Survey: Consumers Believe Time to Close Should Be Shorter

ProcessConsumers are placing great value on speed across the mortgage process, but especially during closing, according to a survey conducted by Arizent.

The survey showed three weeks is the upper limit of how long many consumers feel a mortgage transaction should take. Nearly three fourths said they think the process should take no more than 21 days from initiation of the application to closing, with 64% indicating one to three weeks is a sufficient amount of time, and 10% saying it should occur in even less time.

The survey group consisted of 503 respondents who took out a new purchase mortgage and 511 participants who refinanced an existing loan within the previous 12 months. The respondents were spread evenly across baby boomers, Generation X and millennials.

The type of mortgage made little difference, with an equal share (64%) of purchase and refinance customers agreeing transactions should close within a three-week window. According to the survey, consumers going through the mortgage process for the first time with their particular type of transaction are even more likely to believe it should proceed more rapidly than those who had obtained a mortgage previously.

These expectations deviated from reality. According to ICE Mortgage Technology, the average time to close a purchase was 51 days, while it took 49 days to close a refinance.

Overall, 49% of borrowers said faster closings would have resulted in a better experience for them, far outpacing other factors, such as paperless transactions at 29% and enhanced technological efficiencies at 21%.

SpeedThe Arizent survey showed that the younger the consumer, the more likely they are to expect to close in three weeks or less. Only 52% of Generation X respondents were satisfied with the amount of time their transactions took to close. This is a possible reflection of those age groups growing up accustomed to a digital world where business decisions come quickly and orders are frequently turned around with just a few taps. On the flip side, 64% of baby boomers said they are very satisfied with the amount of time their transactions took to close.

Much of the time involved in mortgage processing is baked into the process of a complicated, highly regulated transaction, with delays sometimes inevitable to ensure that all parties comprehend the detail of the transaction, according to Woody Fowles, vice president, operations services at Mphasis Digital Risk, a technology-based originations and compliance solutions provider.

The industry could increase satisfaction surrounding closing times by keeping customers better informed about the intricacies involved.

“There’s a lot of scrutiny that’s around that to make sure the customers understand what they’re signing,” Fowles said. “You have to educate the first-time homebuyer a little bit. Part of their frustration is they don’t understand the regulations around what to do.”

For the most part, consumers are embracing mortgage technology at all stages of the loan process and are looking to streamline transmission of information sent to lenders if it results in faster closings. They also are willing to share and grant electronic access to personal identifiable information, despite the cyber risks.

“The lender of the future has to be nimble, has to automate, has to be able to anticipate,” said Matthew Moosaroparambil, director of banking, insurance and capital markets at management consulting firm Guidehouse.


Alert: Spoofed Email Appears to Come from ALTA

Spoofed Email- WL

ALTA is alerting its members to delete a phishing email with the subject line “ALTA Secure Closing Policy" 

Like title and settlement companies, email from ALTA staff can be spoofed. In the latest scheme, a phishing email appears to come from Whitney Larman, asking recipients to fill out the attached form, sign it and send it back. 

Do not open the attachment or click any links in the email. In addition, you should contact your IT department and block the domain of the email or the IP address that it is coming from. Once the scammers catch on, they will likely switch email domains.

It's recommended to use extra precaution when reviewing email on smart phones as it can be difficult to see the actual email address behind the sender's name.

You can be sure that your information is safe. This is a phishing email and our system was not breached.


ALTA Welcomes New Members

Membership map

ALTA is pleased to announce new and associate members, as well as real estate attorneys, who have recently joined ALTA. Over the past month, ALTA gained 49 new members, including 30 title agencies and 13 real estate attorneys. So far in 2022, ALTA has 6,111 member companies. Read on to view a map of membership.

Not a member? Click here to join today.

You can check out member benefits here.


FHFA, GSEs Release Equitable Housing Finance Plans

The Federal Housing Finance Agency on June 8 offered details of the government-sponsored enterprises’ (GSEs) Equitable Housing Finance Plans for 2022-2024.

“The Equitable Housing Finance Plans represent a commitment to sustainable approaches that will meaningfully address the racial and ethnic disparities in homeownership and wealth that have persisted for generations,” said FHFA Acting Director Sandra Thompson. “We look forward to working with the Enterprises, lenders and other housing industry participants to further develop the ideas described in these plans.”

