Agency Today – A Magazine About Growth and Prosperity™ by First American Title - Agency Division

AGENCY

TODAY

Issue 7 | October 2017

A M AGA ZIN E A BOUT GROW TH A N D PROSPER IT Y

THINK DIGITAL NEW FRAUD SCHEME WOMEN IN TITLE POWERFUL PRESENTATIONS

AGENCY

TODAY A M AG A ZI N E A BOU T GROW T H A N D PROSPER I T Y

Welcome Agency Today is a publication covering a broad range of topics focused exclusively on growing and strengthening your title business. First American Title is committed to providing you valuable content, new ideas and access to the brightest minds in our business. It is my hope this magazine finds a home in your collection of reference materials. As your account representative, it is my commitment to not only help you resolve everyday challenges but to help you achieve new levels of success in your business.

Agency Today | Issue 7

CONTENTS FROM THE EDITOR All of us at First American Title, thank you for your business and loyalty. It is with great pleasure we bring you this edition of Agency Today — A Magazine About Growth and Prosperity™ produced exclusively for policy-issuing agents of First American Title. The focus of the magazine is to provide articles that deliver value to further enhance your organization. Louis Pontani SVP, SALES, MARKETING & INFORMATION TECHNOLOGY – AGENCY DIVISION

AGENCY TODAY STAFF EDITORIAL Louis Pontani EDITOR SVP, SALES SUPPORT, MARKETING AND INFORMATION TECHNOLOGY

Lynn Tarala EDITOR/COMMUNICATIONS SPECIALIST

EXECUTIVE SPOTLIGHT

FIRST AMERICAN MAKES BARRON’S 500

DEADBEAT DAN

Ryan Stangle GRAPHIC DESIGNER

SMS ADVERTISING Elizabeth Sarber FAPRES/SMS Agency Today – A Magazine About Growth and Prosperity™, published by First American Title Insurance Company.

First American appreciates the articles contributed by independent vendors and the statements contained therein are solely those of the vendor and are not attributable to First American. The information contained in this document was prepared by First American Title Insurance Company (“FATICO”) for informational purposes only and does not constitute legal advice. FATICO is not a law firm and this information is not intended to be legal advice. Readers should not act upon this without seeking advice from professional advisers. First American Title Insurance Company makes no express or implied warranty respecting the information presented and assumes no responsibility for errors or omissions. First American, the eagle logo, First American Title, and firstam.com are registered trademarks or trademarks of First American Financial Corporation and/or its affiliates.

By: Brian Danis, VP, Reinsurance Counsel, Associate Senior Underwriter

GUILTY PROPERTY

FIRST AMERICAN WOMEN IN TITLE

THINK DIGITAL

By: John Hollenbeck, NTP, EVP, First American Title

By: Edward Oddo, VP, Corporate Business Solutions

STAY ALERT

MORTGAGE PAYOFF FRAUD SCHEME By: Michele A. Green, SVP, Senior Business Counsel

POWERFUL PRESENTATIONS

PRO FORMA BASICS

E&O POLICY CERTIFICATE HOLDER

COMMUNICATION IS THE HEART OF BUSINESS

ART AND DESIGN Sheli Cordero DIRECTOR, MARKETING & COMMUNICATIONS GRAPHIC DESIGNER

Sheri Olsen, SVP, National Business Strategy

24 28

INDIVIDUALS AS LENDERS By: Steven Zablocki, Wisconsin Underwriting Counsel

By: Mary Slade, Indiana State Underwriting Counsel

By: Lynn Tarala, Communications Specialist, Agency Division Marketing

CLOSING COSTS IN A 1031 EXCHANGE

By: William P. Lopriore, Jr., Regional Manager and Counsel, Northeast Region, First American Exchange Company, LLC

TIPS & TRICKS AGENT SPOTLIGHTS

Brandon W. Frazier, Attorney at Law, PLLC Sallé Galloway, LLC Clear Title Agency

Land Title Services, Inc. Title Alliance, Ltd.

Agency Today | Issue 7

Sheri Olsen SVP, NATIONAL BUSINESS STRATEGY

QQ What was your first job in the title industry, how did you get there and what were some of the accomplishments you consider to be the most significant in your career?

A I was in high school when I got my first job with First American Title. I worked in the basement of an old Direct Operations office in Salt Lake City, Utah, scanning files into microfiche. It wasn’t the best impression of what the title industry was all about, but I continued working and learning more about the industry. 20 years later, I went to work for the Utah Land Title Association as the Executive Director. The following year, I accepted a position as a sales representative with First American Title in the Agency Division and have been there ever since. I grew up in the title industry and my father managed a title agency that was eventually purchased by First American Title and became the first Direct Operation in the state of Utah. I remember meeting Don Kennedy, Parker Kennedy’s father, when he would visit Utah and was always impressed by his friendliness and ability to remember names. Years later, I ran into Parker at an ALTA conference and he asked about my parents … by name. That same culture exists at First American today and it is one of the reasons I have always valued working here.

Agency Today | Issue 7

The most significant accomplishments in my career have been the opportunity to manage the Mountain Region and, most recently, the opportunity to help develop new initiatives for the Agency Division. I am always encouraged by our senior leaders to learn and develop more skills and, in turn, have been given the ability to broaden my responsibilities.

QQ A leader must be equipped with a set of competencies necessary to perform their role. Which would you say are the most important abilities?

A Learning to navigate the corporate landscape to best perform my job was an important skill to develop. Critical to my success has been the ability to meet people from other divisions and work side-by-side with them. Early in my career I was given great advice that has proven to be invaluable, “We have two ears and one mouth so that we can listen twice as much as we talk.” Listening and learning from co-workers, employees and customers has also been very important. Another important ability is to never take no for an answer. In this business it is so easy to hit roadblocks; I have learned to overcome obstacles by striving to understand the problems so I can deliver solutions to fit specific needs.

Executive Spotlight QQ What resources does First American Title have available to assist agents and position them for growth?

A We have a new Agent Advantage group in the Agency Division. This group has three areas of focus: • Agency Solutions–back office products and services including title, policy and disbursement services. • Default Solutions • Banking Solutions Each of these areas of focus have been strategically built to help our agents stay viable in a changing market and the services are available to agents as needed. Due to regulatory changes, the CFPB and increased cyber fraud, it was important to First American that we develop these products to help our agents be more strategic, focus on their customers and protect their business.

is difficult and it is so easy to get “ Change comfortable with the way things have always been, but change is the only way to continually grow and become better.

