Articles
Mid-Atlantic Title Consultants is comprised of title professionals with
experience in all areas of the business. The MATC staff pride themselves on the
practical day to day experiences they bring to you and your company.
A message from our CEO
December 2011
On November 11, 2011 Mid-Atlantic Title Consultants, LLC celebrated its 7th Anniversary. This occasion went by without much fanfare (in fact we didn't even have a cake or balloons), but this day did not pass without reflection over the last seven years.
In 2004 we started out as a very, very small company (if you can call two people a company) that had a tremendous love for the title industry. Many people, over the years, have asked me "How did you come up with this idea?" I find that that answer has never changed - "I didn't know how to do anything else." While this was often said in jest there probably has never been a truer statement. To be able to be part of such an important part of people's lives is something that not everyone can say during their lifetime. Title professionals are able to sit at a closing with first time homebuyers and be a witness to the beginning of the American Dream. Homeownership. It didn't matter if it was a single buyer, a young couple, or an older couple downsizing, the goal was always the same - treat the transaction with the utmost professionalism that it deserves.
Over the years, as we are all too well aware, many people entered the industry for the sole purpose of making a quick buck; thankfully most of these people have moved on (some of them in handcuffs), but they left devastation in their paths and the true professionals to clean up their mess. I commend those professionals that have survived and I wish you tremendous success in the years to come.
As I look back over the years I feel that one of the keys to our success has been that we have been flexible to the ever changing industry while not compromising our morals. Our very, very small company of two has grown tremendously over the years and we owe a very special thanks to our clients who did see that change is not always bad. Our ever growing client base has allowed our group of title professionals to work side by side with them, in a very cost efficient manner, to get the job done.
I have also been very fortunate to have traveled around the country over the last several years meeting so many people within the industry. Quite a few of the people that I have had the opportunity to speak with have been those that I have looked up to as true industry icons. What an honor that has been.
The next seven years will bring on many changes, and we are ready to ride this industry roller coaster with each and every one of you.
A very healthy, safe and profitable New Year to all.
Teresa
Protect Yourself:
Safeguards for You and Your Company
by Teresa Williams, CEO
As the real estate market tightens up the ways for title companies and title agents to generate business is becoming increasingly harder and some companies are trying new and creative ways to bring the business in the door. Be sure that you are in compliance with RESPA during all of your marketing endeavors.
We would like to provide some tips and safeguards so that you are not the next article in the local newspaper or news broadcast.
Prepare each transaction according to the loan instructions. Any changes, including seller/buyer credits, seller take backs and mortgage broker credits should be approved by the lender in writing.
Remember that the HUD-1 is designed to be an accurate picture of the closing transaction. Only issues dealing with conveying clear title and meeting the lender's underwriting requirements and instructions should be on the settlement sheet. You are not a bill paying service for the seller (unless there is a judgment/lien that impacts the title).
Organize the work flow in your office so that everyone is cross trained as to each part of the processing and post closing of a file. This will give you the ability to have each employee use their strengths in making your company invaluable to your clients.
There should only be one settlement sheet. There is no reason why you should have more then one settlement sheet showing different figures. The one and only HUD-1 should be final and should reflect how the transaction was disbursed.
Effectively manage your office, staff and the flow of business. Keep in mind that you are involved in a business that greatly affects the economy.
Caution each employee to keep business as business. An employee who develops a relationship with clients is more likely to be swayed to do something that is not on the up and up.
Take time to prepare the transaction, review the contract of sale and review the loan instructions.
You need to be sure that you have good funds prior to disbursing. Verify all deposits and wire. Keep in constant contact with your bank as to their procedures on posting and reversals.
Only make changes to a transaction with written documentation. That documentation can be in the way of a contract addendum or a lenders instruction. Make sure the lender is aware of any new addendums that you may be presented with at the table.
Use a checks and balance system in your office. Set procedures in place that a transaction is double checked by a second person prior to closing.
Read and keep all of your underwriter's alerts and bulletins. Circulate these alerts and bulletins around so your staff is aware of issues that could impact transactions in the process as well as all future transactions.
Short cuts to closing a transaction should not be taken. Never close a transaction until all elements are in place and each outstanding issue has been resolved.
Each transaction should be treated with strict confidence. Never discuss a specific transaction with outside parties.
Look closely at a new client who walks into your office with a large, sudden, influx of business. Ask the right questions if this client is suddenly changing title companies.
Finish each file until all issues have been resolved; closing has taken place, documents are recorded, policies are completed, releases have been recorded and the file balances to zero.
The most useful information that we can provide to you is that you use good judgment in closing a transaction. Rely on your gut feelings and if a transaction does not feel right then contact your underwriter immediately.