In September 2021, FHFA instructed Fannie Mae and Freddie Mac to develop Equitable Housing Finance Plans that identify and address barriers to sustainable housing opportunities, and include the Enterprises’ goals and action plans to advance equity in housing finance for the next three years. In June, FHFA released the GSEs’ Equitable Housing Finance Plans for 2022-2024.

The 2022-2024 plan activities, which will be updated annually, address barriers experienced by renters, aspiring homeowners, and current homeowners—particularly in Black and Latino communities. These activities include but are not limited to:

  • Consumer education initiatives for renters and homeowners;
  • Credit reporting to help tenants build credit profiles and enable better access to financial services;
  • Expanding counseling services to support housing stability;
  • Deploying technology to improve access to sustainable credit and fair home appraisals; and
  • Special Purpose Credit Programs to address barriers to sustainable homeownership.

“ALTA and its members support expanding affordable and sustainable homeownership opportunities for more Americans across the country,” said Diane Tomb, ALTA’s chief executive officer. “The title and settlement services industry remains committed to strengthening communities, while protecting property rights for all consumers. We look forward to continued engagement with the FHFA, as well as Fannie Mae and Freddie Mac, in a collaborative, transparent and informed process to help provide equitable access to housing opportunities in underserved communities. We appreciate the GSEs’ intent to work with the industry closely throughout the continued development and implementation of its respective plans.”

Fannie Mae

In Fannie Mae’s plan, the GSE reported one of its action items is to execute a special-purpose credit program (SPCP) to support the reduction of borrower closing costs for Black homebuyers via appraisal products, appraisal reimbursements and/or title products. Congress added a provision to the Equal Credit Opportunity Act (ECOA) that allows lenders to create SPCPs that permit loan products tailored to protected groups that might not otherwise meet the lender’s typical standards for eligibility.

  • Description: Construct an offering in connection with one or more of our SPCP pilots to test the use of appraisal reimbursements, appraisal products or title products in certain target geographic markets to reduce borrower closing costs for Black homebuyers.

In another action item, Fannie Mae said it plans to document borrower closing costs and identify opportunities to alleviate the disproportionate closing cost burden on borrowers of color. In its plan, Fannie Mae cited its closing costs study that found black homeowners are more likely to pay higher closing costs and experience biases in the appraisal process that could lead to under-valuation.

Three initiatives are planned for 2022. Actions beyond 2022 will depend on the impact these initiatives have but could include changes to some or all of these initiatives, development of additional initiatives to reduce closing costs, or the decision to not make further investments in reducing closing costs.

Targets and Outcomes:

  1. Closing Cost Research: Initial closing cost research, which includes analysis of closing costs paid by different racial and ethnic groups, was published in December 2021. Additional research on how closing costs impact people of color and low-income populations will be published in 2022. Fannie Mae believes publishing this research will build awareness of disparities in closing costs across racial and ethnic lines, and that stakeholders will be more compelled to act to remedy these disparities once they are measured and documented. Fannie Mae will evaluate stakeholder interest and success by measuring engagement with the research, as measured quantitatively by views/downloads of the research and qualitatively by industry interest in and discussion of the findings.
  2. Attorney Opinion Letter: Update the Selling Guide to encourage lenders to allow borrowers the option to utilize an attorney opinion letter in lieu of traditional title insurance more often, which may be cheaper than traditional title options. Fannie Mae believes more common use of attorney opinions could lead to savings for some borrowers. Fannie Mae said it is looking into how it will be able to utilize internal and/or external data to track usage of this option.
  3. Title Insurance Cost Reduction: Pilot options to reduce title insurance costs to borrowers. Potential options could include coordination of bulk purchase of title insurance, with savings passed to consumers, or a subsidy for qualifying buyers. While the specifics will vary depending on the pilot, Fannie Mae will evaluate success based on the number of borrowers who leverage the pilot benefits and the estimated average savings for each of these borrowers.

Freddie Mac

In its plan, Freddie Mac said title insurance is a significant part of the borrower’s cash-to-close. “The policy premium is usually the largest closing cost, and these costs are disproportionately felt by Black and Latino borrowers,” according to the GSE. Additionally, Freddie Mac said it requires title “policies to be delivered with every mortgage,” however, the GSE said policies are “expensive” and “most consumers do not shop for lower rates.” Freddie Mac also said refinances present less risk “as major title problems should have been cured at purchase and the incremental risk of title defects arising between purchase and refinance is small.”

