher this time around. The worry is that today’s undercurrents could threaten their business model — which, for the bankers we spoke to, has kept their institutions going for more than 100 years. What are these institutions doing to adapt? Click HERE to gain perspectives from three CEOs.

Your Personal Brand Needs a Refresh. Here's Where to Start

by Dorie Clark and Tomas Chamorro-Premuzic

In a fast-changing world, it requires both a strategy and disciplined execution to stand out and remain relevant. And since your own career interests, goals, and objectives are likely changing more rapidly than ever, don’t assume that your internal state of mind is reflected in your public brand. Indeed, there’s often a lag between our self-perception and how others view us, and we have to consciously focus on closing that gap to achieve the brand or reputation we seek. Click HERE to learn the four key steps to consider to ensure you’re offered relevant opportunities and can deploy your full talents.

Inspiring Leadership: The Key to Building Inspired Teams

"People are not afraid of hard work, they are afraid of failure. As leaders it's our job to inspire them by showing them how they can be successful."

by Gordon Tredgold

To me, you can only class yourself as an Inspiring Leader if you have an inspired team. You could be a potential inspiring leader, but without inspired people around you, then I’m afraid you haven’t made the grade. It’s inspired teams which achieve amazing results, not inspired leaders. True, the leader can be the catalyst, but they don’t really do the work and certainly not the majority of it. Inspired teams will go the extra mile, put in the extra effort, they will snatch victory from the jaws of defeat, and they will achieve astounding results. It’s not good enough just having a great vision if you have not got an inspired team, this will probably still result in failure. Click HERE to learn more.

How AI Will Transform the Mortgage and Appraisal Industries

by Gareth Borcherds

"The mortgage industry has long been characterized by complex processes and meticulous evaluations. However, with the integration of artificial intelligence (AI), the industry is undergoing a profound transformation, redefining how mortgages are processed and appraised. AI’s capacity for complex reasoning and autonomous operations is revolutionizing the mortgage landscape, enhancing efficiency, accuracy, and reliability across various industry segments." Click HERE to read on.

4 Common Types of Team Conflict -- and How to Resolve Them

by Randall S. Peterson, Priti Pradhan Shah, Amanda J. Ferguson, and Stephen L. Jones

If you have ever managed a team or worked on one, you know that conflict within a team is as inevitable as it is distracting. Managers spend 20% of their time on average managing team conflict. Over the past three decades, the authors have studied thousands of team conflicts around the world and have identified four common patterns of team conflict. The first occurs when conflict revolves around a single member of a team (20-25% of team conflicts). The second is when two members of a team disagree (the most common team conflict at 35%). The third is when two subgroups in a team are at odds (20-25%). The fourth is when all members of a team are disagreeing in a whole-team conflict (less than 15%). Click HERE for suggested strategies to tailor a conflict resolution approach for each type, so that managers can address conflict as close to its origin as possible.

5 Verbal Communication Mistakes You Need to Correct ASAP

by Lolly Daskal

Verbal communication is a cornerstone of our interactions, yet it’s often riddled with pitfalls that can hinder our success. In my experience here are the five common verbal communication mistakes that leaders frequently make: Failing to Listen Actively; Using Jargon and Complex Language; Neglecting Nonverbal Cues; Failing to Provide Constructive Feedback; and Avoiding Tough Conversations. Click HERE to learn more about each, and more importantly, how to correct them promptly. These insights will empower you to become a more persuasive and impactful communicator.

Virginia Title Center Keeps You Safe From Wire Fraud with CertifID

Digital banking makes moving money easier for everyone — including cyber criminals, who are getting more cunning every day. Every wire transfer you send or receive is at risk. Yet many ask if wire fraud is really that serious? Wire transfers continue to be the most frequently reported payment method for fraud with a reported aggregate loss of $2.4 Billion and an average loss of $120k per victim. And, did you know that one out of every three real estate transactions are targeted for wire fraud?

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.