April 2022
Title Notes E-news
Should You Trust Your Gut?
by Phil McKinney

Your gut is surprisingly smart. It knows what’s good for you, and how to keep your body functioning properly. When you are in danger, it is your gut reaction that triggers your fight-or-flight response. But do you trust your gut? Do you trust its decisions? Chances are, sometimes you do and sometimes you don’t. Trust is such a difficult thing for us humans because we are constantly second-guessing ourselves. We have this amazing ability to think things through and analyze different scenarios, but sometimes that can work against us. When we trust our gut, we are trusting our intuition, which can be a very powerful thing. Click HERE to learn more.
Bankers Title Teammates Supporting Ukraine Through Donations
This month our agency team members gathered clothing, shoes, coats, and teddy bears for Ukrainian refugees. Greg Sabins, of Sabins Recordings in Newport News, Virginia took on a mission to Send Love From America and had a successful mission. Greg put out a call to his friends and clients on Facebook, and within six days he was able to collect, box, label each box, all while delivering excellent service to his clients. Greg delivered the donations to MotoLeader Global in Wilmington, NC. 
 
Additionally, Julie Krupnik generously donated a box of unopened, unused, and diabetic supplies to Insulin For Life for those who otherwise would go without these lifesaving provisions.
Clothing, Shoes, Coats &
Teddy Bears
Julie's Donation to
Insulin for Life
Greg Sabins' Total Donations to MotoLeader Global
13 Unconventional Bank Marketing Campaigns for 2022
by Garret Reich, The Financial Brand

A unique (and effective) marketing campaign is crucial to any sector, but banking needs them the most, because 'traditional' can get old, real fast. CHECK OUT these creative marketing ideas (from a mix of banks, credit unions, digital banks and fintechs) that are keeping banking on its toes.
SPECIAL FEATURE: Spotlight on Settlement
Good for the Money
by Linda Wagamon, Escrow Coordinator, Investors Title

Closing funds can come in many forms, and it is important to ensure that immediately negotiable “Good Funds” are received and credited to the escrow account prior to disbursement. Some examples of “Good Funds” include: Wires; Certified Checks; Cashier’s Checks; Checks Drawn on the Government of the United States, an Individual State, or an Agency of the U.S. Government; Collected Funds.

While earnest money deposits do not need to be immediately negotiable “Good Funds” to be accepted, no disbursements can be made until the funds have had sufficient time to clear the escrow account and become “Collected Funds.” Clearing times vary, however, so it is important to confirm with your bank the specific time it will take for the check to clear your account.

It is also important to understand the differences between an ACH (Automated Clearing House) deposit and a wire. ACH deposits can take 3-5 business days to clear. During this time, a customer may recall or “claw back” the ACH, so ACH funds should be held and treated in the same manner as checks. ACH deposits (like checks) can still be debited from the escrow account, if deemed fraudulent, 60 days after deposits. Also, you should check your organization’s and bank’s policies on acceptance of ACH funds as some bank accounts do not accept or may have a block established on ACH deposits. [Virginia Title Center does NOT accept ACH funds.]

Wires are the preferred method for transferring closing funds. Incoming wires are Good Funds once the incoming bank has received the wire. Be sure to require the sender to include the buyer/seller/ property information related to the transaction on the wire when they send it. Doing so will help identify any wires received while ensuring they are posted to the correct transaction. Due to the prevalence of wire fraud, be sure to follow your organization’s procedures and preventative measures, such as ensuring that all wire instructions are sent via encrypted email or fax and requiring the verification of all wire instructions at a known phone number. 
16 Lessons Leaders Often Learn the Hard Way - Critical Lessons That They Fail to Teach you in School
by Frank Sonnenberg

Most people learn life’s most valuable lessons too late in life. Good leaders have learned over time what really matters, such as generosity, appreciation, seeking success as a journey, and maintaining high standards for yourself and others. One of the true tests of integrity is your refusal to compromise your honor at any price. Click HERE to learn 16 critical lessons that they fail to teach you in school.
Bankers Title Comprehensive Commercial Services
Did you know that Bankers Title’s skilled and dedicated team of experienced professionals are focused on meeting the unique needs of each commercial client?

