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May 2024
Title Notes
E-News
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Dispelling 7 Myths About NAR's Proposed Settlement
from National Association of REALTORS®
You can help correct the record about the association’s proposed settlement to resolve nationwide claims brought by home sellers. National Association of REALTORS® leaders have been talking to reporters and members full-time over the past month to correct the record about the association’s decision to resolve nationwide claims brought by home sellers. You can help by challenging inaccurate information that you see appearing in social media posts, news articles or elsewhere. Click HERE learn more.
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CFPB Weighs Title Insurance Changes
by Sarah Wolak
The Consumer Financial Protection Bureau is considering whether to prohibit banks from charging homeowners for title insurance. Charging home buyers for title insurance is a long-standing industry practice intended to protect lenders. The report states that the CFPB’s plan is still in its initial stages. The crackdown could include preventing lenders from charging borrowers for the cost of lender’s title insurance. The plan would only impact lenders’ insurance – buyers could still purchase optional title insurance to cover their equity. Click HERE to learn more.
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5 Strategies for Improving Mental Health at Work
by Morra Aarons-Mele
Companies are investing in — and talking about — mental health more often these days. But employees aren’t reporting a corresponding rise in well-being. Why? The author, who wrote a book on mental health and work last year, explores several key ways organizations haven’t gone far enough in implementing a culture of well-being. She also makes five key suggestions on what they can do to improve the mental health of their employees. Click HERE for the five key strategies.
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Leading the Future of Work: Jacob Morgan on Top Leadership Trends In 2024 for Banking Execs
by Justin Estes
From leading with vulnerability to embracing a transformation mindset, renowned leadership futurist and bestselling author Jacob Morgan shares practical advice for banking leaders looking to future-proof their organizations. He emphasizes the importance of continuous learning, leveraging generative AI and bridging the gap between competence and connection in leadership roles. As the banking industry grapples with the impact of hybrid work, the escalating demand for talent and the fear of AI, Morgan’s insights provide a roadmap for executives seeking to lead their organizations into the future. Click HERE to learn more.
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Cybercrime Losses Hit Record High in 2023
The FBI fielded 880,418 cybercrime complaints with combined potential loss of $12.8 billion last year
by Brooklee Han
“The cyber landscape is threatened by a multitude of malicious actors who have the tools to conduct large-scale fraud schemes, hold our money and data for ransom, and endanger our national security,” Timothy Langan, the executive assistant director for the FBI, said in a statement. “Profit-driven cybercriminals and nation-state adversaries alike have the capability to paralyze entire school systems, police departments, healthcare facilities, and individual private sector entities. The FBI continues to combat this evolving cyber threat. Our strategy focuses on building strong partnerships with the private sector, removing threats from U.S. networks, pulling back the cloak of anonymity many of these actors hide behind and hitting cybercriminals where it hurts: their wallets, including their virtual wallets.” Click HERE to learn more.
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CHECK OUT OUR NEW QUOTE CALCULATOR!
Works on laptop, tablet and phone
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Set up Your Account to Brand Your Title Quotes, Buyer Estimates, Seller Net Sheets and More! | |
The 10 Simplest Ways to Turn Challenges Into Opportunities
from Leadership Freak
Even optimists know sunny skies grow dark quickly. Plans derail. Teams implode. Results disappoint. Talent moves on. Mistakes escalate. Crisis erupts. Skillful leaders turn challenges into opportunities. Click HERE to read on.
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Unmasking Work Friction: Hidden Hurdles Cost Banks Millions
by Christophe Martel
Banks are always looking to attract and retain deposits regardless of market conditions. Assuring they can keep and grow a customer’s accounts, and at an attractive cost of doing business, depends on a productive workforce that’s set up for success. That extends from the tech available to the processes in place. But far too often, bank employees run into moments of “work friction,” or daily speed bumps. The time they waste as a result can cost banks as much as $78 million a year for every 10,000 employees, by some measures. The good news is there’s a proven way to tackle work friction. But first, it’s important to understand what work friction looks like at banks – and how the costs can quickly snowball. Click HERE to read on.
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Focusing and Eliminating Distractions
from ThoughtLeaders
Learn how to identify distractions and focus your team on the most strategically important initiatives for your organization. In a fast paced world, there is no shortage of distractions. Side projects, interesting new ideas, and the crisis of the day can divert resources from key strategic initiatives. In isolation, pursuing these small ideas make sense, but when you put them in the broader context of your strategic initiatives, you get to see exactly how nonstrategic these distractions are. You have to remind people of their priorities. Eliminate these resource-draining distractions. Chasing these ideas prevents your strategy from being executed. Click HERE to read on.
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From Daunting to Doable: How Bankers Can Master Relationship Building on LinkedIn
by Jack Hubbard, CEO of The Modern Banker
Yes, a deliberate and consistent LinkedIn strategy can help bankers build professional profile. But awareness and visibility are table stakes. Your LinkedIn presence should also foster the trust that prospects and new customers require. Click HERE to learn how.
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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.
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Click HERE for more information on how we can assist you.
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ATTENTION LENDERS:
Important Information Regarding Receipt of Closing Packages
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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.
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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
pdickerson@virginiatitlecenter.com
www.virginiatitlecenter.com
Integrity. Security. Excellence.
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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
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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.
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