”

QQ You recently posted a quote from Socrates on the company Intranet, “The secret of change is to focus all of your energy not on fighting the old, but on building the new.” How does that relate to the responsibilities of your new position?

A Change is difficult and it is so easy to get comfortable with the way things have always been, but change is the only way to continually grow and become better. Don’t fight to hold on to what was, but build on those successes and reach for new heights.

QQ From a customer service perspective, what is the smallest change we can make that will provide the greatest benefit to our agency customers?

A I came from the sales side of this business and I know the changes with the greatest benefits occur when we listen to our customers’ needs and are responsive to them.

QQ Who is your role model and what qualities do you admire about them?

A My dad, Craig Thomsen, is my role model. He taught me good work ethic, and the importance of being honest and having integrity in everything I do. Sheri has three amazing children; Matthew (24) who is married to Miranda, Millie (22) who is married to Trent, and Eliza (16). In her spare time, she enjoys reading, running and spending time with her family.

Agency Today | Issue 7

First American Makes

Barron’s 500 for the First Time

I’m pleased to announce that First American has made its first-ever appearance on the Barron’s 500, coming in at number 16. The Barron’s 500 ranks major U.S. businesses according to operating performance, based on cash flow and revenue growth. Cash flow Page-25 is an especially important metric of First American’s financial performance because it represents what we can invest back into our business or return to shareholders.

The Barron’s RANK 2017 2016

500

Company / Ticker

1. 1. AmerisourceBergen / ABC 2. 32. AbbVie / ABBV 3. 4. Marriott International / MAR 4. 118. Sun Life Financial / SLF 5. N.R. NVR / NVR 6. 10. Facebook / FB 7. 100. Cardinal Health / CAH 8. 162. Alliance Data Systems / ADS 9. N.R. Intercontinental Exchange / ICE 10. 3. Altria Group / MO 11. N.R. Adobe Systems / ADBE 12. 31. Texas Instruments / TXN 13. 41. Boston Scientific / BSX 14. 67. Hormel Foods / HRL 15. 150. Newell Brands / NWL 16. N.R. First American Financial / FAF 17. 224. CDW / CDW 18. 19. Applied Materials / AMAT 19. 64. NCR / NCR 20. N.R. Willis Towers Watson / WLTW 21. 18. Home Depot / HD 22. 53. Stryker / SYK 23. 20. Centene / CNC 24. 14. Accenture / ACN 25. 154. Amphenol / APH 26. 123. Danaher / DHR 27. 80. CGI Group / GIB 28. 35. Today Thermo Fisher Agency | Issue 7 Scientific / TMO 29. 21. O’Reilly Automotive / ORLY 30. 101. Celgene / CELG

By: Mark Seaton EVP, Chief Financial Officer First American Financial Corporation

Our annual ranking measures operating performance, based on cash flow and revenue growth. The best performers get an A; the worst, an F.

CASH-FLOW-BASED RETURN ON INVESTMENT Sales 3-Year 2016 vs. Growth Median 3-Year Median 2016*

A A A A A A A A A A B A B A B B A B A A B B B A A A A A A A

A A A A A A A A A A A A A A A A A A A A A A A A A A A A B B

A A A A A A A A B B A B A B A A B A B B A A A B B B B B A A

GPA

4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 3.67 3.67 3.67 3.67 3.67 3.67 3.67 3.67 3.67 3.67 3.67 3.67 3.67 3.67 3.67 3.67 3.67 3.67 3.67 3.67 3.67 3.67

We are razor focused on being the premier title insurance and settlement services company. An appearance on this highly regarded list is validation that First American’s strategy is paying off. This is another accolade that comes from being part of an organization with great people and a clear strategy.

800.854.3643 q www.firstam.com

Billions

$6.2 $5.7

$5.6B

REVENUE CAGR: 7.85%

$5.2

$5.1B

$4.7 $4.2 $3.7

$3.8B

INVESTMENTS CAGR: 14.23%

$3.2 $2.7

$2.6B

$2.2

2011

2012

2013

2014

2015

2016

DEADBEAT

n a D

Agency Today | Issue 7

Have you heard the story of the “Follow the Instructions” exam? I’ve heard the story several times, but never met anyone who has actually taken one. The story goes like this: a professor giving a final exam emphasizes that all students should read the instructions thoroughly. The exam is full of strange tasks, like go outside and get a drink from the water fountain, and By: Brian Danis VP, Reinsurance Counsel, many very difficult questions. After Associate Senior everyone turned in their papers, the Underwriter professor points out that at the very First American Title top of the exam, the instructions state, “Please write your name on this paper and do not answer any of the following questions.” The lesson suggested by this story is that students don’t know how to follow instructions. Reading, understanding and following lender closing instructions is serious business. Typically, they can be about 20 pages in length. Those in the commercial realm occasionally see instructions in the hundreds of pages when drafted by law firms representing lenders or buyers. It’s the responsibility of the settlement agent to strictly follow the instructions. The fast pace of our business can make this difficult and thus, failure to follow closing instructions is a large area of loss for title companies. It doesn’t have to be this way! This is an area within our control. Settlement agents must be quick, analytical and world class multi-taskers. Traps for the unwary are often well hidden in the details of the instructions. We must be focused and disciplined in analyzing what the instructions say. We must not assume that all instructions are the same and must make sure we understand the specifics of our unique and particular transaction. Let’s look at an actual title claim that shows the importance of reading and understanding closing instructions. Deadbeat Dan fell on hard times in 2010. His “$12 million estate” was now worth $4.5 million in a down market, and Dan had just filed for bankruptcy. Dan’s property had many liens against it, but was mainly encumbered by a first mortgage of $8 million and a second mortgage of $3.5 million. The bankruptcy trustee formally abandoned the property because it was of no value to the bankruptcy estate. The first mortgagee agreed to accept about $4 million to release the mortgage and agreed to allow all junior lienholders, real estate brokers and closing fees to split up the rest of the proceeds. But, what about that second mortgagee? That’s where the main claim issue in this transaction arose.