Freddie Mac said it is working with the industry to determine how it might lower the cost of title insurance, especially for low-balance loans.


Pilot Programs

Additionally, FHFA has created a pilot transparency framework for the GSEs to accompany these plans. This framework requires each Enterprise to publish and maintain a list of pilots and test-and-learn activities on its public website. The framework will provide accountability in determining whether such activities are working to address the disparities identified in the Equitable Housing Finance Plans.

What’s ALTA Doing?

ALTA staff and several Board members have met with both GSEs and the FHFA. ALTA shared the industry’s perspective on the plans and asked several questions about their closing cost analysis. ALTA also highlighted the various risks, particularly to lenders, associated with attorney opinion letters in lieu of title insurance, even in limited circumstances.


ALTA Continues to Educate Consumers About Title Insurance During Homeownership Month

For many Americans, a home is more than just a residence.  It is a place that instills a sense of pride, security, and comfort that, no matter what challenges in life arise, they have somewhere to go and call their own.

National Homeownership Month in June provides an opportunity to amplify the benefits of homeownership and the work that remains to achieve fairness and equity in access to affordable homeownership for all Americans who seek it. This year mark’s the 20th anniversary of National Homeownership Month.

This also is a great time to help your customers understand the benefits of title insurance and how it protects their property rights.

ALTA continues to promote the benefits of title insurance through a digital campaign. Below are some of the examples:

Industry education

The campaign also features the following video, which explains that land title professionals protect more than a person’s home. They protect communities by giving back, hiring locally, volunteering on boards and working to keep neighborhoods safe and secure. The video ends with the tagline, “Our title is, and always has been protection.”

Through the Homeowner Outreach Program, ALTA provides exclusive resources—including PPTs, blogs, educational flyers, print and digital ads, infographics and posters — to help ALTA members explain title insurance and the closing process.

Here are just a few blog posts and videos that you can use to educate your customers.

Blog content


How do you tell your story? Email your examples to communications@alta.org.

Federal Efforts

In alignment with the Biden-Harris Administration’s commitment to enabling more households to enjoy the stability and wealth creation that is made possible through homeownership, throughout the month, the U.S. Department of Housing and Urban Development (HUD) and the Federal Housing Administration (FHA) will hold a series of events and engagements to amplify the Department’s efforts to support potential homeowners, increase housing supply and affordability, and ensure sustainability for existing homeowners.

“Each June, we mark National Homeownership Month, a time for HUD and FHA to renew our commitment to supporting individuals and families in achieving and sustaining homeownership,” said HUD Secretary Marcia Fudge. “Homeownership is a key source of wealth building and is often the foundation for one’s life. Unfortunately, the lack of affordable housing supply has placed homeownership out of reach for many people with low and moderate incomes, first-time homebuyers, and communities that have been historically and systemically locked out of homeownership. The Biden-Harris Administration has put forth the most comprehensive effort to close the housing supply shortfall in history, and we will continue to take action to address the barriers families are facing in today’s housing market.”

HUD continues to prioritize FHA’s mission through:

