What's New This Month

As we reflect on Labor Day this past week, we're reminded of the hard work that keeps our communities and our industry moving forward. Behind every real estate closing is a team of dedicated professionals ensuring each transaction runs smoothly. Thank you to all the bankers, attorneys and title professionals in the Mountain State who give their time and expertise to help make dreams come true.


As always, we hope you find this month's newsletter helpful. Thank you for the continued trust you place in West Virginia Bankers Title.


Best regards,


Rachel Showalter, Agency Operations Manager

ALTA Backs Fidelity's Appeal in Ongoing FinCEN Reporting Rule Fight

The legal fight over FinCEN's Residential Real Estate Reporting Rule isn’t slowing down. On August 7, ALTA filed an amicus brief supporting Fidelity National Financial's appeal. The appeal challenges a Florida court ruling upholding FinCEN's authority to require reporting on certain non-financed residential real estate transfers. ALTA’s argument? The rule imposes real compliance costs, particularly on small title and settlement businesses.


Earlier this year, a separate Texas court ruling vacated the rule nationwide, so reporting isn't required for now. We'll continue to monitor developments as this appeal unfolds.

New WV Law Helps Banks Protect Elderly and Disabled Customers

The 2026 West Virginia Legislative Session brought a meaningful win for the state's banking industry: passage of Senate Bill 617. 


Under SB 617, if a bank employee suspects an elderly or disabled customer is being financially exploited, they can now step in and alert authorities without fear of violating privacy rules. This could be a trusted contact on the account, the state Attorney General or the Department of Human Services. 



For banks, this provides an added layer of protection and clarity when stepping in to help vulnerable customers who may be targets of financial exploitation.

CFPB Requests Industry Input on Potential TRID Changes

On July 9, the CFPB issued a “Request for Information” seeking feedback on potential changes to mortgage disclosure and rescission requirements under the Truth in Lending Act (TILA) and the Real Estate Settlement Procedures Act (RESPA). 


The request stems from an executive order aimed at reducing mortgage origination costs and expanding access to credit. Areas of discussion included TRID timing rules, tolerance thresholds and whether small banks and credit unions should have separate requirements.


While no rule changes have been finalized, this marks a significant opportunity for the industry to shape future TRID policy. 


Innovation

A new white paper from First American Financial Corporation states that title insurance remains essential, even as AI and digitized records reshape the industry. The report argues that title professionals help preserve the integrity of the nation's roughly $5 trillion real estate economy, and that AI alone "cannot meet the industry's standards for accuracy, consistency and reliability." The report emphasizes that title searches and the decisions they support still depend on human oversight and professional judgment.

Mortgage Trends

As of late August, West Virginia's average 30-year mortgage rate climbed to 6.846%, running slightly above the national average of 6.769%. Refinance rates followed a similar pattern, with the state's 30-year refinance APR at 6.884%, about 0.085 percentage points higher than the national rate. Rates and pricing fluctuate periodically with changes in Federal Reserve policy and overall economic conditions. As rates continue to shift, staying informed helps you guide your clients with confidence. 

Professional Development

In a recent webinar, attorney and wellness consultant Erin Clifford argued that burnout among lawyers shouldn't be treated as an individual problem; it's a firm-wide issue that affects performance, retention, and financial health. Clifford outlined practical strategies firms can adopt, including setting clear communication boundaries, building in regular "microbreaks" and establishing firm deadlines to reduce stress. "Well-being isn't just about self-care," Clifford said. "It's also a performance strategy."

Market Highlights

After nearly two years of advocacy, the bipartisan 21st Century ROAD to Housing Act was signed into law in July, aiming to boost housing supply and expand access to home financing for more middle- and lower-income buyers. This new law should restrict large corporate investors from buying up single-family homes. 


A recent poll confirmed bipartisan agreement on the housing policy, with 87% of Republicans, 92% of Democrats and 91% of Independents supporting the bill. 

Celebrating the Workforce Behind Homeownership 

The celebration of Labor Day began in the late 19th century as a tribute to America's labor movement, honoring the hardworking individuals who helped build our country from the ground up. More than 130 years later, homeownership and real estate development have evolved drastically. We've gone from handwritten deeds and courthouse record rooms to digital closings and title searches completed in an instant.


That progress wouldn't be possible without generations of title examiners, closers, underwriters and real estate professionals who have kept the process reliable and secure every step of the way. With the aid of technology and artificial intelligence, our ability to deliver exceptional service to our clients will only continue to improve, and we're excited for what's ahead.



Here's to the workforce behind homeownership — from all of us at West Virginia Bankers Title.