higher end property. The letter contained the lender’s commitment to release the mortgage if it received as full payoff the amount of $140,000 by a certain date. A copy of this letter was given to the title company so that the money would be paid at close and the mortgage could be removed from the buyer’s title insurance policy. Besides requiring $140,000, the letter demanded the following: 1. Both borrowers were to sign a copy of the demand letter to acknowledge they agreed to its terms and requirements. 2. A requirement that mortgagee receive a letter from borrowers’ bankruptcy counsel opining that the acceptance of the $140,000 would not alter their rights to continue to pursue amounts unpaid from the borrowers and the bankruptcy estate. 3. A letter from the borrower’s bankruptcy counsel opining that no court order approving the sale of the property would be required in this transaction. The title company viewed their responsibilities to be limited to tendering the $140,000 required to satisfy the lien, and ignored – or never read – the other requirements in the letter. Escrow, along with seller and buyer were ready to close so the transaction was funded and all documents necessary to transfer title were recorded. Unfortunately, the second mortgagee rejected the $140,000 based upon the fact that only one of the borrowers executed the demand letter and no opinions of counsel were provided. Litigation ensued to enjoin the second mortgagee from foreclosing. A state court refused to enjoin the impending foreclosure sale and rejected the argument that the second mortgage holder would be unjustly enriched even though the sale didn’t result in enough proceeds to pay much more toward the second lien than was originally tendered. The court ruled that the second mortgage was elevated to first position and was unaffected by the arguments of the title company that equitable subrogation should apply. The second mortgage holder – now elevated to first position – demanded the full amount of their indebtedness of $3.5 million or they would foreclose on the property. Of course, the title company paid off the mortgage to protect its insured from the threatened foreclosure. Failure to follow closing instructions fully and accurately has resulted in hefty losses for title and settlement companies. Many lenders have taken the opportunity to rewrite their closing instructions due to the implementation of TRID, so please make sure to carefully read and understand the closing instructions for each transaction.

The instructions from the second mortgagee were contained in a letter to the two borrowing entities now selling this (formerly) Agency Today | Issue 7

{Guilty} PROPERTY

Agency Today | Issue 7

Have you ever heard of property committing a crime? How is that possible? People commit crimes, right? But things — guns, cars, buildings and land — are inanimate. They may be tools used by criminals, but they can’t execute any sort of crime. These things can’t think, plan or do. They just sit there until a criminal puts them to use. By: John Hollenbeck, NTP Executive Vice President First American Title

Not so fast. Read on. The rule of law is the cornerstone of American society. Without punishment for crimes, would be wrongdoers have no incentive to follow rules. And without tools at its disposal to prevent crimes before they occur, law enforcement has little hope of curbing crime committed by corrupt individuals and criminal enterprises. Simply put, the war against crime requires more than punishing the guilty; it also depends upon depriving culprits of the tools to conduct crime, and of their ill-gotten gains. Enter civil asset forfeiture—an important, effective tool that may discourage or prevent crimes from happening in the first place. Under these laws, contraband, property used in the commission of a crime, and ill-gotten gains, are all subject to forfeiture. This tool is critical in the drug war, for example, because it enables law enforcement to dismantle criminal enterprises by depriving them of assets used in the conduct of their business, whether or not one of their soldiers is arrested, convicted and incarcerated. But, the field provides a plethora of constitutional issues that concern title insurers, and could be abused but for strict guidelines set forth by Congress and the courts. Asset forfeiture finds its roots in ancient Roman law, which provided that instruments of crime be forfeited to the sovereign. As far back as the mid-1600s in America, before our Constitution was written, admiralty law required forfeiture of ships and cargo as penalty for violations of the Navigation Acts of 1660. Those laws required

that cargo be only carried in English ships. Asset forfeiture law operates on a legal fiction; that is, that the property itself is guilty of a crime. Legal proceedings to perfect civil forfeitures are in rem, meaning that a suit or administrative action is brought against the property, and not against its purported owners. Generally speaking, the laws only require the government to establish probable cause in order to seize property subject to forfeiture. Law. com defines probable cause as “sufficient reason based upon known facts to believe a crime has been committed or that certain property is connected with a crime.” Importantly, probable cause does not mean proof. It’s enough that a belief exists that a crime was committed, based upon an interpretation of known facts. Further, although civil asset forfeitures involve crimes, no criminal charges must be filed against anybody. In fact, because of the differences in the standard of proof applicable to civil versus criminal matters, forfeitures frequently occur even when insufficient evidence exists to conduct a criminal prosecution. As mentioned earlier, all that is required for most pre-forfeiture seizures to take place is probable cause. There is some good news in all of this. Civil forfeiture laws generally provide a defense for innocent owners. If an owner qualifies for this safe harbor, that person’s interest in the subject property is not subject to forfeiture. But, it’s the owner that must prove his case. Once the government establishes probable cause and seizes the subject property, the burden of proof shifts. It’s now the owner that must demonstrate, to a legal standard of proof called “preponderance of the evidence” (meaning more likely than not), that he or she is innocent of the crime giving rise to the forfeiture. About twenty-five years ago, the term “civil asset forfeiture” was on the lips of every title insurance underwriter. These laws were used heavily then to prosecute the war on drugs. While the use of these laws has ebbed in recent years, will it flow again, as the country enters into murky ground—the uneven but near certain relaxation of prohibition of marijuana?