Our knowledgeable team includes two Certified Commercial Underwriters and two commercial certified settlement/ escrow officers with over 20 years of paralegal experience. We take pride in delivering exceptional service for any size, type and complexity of purchase, construction or refinance 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
Click HERE to learn more.
Things Your Loan Officers Should Do With Rates Rising
by Dave Hershman

The market is definitely changing in 2022. Higher mortgage rates (thus far), drastically fewer refinances and a shortage of inventory for purchases. The one thing I have found in my 35+ years in this industry is that it is always changing. As a leader, you must help your loan officers adapt to change so that they can continue to succeed in any market. What should you be suggesting they do? Click HERE for just a few areas of focus that I consider critical.
The Day of the Tech-Forward Community Bank Has Arrived
(Here's What it Looks Like)
by Bill Streeter

Mixing advanced technology, fintech partnerships and a customer-first culture can give community banks and credit unions an edge. Utah's TAB Bank takes that one step further, pairing it with a national niche-market model. In the process, the bank is drafting a potential roadmap for other smaller institutions. Click HERE to learn more.
FHA Implements New Portal
from Investors Title

The Federal Housing Administration (FHA) has announced the availability of a new portal for the Department of Housing and Urban Development’s (HUD) Single Family Mortgage Asset Recovery Technology (SMART) system. This self-service portal – the SMART Integrated Portal (SIP) – allows borrowers, servicers, and third parties to request payoff amounts in realtime for FHA partial claims or subordination checklists. Click HERE to learn more.
The BT On-site Team Keeping You Informed and Safe! It's What We Do!

Your client's health and safety is always a top priority for our agency.

Bankers Title is Offering Drive-Through Closings for Added Safety
The Bankers Title Settlement Team is offering clients the convenience and safety of outdoor closings. We are happy to coordinate, just let your settlement processor know in advance.

Bankers Title is Currently Conducting Hybrid Closings
Many lenders are beginning to offer hybrid closings where non-notarized documents can be digitally signed in advance of or at the closing. We are able to accommodate client and lender needs.

Coming Soon: Bankers Title Will Have E-Notaries on Staff
This will enable us to complete full remote on-line notarization (RON) closings. More to come!

Reminder: For the safety of all parties attending on-site closings face masks are requested.
 
Contact Robyn Parker to learn more.
What Millennial & Gen Z Business Owners Want from Banks
by Bill Streeter

Financial institutions score well overall among small and midsize business owners. One big caveat: The best results come from the largest and the oldest firms. The huge crop of pandemic startups — the 'Covid class'— are less impressed with their banking providers. New data provides a roadmap for how financial marketers can attract and keep these digitally focused newcomers. Click HERE to learn more.
Congratulations to Michelle Pickett of Atlantic Bay Mortgage!

Michelle Pickett, Sr. Mortgage Banker at Atlantic Bay Mortgage was the big winner of the Bankers Title & Virginia Title Center door prize while attending the Virginia Mortgage Bankers Association's Annual Loan Officer Summit in Richmond on March 2nd. Cheers Michelle!
Working long hours to process your client's loan applications? Our online quick quote rate calculator is available 24/7/365

You can easily access it from the home page of our website. Check it out HERE. Get your title premiums, settlement fee, and recording fees with three clicks. The quote can be saved as a PDF document and emailed to your client. Fast, simple, easy, anytime!

Want to request a quote? Just click HERE to fill our and form and e-mail it to us.
ATTENTION LENDERS:
Important Information Regarding Receipt of Closing Packages
Bankers Title 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 Bankers Title.

Please share this with your team members as appropriate. Thank you for your understanding.

Robyn C. Parker
Vice President & Agency Manager
Bankers Title, LLC
9011 Arboretum Parkway
Richmond, VA 23236
Phone: 1.800.830.1414 | 804.560.7655
 
Integrity. Security. Excellence

Bankers Title is a full-service Title and Settlement Agency that is committed to integrity and transparency in each of our transactions. Our team is made up of the best in the business and we look forward to helping you make informed decisions about your home.