PREPARING FOR TOMORROW ALTAs Strategic Priorities to Help You Grow - - PDF document

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PREPARING FOR TOMORROW ALTAs Strategic Priorities to Help You Grow - - PDF document

Feb 09, 2024 147 likes •513 views

7/18/2019 PREPARING FOR TOMORROW ALTAs Strategic Priorities to Help You Grow Your Business Todays Speaker DAVID TOWNSEND MTP,NTP ALTA Board Member President & CEO, Agents Title Insurance Company Dtownsend@agentstitle.com 1

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PREPARING FOR TOMORROW

ALTA’s Strategic Priorities to Help You Grow Your Business

Today’s Speaker

DAVID TOWNSEND MTP,NTP ALTA Board Member President & CEO, Agents Title Insurance Company Dtownsend@agentstitle.com

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The U.S. economic expansion will become the longest on record in July 2019.

The 2019 Housing Market

  • Existing Home Sales

5.365 million

– Median price: $270,000

  • New Home Sales

619,000

– Median price: $345,000

  • Mortgage Originations

$1.605 trillion

– Percent refinance: 26%

Source: Fannie Mae
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WHAT WILL DRIVE DEMAND IN TITLE INSURANCE OVER THE NEXT FIVE YEARS?

ALTA’s 2019 Strategic Priorities

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PLAN FOR CHANGE

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Digital Closings

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Remote Online Notarization

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RON MAP

Resources: ALTA.ORG/RON

RON Adoption Map Green (RON Passed)

New ALTA E-newsletter

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BABIES ARE CUTE

What’s Not Cute?

Your Company Isn’t in the Free ALTA Registry

ALTA.ORG/REGISTRY Best Practices

  • Get Started
  • Educational Resources
  • Undergo Assessment
  • Demonstrate Compliance
  • FAQs
  • Updates

ALTA.ORG/BESTPRACTICES

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ALTA.ORG/MARKETPLACE Average Age of Employees in the Title Industry

46.6

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The competition for talent will get harder Millennial Job Tenure is NO shorter than previous generations

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Help for the Hiring Process @ ALTA.ORG

  • Hiring Resources

– Sample Behavioral Interviewing Questions – Career Fair Experience Guide – New Hire Checklist – Employee Exit Checklist – Stay Interview – Exit Interview – Employee Engagement Survey

  • Job Descriptions and

Advertisement Library

– Samples for various positions and relevant skills

  • Coming soon

– Career Paths

ALTA.ORG/Human-Resources

  • Tool to help you evaluate benefits and compensation packages
  • Make personnel decisions
  • Benchmark against the competition
  • Open and ready for you to submit your company’s data

ALTA.ORG/COMPENSATION

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STAY RELEVANT IN THE SECONDARY MARKET

Government-Sponsored Enterprises (GSEs)

  • Fannie Mae, Freddie Mac & Ginnie

Mae

– 95% MBS market share

  • Source: Inside MBS & ABS.

– Fannie Mae & Freddie Mac under government conservatorship since 2008

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GSE Pros & Cons

  • Pros

– Provides stable housing market – Set market standards (like ALTA Policy Forms)

  • Cons

– Pick and choose – Can disintermediate

  • Entire companies
  • Lines of business

Why Should You Care?

  • Pilots could cut corners on title

insurance – GSEs are looking for faster, cheaper products

– Title – Closing

– Could take inspiration from HELOC market

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ALTA GSE Engagement Council

  • Strengthen Relationships with

Fannie Mae and Freddie Mac

– Connect more broadly on issues regarding industry products and innovation – Digital Closing

GSE Reform

  • Will Congress act?

– Rep. Maxine Waters new chair of House Financial Services Committee – Can a divided Congress agree on housing policy?

  • Will Treasury Department or FHFA

make changes?

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COMMUNICATE THE BENEFITS OF WHAT YOU DO

First Time Homebuying is Just Beginning

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ALTAPRINTS.COM

What’s New

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Seller-pay Material

How Do You Connect With Customers?

  • ALTA’s Title Webbies

– Best Title Agent – Best Underwriter

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HOMECLOSING101.ORG

POWER OF VALUES AND CULTURE

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Tips for Leaders

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ALTA.ORG/VALUES

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PROTECT DATA AND MONEY

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7/18/2019 24 REPORT ALL PHISHING EMAILS AND FRAUD ATTEMPTS TO THE FBI at IC3.GOV

Phishing, Wire Fraud

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WHY YOU SHOULD CARE?

$12B

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Rapid Response Plan for Wire Fraud Incidents

  • 10-step guide on what to do

and who to contact

  • Rapid Response Plan

Worksheet

  • Download resources at:

ALTA.ORG/WIREFRAUD

ALTA.ORG/WIREFRAUD

ALTA Resources

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ALTAPRINTS.COM

  • Member benefit
  • Brand with company

information and logo

How can I protect my business?

  • Accept that a breach/fraud will happen
  • Conduct a risk assessment
  • Take reasonable preventive measures
  • Provide training and tips to all staff on an ongoing basis
  • Develop and practice your response plan
  • Stay abreast of the latest trends

ALTA.ORG/WIREFRAUD

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Wire Transfer Fraud Coalition

  • ALTA Leading Effort to Bring

Stakeholders Together

– Key Goals

  • Raise awareness and
educate consumers and others
  • Provide concrete steps
people can take to prevent risk of fraud
  • Identify and empower
those who have been victimized
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Data Security Laws & Regulation

  • Insurance Data Security Model Law

– National Association of Insurance Commissioners (NAIC) – Rules for insurers & agents

  • Risk assessment
  • Oversee third-party service providers
  • Investigate data breaches
  • Notify regulators
  • California Consumer Privacy Act of 2018 (CCPA)
  • Congress debating national data security law

UPDATE FROM WASHINGTON, D.C.

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CFPB

  • New Director

– Kathy Kraninger confirmed in December – CFPB not BCFP

  • TRID Improvement Act

– Fix title insurance disclosures

  • TRID 5-year Look-back

– Requirement of Dodd-Frank

  • Clear Guidance

– GUIDE Compliance Act would regularize the Bureau’s process of providing rules and guidance

Anti-Money Laundering

  • Financial Crimes Enforcement Network (FinCEN) Extends GTO

– Transaction threshold set at $300,000 for covered metro areas – Covered transactions now include virtual currencies

  • Covered Areas
– Texas: Bexar, Tarrant and Dallas counties – Florida: Miami-Dade, Broward and Palm Beach counties – New York: Boroughs of Brooklyn, Queens, Bronx, Staten Island and Manhattan – California: San Diego, Los Angeles, San Francisco, San Mateo and Santa Clara counties – Hawaii: City and county of Honolulu – Nevada: Clark County – Washington: King County – Massachusetts: Suffolk and Middlesex counties – Illinois: Cook County

ALTA.ORG/FINCEN

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Cannabis Law Expansion

  • Medicinal vs. Recreational
  • CSA Level 1 Designation
  • SAFE Banking Act
  • Local Issues

STATE ACTIVITY

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State Legislative Tracking Map

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2019 ALTA Meetings

ALTA Innovation Boot Camp

– August 12-13 | Chicago, Il | The Westin Chicago River North

ALTA ONE

– Oct. 21-25 | Austin, TX | Fairmont Austin ALTA.ORG/EVENTS

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1800 M Street, NW, Suite 300S, Washington, D.C. 20036-5828 |
  • P. 202.296.3671 |
  • F. 202.223.5843

THANK YOU