Agency Today | Issue 7

F I R S T A M E R I C A N®

WOMEN

IN TITLE Women leaders from the nation’s largest title companies gathered to discuss pressing industry topics and the growing role of women in the title industry at the inaugural First American Title Women in Title event. Forty women leaders representing some of the largest title compa-

The event’s two-day schedule featured a mix of panel discussions and presentations on the most pressing issues in the title industry and business. Presentations on fraud, cyber security, changing regulations for employers and best practices in talent management, and marketing for growth were led by the women spearheading corporate initiatives at First American, including Michele Green, who oversees fraud prevention initiatives for First American Title’s Agency Division, Shabnam Jalakian, who leads cyber security efforts for First American as the company’s chief information security officer, Michelle Glonek, vice president of human resources at First American, and Sandra Bell, vice president of corporate marketing and communications at First American. Other guest speakers included Susan E. Packard, the co-founder of Scripps Networks Interactive and former chief operating officer at HGTV, and Cornelia Horner, the chief operating officer of the American Land Title Association.

nies in the nation joined senior executives from First American Title’s Agency Division and parent company, First American Financial Company, at the company’s home office in Santa Ana, California. “The influence of women in the title industry has grown tremendously over the last 10-20 years, but that growth has not been without challenges. The women participating in this event have overcome those challenges in unique ways, so it has been inspiring to connect and learn how these women from across the

Agency Today | Issue 7

country have accomplished so much,” said Camille Brannon, managing partner with Campbell & Brannon. “Women share a unique bond and want to help other women be successful, so I’m excited to hear how the participants use the insight from this event to accelerate their careers and professional growth.”

said Cross. “Connecting these women and providing a forum to discuss solutions to common problems seemed like an untapped opportunity, so I pitched it at the focus group and subsequently to management. Now, less than a year later, the enthusiastic response from the participants has validated the concept and underscores the momentum women have in the title industry.” Attorneys Title President Kim Rosenberg said the forum acknowledged the contribution of women in the title industry and the vital role they played. “It was exciting to participate in a program designed to support women, and encourage women to pursue more leadership roles in the industry,” she said.

The concept for the Women in Title event originated from a focus group discussion attended by Paula Cross, an Ohio-based sales representative within First American Title’s Agency Division. “As I made the drive from Cleveland to Grand Rapids to attend the focus group, I kept thinking about the successful women I know in the title industry that in many ways paved the way for the success of women today,”

“Empowering women is part of First American’s DNA, as nearly 70 percent of our employees are women, so hosting the ‘Women in Title’ event felt like a natural way to connect the women making an impact in the industry with some of our senior executives and prominent women leaders,” said Evan Zanic, president of First American Title’s Agency Division. “The response has been overwhelmingly positive and we’re looking forward to hosting the event again next year.”

Susan Packard

Shabnam Jalakian

Cornelia Horner

Paula Cross

Camille Brannon

Kim Rosenberg

Michelle Glonek

Sandra Bell

EXECUTIVE VICE PRESIDENT, AGENCY DIVISION

Agency Today | Issue 7

Think Two words that drive change. For new companies in the business of rethinking and reshaping how we do things, Thinking Digital is baked into their DNA. They were born this way–they are digital natives. You know who they are; Apple®, Amazon™, Google™, Lyft™, Airbnb™. Their products and services ride on a digital backbone, without which they could not exist. There are also legacy companies who Think Digital–they are digital immigrants. These companies have changed how they do business to compete and thrive in the digital economy. Companies like General Motors™, Burberry™, USAA™ and Nordstrom™ are no spring chickens–yet, they are innovative, relevant businesses that made a significant shift through digital transformation.

By: Edward Oddo VP, Corporate Business Solutions First American Title

DIGITAL TRANSFORMATION: An organizational shift that accelerates the meaningful application of technology to business processes and information, resulting in increased business insight, improved efficiencies and enhanced customer experience.

Agency Today | Issue 7

Transformation can be a scary word. It conjures up thoughts of change, cost and lots of effort. However, transformation does not happen all at once. It is a culmination of deliberate changes in pieces and parts. And, while it does mean changing the way we do things, it results in something better–different, but better–which is the whole idea. Think about how we have already transformed our personal lives: banking, shopping, home security web cameras, travel,

tasks, accomplishments, information and documents within the appropriate systems. If they’re only in minds or on desks–you cannot leverage them.

TENET 2: PUT THE SYSTEMS TO WORK Employees have a lot to do and a lot to remember. Prioritize projects that digitize processes so the people can focus on the complex tasks of the transaction.

“FIRST AMERICAN WILL MAGNIFY ITS STRENGTHS, CULTURE, CORE SERVICES AND VALUE BY APPLYING A DIGITAL LENS. FOR US TO BE DIGITAL, WE FIRST HAVE TO THINK DIGITAL.” photos/videos, transportation, streaming, even managing the temperature in your home. Just about everything we do personally now involves a digital component. Did we make deliberate decisions to change? Yes. Did it all happen at once? Of course not, but that’s how transformation occurs. The culmination of digitizing different pieces and parts of our personal lives transformed the way we live. Congratulations, you are an expert at digital transformation! First American is also an expert at transformation. Big, positive shifts in how we operate pepper our rich past: AgentNet®, FAST™, NPS, global workforce, centralized corporate services, agency management, and implementation of the TRID Rule (aka: “Know Before You Owe”). We have made big changes over the years, and continue to enjoy positive results. Our move toward digital is no different. Deliberate changes in pieces and parts over time will make us a better company. First American will magnify its strengths, culture, core services and value by applying a digital lens. For us to Be Digital, we first have to Think Digital.

TENET 3: THE THREE CS OF DIGITAL COMMUNICATION There are three key attributes in effective, Digital Communication. The customer must feel: • Confidence that they are working with a reputable, data-secure company • Clarity on what they need to KNOW or DO as it is needed • Convenience in how they interact with us (mobile, web, email, text, phone)

TENET 4: START SMALL– FAIL FAST Digital transformation is evolutionary. First American continues to develop innovative tools designed to bring agents efficiencies that streamline the paperwork process, leverage the immediacy and access of the Internet, simplify production services and help build business. Innovation can mean failures along the way, but win or lose, we learn valuable lessons that foster new ideas and creative solutions.

TENET 5: SHARE EVERYTHING

Thinking Digital is not some big project, or a company initiative. It is simply a shift in mindset, a new way to look at how we work, how we manage our processes, how we deliver a customer experience, how we plan for and build technical tools, how we reduce risk with digital process. All of this starts with a mindset shift–one that is ready to embrace the changes that will make our work more efficient and more accurate, and make our customers’ experience richer and more informative than ever before.

The more ideas, tools, and knowledge we share across the industry, the faster solutions will be developed to help us attain our goals. In today’s rapidly-changing marketplace, First American is constantly striving for ways to help our agents gain a competitive edge. Input from agents is critical to help us prioritize and develop need-based solutions. Collaborating with industry peers to spread working solutions and ideas will also help reduce the challenges associated with today’s digital market demands.

