Closing Document Basics

Closing Document Basics

The following is a list of the most common documents that the SELLER will be required to sign at closing:

1. The Settlement Statement (also called "HUD - 1"): Itemizes the fees paid by both the Buyer and the Seller and gives the bottom line figure due to/from each party.
2. Tax Proration Agreement: An acknowledgment by both the Buyer and the Seller that taxes have been prorated between them using the best available information, and contains an agreement to recalculate the tax proration when the actual tax bill is available.
3. Seller's Affidavit: A statement certifying that the Seller is the true and lawful owner of the property, that there are no liens against the property other than those disclosed, and that there are no other matters which would adversely affect title to the property.
4. Payoff Statement: Issued by the lender being paid off, this shows the principal balance, accrued interest due, and any fees required in order to satisfy the loan.
5. Notice to Seller: General information for the Seller regarding insurance, the payoff, the survey and termite inspections, and typographical errors.
6. Warranty Deed: The document which is recorded in the Public Records and transfers legal ownership of the property.
7. 1099-S Exemption Form: States that the criteria exempting the requirement for reporting to the IRS have been met; if this is not the case, a 1099-S form will be issued. Please note: each transaction is different, and as such, additional documentation may be required.

The following is a list of documents generated by the Title Company that the BUYER will generally be required to sign.

1. The Settlement Statement (also called, "HUD - 1"): Itemizes the fees paid by both the Buyer and the Seller and gives the bottom line figure due to each party.
2. Tax Proration Agreement: An acknowledgment by both the Buyer and the Seller that taxes have been prorated between them using the best available information, and contains an agreement to recalculate the tax proration when the actual tax bill is available.
3. Notice to Buyer: General information concerning the survey and termite inspection, and clerical errors.
4. Purchaser's Affidavit: A statement that the Buyer has no knowledge of any matters that would adversely affect title.

Each Lender will have different documents for the BUYER to sign; however, almost all residential loan packages will contain the following:

1. Note: The promise of the Borrower to repay the loan, and the basic terms of the repayment.
2. Mortgage: The document which is recorded in the Public Records granting the lender a lien on the property to secure the loan. This document gives the lender the right to foreclose if the Borrower defaults on the Note.
3. Truth-In-Lending Statement: A required disclosure to the Borrower stating the annual percentage rate (this rate contains the fees charged by the lender and adds them to the note rate) and the total cost of the loan over its life.
4. Anti-Coercion Statement: An acknowledgment from the Borrower that the lender did not require the homeowner's insurance to be purchased from a particular company.
5. IRS Forms W-9 and 4506: The W-9 enables the lender to report the interest paid annually to the IRS; the 4506 is used in the event of an audit by HUD and allows the lender to obtain copies of tax returns directly from the IRS.
6. Payment Letter: Gives the amount and due date of the first payment.
7. RESPA Servicing Disclosure: Discloses to the Borrower that the lender has the right to transfer the loan on the secondary market.
8. Compliance Agreement: An agreement by the Borrower to correct clerical or typographical errors.
9. HUD - 1 Addendum: A statement that the HUD - 1 Settlement Statement is a true, accurate, and complete statement of the transaction.
10. Loan Application: A typed copy of the Borrower's Loan Application.

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Contact us for more information -- 

 

Alpha-Omega Title Services, Inc.

14001 North Dale Mabry Highway

Tampa, FL 33618

813-963-3009 (office)

813-963-5336 (fax)

www.alpha-omegatitle.com

lwilson@alpha-omegatitle.com

[This blog is maintained by our social media manager, C.J. Johnson. He can be reached at cjjohnson@alpha-omegatitle.com.] 

FAQs

FREQUENTLY ASKED QUESTIONS

Q. What is title insurance?
A. Insurance which protects the lender and the homeowner (when an owners title insurance policy is issued) against loss resulting from any defects in the title or claims against a property that was not uncovered in the title search, and that are not specifically listed as exceptions to the coverage on the title insurance policy.

Q. What is a title?
A. A title is evidence of the right that a person has to the ownership and possession of land. It is possible that someone other than the owner has a legal right to the property. If that right can be established, this person can claim the property outright or make demands on the owner as to its use.

