Good morning from Scottsdale, Ariz. It’s been busy here with a variety of sessions and, as always, shaking hands with friends.
Yesterday, industry participants were asked whether they had begun implementing the needed changes to comply with TRID and other regulations. The Consumer Financial Protection Bureau (CFPB) says you need to know the people you’re dealing with, and you no longer can claim ignorance if one of your vendors is careless with non-public private information.
You have to know more about them than how much they charge. Land Title Guarantee’s Diane Evans said every transaction is personal to someone. The industry needs to protect their information.
We also learned that fee schedules need to be simplified. Having several fee schedule tiers gets complicated and lenders are demanding accurate fees.
How do you track your results in your business? Knight Barry’s Craig Haskins and Agents National Title’s Brent Scheer said businesses should be tracking leases, marketing, revenue per employee.
The Title Report will be writing about these sessions and more in the coming weeks. For our live updates from the conference, follow us on Twitter @TheTitleReport and if you’re interested in photo galleries from our travels, including a glimpse of the Backstreet Boys of title insurance, check out our Facebook page at Facebook.com/TheTitleReport.