October Events

We have a busy month ahead. Here are just a few of the things we've got on tap in October:

Week of October 5th

10/8 (8AM - 4PM): Real Estate BarCamp: Lynchburg - We will be sponsoring and attending this "un-conference" in historic Lynchburg, VA where a lucky attendee will win an Amazon Kindle e-reader (courtesy of Mid-Atlantic Settlement Services).

10/8 (10:30AM - 1:30PM): Short Sale Strategies Class in Crofton, MD. Providing 3 MD continuing education credits.

Week of October 12th

10/12 (3PM - 4:30PM): "To Tweet or Not to Tweet" Webinar hosted by Derek Massey. Details to follow, but this will be an interactive webinar where Mid-Atlantic Settlement Services President Derek Massey will discuss Twitter, how to use it, how not to use it, and offer some strategies for meeting and staying connected with new people.

10/13 (7:30AM - 6PM): Northern Virginia Association of REALTORs (NVAR) Convention and Trade Show. Several Mid-Atlantic Settlement Services team players will be in attendance to meet and network with Northern Virginia real estate professionals and learn what's new.

10/15 (10AM - 1PM): Title Insurance Class in Westminster, MD. Providing 3 MD continuing education credits.

Week of October 19th

10/22 (7AM - 7PM): Greater Baltimore Board of REALTORS (GBBR) REALTOR Fair. We will be exhibiting at this, GBBR's biggest networking event of the year. Stop by the booth, say hello, and get your Nintendo Wii fix!

10/22 (10:30AM - 1PM): Contracts to Closing Class in Crofton, MD. Providing 2.5 MD continuing education credits.

10/22 (12PM - 1PM): Short Sale Update Lunch and Learn in Leesburg, VA.

Week of October 26th

10/27 (9AM - 4PM): Real Estate BarCamp: DC. We will be attending and sponsoring this "un-conference" which will be taking place in Herndon, VA at the NVAR building.

10/29 (10AM - 12PM): Contract Review Class in Westminster, MD. Providing 2 MD continuing education credits.

If you have any questions or want additional information on any of these events, shoot us an email at infoMASettlementcom or comment below.

What if the First Time Homebuyer Tax Credit isn't extended?

By now you're fully aware (I hope) of the current $8,000.00 first time homebuyer tax credit set to expire after Monday, November 30th, 2009. You're also probably aware of S.B. 1678 (introduced by Maryland's own Sen. Benjamin Cardin) which seeks to extend this credit to June 1, 2010. Many *think* it will get extended, and most in housing certainly *hope* it will.

Without analyzing or debating the merits of whether to extend, broaden or let lapse the current credit, here is a practical checklist that I hope each buyer's agent refers to when scheduling settlements for the latter half of November:

1. Read this blog post from Dan Green. Think about scheduling the week of November 16th.

2. Check your own schedule. What are your Thanksgiving plans? Do you have an agent who can back you up?

3. Sit down with your buyer(s) and open a calendar. Start with Monday, November 30th, and work backwards, explaining the significance of each day. Are they going away for Thanksgiving? What are their plans? What days are they absolutely not available?

4. Talk to the listing agent. Make sure they are going through this exercise with the seller.

5. Talk to the lender. Are they open on Friday, November 27th? Will a loan processor or underwriter be available to answer questions?

6. Talk to the title company. Are they open that Friday? If you are planning a Wednesday (before Thanksgiving) closing that gets pushed off, can they do it Friday, or will it get pushed to Monday?

Not everyone has answers to these questions right now, and if the credit gets extended we're not facing such a hard deadline. But as hope is seldom the best strategy, I would advise that all of us real estate professionals start asking the questions and giving thought to this now rather than later.

Hiring: Northern Virginia Settlement Coordinator / Processor

We are still looking for a great Settlement Coordinator / Processor to handle Northern Virginia real estate title files. We have received dozens of resumes, but we are looking specifically for that special person who understands the details of Northern VA closings and understands that timely and proactive communication is not just a luxury, but a necessity. The successful candidate will support our most productive and successful Virginia real estate attorney.

Our corporate headquarters (and production center) are located in Hunt Valley, MD, but this position can sit in our Vienna, VA office as well. We want the best candidate regardless of location.

Interested? Know someone who may be interested? Please contact Meredith Bloom at Meredith[dot]Bloom[at]TRGC[dot]com.

Pick up the Phone (Part 3 of 5)

Back in May, I wrote this blog post about about some pretty common service failures in the title industry. I promised to expand on the 5-point plan. I discussed Part 1: Setting Expectations here, Part 2: Over-communicate here, and then got busy. The last week and a half has given me some great material for Part 3:

Part 3: Pick up the phone when it rings!

We had a team that was struggling. Our title officer had done such a great job getting new contracts in that the processing team couldn't take all the incoming phone calls AND get the HUDs out. I was getting some *ahem* direct calls from agents and brokers. And deservedly so. All the agents wanted was someone to either pass along poignant file information or to request something from us.