These tenets can help make the shift to Thinking Digital:

Technology is a wonderful thing, but people and culture are what make it really sing. Great digital companies create great digital experience only with great people. People are the most important component to the changes ahead in our company and in our industry.

TENET 1: DATA MATTERS Data drives notifications, alerts, tasks, documents, reports, etc. If your data is wrong, everything else suffers. Track all important

Agency Today | Issue 7

T H E

P R E M I E R

T R U S T

A C C O U N T I N G

S E R V I C E

HOW DOES PREMIER SERVICE COMPARE? TRUSTLINK

COMPETITOR

Transaction Dollars

$25 Trillion

$1 Trillion

Transaction Files

44 Million

5 Million

True Daily 3-way Reconciliation Assigned Reconciler Electronic Management Approval Electronic Exception Management Complete Unclaimed Property Service 1099 and W-9 Service Over 40 Years in Business FULL SERVICE

       

trustlink.support@firstam.com

800.767.7833

Stay Alert Mortgage Payoff Fraud Scheme

By: Michele A. Green SVP, Senior Business Counsel Agency Division First American Title

Agents are advised to remain extremely vigilant as mortgage fraudsters are becoming more creative in devising new schemes to separate people from their money. Hackers are gaining access to email accounts of real estate agents, attorneys and title agents and are monitoring inboxes to learn specific details of upcoming closing transactions. First American Title was recently made aware of a situation that occurred in the context of a residential purchase transaction, but the scheme could be applied to any transaction involving a mortgage payoff.

SCENARIO •

•

Seller’s attorney receives fraudulent email purporting to come from the buyer’s attorney Copy of the seller’s payoff statement is

•

requested and subsequently provided by seller’s attorney via email Fraudster intercepts the email, substitutes fraudulent wire instructions into the payoff statement and the email chain of communication continues to the settlement agent The alteration to the wire instructions was done in a similar font to the original payoff statement, making it hard to discover revisions had been made

The falsification of mortgage payoff information could result in the payoff funds being sent to the fraudster and not to the true mortgagee. Given the ongoing risks of wire fraud and email hacking, please continue to be vigilant and confirm all wire instructions verbally via a verified or known point of contact.

Individuals As Lenders There may be instances where you are asked to insure an individual as a lender. The individual may be lending funds for purchase through a ROTH IRA or other investment vehicle. It may be a family member or other close relative. It may also be a trap for the unwary! Care should be taken to ascertain the identity of the lender. A title insurance policy is a contract that requires a meeting of the minds. There may be someone other than the lender dictating coverage. If you encounter a situation where the borrower or a third party is directing the purchase of lender coverage, red flags should be raised. You should feel comfortable that the funding lender is fully informed of their role. By: Steven Zablocki Wisconsin Underwriting Counsel First American Title

If the funds are coming through a ROTH IRA or other investment vehicle, there are specific naming conventions and requirements that are needed to guaranty the transaction’s tax exempt status. Please contact your local underwriter if you have any questions or concerns.

Agency Today | Issue 7

100%

0% Charleston, Los San Jose, SC Angeles, CA CA

Spokane, WA

Nashville, Provo, TN

UT Oxnard, CA Honolulu, HI

Austin, TX

Baton Rouge, LA

200%

100%

0% Auburn,

AL Kingston, NY

Manhattan, Ithaca, NY Morgantown Gadsden, KS AL

Florence, AL

Walla Walla

Midland, TX

Odessa, TX

Powerful

Presentations

There are no right or wrong ways to use Microsoft PowerPoint™; however, some practices are best avoided, and others will make your presentations stand out.

KEEP YOUR AUDIENCE FOCUSED ON YOU •

•

There’s more to the material that you’re presenting than just the material itself. Use your time to give the audience some extra insight – your interpretation of the material. That’s what makes your presentation special. Don’t switch slides before you’re ready to talk about that topic. Doing so will encourage your audience to read ahead, and take their focus away from you. You are the presentation, so keep their attention where it belongs!

•

USE IMAGES FOR IMPACT •

DON’T OVERLOAD YOUR SLIDES •

•

Reject the premise that Microsoft™ has set up in the default blank slide! You don’t have to fill that big box with text. Avoid walls of text, and stick to one idea per slide. The slide is a tool that complements the idea you’re presenting in that moment. It adds depth, and ideally shouldn’t distract the audience from the things that you’re saying.

Keep in mind the theory of just-in-time learning. You can’t reasonably expect your audience to memorize all of the information on your slides, so don’t ask them to. If you’ve got a lot of information that you want your audience to be able to reference later on, give them the information in a more portable format, such as a PDF.

Surely you’ve heard the old saying, “A picture is worth a thousand words.” If your audience is reading, they’re not listening. Use bold, high-quality images to enhance your message.

CREATE SEPARATE HANDOUT •

•

Some speakers make their PowerPoint files available to their audience after the presentation. If you concentrate on that outcome while you’re creating the PowerPoint file, the end result will be less effective as a presentation than it would be had you focused solely on the presentation. Reformat the content of your presentation in a PDF or other reference-oriented format (such as a blog article) instead. It will make it easier for your audience to refer back to your message later.

Agency Today | Issue 7

Pro Forma Basics A Pro Forma is similar to a movie trailer for a feature film because a Pro Forma provides a preview of a soon-to-be-released or issued title insurance policy. Before you achieve your final editorial cut of a Pro Forma, you need to assemble a few items prior to release of the Pro Forma for review. Check closing instructions, counsel’s correspondence, title order, By: Mary Slade Indiana State and the lender’s loan commitment or Underwriting Counsel term sheet for any coverage requests. First American Title An updated commitment aids in establishing the Schedule B exceptions for the Pro Forma, as well as clearly identifying requirements for the customer’s coverage requests. Since a Pro Forma’s content is premised upon customers satisfying all underwriting requirements associated with requested title coverages, the Pro Forma must include a statement indicating: 1. The Pro Forma is not an abstract of title; 2. Receipt of a policy similar to the Pro Forma is contingent upon satisfying underwriting requirements and issuing standards prior to closing; and

3. A Pro Forma’s endorsement is not an indicator that issuance requirements for an endorsement have been fulfilled. A common example of this statement is: NOTE: this is a Pro Forma furnished to or on behalf of the party to be insured. It neither reflects the present status of title, nor is it intended to be a commitment to insure. The inclusion of endorsements as part of the Pro Forma in no way evidences the willingness of First American Title Insurance Company to provide any affirmative coverage therein. There are requirements which must be met before a final policy can be issued in the same form as this Pro Forma policy. A commitment to insure setting forth these requirements should be obtained from the Company. To prevent confusion of the Pro Forma with a title commitment or policy, the term “Pro Forma” should be prominently marked on each Pro Forma page, on any signature line, and in the policy number area. Since the transaction is not complete, the issuance date in a Pro Forma’s Schedule A should reflect date and time of recording.

