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Live by your plan or suffer without out one 29 Apr 2011 5:30 AM (14 years ago)

What kills more online marketing? Not technology, not a lack of effort, not even competition. Plain and simple, it’s the lack of a realistic plan.

Notice I didn’t say online marketing campaigns or projects. Campaigns are planned and projects have a timeline. Too often I see in online marketing that looks like a grade-school science experiment gone awry – no evidence of a greater plan, random timing, and a destination with no call to action.

Why is online marketing such a mess?

For some reason, online marketing seems to produce more of these disasters waiting to happen than any other marketing medium. I have a theory – online marketing looks so easy (and cheap) that people just turn off their brains and jump into the “just do it” frame of mind (thanks for that one Nike).

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The downside of botched approach

While online marketing has easier to use tools and a much better price point, doing it right is neither free nor is it easy. If you don’t plan for the who, the where, and the what (your audience, medium, and message), you are going to be turning all those wonderful tools into very efficient time and money shredders. If you can not open your car door´s we recommend you check the 7 tips to consider when contacting a car locksmith.

Your plan doesn’t have to be large or complex, but it does have to address goals, messaging, and most importantly, a criteria for success.

Do yourself a favor – spend some time building your plan before you dive into online marketing – it will be a much more pleasant, and profitable, experience.

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On the Importance of Title Insurance 14 Oct 2010 1:57 AM (15 years ago)

As part of the nationwide shock and concern over failures in the foreclosure process, last weekend’s New York Times contained an Article on the imporantance of Title Insurance. There was also a related blog post on Ron Lieber’s blog, asking readers to share their experiences. There were dozens of comments, and I joined in. Since you might have missed it, here’s my response on the importance of title insurance:

Unfortunately, the title insurance industry has failed to educate the consumer on the importance of the title insurance product so it is understandable that there is much confusion as to coverage and frustration over the cost. The role of the title insurer and its agents is to eliminate the risk of the hazard of litigation. In other words, all the due diligence work is done up front before the policy is issued so that a claim will hopefully never be made in the future – this is what the consumer is paying for. And just because a homeowner has a title insurance policy doesn’t mean that she is free from the aggravation and disruption that a claim will bring. The premium is paid one time but the policy has no end date. The policy is good as long as the policy holder retains title to the property. A casualty insurer sends its policy holder a renewal notice each and every year. A title insurer issues an Owner’s Policy of Title Insurance once, for one fee, and has no idea when that policy will expire. If you are planning to install outdoors lights in your garden, is very important that you will know well how to easily install outdoor lighting for your home.

The point is not to feel that you’ve gotten your monies worth if a claim is filed and paid, the point is that you got your monies worth when there is never a need to file a claim.

As far as shopping. It is quite simple. All real estate is local so use a local, licensed, independent title insurance agent. Keep your transaction free of potential conflict and hire a real estate agent, mortgage lender, and title insurance provider that are not affiliated. If applying for a mortgage through a national lender and not using a local representative, do not allow the lender to choose your title insurance provider. You will most likely end-up with a Notary Public at closing who has no knowledge of the title insurance profession as well as local ordinances. We recommend checking this resource online to get more information.

A real estate transaction is one of the most important financial agreements a consumer will ever make in a life-time; unfortunately, we as a society have diminished its importance by eliminating the checks and balances.

What do you think?

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There’s a reason why HUD is looking into ABA’s. 2 Sep 2010 10:38 AM (15 years ago)

Checkout the weak justifications for builder owned ABA’s at www.regulations.gov and search on FR-5352. You will be directed to comments submitted to HUD regarding its Advance Notice of Proposed Rulemaking – Strengthening and Clarifying RESPA’s “Required Use” prohibition.

I was happy to see comments disapproving of ABA’s, even from real estate agents. And of course, the many comments in support of ABA’s. The one-stop shopping mantra and how efficient communication is when the parties are affiliated versus non-affiliates goes on and on. Really? You are kidding me? Do you think the independent providers don’t have email and the technology in place to run an efficient operation? Do independents lack communication skills? Get real.

The deadline for submissions was September 1. Here is what I submitted. Enjoy!

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Greetings from D.C. and the ALTA Federal Conference 2 Mar 2010 6:13 AM (15 years ago)

Hello from our Nation’s Capital.   I am a first-timer here at the ALTA Federal Conference.  It has been quite a number of years since I visited this beautiful City.   I like the pulse, the hustle and bustle, not as frantic as New York but with focus and with purpose.

I often wonder if our industry has a pulse.  I discovered that the answer is “yes.”  Within the few hours of my arrival I had the pleasure of meeting ALTA colleagues from all across the nation whose passion for protecting the American dream shines through.

This afternoon we should see a lot of this passion when we attend a session titled: RESPA Dialogue with HUD Officials.   I want to be front and center for this one.

