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.
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.
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.
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.
Why Every Buyer Needs an Owner's Policy
Owner's Policy Comparison Chart
Protect Your Clients From Wire Fraud
Butch Rutherford
Vice President & Agency Manager
Bankers Title Shenandoah, LLC
20 Bobby's Way, Suite 101
Staunton, VA 24401
Phone: 1.888.437.9560 | 540.437.9560
Integrity. Security. Excellence
Sandy Connelly
Operations Manager
Bankers Title Shenandoah, LLC
20 Bobby's Way, Suite 101
Staunton, VA 24401
Phone: 1.888.437.9560 | 540.437.9560
Bankers Title Shenandoah, LLC is a FULL SERVICE Title & Settlement Agency offering settlement services throughout the Commonwealth of Virginia and Title Services in Virginia, West Virginia, and Maryland.
We are committed to maintaining customer satisfaction by delivering quality title insurance products and closing services in an accurate and timely manner. Our professionalism, technical knowledge and experience provide security as we insure protection for your most valued investment.