Making a Difference in Pennsylvania!

Think Outside the Cage: That’s the tagline for Animal Friends, a non-profit companion animal resource center that serves the needs of pets and people. On May 8, 2013, 35 Title Source team members from Coraopolis, Pennsylvania, 'thought outside the cage' and participated in a bowling event to raise money for Animal Friends.
“We chose to support Animal Friends because we have a passion for the amazing work their charity does,” said                Heidi Minda, a Title Source team member who helped organize the event. “Their desire to rescue animals and give them a great place to live is truly great for the community. We appreciate their hard work and wanted to give back.”

Each of the 35 bowlers agreed to donate $10 to the cause. Due to overwhelming generosity, Title Source team members raised over double the anticipated amount.  Today, a check was presented to Animal Friends for $750.

Our donation will help Animal Friends reduce the number of unwanted animals, provide for the well-being of companion animals by finding each a lifelong, loving home, promote the animal-human bond through outreach, education and therapeutic programming, and act as an advocate on behalf of animals in crisis as an enforcer of their rights and protection.

The event provided fun, team building and unity, all while helping make a difference in the community that we live, work, and play in. 
Great job Title Source!

 

For more information about Animal Friends, click here!

Title Topics: What is a lien?

A lien: it looks like it spells alien, and the topic may seem alien, but basically a lien is a very important piece of the mortgage transaction.  Unless you work in the real estate industry, the legal terms that concern it can also sound like an alien language.
In the mortgage and title universe, one of the main functions of a title provider during a mortgage transaction is to search for any encumbrances on the property’s title.  An encumbrance on title is called a lien.  In more official terms, a lien is the liability of real estate as security for payment of a debt.  This type of liability may be created by contract, such as a mortgage, or by operation of law, such as a tax lien. Or in simpler terms, a lien is a public notice attached to your property indicating you owe a creditor money.

What are some different types of liens?

• Property Tax Liens: If you do not pay your taxes, a lien will be placed on your property.  If you do not clear the tax lien, the government can eventually have your property sold to pay the property taxes.
• Mechanic or Construction Lien:  If a contractor works on your property or furnishes construction materials to be used on your property and the contractor does not receive payment, they may place a lien on your property.
• Unpaid Child Support: If you owe child support or alimony, the recipient may put a lien on your real estate. 
• IRS liens:  If you fail to pay back taxes after receiving notices from the IRS, the IRS may force the sale of the property in order to collect the debt.

As you can see above, there are a variety of different types of debts that can affect your property’s title, therefore showcasing the importance of title insurance to ensure that your property is free and clear of any liens.  Now a lien should no longer sound like it belongs in an alien vocabulary!

Any Questions? Comments?  Please let us know!

Title Source Creating a Buzz in Downtown Detroit!

Title Source announced yesterday that we will relocate an additional 550 team members to Downtown Detroit!  Today, 200 team members enjoyed their first day in the company headquarters in the historic First National Building. The building is located in Campus Martius’ growing technology district in downtown Detroit.   

“We’re excited to bring more of our team members to Detroit to join our ongoing efforts to reinvigorate this great city,” said Jeff Eisenshtadt, President of Title Source.  “We are nearly one year into our transition and our team members have fully embraced the atmosphere and activities only available downtown.”

The additional 350 team members will include 250 new, full time team members and 100 summer interns.    After the additions, Title Source will have more than 2,000 team members in downtown Detroit.  Positions are available in all areas of the company, including technology, title clearance, training, marketing, and more. To see the current openings, click here to visit Title Source's career website!

Title Source occupies more than 330,000 square feet across 10 floors, or more than 40 percent, of the First National Building.  Want some more fun facts about Title Source’s Historic Headquarters?  Great! Here are some below:

• The First National Building was designed by famous industrial architect Albert Kahn.
• As of 2006, Albert Kahn had approximately 60 buildings listed on the National Register of Historic Places.
• Albert Kahn also designed these other famous buildings in Detroit: Fisher Building, Argonaut Building, Detroit Athletic Club, Detroit Racquet Club, Belle Isle Aquarium and Conservatory, Detroit News Building, Detroit Police Headquarters, and many more!
• The First National Building was completed in 1930.  It is 25 stories and includes two basement levels.
• The floors were not renumbered; therefore, the First National Building has a 13^th floor, and yes, it is a Title Source floor!

For the full story, click here to see Title Source's official press release.

The Ins and Outs of Closing Costs

What are closing costs?
Put simply, closing costs are any expenses on top of the price of a property. These include things such as interest, mortgage application fees, private mortgage insurance, taxes and any number of other fees.

Closing costs can be divided into two types: one-time costs and recurring costs. As their name implies, one-time costs are paid once when obtaining a mortgage and never have to be paid again. Examples include loan origination fees. Meanwhile, recurring costs are expenses that will be repeated over time. Examples include the premiums associated with private mortgage insurance.

Good Faith Estimate

Mortgage lenders are required to provide potential clients with a "Good Faith Estimate" of how much a loan will actually cost. This estimate is intended to take into account all expenses, including closing costs. Good Faith Estimates, or GFEs, are to be provided within three business days of a mortgage application being accepted by a lender. GFEs should be in the form of an itemized list that estimates the cost of each and every fee a client will be charged.