Pro Forma Policy Jackets and Commitments Now Available in AgentNet®

Agents are occasionally asked to produce Pro Forma policies and commitments for transactions in order to show what will appear in Schedule A and B of a final policy or endorsement once the requirements are met. Agents can access Pro Forma documents in the Content Library on AgentNet by following these steps: 1. 2. 3. 4. 20

Log onto AgentNet: https://agency.myfirstam.com Enter User Name and Password Select Content Library under the Services tab Type PF or Pro Forma in the search field Agency Today | Issue 7

5. Locate state-specific items by selecting from the menu on the left 6. Refine the search by using the Sort tab to select Best Match, Name or Date 7. Documents are labeled Pro Forma in the Policy Number field to clearly identify the Pro Forma policy neither reflects the present status of the title nor is it intended to be a commitment to insure. Please contact your local underwriter if you have any questions about the language required and use of Pro Forma policy jackets and commitments.

E&O Policy Certificate Holder RENEWAL NOTIFICATION TO FIRST AMERICAN TITLE You can facilitate the renewal notification process by adding First American Title Insurance Company as a Certificate Holder on your E&O Policy.

WHAT IS A CERTIFICATE HOLDER? As a Certificate Holder, First American Title can receive notification from your Insurer upon renewal or cancellation of your E&O Policy. Many carriers will provide a certificate for no cost. The request is not to be a Named Insured.

ADDING FIRST AMERICAN TITLE AS A CERTIFICATE HOLDER You can add a Certificate Holder by contacting your Insurer directly or going through your insurance broker and making the request to add the following as a Certificate Holder to receive notifications: First American Title Insurance Company 2082 Summit Lake Drive Tallahassee, FL 32317 Email: eo-insuranceupdates@firstam.com If you have any questions, please contact your First American Title Agency Representative.

Agency Today | Issue 7

D I G I T A L

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M A N A G E M E N T

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Heart BUSINESS

COMMUNICATION IS THE OF

By: Lynn Tarala Communications Specialist Agency Division Marketing First American Title

Regardless of the workplace or workforce, communication will always be at the heart of business. It is an essential tool for increasing productivity and building customer loyalty. Each time you communicate with your customers, you have an opportunity to leave them with a positive impression.

USE THE CUSTOMER’S NAME

ADDRESS CUSTOMERS’ NEEDS

Customers want to be able to depend on your service. Not only do they need you to provide accurate information, but they need the information they give you to be relayed accurately. Confirming and verifying information minimizes the chance of error and maximizes customer confidence.

Your perception of what the customer needs may differ from the customer’s expectations. By continually questioning former, existing, and potential clients, you gain insight that allows you to align your services with their current requirements and preferences.

POLISH AND DOUBLE CHECK YOUR WRITTEN COMMUNICATION Typos, careless errors and simple grammatical mistakes might cause a customer to question the accuracy of any additional information. Take the time to proofread communication before hitting the Send key.

USE THE APPROPRIATE METHOD TO COMMUNICATE Email? Phone? Text? Make sure you understand how your customers want to communicate with you and follow through in that manner.

“Mr. Gates, I would be happy to help you.” Using their name early in the conversation sends a message you are listening, paying attention and ready to focus on the customer’s needs.

BE CLEAR AND ACCURATE

FOCUS ON WHAT YOU ARE ABLE TO DO Customers want you to help them with their questions, problems and understanding of the details regarding their transaction. Focus on what you can do and not on your limitations. Lead with words, such as “I can,” “I am” and “I will,” to encourage a relationship-building conversation. Having strong communication skills is as important as having good manners, and it keeps the customer happy and eager to work with you. A clear, concise and confident delivery gives the customer peace of mind and assures them that they have made the right decision in choosing your company. Agency Today | Issue 7

Closing Costs In a 1031 Exchange

Agency Today | Issue 7

By: William P. Lopriore, Jr. Regional Manager and Counsel Northeast Region First American Exchange Company, LLC

There are two important issues to consider when determining how to handle expenses in a 1031 exchange. The first has to do with whether payment of certain expenses will result in the exchange being partially taxable. There are categories of expenses called “exchange expenses” that can be paid with exchange funds without causing the transaction to become partially taxable.

The second issue is whether paying the expense will cause the taxpayer to have constructive receipt of exchange funds. If this happens, it is as if the taxpayer is controlling or actually holding the exchange funds, and the exchange may fail completely. As with many 1031 exchange issues, there is very little guidance on this topic. This article explains generally the uncertainties and technical nature of these issues. It is essential that taxpayers have their tax advisor approve each closing statement and the manner of paying all costs.

EXCHANGE EXPENSES Certain expenses paid at a closing are considered “exchange expenses.” Using exchange funds to pay those expenses won’t result in tax liability to an investor doing a 1031 exchange. For example, Revenue Ruling 72-456 provides that using exchange funds to pay broker’s commissions will not result in the transaction being partially taxable. There are few clear rulings, but most tax advisors agree that the following expenses are exchange expenses and may be paid at the closing of the relinquished or replacement properties: • • •

Broker’s commissions Exchange fees Title insurance fees for the owner’s policy of title insurance

• • • •

Escrow fees Transfer taxes Recording fees Attorney’s fees in connection with the sale or purchase of the property