Q. What is a title search?
A. A title search is a detailed examination of the historical records concerning a property. These records include deeds, court records, property and name indexes, and many other documents. The purpose of the search is to verify the sellers' right to transfer ownership, and to discover any claims, defects, and other rights or burdens on the property.

Q. What problems can a title search reveal?
A. A title search can reveal several types of defects and liens, as well as other encumbrances and restrictions. These include unpaid property taxes, unsatisfied mortgages, judgments against the seller, and restrictions limiting the use of the property.

Q. What can make a title defective?

A. Several problems could remain undisclosed, even after the most extensive search of the public records. These hidden defects are dangerous, because it could be months or years before they become known. Yet the owner could be forced to pay large sums of money to defend these claims. When you purchase a title insurance policy, you receive protection from these and a host of other hidden defects.

• Forged deeds
• Mistakes in recording of documents
• Creditor claims
• Undisclosed heirs
• Incorrect legal descriptions
• Errors in tax records
• Incorrect or misrepresented marital status

 

Q. What does title insurance costs?

A. A lot less than you probably think. Fees vary in different parts of the country, but generally the cost of title insurance (including search, exam and related services) amounts to about 1% or less of the cost of the property.

 

Q. What is a closing?

A. Closing, which is also known as settlement or escrow, is the event where the title to the property is transferred from seller to buyer. Closing is typically held in an office, such as the title company or attorney and involves the completion of all of the forms or paperwork to finalize the agreement between seller and buyer. Also, all financial issues are settled at closing. Once the title is successfully transferred, the necessary documents are prepared, signed and filed with the local authorities.

 

Click HERE to learn more about Alpha-Omega Title!

Contact us for more information -- 

 

Alpha-Omega Title Services, Inc.

14001 North Dale Mabry Highway

Tampa, FL 33618

813-963-3009 (office)

813-963-5336 (fax)

www.alpha-omegatitle.com

lwilson@alpha-omegatitle.com

[This blog is maintained by our social media manager, C.J. Johnson. He can be reached at cjjohnson@alpha-omegatitle.com.] 

"Apple’s New Products Are Impressive, But Game Changers For Real Estate? Not Yet" - News You Can Use From Alpha-Omega Title

By Erica Tafavoti - Inman News

Apple held its long-awaited product launch this Tuesday in Cupertino, California. The event was one of Apple’s most hyped product releases in recent history, complete with giant, white cube buildings it created just for the event.

There had been speculation over what products Apple would choose to launch this week; the iPhone 6 was a given, but what about a watch? Apple didn’t disappoint, giving CEO Tim Cook the chance to say the magic words that Steve Jobs had said years before. After debuting the iPhone 6, 6 Plus, iOS 8 and Apple Pay, Cook said simply, “We have one more thing …” before unveiling the Apple Watch. So what should you expect from all of these new products? Here’s a run-down of all the new and improved features:

The iPhone 6 and 6 Plus:

 Apple is finally giving the people what they want: a larger screen size. The new iPhone 6 will have a 4.7-inch screen, compared with the 4-inch screen of the iPhone 5 and 5S. Apple also launched an answer to the Samsung Note. The iPhone 6 Plus will feature a 5.5-inch screen, a size often referred to as a “phablet” (somewhere in between a phone and tablet). This large screen size could potentially replace your tablet and allow you to do more business from your phone.
Both of these phones will feature new hardware changes, including a new M8 co-processor that is designed with fitness and activities in mind. This processor allows your phone to better measure motion data, without placing as much strain on your battery life. The new iPhones can also detect changes in elevation, with a new barometer feature that monitors changes in air pressure. These features all relate directly to the iPhone Health app, which tracks your motion. If you’re showing condos and climbing a lot of stairs, the new barometer feature will track that in your Health Dashboard, along with other metrics from your daily movement.

Your listings are going to love the new and improved 8-megapixel camera, which auto-focuses twice as fast as before. The panorama size has increased, and the True Tone flash will better adjust to surrounding lighting. These features mean your Instagram sneak previews of listings will look better than ever. If you frequently record video on your iPhone, you know there’s room for improvement. The iPhone 6 and 6 Plus bring just that, coming with increased stabilization features like the iSight sensor, which continually auto-focuses during video recording. Plus, you can now record in full 1080p HD.

There are also additional features for improved slow motion. If you only use your iPhone for selfies, don’t worry, Apple improved that, too. The front-facing camera now has a burst mode, allowing you to rapidly take dozens of pictures with one push of a button.

