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Title Notes E-News              West Virginia Bankers Title, LLC              October 2017
TILA-RESPA INTEGRATED DISCLOSURES UPDATE
The CFPB has issued a detailed summary of the latest TRID Changes

The Consumer Financial Protection Bureau released a detailed summary of the changes and clarifications to the TILA-RESPA integrated disclosures that it finalized early in July.

The summary provides a quick reference to the 500-page final rule, which covers tolerance provisions for the disclosed total of payments, exemptions from TRID for certain loans, applicability of the disclosures to coop units and the sharing of disclosures, among other topics. 

The final rule also makes extensive technical corrections, many of which are addressed in the summary. Click   HERE  to review a copy of the summary.
  New Scam Steals Real Estate Transaction Details
 
Real estate related scams are becoming more cunning and prevalent. A Durham, NC couple thought they lost their $50,000 down payment after responding to a well-crafted fake request for wired funds.  Click  HERE  to view the news report and learn more about the latest scam approaches.
 
Educational Resources Regarding Wire Fraud and Protecting NPI

Utilize these great downloadable materials provided by Investors Title to educate your teams.
  • CYBER - Can You Be Entirely Ready: Steps to consider for your information security plan
  • WIRE - What I Require Every Time: Red Flags and Good Rules of Thumb for Wires
  • Wire Checklist - Great resource for verifying incoming and outgoing wire instructions
  • FAST - Fast Action Stops Theft: Avoid Being a Victim - Know Your Cyber-Fraud
  • Fast Checklist - Response Plan Documentation Checklist
 Holiday Schedules, Office and Courthouse Closures
  • Columbus Day: Monday, October 9 - WVBT and Courthouses Closed 
  • Professional Development: WVBT will close at Noon on Thursday, November 9, and will be closed all day on November 10 for our team to participate in a professional development event
  • Veteran's Day: Friday, November 10 - Courthouses Closed
  • Thanksgiving: Thursday, November 23 and Friday November 24 WVBT and Courthouses Closed. Courthouses will also close at Noon on Wednesday, November 22 with recording hours restricted to 8 a.m. to 11 a.m.
The Difference Between Open-Minded and Close-Minded People
via Farnam Street

Why is it that some people seem to make constant progress in their professional and personal lives, while others appear to be doomed to repeat the same mistakes over and over?

While the answer isn't cut and dry, I've noticed an interesting mindset difference between these two groups: they approach obstacles and challenges very differently.

The first group approaches life with an open mind -- an eagerness to learn and a willingness to be wrong. The second group digs their heels in at the first sign of disagreement and would rather die than be wrong. The way each group approaches obstacles, it turns out, defines much of what separates them.  So which group are you in?  Click  HERE  to read on.
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Here are additional articles related to   Professional Development  you may enjoy: 
Inside the Banker's Brain: Five Mental Modes
That Undermine Your Culture
by Lisa Joyce, The Financial Brand

By understanding human psychology and the mindsets that can drive those who work in financial services, banks and credit unions can foster the kind of internal culture that consistently delivers an exceptional experience.
 
The Aspen Institute set out to uncover why banking has become so complicated, and why most bankers seem short on empathy and only focused on their own short-term gains.  Click  HERE
 to get the details.
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Here are additional articles related to the   Bank Leadership you may enjoy: 
How the Increasing Nonbank Origination Share
is Changing the Housing Market
Nonbank originations hold lower average FICO scores
by Kelsey Ramirez
 
The origination share from nonbanks has increased significantly over the past five years, and is bringing several changes to the residential lending market, according to Urban Institute's August  Chartbook.  Overall, the nonbank origination share increased from 30% in 2013 to 60% in July 2017. During that same period, Ginnie Mae saw the highest increase, moving from 37% to 75%. Freddie Mac's share increased from 22% to 49% and Fannie Mae's jumped from 38% to 52%. Click  HERE  to learn more.
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Mortgage Lending and the Wonders of Day 1 Certainty
by Laura Williamson
 
Both major government-sponsored enterprises, Freddie Mac and Fannie Mae, are working to streamline the mortgage manufacturing to make securing and acquiring mortgages more efficient. Both seek to enhance the borrower and originator experience by offering different toolkits and resources. The Day 1 program was created with an ambitious goal: to transform the mortgage origination process. By combining greater speed, simplicity and certainty-along with a lower cost-to-produce and enhanced risk management for lenders-the program affords borrowers improved ease of access to mortgage credit.  Click  HERE  to learn more about these programs.

How FinTechs Finally Found Allure in Community Banks
by Karen Epper Hoffman
 
...For as they aim to grow their outfits, today's FinTech players now look beyond the biggest or most expansive financial institutions. As it turns out, FinTechs and community banks make for some amazing partnerships.
 
Community bankers also recognize that FinTechs could give them an edge in capturing Millennials and Generation Z consumers. While opportunities abound, community banks with limited resources and reach should choose carefully when considering potential FinTech partners and projects.   Click  HERE  to read the article in its entirety.
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The Top Hopes and Fears of Would-Be Small Business Owners
by Ayaz Nanji

About the research: The report was based on data from a survey of 1,000 would-be small business owners in the United States and was conducted by Paychex.
 
Some 78% of respondents say they would start a small business in hopes of becoming more independent; 64% say they would start a small business because they think they would love it.  Click  HERE  to view charts outlining the most common hopes and fears and, as well as a break down by gender.

 

**Remember to offer your borrowers Owner's Coverage on their most valuable investment. It's a one time premium with a lifetime of security. In addition, they will receive a reduced premium rate when they obtain it simultaneously with your Lender's Coverage.**
WANTED: YOUR FEEDBACK
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Bob Drummond
Give us a call and let us know how we can better serve you and your team!
Vice President & Agency Manager
West Virginia Bankers Title, LLC
1547 Tulip Lane
Fairmont, WV 26554
304.333.5162
1.877.439.4910

 
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At West Virginia Bankers Title, our goal is to provide security for your most valued investments, while offering exceptional customer service and delivering quality title insurance products in an accurate and timely manner.
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