Clients should understand that it's their responsibility to make sure they fully understand the costs involved with a home loan. While a lender is required to provide the information, it's up to borrowers to ask questions and find out exactly what they're paying for. "It is imperative that clients work closely with their lender throughout the mortgage process to have a better understanding of what to expect at closing and what fees or costs will be involved," said                                                         Becky Nilsen, Associate Vice President at Title Source, "A well-informed client is a happy client."

Saving money on closing costs

The total expenses associated with closing costs can vary from lender to lender, so it's important for borrowers to shop around. Taking the time to compare quotes from different lenders can give consumers a better idea of where they'll obtain the most affordable home loan.

Clients should also keep in mind that some fees are negotiable. While third-party fees such as title insurance are generally unalterable, other expenses, such as underwriting fees and application fees, can be negotiated. Clients with good credit, plenty of assets and a documentable ability to meet their financial obligations should speak to lenders about reducing these costs.

Homebuying in the Spring

The spring homebuying season is heating up, according to data from Realtor.com. The real estate information firm's data for February 2013 shows that home sellers and buyers are off to an early start, with listing inventories increasing 1.15 percent on a month-over-month basis during February and the median age of inventory falling in 145 of the 146 markets tracked by the organization. Meanwhile, the median listing price was on the rise during this time period, reaching $189,900.

"These numbers show that homebuyers are getting an early start on the spring season despite the fact that inventories recently hit record lows," reads a press release from the company.

Of course, spring also means more competition among homebuyers. While more sellers are willing to put their properties on the market, just as many individuals are now on the prowl for their dream home. Fortunately, there are a number of strategies potential homeowners can use to get a leg up on the competition.

Get pre-approved
Getting pre-approved by a mortgage lender will not only let homebuyers know what kind of budget they're working with, it will show sellers that they are serious. Home sellers are more likely to do a transaction with a buyer who shows that they're capable of following through and can get a deal closed quickly.

Hire help
A local real estate agent can provide homebuyers with more information regarding areas they're interested in. If a real estate agent has a good working relationship with listing agents, they can help buyers get on the inside track for certain properties. 

Be prepared
Being prepared doesn't just mean getting pre-approved for a mortgage. Homebuyers should also make sure they're financially able to handle all the costs associated with a home loan, such as application fees, taxes, title insurance and any other expenses commonly referred to as closing costs.

Stand out
With so many individuals making offers on the same properties, it pays for homebuyers to differentiate themselves. Making a more generous purchase offer or giving sellers longer to move out may be enough to push a seller in a certain buyer's direction.

The Risk of Living Without Title Insurance

Once you've put the down payment on the home of your choice and show pride in finally being a homeowner, the process is still not over. If you're currently a homeowner living without title insurance, it could be risky.

Some homebuyers believe that they can skip title insurance if there has been a low number of owners of the property. This couldn't be farther from the truth. Even if the home you're living in has been in the family for years, you should have a title company run a title search at least to give you a clear understanding of all previous owners of the residence. You should still purchase title insurance after having a search done, giving yourself a safety net if anything were to ever go wrong.

Title insurance doesn't just protect the homeowner from errors on the home's deed and fraudulence, it also protects the lender's interest in the property. Your escrow or closing agency is suppose to start the process of getting title insurance for you after signing the purchase agreement on the home. The closing agent or attorney also usually chooses the title insurer from one of the five major U.S. title underwriters, but you could also make your own choice when it comes to what company supplies you with title insurance.

There is a one-time fee that will be charged for title insurance once a company is secured. The fee is close to $1,000, but will prove to be worth it in the long run, as homeowners are comforted knowing that no problem that arises with their home's deed will cause long-term issues. "For most people, the purchase of a home is the single largest financial transaction they'll ever make.  It's important to protect that investment,"
said Brian Hughes, Title Source COO.  "People pay a premium to protect their automobiles year after year, but a one-time purchase of title insurance offers a lifetime of protection."

Circumstances where title insurance is needed
If you don't get title insurance, the seller of the home could knowingly sell you the property even though they are not the owner. Over the years, there have been situations where people pose as sellers who are actually renting the home. To avoid getting into one of these situations, potential homeowners should make sure they have all of their insurance purchased before making their final decision.

Considering the housing market is showing improvements across the country, with lower foreclosures and higher sales and home prices, title insurance should become more popular. Without it, you'd be taking a risk that could end in disaster.

Title Source's Future Leaders

 On March 14, 2013, 59 Title Source team members attended a future leadership open house at the First National Building in Detroit.  They enjoyed welcoming and encouraging opening remarks from CEO Jeff Eisenshtadt and COO Brian Hughes followed by a couple brief leadership videos and two current team leader speakers.  Team leaders Aaron Weller and 
Nicole Brayman described their leadership journey from the very beginning as a team member to where they are today.

At the end of the presentation, over 25 current team leaders came together to address the questions and concerns of our future leaders.  “The biggest benefit of this event is for team members interested in leadership to ask present leaders real questions and get real and honest feedback,” said Kelly Maurer, Leadership Coach and host of the open house. Phil Schneider, a tax analyst team member, agreed that he enjoyed “the opportunity to hear about current leader’s personal experiences and the problems they have faced and overcome in their leadership positions.”

 Last but not least, team leaders served appetizers to the open house guests to demonstrate Title Source’s servant leadership style.  All in all, a very successful event!  We are looking forward to see our team members create their own leadership journeys in the future.