Apple Pay:

 

Though mobile payments have been around for a while, the user experience left adoption rates low. If anyone can simplify and improve user experience, it’s Apple. The company is doing just that with Apple Pay, a feature that will allow one-touch checkout in person and in apps on your phone. In person, you’ll be able to place your phone in front of a reader while placing your finger over your phone’s fingerprint sensor to confirm it’s you making the payment. In apps, you can do the same by choosing Apple Pay as your payment type. Your credit card information is stored within a chip called the Secure Element, which is dedicated to keeping your payment information secure.

Apple Pay will be available in October 2014 following a software update. Stores that will begin utilizing Apple Pay include Starbucks, McDonald’s, Macy’s, Disney, and many more.

Apple Watch:

If you were able to watch Tim Cook unveil the Apple Watch, you know that this is a product that Apple is particularly proud of. He called the product the company’s “most personal device ever,” a product that seeks to revolutionize the wearable technology device. Cook ensured patrons that the watch is not simply just a shrunken iPhone, but in fact a completely innovative form of communication.

The watch interface is based upon a digital crown, which is a small button on the side of the watch much like the time adjustment piece on your everyday watch. This button allows you to scroll through apps and navigate through its many features. The most practical element of the watch is called “Glances,” a single swipe that lets you see your most important apps, like the weather or your calendar. The watch is also compatible with the soon-to-be-released Apple Pay, giving it an advantage over other smartwatches. The Apple Watch is chargeable with a magnetic charger and will start at $349 in a variety of colorful wristbands. It will debut early next year.

So what do these super cool new tech gadgets mean for the everyday real estate professional? The most obvious thing you’ll actually use is the iPhone’s improved camera. Your property photos and video should definitely look better (unless you’re currently paying a professional), and that’s a good thing. With the announcement coming just yesterday, it remains to be seen just how the real estate industry can benefit from these technological advancements, but it’s probably safe to say it won’t magically boost your business. Stay focused on producing useful content and providing stellar service, and you can’t go wrong.

Click HERE to read this article in its entirety on Inman News website.

 

Contact us for more information -- 

 

Alpha-Omega Title Services, Inc.

14001 North Dale Mabry Highway

Tampa, FL 33618

813-963-3009 (office)

813-963-5336 (fax)

www.alpha-omegatitle.com

lwilson@alpha-omegatitle.com

[This blog is maintained by our social media manager, C.J. Johnson. He can be reached at cjjohnson@alpha-omegatitle.com.] 

A Little Information About Us...

After 30 years of award-winning service, we continue to serve as one of the largest independent title insurance agencies in Tampa Bay. We have closed and insured billions of dollars of real estate transactions, and we are the title agent for some of the largest and most financially sound title insurance underwriters in the country. We know what it takes to ensure smooth closings.

Alpha-Omega Title believes that each client is important and unique, and we understand the needs of realtors, lenders, builders, and homeowners. Our staff works closely with you, and we guarantee to offer you the high-quality service you deserve. Our promise is that we will meet your needs and exceed your expectations.
 
Click HERE to learn more about Alpha-Omega Title!

Contact us for more information -- 

 

Alpha-Omega Title Services, Inc.

14001 North Dale Mabry Highway

Tampa, FL 33618

813-963-3009 (office)

813-963-5336 (fax)

www.alpha-omegatitle.com

lwilson@alpha-omegatitle.com

[This blog is maintained by our social media manager, C.J. Johnson. He can be reached at cjjohnson@alpha-omegatitle.com.] 

Why 2014 Is a Great Year to Buy a House - News You Can Use from Alpha-Omega Title

By John Maxfield, The Motley Fool

Right now is a great time to buy a house.

To understand why, I encourage you to spend a moment contemplating the chart above. What it shows is that the interest rate you pay on a mortgage matters a lot when it comes to the ultimate price of the American dream.

Let's assume you buy a $250,000 house by making a 20% down payment and financing the rest with a 30-year fixed-rate mortgage. At the average historical mortgage rate since 1971 -- 8.52% -- the house would end up costing you $604,760 in interest and principal payments. By contrast, at the rate prevailing today -- 4.13% -- the total cost of the house comes out to only $399,200.