  • Taking Action to Increase Housing Supply and Access to Affordable Housing. Under the leadership of President Biden and Secretary Fudge, HUD has taken action to ease the burden of housing costs over time by boosting the supply of quality housing in every community. In May, the Biden-Harris Administration announced an Action Plan to Ease the Burden of Housing Costs. The Plan is a set of legislative and administrative steps aimed at closing the housing supply gap within the next five years. HUD is also making more single-family homes available to individuals, families, and non-profit organizations by prioritizing homeownership and sale to non-profits when disposing of HUD-held assets.
  • Launched a Whole-of-Government Plan for Wide-Ranging Reforms to Advance Equity in Home Appraisals. In March, HUD delivered the Interagency Task Force on Property Appraisal and Valuation Equity (PAVE) Action Plan to President Biden. The PAVE Action Plan is aimed squarely at dismantling racial bias in the home lending and appraisal process and promoting generational wealth creation through homeownership. This Action Plan, when enacted, represents the most wide-ranging set of reforms ever put forward to advance equity in the home appraisal process. The PAVE Task Force, co-chaired by Secretary Fudge and White House Domestic Policy Advisor Susan Rice, is the first-of-its-kind interagency initiative to address racial bias in home appraisals and includes senior leaders from thirteen Cabinet and independent agencies and components of the Executive Office of the President.
  • Serving More First-time Homebuyers and Communities of Color. In November, FHA announced a historically strong Mutual Mortgage Insurance Fund Report showing that, in addition to its emphasis on delivering relief options to homeowners financially impacted by the COVID-19 pandemic, FHA continued to deliver on its mission of enabling homeownership for first-time homebuyers, people with low and moderate incomes, and households of color. The percentage of first-time homebuyers using FHA insurance reached a new high, the share of FHA-insured mortgages made to minority borrowers reached almost 42 percent of all FHA forward mortgage insurance endorsements. According to 2020 HMDA data, FHA served double the percentage of Black and Hispanic borrowers compared to the rest of the mortgage market.
  • Preventing Foreclosures for Borrowers Affected by the COVID-19 Pandemic. HUD and FHA continue to assist borrowers who missed mortgages payments because of COVID-19. For some time now, FHA has offered a number of mortgage options. In April, FHA added a new 40-year mortgage modification option for mortgage servicers to use in conjunction with its partial claim option to assist additional borrowers who are behind on their mortgage payments. As a result, FHA’s seriously delinquent rate has significantly decreased from a high of 11.90%, or 942,000 mortgages, at the end of November 2020 to 5.23%, or 380,000 mortgages, as of April 2022. This improvement is due in large part to the effectiveness of FHA options. Since January 2021 alone, more than one million borrowers have exited forbearance. From January 2021 through April 2022, FHA servicers have completed almost 1.3 million COVID-19 home retention actions through loss mitigation options.
  • Removing Barriers to Homeownership for Those with Student Loan Debt. Last summer, FHA updated its policy on student loan monthly payment calculations to remove barriers and provide more access to affordable single-family FHA-insured mortgage financing for creditworthy individuals with student loan debt, which has disproportionate impact on communities of color. The new policy bases the monthly payment on the actual student loan payment a borrower pays, rather than a percentage of the balance, more closely aligning FHA policies with industry standards.
  • Affirmed the Use of Special Purpose Credit Programs. More than 50 years after the passage of the Fair Housing Act, access to security and wealth provided by homeownership remains persistently unequal. Part of the solution to that problem has to be for lenders and others to find creative ways to extend credit to communities that desperately need it to start building equity. In December, HUD made clear that the use of certain Special Purpose Credit Programs (SPCPs) to help address inequities in barriers to credit and homeownership is lawful under the Fair Housing Act. A Special Purpose Credit Program is a tool that allows lenders to meet the specific needs of historically disadvantaged groups. On January 26, Secretary Fudge convened a virtual meeting with the Consumer Financial Protection Bureau, Office of the Comptroller of the Currency, Federal Deposit Insurance Corporation, Federal Reserve, Federal Housing Finance Agency (FHFA), and National Credit Union Association to discuss the roles of HUD and partner agencies in expanding homeownership opportunities for those who have been and continue to be systemically excluded from the housing and credit markets. The group discussed future steps to encourage use of SPCPs as a means of addressing persistent disparities in access to homeownership.
  • Setting the Stage for Increased Fair Housing and Lending Enforcement and Access. Last summer, HUD entered into a first-of-its-kind memorandum of understanding (MOU) with FHFA, marking a historic collaboration on fair housing and fair lending enforcement and oversight engagement with the FHFA-regulated entities including Fannie Mae, Freddie Mac, and the Federal Home Loan Banks. This comprehensive effort will ensure deeper collaboration on fair housing investigations and enable data sharing to help strengthen and affirmatively further fair housing for the mortgage industry.


Digital Closings Using RON Puts ‘Consumers in the Driver’s Seat’

MicrosoftTeams-image (10)
ALTA member Michael O’Neal, vice president of corporate underwriting
at First American Title Insurance Co.

Remote online notarization benefits and protects consumers by offering them safe and convenient options for executing legal documents online, ALTA member Michael O’Neal said during a virtual legislative hearing May 26 before the U.S. House Energy and Commerce Subcommittee on Consumer Protection and Commerce.

The subcommittee is considering the ALTA-supported Securing and Enabling Commerce Using Remote and Electronic Notarization Act of 2021 (SECURE Notarization Act), which 95 bipartisan cosponsors in the House and Senate. In the House, Reps. Madeleine Dean (D-Pa.) Kelly Armstrong (R-N.D.) have introduced H.R. 3962. Sens. Mark Warner (D-Va.) and Kevin Cramer (R-N.D.) have introduced S. 1625 in the Senate.