Heading off to an ALTA-sponsored Congressional Briefing and meeting more people who realize that if we don’t get involved now and promote and educate others in what it is that we do, these “others” will gladly step in to help us along.  The health of our business requires us to be proactive and not reactive. If you want new AC in you home you can check the advises of the professional from https://industrytoday.com/how-to-maintain-heating-and-cooling-equipment/.

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Eliminate Your Exposure to the Elements! 11 Feb 2010 11:24 AM (15 years ago)

The snow is beautiful, for a while, but eventually you must take shovel in hand, especially if your husband is sick with the flu, and then when the power goes out at eight o’clock in the evening, reality sets in and the beauty fades. Actually, the enormity of 24 inches of white crystals was not lost on me when I ventured outside for the fifth time just trying to keep up (did I mention my husband has the flu!).As a title insurance professional, the reality of unprecedented back to back snow storms in the Northeast and mid-Atlantic regions means one thing for your business: Don’t rely on verbal information when obtaining figures from a condominium or homeowners’ association. If you are planning to do a fundraising we recomend you check this Website, Fundraising Ideas.

Major snow events equate to major expenses for homeowners living in a community development; and unfortunately, there may not be enough money in the coffer to pay for the salting, de-icing, and snow removal.

Special Assessments are not uncommon when major storms hit; therefore, make sure when you are insuring a purchase or even a refinance, that you speak directly with the association manager the day of closing if not at the time of closing (start calling the day before) and get in writing any outstanding dues and in particular, ask when the next meeting is to occur and if any special assessments have already been voted upon. I would also suggest speaking with your underwriter to further determine how you can protect yourself against special assessments not revealed to you and the unsuspecting homeowner.

Start the dialogue between buyers, sellers, and agents and do all that is possible and necessary to eliminate the risk of exposure. If you are planning to upgrade your home is year you can check the info from guide to wall art, https://www.thewowstyle.com/how-wall-art-can-add-a-classy-look-to-areas-of-your-home/.

Back to shoveling.

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The New HUD-1 – I’m Embarrassed 26 Jan 2010 11:12 AM (15 years ago)

Embarrased, mortified, simply put, I am ashamed. Yesterday I conducted my first closings using the new HUD-1. And, for the first time in my life, I felt like a scam artist (if a scam artist has a conscience). Make no mistake, I am serious. I found myself cringing while explaining the “improved” HUD-1 and apologizing to the consumers for the LACK of transparency in what I was asking them to sign.The glazed look on their faces only worsened my discomfort. In my career I venture to guess that I have prepared and explained more than 10,000 Settlement Statements. Now, I am shuffling papers and jumping back and forth between line items trying to reveal the whole financial picture. After going from point A to B then to C and back to A, the borrowers gave me a “You’ve got to be kidding me” look. I could only offer that the new RESPA regulations are here to help the consumer. Are you thinking in between leasing or buy, this a great site to get all the info that you need.

Ethical professionals care

I am not adverse to change but what was once a one or two page form is now six pages with three of the pages being optional. For any professional who believes in the importance of full disclosure, the last three pages are essential. Pages one, two, and three are the new HUD-1 standard and the fourth page contains signature lines (silly me, I think this is kind of important). The last two pages include one from the lender and one from the title insurance agent to outline the “hidden” fees charged but not disclosed on the first two pages. But remember, the last three pages are optional.

With the absence of required full disclosure, we’ve created an information vacuum with the unintentional consequence of establishing a playground for the true con artists to prey on consumers.

Hope IS part of my game plan

Maybe I am feeling this way because the procedures are new. Maybe I am not reading the new rules correctly. Should I attend one more webinar, seminar, hudinar, or go find the most recent version of the FAQs? Something tells me that my discomfort won’t be addressed in these outlets. How do you achieve comfort when you know you are pedaling something that just isn’t right?

I can only hope that ALTA is listening to its members and fulfilling its promise to report back to HUD on our experience in the field. My next hope is that HUD will listen. But most of all, I hope my industry colleagues will continue to be vocal. The Consumer deserves no less.

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Beware of Title Express Glitches 23 Jan 2010 8:40 AM (15 years ago)

Warning: Do not wait until you have your first settlement that requires use of the new HUD-1 before trying out your software. I promised myself I would create a “dummy” file so I could run the new HUD-1 through the ringer. Unfortunately, I never got to it.

The hours and hours I spent with Title Express on Friday solved some issues, but uncovered another major problem. I am waiting to hear back on that one. Luckily settlement is not scheduled until four o’clock on Monday.

Upgrade to the Latest Version

No matter which software vendor you are using, make sure you have the most recent version. I upgraded to the “most” recent version on Friday and thought that would take care of all the issues. It had not. I called Title Express and another update had been issued within the half-hour of my last upgrade! If you want add a new style to your garden you can add landscape lighting.

We are using Title Express Version 6.13.7.1259 which was installed late Friday afternoon.