As you can see, buying a house this year could save you more than $200,000 in interest expense alone if mortgage rates ever revert back to their long-run average.

Housing affordability

When mortgage and housing industry experts discuss this, they refer to affordability -- more specifically, to the National Association of Realtors' housing affordability index.

This widely followed metric factors in mortgage rates, housing values, and income data to determine whether a typical American family can afford to purchase a median-priced home. The higher the index value, the higher the affordability.

For example, a reading of 145 indicates that a family with a median income has 45% more earnings than necessary to afford a median-priced home. By contrast, a reading of 80 suggests that a typical family earns 20% less than needed to shoulder the cost of the same dwelling.

Where are we right now? According to the most recent preliminary reading, the current index value is 159.3. By this measure, homes are 27% more affordable now than they've been on average over the last 33 years -- the mean since 1981 is 124.8.

Affordability is heading down

It's important to appreciate that this situation won't last forever.

In the first case, it seems safe to assume that mortgage rates will head higher over the coming years. This follows from the fact that the Federal Reserve is scaling back its support for the economy -- which, almost by definition, means long-term interest rates are bound to trend higher.

We got a taste of this in the middle of last year. After Fed Chairman Ben Bernanke intimated that the central bank would begin to taper its third round of quantitative easing, the average rate on conventional 30-year mortgages went from less than 3.5% up to nearly 4.5%.

That might seem nominal, but rest assured it's not. Take our scenario from the chart at the top of this article. In one fell swoop this uptick increased the total cost of a $250,000 house by 16% or $41,400 (again, this assumes a 20% down payment with the remainder financed by a mortgage).

Adding insult to injury is the fact that home prices are heading up as well. In its latest estimate, the S&P/Case-Shiller 20-city home-price index posted an annual gain of 10.8% in April. Some cities -- namely, Dallas and Denver -- are even above their pre-crisis peaks.

The good news for homebuyers is that the rate of home-price appreciation is beginning to slow down. At this time last year, home values in the sunbelt cities were posting year-over-year gains of 30%. Now, they're all below 20%.

At the same time, however, they're still moving higher. According to David Blitzer, chairman of the Case-Shiller index committee, "Near term economic factors favor further gains in housing."

The bottom line on home buying

My point is that these two forces -- rising mortgage rates and increasing home prices -- will continue to work against housing affordability. And as housing affordability decreases, it stands to reason that it'll become more challenging for people to realize the American dream of homeownership.

Does this mean you should immediately go out and buy a home today? Obviously not. But what is does mean is that if you were on the fence about doing so before, then now may be a good time to go ahead and pull the trigger.

Click HERE to read this article in its entirety on the USA Today website.

 

Contact us for more information -- 

 

Alpha-Omega Title Services, Inc.

14001 North Dale Mabry Highway

Tampa, FL 33618

813-963-3009 (office)

813-963-5336 (fax)

www.alpha-omegatitle.com

lwilson@alpha-omegatitle.com

[This blog is maintained by our social media manager, C.J. Johnson. He can be reached at cjjohnson@alpha-omegatitle.com.] 

Million-Dollar Mobile Homes - News You Can Use from Alpha-Omega Title

By Adam Bonislawski - The Wall Street Journal

When Chuck and Lynda Cohen decided this year to downsize from their four-bedroom Pacific Palisades home, they never imagined they'd end up in a trailer park. They also never imagined they would pay more than a million dollars for the privilege.

Multimillion-dollar properties are no rarity at Paradise Cove, the Malibu, Calif., mobile-home community where the couple, both retired from the film industry, this spring purchased a two-bedroom, 1,800-square-foot trailer for $1.25 million. Earlier this year, a trailer in the park—which in the past has included residents like actor Matthew McConaughey —sold for $2.55 million. And in July, a four-bedroom, 2,200-square-foot trailer with a hot tub and two-car garage went on the market for $3.75 million.

Such prices are partly attributable to Paradise Cove's location. On a bluff overlooking the Pacific Ocean, the park is surrounded by conventional homes that can run in the $20 million to $40 million range, said Michael Gardner, an agent with Prudential Malibu Realty. And with amenities like hardwood floors, high-end appliances and granite countertops, these trailers look little different from upscale conventional homes—though all of them have a trailer axle hidden somewhere underneath and can be moved, at least technically.