The SECURE Notarization Act would authorize every notary in the U.S. to perform RON and create national standards requiring use of tamper-evident technology, multifactor authentication of a signer and retention of an audio-visual recording of the notarial act. The bill would allow signers outside the U.S., such as military personnel and their families, to easily and securely notarize documents. The Secure Notarization Act complements existing state laws, while allowing states the flexibility and freedom to implement their own RON standards. It also follows a similar structure of complementary state/federal legislation, such as the Electronic Signatures in Global and National Commerce Act (ESIGN) and the Uniform Electronic Transactions Act (UETA).

There are 40 states that have enacted permanent statutes that approve the use of RON. However, the lack of national authority makes it harder to provide this valuable flexibility to those that need it the most, like servicemembers, overseas Americans, and underserved communities. O’Neal told the subcommittee that now is the perfect time for Congress to expand this closing option for consumers and bring additional certainty to the law of RON.

“We have the chance to give consumers greater freedom and choice in how to close on their next home sale or purchase, or when they refinance their home mortgage, while enshrining common sense safety and soundness into the closing process,” said O’Neal, who is vice president of corporate underwriting at First American Title Insurance Company, in written testimony submitted to the subcommittee. “When title companies and other financial service providers offer customers a digital closing option using RON, it puts the consumer in the driver’s seat, allowing them flexibility to execute documents based on their schedules without the need to take time off work or find a babysitter.”

Even before the pandemic, the title and lending industries began undergoing a digital transformation to provide consumers with convenient options when buying a home.

"One of these new tools is remote online notarization," O'Neal wrote. "The SECURE Notarization Act is a bipartisan bill that increases access to RON for consumers. Just like it sounds, remote online notarization takes the traditional notarial process and moves it online—allowing a signer to get a document securely notarized over a webcam or smart phone. Americans sign documents and engage in countless e-commerce transactions every day using electronic signatures thanks to Congress’s adoption of E-SIGN in 2000. Now is the time to do the same for notarizations."

Rep. Armstrong added, “The pandemic showed us that this is really something more than advancing technology, but can help people in a real way while still protecting notaries.”

Rep. Armstrong asked O’Neal what groups would benefit from nationwide use of RON. O’Neal said all consumers would benefit, especially those with health issues or need to social distance, anyone travelling and overseas service members.”

"RON saves Americans lost wages, time and travel costs. RON eliminates the need to make appointments, take leave from work, find a babysitter, or drive for miles to find a notary to conduct a real estate closing," O'Neal said. "This flexibility helps improve the closing experience for homebuyers. RON benefits members of the military who are deployed overseas. RON permits servicemembers to finalize important financial documents directly instead of having to rely on finding a military notary or executing a power of attorney before deployment. This lets their families more easily take advantage of favorable refinance or other transactions while deployed."

O’Neal informed the subcommittee that the SECURE Notarization Act would not:

  • Impede consumer choice.
  • Infringe upon state data privacy laws.
  • Impact state law on testamentary wills and trusts or the practice of law.
  • Favor specific technology or restrict the use of new and emerging advancements

The national minimum standards mirror Uniform Law Commission’s Revised Uniform Law on Notarial Acts and has three fundamental requirements:

  1. Remote notarizations would require the use of tamper-evident technology, so that third modified since the time of the notarization.
  2. The remotely located individual must be identified by the notary through personal knowledge, use of a credible witness, or multifactor authentication.
  3. The notary must create and retain an audio-video recording for 10 years unless another time frame (not falling below five years) is stipulated under state law.

O’Neal said these minimum standards make RON safer than traditional paper notarizations and endow them with superior evidentiary value.

He also touched on how the legislation would modernize notarial law ensure that notaries will continue to play their crucial anti-fraud role for future generations

“Notarization is a bedrock of our legal system, and has been for nearly all of American history,” O’Neal said. “The SECURE Notarization Act will help to ensure that this continues to be the case in the 21st century.”

O’Neal closed his oral testimony by sharing a story of how RON helped a service member close his transaction:

  • “I am stationed overseas in South Korea. My closing happened nearly 7,000 air miles away and 13 time zones different. Closing on the house would have been impossible without this option. Our dream house would have slipped away from us had we not been able to execute the buy remotely.”

