We have seen it many times…the managing real estate broker or office manager pushing hard for their agents to use certain vendors. Myself, have dealt with this when an agent says, “Wade, sorry…I wanted to send you the business but my office manager told me to use the Title Company where our office has the “relationship.” Ahh…the “relationship.” This is a very important aspect of this topic and we will address it a little later. In my experience, real estate brokers and office managers are there to help, inform, educate, and protect their Realtors. They are the greatest safety net and in many cases, a reason as to WHY an agent hangs their license at that particular real estate firm. Vendors however, are separate companies from the real estate brokerage and offer related services to the Realtors, such as Mortgage, Title Insurance, home inspection, technology, etc. With that said, can real estate agents be forced to use certain vendors?
We are now 6+ weeks into the new TRID/CFPB regulations, and Stewart Title is starting to have a steady stream of TRID closings. Many of the TRID closings have gone smooth and several still within the 30-35 day window lenders usually need. Those are the good things. The not so good things, are loan officers not fully educated on the process, issues with the lender completing the Closing Disclosure (CD) and the extra work hours that are being spent on the files due to this. Many Realtors are also not up to date on the procedures and wondering why their closings might possibly be delayed. There is also another issue we are starting to see with TRID closings, which we hope does not become a pattern. This is something that is being seen not only by us, but other title competitors in the local Northern Virginia/Washington DC market.
The CFPB/TRID regulations are almost here…are you ready? Educated? Many of us are, some of us need to learn more about the upcoming changes and how it will affect their business going forward. Stewart Title (Nationally) and our local offices have been on the forefront of the CFPB for quite some time. I remember hearing about it in 2013 and wondering…“The CFP what?” Kind of the same thing that went through my head back in 2008 back in Phoenix, AZ when I first heard a client tell me she was taking on a short sale listing. “What the heck is a short sale?” We all know what Short Sales are and how they affected our business. Here are top reasons to work with Stewart Title after TRID goes into affect on October 3rd, 2015.
July is here. That means “Half-Time” of the 2015 real estate year! Have you met the real estate goals you have set? (hope you did). Right around now is the time where Realtors and Lenders hit me up to help them “create more business.” Not because they haven’t had a successful year up to this point, but because the Spring Market is nearing an end, and the market tends to slow down with the start of vacation season. It also is the time where agents can reflect on what they have done so far, and what they want to do to improve going forward. Sometimes these things are big, sometimes, they are just small tweaks. Here are 5 real estate goals to set for the second half of 2015 that can help improve your business.
Most real estate agents and mortgage lenders have some sort of Title Company relationship. Some are stronger and more loyal than others, some of these relationships are due to a joint venture or Market Service Agreement. But are all Title Companies the same? Definitely not! Just like not all real estate brokerages are the same. With that said, Title Companies are key vendors for agents and lenders to leverage to get their deals closed and help them in the expansion of further business. So how do you know when you are working with a good company? When do you know that it is time to make the “switch” to someone else? Here are the 3 major signs you should switch your Title Company relationship right now.
I don’t want the title of this blog to scare you but at the same time the CFPB(Consumer Financial Protection Bureau) is out and about looking at Real Estate Companies, Title Companies, and Mortgage Lenders. What are they looking for? They are looking for suspicious and illegal activity that would warrant a fine, and in many cases very large fines. On the East coast and especially the Northern Virginia area there are many Real Estate Joint Ventures. The Join Ventures are usually between the Real Estate company and the Title Company. With the CFPB out in full force is your Real Estate Joint Venture set up correctly and safe?
The CFPB Proposed Rule Changes are here and the way we do business is going to be different…we think anyway. What is the CFPB anyway? CFPB stands for “Consumer Financial Protection Bureau.” Another way of getting your attention as a Realtor or Mortgage lender is to say…“Did you know the HUD-1 is going away?” HUH!? Ok…now I have your attention. As you know the market collapsed and world as we know it went upside down for a while. We are now right side up but the legislation aftermath that followed has not slowed down. After AIG, Lehman Brothers, and everyone else got “bailed out” by our Govt to the tune of Billions of dollars things sprung into action to “protect the consumer” who in the eyes of the Government was taken advantage of by people in the Real Estate, Mortgage, and Financial Institutions. Hence…the CFPB Proposed Rule Changes was born.