NON-EXCHANGE EXPENSES Other expenses are not exchange expenses, so although exchange funds might be used to pay them, the exchange will be partially taxable. For example, security deposits and prorated rents are not considered exchange expenses. If exchange funds are used to pay them, the exchange

will be partially taxable. This arises when the seller of relinquished property gives the buyer a credit at the closing for the security deposits and prorated rents. The result is as if the seller was using exchange funds to pay the security deposits and prorated rents. To avoid the tax, the seller should deposit his own funds to pay security deposits and prorated rents to the buyer. In addition, most tax advisors believe that fees and costs in connection with getting the loan to acquire the replacement property are costs of the loan, not costs of purchase, and therefore under tax law are not exchange expenses. To avoid tax liability for these expenses, the buyer may want to deposit his own funds for such expenses. Some non-exchange expenses create a tax liability, but are offset by a deduction taken by the investor. The following expenses are typically found on a closing statement but are generally not considered exchange expenses: • •

Loan costs and fees Title insurance fees for lender’s title insurance policy

• • • •

Security deposits Prorated rents Insurance premiums Property taxes

TRANSACTIONAL ITEMS AND CONSTRUCTIVE RECEIPT A separate, but important, issue is whether paying an expense will show that the investor has constructive receipt of the exchange funds, potentially ruining the entire exchange. The regulation states that exchange funds can be used to pay “transactional items that relate to the disposition of the relinquished property or to the acquisition of the replacement property and appear under local standards in the typical closing statement as the responsibility of a buyer or seller (e.g., commissions, prorated taxes, recording or transfer taxes, and title company fees).” Thus, costs that are not typically paid on a closing statement in the area where the property is located, and costs that are unrelated to the sale or purchase, may trigger a constructive receipt problem if exchange funds are used to pay them. This issue can arise with respect to rate lock-in fees paid to a lender before the closing to lock in an interest rate. They do not “appear under local standards in the typical closing statement,” and therefore may trigger a constructive receipt problem. Investors need to discuss all expenses with their tax advisors. The analysis provided in this article is general in nature and may not be applicable to a particular situation based upon transaction specific facts. You should seek the advice of a tax professional when developing a tax strategy.

Agency Today | Issue 7

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Tricks

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Seek/Find Page Content

When filling out an online form, you can quickly move to the next form field by clicking the Tab key on your keyboard, or Shift+Tab to jump back to the previous field.

When there is a lot of content on a web page, it can be difficult to find what you're looking for quickly. You can search for words and phrases on the page by activating the Find tool. • •

Copy/Paste Keyboard Shortcuts If you’ve ever tried to copy content from one place to another and the standard, Right Click > Paste doesn’t work, try these simple keyboard shortcuts: • • •

PC: Control+F Mac: Command+F

Enter the text into the search field and every instance the word is used on the page will be highlighted.

Copy: Control+C Cut: Control+X Paste: Control+V

AGENCY OFFICE DIRECTORY State

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205.879.1818 206.336.0736 602.685.7085 901.821.6500 714.250.2178 303.305.3358 860.727.9908 302.855.2120 877.798.7058 404.250.1604 808.206.8420 206.336.0736 866.213.4920 800.999.1176 402.697.4646 913.681.0600 502.425.7200

Louisiana Maine Maryland Massachusetts Michigan Minnesota Mississippi Missouri Montana Nebraska Nevada New Hampshire New Jersey New Mexico New York North Carolina North Dakota

504.588.9252 207.774.6884 443.741.4540 617.345.0088 800.399.3003 763.416.2093 601.366.1222 816.622.3120 206.336.0736 402.697.4646 702.855.0837 603.227.9210 609.528.6860 505.881.3300 212.381.6600 336.668.7233 763.416.2093

Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Vermont Virginia Washington West Virginia Wisconsin Wyoming

614.310.8097 405.706.2008 206.336.0736 610.265.8440 401.434.1000 803.731.4409 763.416.2093 615.771.9141 281.588.2200 801.316.0600 802.764.3065 703.480.9500 206.336.0736 304.736.1111 608.236.1300 303.305.3358

National Agency Division: 866.568.0403 | Agency Service Center: 866.701.3361 | agencysupport@firstam.com 28

Agency Today | Issue 7

Agent

SPOTLIGHT

Q How have advancements in technology provided opportunities to elevate the level of service provided to your customers? A

Brandon W. Frazier, Attorney at Law, PLLC 346 Scott Dr. McComb, MS 39648 601.684.1125 info@frazierlawoffice.com www.frazierlawoffice.com

Our customers are constantly wanting services delivered immediately with a high level of quality. This can be a challenge with the ebb and flow of the market conditions. The old processes and methods we used before did not allow us to keep up with the demands from our customers today. Knowing where our office processes and workflow lacked enabled us to leverage technology such as software, cloud services, and equipment to deliver a high quality level of service in a timely manner. We want to increase customer interaction and automate or outsource tasks which can be obtained from quality vendors. One technology we have adopted is the utilization of software as a service through the cloud. By using the cloud, we are able to keep a large portion of the IT functions of our office with our vendors. This allows us to keep our IT budget lower, and deliver our service from any location with an internet connection. Another technology we have adopted is a closing software that allows us to draft all of our closing documents in one system. It eliminates the duplicate entry of data and has

increased our productivity exponentially. The process for facilitating services delivered by our vendors and received by our customers has changed and is accomplished through an exchange via our closing software, so all of the time-consuming data entry is greatly reduced. Doing more tasks via technology allows our staff to focus on customer service, and gives customers a better experience throughout their transaction. As the owner, I want my staff to build good customer relationships, rather than working on a task that could be automated or outsourced. Lenders, real estate agents, and customers all interact with our staff, and each of them wants a level of service which exceeds their expectations. We havenâ&#x20AC;&#x2122;t got it all figured out, but we try to focus on how technology will help us deliver the level of service our customers want and deserve.