Disbursement Danger

Why checking data entry isn’t enough.  I discovered a major flaw while validating the HUD1-A. When selecting “transfer from HUD-1″ under the disbursement tab, the information contained in the HUD1-A does not transfer accurately. The calculations are not correct and if you are not checking to verify if the file is in balance, you could be issuing checks that do not match your HUD-1.  It is my understanding that this flaw is not limited to my installation. I believe it is system-wide and Title Express is working on it.

Also, prior to installing this latest version, these were problems I experienced:

Suggestions:

The technical support staff at Title Express has been very responsive in addressing these issues; however, the disbursement glitch was not able to be fixed yesterday afternoon.  I suggested that Title Express send an email to all its users notifying them of this issue.

Together we will all get through these changes required under RESPA.

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Top 10 Clearing Title Posts from 2009 8 Jan 2010 5:43 AM (15 years ago)

In case you missed them throughout the year, the most popular posts from 2009:

  1. Class action suit targets LandAmerica
  2. Title Industry Leaders Propose Suspending Reality
  3. First American sued over $3 Million Claim
  4. Title Insurance: Can we redirect its future?
  5. The Final Chapters Begin – LandAmerica shutting down headquarters
  6. The Pennsylvania Attorney General: ABA’s should be Unlawful
  7. Petty Larceny on a Grand Scale
  8. The Importance of Good Funds – Don’t Trust Fed Wire Numbers
  9. You have to be kidding me
  10. HUD Updates the FAQs for Updated RESPA

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Irony Alert: Foreclosure.com Files for Bankruptcy 4 Jan 2010 2:47 AM (15 years ago)

For fans of Irony everywhere – it looks like the parent company for Foreclosure.com has filed for bankruptcy:

parent company of Foreclosure.com, FFS Data, has filed for Chapter 11 reorganization on December 23rd. The company cites $9.1 million in assets versus $27.5 of debt and $15.7 million income so far.

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The Gift that Just Keeps on Giving or All Together Now, If I Had a Hammer… 3 Jan 2010 3:15 PM (15 years ago)

The lending and title insurance industries have been diligently preparing for RESPA Reform. Seminars, webinars, out with the old, in with the new, suit up your’re in! I am not sure if it was the Department of Housing and Urban Development or some obscure federal agency with extra bodies who came up with the new regulations, but in speaking with colleagues, including lenders, none of us can fathom that anyone involved had significant mortgage and real estate closing experience.

As we approach the implementation of Reform, the ugly head of fear and intimidation has surfaced just as I had predicted. I shared my concerns with a representative of HUD who was a speaker at the PLTA/NJLTA annual convention this past June and she quickly dismissed what I had to say.

Six months have passed since the convention in Williamsburg when RESPA Reform was in its infancy. Our FAQs on that day had to do with what time is lunch, what’s for lunch, and where is the pool. Today, FAQs represent an ever increasing number of pages to be digested by only the brave and resulting in a mind-numbing headache for all who take on the challenge.

Am I psychic or what?

But, back to my prediction. For a national bank and a regional bank both with lending operations, RESPA Reform is a tool used to force loan officers to abandon their long standing relationships with title insurance professionals in favor of the in-house title insurance agency (ABA). Both institutions have informed its loan officers that he or she can only refer the consumer to the affiliated title insurance agent and cannot suggest or refer an “outside” agent to the consumer. In addition, the regional lender goes as far as to say that all loan applications must be submitted to the affiliated title agency so that the agency can provide fees for the GFE. And, if the consumer selects the affiliate and there is a tolerance violation, the loan officer will not be responsible for the value of the tolerance, the affiliate absorbs any cost. If the loan officer refers the consumer to an outside title insurance agent, then the loan officer is on the hook for any tolerance violation including misquoting lender fees and transfer tax. I am wondering if this stick-up tactic is equal to offering an incentive in exchange for business.

The consumer can no longer rely on the mortgage professional to refer him to the most knowledgeable and experienced settlement services provider. And to further underline how the consumer is not winning, with or without RESPA Reform, the loophole still exists that currently allows a real estate broker to pay a bonus to its real estate office managers based on the amount of business the individual real estate agents refer to the affiliated title insurance agency. No pressure there. And, the regional bank I previously mentioned pays its loan officers for each transaction referred to the affiliated title insurance agency. “Legal” kickbacks? Clearly what is legal is not always ethical.

Happy Holidays from HUD

So what can we expect from RESPA Reform in a market with declining real estate sales and loan originations? Unethical real estate brokers and mortgage lenders received a super-sized present from HUD wrapped in RESPA Reform wrapping paper. The shiny new hammer is just another tool to exert pressure over their employees to force the consumer to the affiliated businesses.

It is the opinion of some that one of HUDs goals in implementing Reform is to reign in the ABAs. I am sorry to say, if this is the case, its efforts are having the complete opposite effect.

Time will tell if the consumer will ever benefit from the reforms intended to protect them and offer them more choices.

Tell us what you are hearing and experiencing.

Happy New Year!

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