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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 1 Judi Souza - CSEO/CEI, Escrow Expertise WELCOME AND INTRODUCTIONS 2 • • 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 • Brief bio/introduction of other speakers 3 Donald A. O’Neill - EVP and CCO, WFG National Title Insurance Company “LINING UP” ALTA’S® BEST PRACTICES WITH REGULATORY COMPLIANCE 4 “lining up” • CFPB Rules announced January 2013 with effective dates of June 2013, January 2014 and August 1, 2015 • “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 5 “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 • “Lining up” CFPB’s e-closing pilot with ALTA’s® Best Practice #4 6 Judi Souza - CSEO/CEI, Escrow Expertise “TRANSPARENCY” OF CHARGING ACCURATE CLOSING COSTS 7 “transparency” • Development and Documentation • Use rate manuals and fee calculators • Verify accurate fees charged • Established rates • Discounted rates • Discretionary rates 8 “transparency” • Verify and Charge Actual Costs • Recording costs and transfer fees • Wire transfer fees • Delivery costs • Notary service fees 9 “transparency” • Timely Refunds • Management tools • Trial Balance Report • Overpayments • Set timelines 10 “transparency” • Uniform Training of Staff • Distribute written policies and procedures • Calendar scheduled training and document • Consistent auditing • External and internal • Periodic and random • “Transparency” 11 Brian Benson - CEO, ClosingCorp, Inc. “DRINKING FROM THE WELL” OF INFORMATION RESOURCES 12 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 13 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 14 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 15 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 • • • • • 16 Calculators, Quotes and Orders Potential Ecosystem 17 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 18 Additional Benefits Very Easy and Affordable Drive Website Traffic Enhance Client Loyalty Programs Instant Scalability for Your Business • Keep More Orders In-House • • • • It’s Simple… It is GREAT to AUTOMATE! 19 Jerry Lewallen - President, eRecording Partners Network “CREATING THE RECORD” - BEST RECORDING PROCEDURES - INTRO TO E-RECORDING 20 “creating the record” • • • • • • 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 21 Patrick W. Curry - President and CEO, WACO Title Company “WRAP ‘E’T UP” - E-RECORDING OVERVIEW - PRACTICAL TIPS 22 “wrap E’t Up” • Choosing Your Vendor • Coverage • Pricing • Integration • Documenting and Integrating the Process • Documenting Processes • Submitting, Recording, Returning, and Verifying 23 “wrap E’t Up” • Reporting and Ensuring Success • Writing Reports to Measure Success • Automating and Centralizing Processes • Pricing and Verification • Calculators and Pricing Best Practices • Auditing and Following-up to Ensure Best Practice Success 24 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. 25 Questions? 26