ALTA CEO Diane Tomb said the association is grateful the subcommittee invited ALTA to testify about the importance of the SECURE Notarization Act. She also thanked O’Neal, one of the country’s leading experts on notarial law and practice, for appearing before the subcommittee.

“As the COVID-19 pandemic demonstrated, so much of what we previously thought had to be done in-person can be done safely and efficiently online—and the closing process is no exception,” Tomb said. “We are encouraged that the subcommittee is considering this important piece of legislation that will allow for immediate nationwide use of remote online notarization technology while also establishing robust minimum standards to ensure consumers are protected.”


Leadership Skills for the Busy Title Agency Manager

Are you a "boss" or are you a "leader"? Historically, command-and-control leadership styles have been the name of the game for title agency managers—bosses who gave top-down orders. Not all, but many. Today's employees want a manager who is invested in their personal and professional development. Modern employees also want a voice in how work is done. 

Steve Rudolph, owner of Steve Rudolph Coaching, says there are core communication skills that can help create a positive employee experience. This includes setting expectations, giving feedback, offering praise and coaching.

Rudolph guided for the U.S. Paralympic Team, guiding two visually impaired Nordic skiers in two Olympics. He shared a story about a competition with the National team at Lake Tahoe. During the 18-mile race, the visually impaired skate skier asked Rudolph how much further he had to go. Rudolph responded by saying “Just a little bit left.” After a few minutes, Rudolph looked back and the athlete was gone.

“This is Lake Tahoe and there are cliffs,” Rudolph said. “Where did John go? He went ‘just a little bit left.”

The moral of the story around leadership and management is that everything we say and do matters.

“We have to be very precise in our language and tone,” Rudolph said.

It’s sobering reality that people don’t leave companies, they quit managers. According to Gallup, managers have a 73% on employee engagement. Rudolph said his mentor told him there are two types of employees: fountains and drains. Fountains shower the office with positivity and collaboration, while drains sap the energy and hurt the culture.

Rudolph said leaders should lean toward things that can be controlled. You can’t necessarily control the talent that shows up for an interview, but once hired, there are things that can be done to foster a positive experience. Promoting a healthy work environment should start during the interview process, according to Rudolph. A quality, structured interview and onboarding process can help build initial connection.

Servant leadershipRudolph shared a philosophical concept of servant leadership. This is occurs when a leader seeks to serve others first, rather than individuals who seek leadership because of power, status or wealth. Servant leadership is followed by several companies including Chik-fil-A, American Express and Apple.

“In top-down hierarchical organizations there’s a lot of politicking and influencing up to the boss,” Rudolph said. “Management gets frustrated because employees don’t show initiative. The servant leadership model flips the pyramid upside down. The leadership sets a clear mission and vision. Employees want to make meaning and purpose out of a job.”

In the servant model, leaders come to the employee and asks how they can help and provide support.

“When leaders provide support and development and employees feel encouraged and mentored, it can create a healthy and vibrant title agency,” Rudolph said.

Providing feedback is vitally important, especially for millennial-aged employees. According to Gallup, only 17% of millennials report receiving meaningful feedback. Routine feedback is better than none, but meaningful feedback -- the kind that helps individuals learn, grow, and do their jobs better—is how you improve productivity and performance, according to Rudolph.

“Managers play a pivotal role in any organization,” he added. “Their actions dictate their company's success. Employee development dictates growth. So managers of millennials need to focus on what is meaningful to millennials. Talk with them, not about them, and start by learning what ‘meaningful’ means to each worker.”

The U.S. Army did a study on the effects of goals and feedback. Soldiers were in training and would then compete for positions with the Green Berets. Army boot camp graduates were put into four equal groups and were to march 20 kilometers over the same terrain. The only difference was the verbal instructions.

  • Group 1 was told the exact distance they would march and were regularly informed of their progress along the way.
  • Group 2 was told only, “This is the long march you heard about.” Nobody knew exactly how far they would march, nor were they informed of their progress.
  • Group 3 was told they would march 15 kilometers, but then at 14 kilometers were told they had 6 kilometers more to go.
  • Group 4 was told they would march 25 kilometers, but then at 14 kilometers was told they had only 6 kilometers more to go.

Who performed the best? Group one performed the best, group two the worst. Group three, with the surprise “added” mileage did second best.

“Highly motivated people will rise to the even larger challenges when suddenly confronted by a new obstacle,” Rudolph said. “If leaders provide a clear sense of direction and provide feedback along the way, they encourage people to reach inside and do their best. Great leaders, like great companies, create “meaning,” not just money.”

