Download E-Recording Overview Charging Accurate Closing Costs

E-Recording Overview
Charging Accurate Closing Costs
ALTA® Best Practice #4
Speakers -
Judi Souza - CSEO/CEI, Escrow Expertise
Donald A. O’Neill - EVP and CCO, WFG National Title Insurance Company
Brian Benson - CEO, ClosingCorp, Inc.
Jerry Lewallen - President, eRecording Partners Network
Patrick W. Curry,- President and CEO, WACO Title Company
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Judi Souza - CSEO/CEI, Escrow Expertise
WELCOME AND INTRODUCTIONS
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Objective: Obtain ALTA® Certifications
Interfacing Best Practices Pillar #4 with these ALTA®
online “tools”
• Best Practices checklist (overview of 9 steps)
• Assessment Preparation Workbook - 34 questions
• 15 on recording procedures
• 13 on pricing procedures
• 6 on training procedures
• Best Practices Framework: assessment,
procedure and recap
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Brief bio/introduction of other speakers
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Donald A. O’Neill - EVP and CCO, WFG National Title Insurance Company
“LINING UP” ALTA’S® BEST PRACTICES
WITH REGULATORY COMPLIANCE
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“lining up”
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CFPB Rules announced January 2013 with
effective dates of June 2013, January 2014 and
August 1, 2015
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“Lining up” ALTA’s® Best Practice #4 with CFPB’s
Rule on TILA/RESPA Integrated Disclosures and
the Bureau’s consumer initiative “know before
you owe” – announced November 20, 2013
effective August 1, 2015
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“lining up”
• “Lining up” CFPB’s recommendations for robust
compliance management systems (CMS) with ALTA’s®
Seven Pillars of Best Practices
• Written policies and procedures
• Employee training
• Monitoring and taking timely/appropriate
corrective actions
• Consumer complaint tracking and resolution
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“Lining up” CFPB’s e-closing pilot with ALTA’s® Best
Practice #4
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Judi Souza - CSEO/CEI, Escrow Expertise
“TRANSPARENCY” OF CHARGING
ACCURATE CLOSING COSTS
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“transparency”
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Development and Documentation
• Use rate manuals and fee calculators
• Verify accurate fees charged
• Established rates
• Discounted rates
• Discretionary rates
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“transparency”
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Verify and Charge Actual Costs
• Recording costs and
transfer fees
• Wire transfer fees
• Delivery costs
• Notary service fees
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“transparency”
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Timely Refunds
• Management tools
• Trial Balance Report
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Overpayments
• Set timelines
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“transparency”
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Uniform Training of Staff
• Distribute written policies and procedures
• Calendar scheduled training and document
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Consistent auditing
• External and internal
• Periodic and random
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“Transparency”
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Brian Benson - CEO, ClosingCorp, Inc.
“DRINKING FROM THE WELL” OF
INFORMATION RESOURCES
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The Race to August 2015
• What Lenders are Saying
and Doing
• What You Need to Know
• Impact on Fee Structures
• The Technology Burden
and Opportunity
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The Complexities of Title Pricing
• You need to be ACCURATE
• You need to be TIMELY
• You need to be COMPETITIVE
• You want to ensure that your
quote turns into an ORDER
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Where Does All That Data Come From?
• Title
• Manuals
• Self-Managed Tables
and Templates
• Settlement
• Lots of Phone Calls
• Complex Management
of Broad Networks
• County Records
• Or, through automation
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The Benefits of Pricing Automation
Make the Complex Easy
Reduce Infrastructure
Instant Turn Times
Improve Client Satisfaction
Better Management of
Business Rule Sets
• Lower the Impact/Cost
of Variance Violations
• Solve Significant Lender Needs –
Especially New Rules for Disclosure
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Calculators, Quotes and Orders
Potential Ecosystem
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Calculators, Quotes and Orders
• Consumer or client (lender, Realtor) generates a “what if” quote
• Immediately or subsequently submits a request to process and
automatically generates a GFE/LED which includes your services
and the associated rates and fees
• Upon review of GFE can generate an order with a single “click”
• The same data (or any changed circumstances) is mapped to the
HUD-1/CD, eliminating variances
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Additional Benefits
Very Easy and Affordable
Drive Website Traffic
Enhance Client Loyalty Programs
Instant Scalability for Your
Business
• Keep More Orders In-House
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It’s Simple…
It is GREAT to AUTOMATE!
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Jerry Lewallen - President, eRecording Partners Network
“CREATING THE RECORD”
- BEST RECORDING PROCEDURES
- INTRO TO E-RECORDING
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“creating the record”
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What is e-Recording?
Why e-Record?
Importance of Written Procedures
Need for Recording Logs
How to Handle Rejects
How Do You Verify the Recording
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Patrick W. Curry - President and CEO, WACO Title Company
“WRAP ‘E’T UP”
- E-RECORDING OVERVIEW
- PRACTICAL TIPS
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“wrap E’t Up”
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Choosing Your Vendor
• Coverage
• Pricing
• Integration
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Documenting and
Integrating the Process
• Documenting Processes
• Submitting, Recording,
Returning, and Verifying
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“wrap E’t Up”
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Reporting and Ensuring Success
• Writing Reports to Measure Success
• Automating and Centralizing Processes
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Pricing and Verification
• Calculators and Pricing Best Practices
• Auditing and Following-up to Ensure
Best Practice Success
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Disclaimer
This information is not a substitute for legal advice,
is for your reference only, and is not intended to
represent the only approach to any particular issue.
This information should not be construed as legal,
financial or business advice, and users should consult
legal counsel and subject-matter experts to be sure
that the policies adopted and implemented meet the
requirements unique to your company.
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Questions?
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