The Five Star Institute hosted the 2014 Spring Summit for the Default Title Coalition. The event was held at The Joule Hotel in Dallas, Texas, and brought together industry professionals to network and discuss salient topics related to the title industry.
The Default Title Coalition is a consortium of top title and closing companies with expertise in default and REO operations.
The conference was titled, "New Rules, New Roles: How Compliance Requirements are Impacting Default Title and Closing Practice."
The day's events started with opening remarks from Ed Delgado, CEO and President of the Five Star Institute. Delgado spoke briefly on relevant market conditions, noting younger buyers are less apt to purchase a mortgage due to lengthy mortgage commitments.
The future, however, looks promising. "We are right in the middle of that 18-month swing before we start to see a normalization of the marketplace," Delgado said.
The first round table discussion, titled "Winning Teamwork: How Servicers, Attorneys, and Title Companies can Work Together to Assure Compliance and Smooth Workflow," centered on communication issues experienced between title companies and relevant legal parties.
The panel was moderated by Jason Thurber, an attorney at Rubin Lublin LLC, who hosted the two panelists Bob Lee, VP of Default title Operations at Solutionstar, and Dena Grimes, Assistant VP of REO at Caliber Home Loans.
A key component mentioned by the group in attaining high levels of business efficiency centered around technology, specifically, software integration between different parties. One attendee remarked how he tries to remove all paper from his office, which forces all communication through an integrated system that "cuts e-mails and phone calls to nothing."
Transparency of information that is available to all parties was a hot button issue for the group.
Both Lee and Grimes agreed that communication is a coordinated effort, requiring a synthesis of title companies and attorneys. The group uniformly agreed that the integration of different systems is key for increasing communication.
Thurber then deftly moved the discussion to the topic of training, where Lee poignantly noted that while his centralized location in Dallas provides an ample pool of good talent, "It's hard to find someone who knows everything about every state."
The ability to cover state-specific title concerns was echoed by the group. One attendee remarked, "You can't be an expert in all 50 states." All parties agreed that training was a challenge, many citing experiences with companies who are getting into servicing for the first time and have a whole new—and untrained—staff.
The group cited concerns over new CFPB regulations, as well as new disclosure rules and adherence to American Land Title Association (ALTA) best practices.
Disclosure: The Five Star Institute is the parent company of DS News and DSNews.com.