Smaller, sooner conversations will turn out better than larger, later conversations. To help foster these discussions, Rudolph provided the following tips to create a cadence of communications:

  • Daily check-ins
  • Weekly team meetings
  • Daily huddles
  • Monthly one-on-ones
  • Quarterly town halls
  • Annual team retreat

BIG Feedback List

Rudolph shared the BIG Feedback model on how to address conflict in the office. First, the manager should ask a permission question: Do you have a few minutes to talk about your team collaboration efforts?” Rudolph said it’s important to provide balance. This can be done by complimenting the employee: 90% of your work is of a very high quality, it’s just this one area that you need to strengthen.

  • Behavior: “I’ve noticed you doing basics of job but not helping out your peers (give specific examples).
  • Impact of behaviors: “The impact is…it’s hurting team morale and collaboration; shift task coordination is suffering, which is hurting the customer experience.
  • Going Forward: “Can we talk about what’s going on and come up with a plan for moving forward?

Here are several scenarios ALTA members shared on how they handled conflict in their office:

  • By not taking the extra time and paying attention to the details, you are causing issues with other customers on this transaction and departments. How am I able to help you so you are not continuing to make the same mistakes?

  • Gossiping in the offices is not something that is helpful to the team spirit we have created. If we have a subject that needs to be discussed, let’s please talk personally about issues so that I have the chance to fix an issue before it’s made too big a deal.

  • Hi {EMPLOYEE NAME}, do you have some time to talk about your performance? You've really done a good job getting the basics under your belt, but we can take it to the next level with your time management skills. I've noticed you have good turn times for customer response, but your report production is taking a long time. This impacts the overall workflow and puts us behind on other projects. Going forward, I'd like to see you get your monthly reports completed in one day. What can I do to help make that feasible?

  • I’ve noticed that you have been showing up late. This impacts us as an office when we are not all here on time and ready to work. Going forward can you please work on your time management and communicate with me if you're running late?

  • I've noticed that there are times during the day when you're not available or away from your computer for long periods during the day outside of your normal lunch time. This impacts the team you're working on because work that would have been assigned to you has to be assigned to other team members and is a burden on them. If you have to be away from your computer for long periods of time outside of your lunch break, please be sure to communicate this with your manager. Going forward, we expect you to be available and online when you are scheduled to work.

  • We noticed that you have been calling off a lot lately. We understand that you are trying to get your health under control, but we do have the ability to work from home right now. With only two staff members working, when you are not online working from home, our work could be delated by 24 hours. How can we help you feel more comfortable working from home when you do feel you need to take a break from the office?

  • Do you have a minute to chat? I've noticed you are doing really well with tackling projects when they are specifically assigned to you. I don't see you taking initiative to ask if you can help when you run out of things to do. This affects team morale when others are busy and you appear to have extra time on your hands. I think the team will grow stronger if you proactively offer your help to others when your desk is slow.

  • This incident was borderline insubordination, definitely disrespect. However, my reaction was not appropriate at the time. I've sent an email stating my apology for the way I reacted and that we do need to get together to discuss the incident.


ALTA Announces Technical Correction to Co-Insurance – Multiple Policies Endorsement

ALTA announced that on May 12 a technical correction was issued for the 2021 ALTA 23.1-06 (Co-Insurance – Multiple Policies) Endorsement. 

This technical correction represents conforming changes:

  • Allows the references to the 12-series Endorsements that are found within 23.1 to reference either the 2006 or 2021 series 12-series ALTA Endorsements, by bracketing the “-06”:

Below is the existing 23.1-06 Endorsement, with the references to the 12 series Endorsements highlighted:

Policy correction 1

Below is this 23.1 technical correction, with the conforming changes allowing for reference to either the 2006 or 2021 versions of the 12 Series Endorsements, by bracketing of the -06:

Policy correction 2

  • Modify the header, versioning and naming convention to match the 2021 styles:

The naming and versioning convention used in the 23.1-06 Endorsement was implemented as follows:

Policy correction 3

The naming and versioning convention is being changed in this technical correction 23.1 Endorsement to conform to the 2021 Standards as follows:

Policy correction 4

Click here to access the forms, including the technical correction.


Pioneer Title Works to ‘Leave Things Better’

Arizona-based strives to "Leave Things Better” by supporting the communities where its employees live and work.

