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

7/18/2019 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 1

7/18/2019 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 2

7/18/2019 WHAT WILL DRIVE DEMAND IN TITLE INSURANCE OVER THE NEXT FIVE YEARS? ALTA’s 2019 Strategic Priorities 3

7/18/2019 PLAN FOR CHANGE 4

7/18/2019 Digital Closings 5

7/18/2019 Remote Online Notarization 6

7/18/2019 RON MAP RON Adoption Map Green (RON Passed) Resources: ALTA.ORG/RON New ALTA E-newsletter 7

7/18/2019 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 8

7/18/2019 ALTA.ORG/MARKETPLACE Average Age of Employees in the Title Industry 46.6 9

7/18/2019 The competition for talent will get harder Millennial Job Tenure is NO shorter than previous generations 10

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7/18/2019 Help for the Hiring Process @ ALTA.ORG • Hiring Resources • Job Descriptions and Advertisement Library – Sample Behavioral Interviewing Questions – Samples for various positions and relevant skills – Career Fair Experience Guide • Coming soon – New Hire Checklist – Employee Exit Checklist – Career Paths – Stay Interview – Exit Interview – Employee Engagement Survey 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 12

7/18/2019 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 13

7/18/2019 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 14

7/18/2019 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? 15

7/18/2019 COMMUNICATE THE BENEFITS OF WHAT YOU DO First Time Homebuying is Just Beginning 16

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7/18/2019 What’s New ALTAPRINTS.COM 18

7/18/2019 Seller-pay Material How Do You Connect With Customers? • ALTA’s Title Webbies – Best Title Agent – Best Underwriter 19

7/18/2019 HOMECLOSING101.ORG POWER OF VALUES AND CULTURE 20

7/18/2019 Tips for Leaders 21

7/18/2019 ALTA.ORG/VALUES 22

7/18/2019 PROTECT DATA AND MONEY 23

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

7/18/2019 WHY YOU $12B SHOULD CARE? 25

7/18/2019 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 Resources ALTA.ORG/WIREFRAUD 26

7/18/2019 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 27

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7/18/2019 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 29

7/18/2019 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. 30

7/18/2019 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 Hawaii: City and county of Honolulu – – Florida: Miami-Dade, Broward and Palm Beach Nevada: Clark County – – counties – Washington: King County New York: Boroughs of Brooklyn, Queens, Bronx, – Massachusetts: Suffolk and Middlesex counties – Staten Island and Manhattan Illinois: Cook County – California: San Diego, Los Angeles, San – Francisco, San Mateo and Santa Clara counties ALTA.ORG/FINCEN 31

7/18/2019 Cannabis Law Expansion • Medicinal vs. Recreational • CSA Level 1 Designation • SAFE Banking Act • Local Issues STATE ACTIVITY 32

7/18/2019 State Legislative Tracking Map 33

7/18/2019 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 34

7/18/2019 THANK YOU 1800 M Street, NW, Suite 300S, Washington, D.C. 20036-5828 | P. 202.296.3671 | F. 202.223.5843 35