The solution

We set up ring groups, whereby those phone calls rang to two other phones if not picked up on the first ring. One phone was manned by one of our sales managers. The other by me. It was an enlightening experience. The first day was a little rocky while we worked through our answer scripts and gameplan. Hey, we weren't familiar with the files or the particular agents, buyers and sellers who were calling. But by Day 2, we had the system down pretty good.

What we learned?

Earth will not shatter with this statement, but it bears stating: Customers just want to speak with a live, helpful body. Even if they don't have all the answers. Many of the calls were just to relay information ("We are looking to close on the 31st at 2pm in McLean"), to confirm receipt of a deliverable ("Did you get the seller information form I sent?") or to check on the status of something ("Did the loan package arrive yet?"). And yes, we heard that last one a lot.

The shining moment?

A lender remarked to us on Friday, "You guys are the only title company answering the phone today!" :)

Harry Yazbek and the Order of the Virginia Sales Team

(I'm sorry, that's the best I could do... I'm sure Darrin Friedman can come up with a better Harry Potter themed intro -- feel free to use the comments below ;)

It is with mixed emotion that I announce that Harry Yazbek will be leaving Mid-Atlantic Settlement Services at the end of this week. Harry has decided to pursue another opportunity with a foreclosure law firm (one that does not compete with Mid-Atlantic Settlement Services). While his presence will be missed, this is an exciting opportunity for Harry to build a foreclosure team. Please join me in wishing Harry much success in his future endeavors!

Effective Monday, August 3rd, all Northern Virginia TSRs will report into Daniel Coleman. Dan has been the Regional Vice President / Sales Manager for the Greater Baltimore Region for almost two years, and has led his TSR team to higher levels of customer service and market share. I know Dan will be a welcomed addition to the Virginia team. Dan’s contact information is Daniel[dot]Coleman[at]MASettlement[dot]com and 410-382-7491. You may also find him on Twitter and Facebook.

I am also pleased to announce that Sarah Tyndall Bodsford will be transitioning to the role of Virginia Marketing Manager over the next few months. Sarah’s focus will be in traditional and social media marketing, training and customer service. Together, Dan, Sarah, Virginia Operations Manager Penny Ross and the Virginia TSR Team will ensure that our Northern VA brokers, agents and lenders receive world class customer service.

We will be looking to hire two Title Service Reps (TSRs) for the Lake Ridge / Dale City and Springfield / Alexandria / Arlington regions. Should you have a candidate in mind who you think would be a good addition to the team, please let Dan or myself know. We will provide posting information soon.

I am excited about this new sales alignment in the Northern Virginia marketplace, and look forward to moving ahead!

Mortgage Disclosure Improvement Act (MDIA)

The Mortgage Disclosure Improvement Act (MDIA) goes into effect July 30, 2009. Do you know what it is? How it affects you and your buyers? Cindy McCarty from Coldwell Banker Home Loans provided us with some following key points.

Key Provisions:

1. The lender must provide or mail an initial TIL disclosure within 3 days after receiving the customer's application.

2. The lender must deliver or mail a TIL disclosure at least 7 business days before closing.

3. A final, accurate TIL must always be provided at closing.

4. If the annual percentage rate (APR) increases more than 0.125%, the borrower must receive a revised TIL at least 3 business days before closing.

Why might the APR increase?

• Interest rate changes
• Loan amount increases
• Type of loan changes
• Fees charged increases
• Loan-to-value (LTV) increases

Things to consider:

When writing a purchase contract, remember that the earliest possible day that closing can occur is 7 business days after the lender issues the initial TIL.

Set customer expectations about closing timelines and, whenever possible, plan for a closing date that provides enough time to accommodate the additional waiting period required if the APR increases by more than 0.125%.

Examples/Scenarios:

Example #1:

8/3/09: Application taken
8/4/09: Initial TIL delivered
8/12/09: EARLIEST POSSIBLE CLOSING DATE

Example #2:

8/3/09: Application take
8/4/09: Initial TIL delivered
8/10/09: Customer locks rate, which increases the APR by more than .125%; revised TIL sent to customer.
8/13/09: Customer receives new TIL
8/17/09: EARLIEST POSSIBLE CLOSING DATE


Note: These examples are assuming Coldwell Banker Home Loans/PHH is the lender. It is entirely possible that other lenders will interpret the MDIA language differently.

We Have a New Banking Relationship in Maryland

Effective today, July 1st, new title orders taken will be disbursed out of our new M&T Bank account for Maryland properties only (VA and DC files not affected). After an exhaustive search and interview process, we chose M&T based on their ability to handle trust accounts, their history of delivering top-notch customer service, their geographic spread across Maryland, and their commitment to the Maryland and Greater Baltimore communities.

Existing files already opened will be processed and disbursed from the Bank of America account we are currently utilizing. Nothing will change for those files. This change will only effect files opened today or later.

This move should be seamless for our customers through the transition. Should a wire mistakenly be sent to the wrong account during this transition period, we have internal mechanisms in place to get the funds into the proper account. Our customers need not do anything differently, except that lenders will need to pay close attention to the wiring instructions that accompany each commitment.

Should any questions arise, please feel free to call your TSR or send an email to info[at]MASettlement[dot]com.