One of its many initiatives supports the Arizona Housing Fund and Northern Arizona Housing Fund, making a $75,000 combined contribution in the past year.

The donation is thanks to an initiative where Realtors, buyers, sellers and Pioneer Title employees donate to either organization as part of the closing process. For every dollar donated, Pioneer Title match 100% of the contribution up to $100,000, for a total donation of $200,000.

It comes on the heels of the company's Commitment 2 Community Initiative, a partnership with the Arizona Community Foundation that helped provide more than $140,000 in grants to non-profit organizations across Arizona. Grant recipients were nominated and voted on by team members across Arizona. Pioneer Title formed C2C in May 2020 to connect to their communities and give back despite the pandemic restrictions.

Share Your #GoodDeeds

ALTA wants to know how your company supports your communities and local markets. Send your stories and photos to communications@alta.org.


Stay Vigilant Against Business Email Compromise, Phishing Emails

Like title and settlement companies, email from ALTA staff can be spoofed. In the latest scheme, a phishing email appears to come from Chantelle McPherson, asking recipients to fill out the attached letter and send it back.

Do not open the attachment or click any links in the email. It's recommended to use extra precaution when reviewing email on smart phones as it can be difficult to see the actual email address behind the sender's name. This is a phishing scam. ALTA’s system was not breached.

If you happen to click on a link or open an attachment from a phishing email, contact your IT department. Below is an example of what the phishing email looks like:

CM Phishing Attempt

Red Flags

Title and settlement companies can protect themselves by increasing staff awareness about these scams. According to the FBI, businesses that deploy robust internal prevention techniques at all levels (especially training front-line employees who may be targeted by initial phishing attempts), have proven highly successful in recognizing and deflecting email scam attempts. Here are some red flags:

  • A customer’s seemingly legitimate emailed transaction instructions contain different language, timing, and amounts than previously verified and authentic transaction instructions.
  • Transaction instructions originate from an email account closely resembling a known customer’s email account; however, the email address has been slightly altered by adding, changing, or deleting one or more characters. For example:
    • Legitimate email: john-doe@abc.com
    • Fraudulent email: john-doe@bcd.com
  • Emailed transaction instructions direct payment to a known beneficiary; however, the beneficiary’s account information is different from what was previously used.
  • Emailed transaction instructions direct wire transfers to a foreign bank account that has been documented in customer complaints as the destination of fraudulent transactions.
  • Emailed transaction instructions direct payment to a beneficiary with which the customer has no payment history or documented business relationship, and the payment is in an amount similar to or in excess of payments sent to beneficiaries whom the customer has historically paid.
  • Emailed transaction instructions include markings, assertions, or language designating the transaction request as “Urgent,” “Secret,” or “Confidential.”
  • Emailed transaction instructions are delivered in a way that would give the financial institution limited time or opportunity to confirm the authenticity of the requested transaction.
  • Emailed transaction instructions originate from a customer’s employee who is a newly authorized person on the account or is an authorized person who has not previously sent wire transfer instructions.

What If You Get Phished?

According to the FTC, companies impersonated as part of an email phishing scam should notify customers as soon as possible, contact law enforcement, provide resources for affected consumers and review their own security practices. Offering immediate advice and support can help companies retain customer goodwill. Here are tips on how to respond if your business is impersonated in a phishing scam:

Notify consumers of the scam. If you are alerted to a phishing scam in which fraudsters are impersonating your business, inform your customers as soon as possible. If your business has a social media presence, announce the scam on your social media sites and warn customers to ignore suspicious emails or texts purporting to be from your company. You can also inform your customers of the phishing scam by email or letter. The important point is to remind your customers that legitimate businesses like yours would never solicit sensitive personal information through insecure channels like email or text messages.

Contact law enforcement. If you become aware that criminals are impersonating your business, report the scam to the FBI’s Internet Crime Complaint Center. Suggest that affected customers forward any phishing emails impersonating your business to the Anti Phishing Working Group (www.antiphishing.org), a public-private partnership against cybercrime.

Provide resources for affected consumers. If consumers believe they may be victims of identity theft because of a phishing scam, direct them to identitytheft.gov/, where they can report and get resources to help them recover from identity theft. For more information about recommended computer security practices, direct consumers to resources on the FTC’s consumer information site, where they can learn how to protect themselves online and avoid future phishing attacks.