Agency Today | Issue 7

Q How have advancements in technology provided opportunities to elevate the level of service provided to your customers? A

Harvey A. Pollack President Land Title Services, Inc. 7700 W. Bluemound Road Wauwatosa, WI 53213 414.259.5060

Advancements in technology over the years have impacted all aspects of the title and closing process and allowed Land Title Services to continually increase our level of service. The ability to receive orders through our website or through integrated thirdparty platforms reduces the amount of data entry. The proliferation of County Register of Deeds offices making information available online through subscription services allows us to increase our geographic coverage while improving efficiency. Improvements in title production software have helped to minimize errors. E-recording is now available in almost all counties we service, so documents we

process for recording are made public faster than ever to shorten the gap period exposure for us and customers. While technology has opened the door to widespread cyber-crime in our industry, it has also offered solutions to safeguard consumer data which we have taken advantage of. In short, technological advances have allowed us to further leverage our extensive experience and knowledge to deliver ever-improving levels of customer service.

hap@landtitleservices.net www.landtitleservices.net

Q What challenges or opportunities in the real estate and title industries have the potential to redefine your strategies in 2018? A

Cam Sallé Attorney Sallé Galloway, LLC 9 Caledon Court, Suite A Greenville, SC 29615 864.234.2901 cam.salle@sallegalloway.com www.sallegalloway.com

Agency Today | Issue 7

Looking ahead to 2018, I expect to see more growth from the biggest real estate law firms, through both consolidation and geographic expansion. Multiple site offices servicing one major client, such as a production builder, seem to be a preferred way of increasing one’s geographic footprint while reducing the uncertainty of moving into a new market. From there, firms can use the existing business to pay bills and as a wedge to get new business. Due to the increased burden both in financial cost and time imposed by TRID regulations, plaintiff attorneys’ excitement about real estate legal malpractice, the potential ethical and legal landmines relating to the “practice of law” as it relates to real estate, I would expect more consolidation and fewer new entries to the real estate legal market, and, over the long run, increased legal fees in response to the costs associated with the increased burdens. Potential changes in software capabilities always have the potential to change the efficiency and operational capability of real estate law firms. Improvements in these areas may allow practitioners and their staff to work much more efficiently, and, potentially, more remotely, and, hopefully, more securely. In addition to taking advantage of software developments, in 2018 and the foreseeable future, law firms must continually educate both attorneys and staff on current cyber threats.

In the last couple of years, production home builders have continued to grow at a fairly rapid pace. In the Upstate, we have seen a significant increase in new home sales by large builders as well as multiple new regional builders trying to enter the market. It seems this trend will probably continue at least through 2018. This development has a couple of potential impacts. Most production builders have preferred lenders and attorneys. As new homes make up an increasingly large share of the market, it means that law firms which have a substantial portion of their revenue from builders will probably have a good year. On the other hand, those who do not do production home builder work must gain a larger share of the non-builder market in order to not lose ground. However, the profitability of production home builder work can change quickly as a result of (a) increases in existing home inventory accompanied by decreases in the demand for new homes; and (b) the formation of title companies by the production builders allowing related companies to retain the title insurance premium. Either or both of these highlight the value of not forgetting traditional relationships with existing referral sources, such as real estate agents and loan officers.

Q What challenges or opportunities in the real estate and title industries have the potential to redefine your strategies in 2018? A

Jim Campbell Chief Executive Officer Title Alliance, Ltd. 2 Veterans Sq., 2nd Floor Media, PA 19063 610-892-8100 jcampbell@titlealliance.com www.titlealliance.com

People are a company’s most important asset and finding great people is critical for success. Unfortunately, “How to be an Escrow Officer” or “Title Agent 101” aren’t classes offered to our youth, which makes it challenging to find talent interested in our industry. Most people don’t know what title insurance is and if we’re being real honest, most of us have likely fallen into the title and escrow space by accident ourselves. To assure a company has the sustainability to grow, there needs to be a balance between pulling seasoned veterans and training new talent. In a strong market, people with significant experience tend to be comfortable in their positions which makes it more difficult to convince them to make a change. Conversely, convincing new talent that title is in fact sexy, can also be difficult. Assembling and maintaining the right team can make the difference between a company’s success and failure. Your strategies need to be centered around finding that time, and you must always be recruiting. In 2018, we will continue to lead with career opportunities for our existing team members and for those new to our family. First and foremost, for us it is critical to make certain all

team members, whether seasoned veterans or newcomers to the industry, are a cultural fit for our company and believe in our company’s vision. During the interview process, we focus on digging deep to understand the candidate’s “why”, on both a personal and professional level. By doing this, we make sure the career opportunity we are providing is a good fit for both them and for us. We could overcomplicate things, but in reality, it all comes down to finding the right person and putting them in the right seat. We have seen many of our competitors who think more money is the answer to solicit or retain employees. While we know money is a very important component of the package, it is much deeper rooted. We take the careers of our team members and prospective team members very seriously. We want to watch them grow and prosper to put them in a position to be able to achieve their own goals. Making certain these principles come first allows for the relationship to be a win-win: our team members are fulfilled and our company continues to grow.

Q What challenges or opportunities in the real estate and title industries have the potential to redefine your strategies in 2018? A

Jim Clifford President Clear Title Agency of Arizona 2901 East Camelback Rd. Suite 100 Phoenix, AZ 85016 480.278.8484 jim@cleartitleaz.com www.cleartitleaz.com

Training and communication. Cyber security, email phishing and wire fraud are a significant challenge and also an opportunity to increase training and communication with our staff and customers. The challenge is to be at least one step ahead of the bad guy as their schemes and tactics evolve and they become better at stealing from honest people. Having updated and evolving policies and procedures in place is a great defensive move to help prevent the bad guys from winning. Constant communication with our staff and customers will be a key to identify and avoid risks and successfully protect ourselves and our customers. Unfortunately, the general public is blissfully unaware of the many pitfalls of using electronic communication, and the inevitable sharing and exposure of sensitive, private and

valuable information. Although the real estate industry is becoming increasingly aware of the obvious, immediate danger and subsequent liability associated with cyber fraud, there is still plenty of awareness that needs to be created. Communicating the dangers and ever-increasing prevalence of cyber security risks to ourselves, our customers and the public is a critical component of doing business in today’s market. It is not an easy task to keep up with the cyber threats we face each day, but protecting the company and the customer by providing continuing education and training increases awareness and fosters conditions that help reduce the threat.

Agency Today | Issue 7

Simplify. AgentNetÂŽ, the First American Title web portal for title agents, provides valuable business resources, solutions, and innovative products and services necessary to simplify and streamline your processes. Ask your First American representative for a demo.

First American Title Insurance Company makes no express or implied warranty respecting the information presented and assumes no responsibility for errors or omissions. First American, the eagle logo, First American Title, and firstam.com are registered trademarks or trademarks of First American Financial Corporation and/or its affiliates. AMD: 11/2017