Mobile, or manufactured (as they are known in the industry), homes originated in the 1950s as a form of inexpensive housing. As opposed to conventional homes, manufactured homes are built in factories and then transported as finished structures to their ultimate location. Because residents of manufactured home communities don't own the underlying land, these properties usually aren't placed on permanent foundations but, rather, are attached to the ground by anchoring systems.

High-end home buyers have begun to invest in mobile homes. The Labenskis spent $300,000 on their Connecticut home, including modifications such as custom kitchen cabinets and a front porch.

Reflecting the overall housing slump, sales of manufactured homes fell by more than half over the past 10 years, to 60,210 homes shipped in 2013 from 130,937 shipped in 2003, according to industry group the Manufactured Housing Institute.

But while overall sales have declined, a new, wealthier class of buyer has entered the market, said Todd Su, owner and president of Advantage Homes, one of the largest manufactured-home dealers in California. According to Kevin Flaherty, vice president of marketing for Troy, Mich.-based Champion Home Builders, per-unit spending on optional features in the company's high-end Silvercrest line of homes, which start at $90,000, has risen 140% to $25,000 since 2011.

Industry executives attribute the change both to downsizing retirees and skyrocketing real-estate prices in certain areas, which are prompting more people to consider trailer living as a (relatively) affordable option.

 

Click HERE to read this article in its entirety on The Wall Street Journal website.

 

Contact us for more information -- 

 

Alpha-Omega Title Services, Inc.

14001 North Dale Mabry Highway

Tampa, FL 33618

813-963-3009 (office)

813-963-5336 (fax)

www.alpha-omegatitle.com

lwilson@alpha-omegatitle.com

[This blog is maintained by our social media manager, C.J. Johnson. He can be reached at cjjohnson@alpha-omegatitle.com.] 

 

The Alpha-Omega Title Mission

Our mission is to honor God by being a title insurance agency of choice where employees love to work, and clients love to do business.

The Core Values of Alpha-Omega Title

• Faith in God
• Integrity
• Teamwork
• Service - internal and external
• Knowledge
• Problem solving

White Glove Customer Service

Since Alpha-Omega's founding in 1983, exceptional customer service has been a critical part of our success. We constantly challenge our staff to exceed all customer expectations and regularly poll customers to see how we can improve our White Glove Customer Service.

 

Here are a few other initiatives that contribute to our top-notch performance: 

• Over 300 years combined title insurance experience across our staff
• Employee incentive programs based on productivity and customer surveys
• An extensive realtor, builder, and lender referral service
• 10-year member of CABA (Carrollwood Area Business Association)
• Active member of GTAR, WCR, PBA, TBBA, TEC, FLTA, ALTA & C-12

 

Click HERE to view this page on our website

 

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Alpha-Omega Title Services, Inc.

14001 North Dale Mabry Highway

Tampa, FL 33618

813-963-3009 (office)

813-963-5336 (fax)

www.alpha-omegatitle.com

lwilson@alpha-omegatitle.com

  

[This blog is maintained by our social media manager, C.J. Johnson. He can be reached at cjjohnson@alpha-omegatitle.com.] 

Mortgage Rates Resume Downward Course - News You Can Use from Alpha-Omega Title

By Kathy Orton - The Washington Post

After a slight uptick last week, mortgage rates wandered back down, according to the latest data released Thursday by Freddie Mac.

The 30-year fixed-rate average slipped to 4.13 percent with an average 0.6 point. It was 4.15 percent a week ago and 4.37 percent a year ago. The 30-year fixed rate has fallen in four of the past five weeks.

The 15-year fixed-rate average dropped to 3.23 percent with an average 0.5 point. It was 3.24 percent a week ago and 3.41 percent a year ago. Since starting the year at 3.55 percent, the 15-year fixed rate has plummeted 32 basis points.

Hybrid adjustable-rate mortgages also fell. The five-year ARM average edged down to 2.97 percent with an average 0.4 point, the fourth week in a row it has stayed below 3 percent. It was 2.99 percent a week ago and 3.17 percent a year ago.

The one-year ARM average declined to 2.39 percent with an average 0.4 point. It was 2.4 percent a week ago.

“Mortgage rates were little changed amid a week of light economic reports,” Frank E. Nothaft, Freddie Mac vice president and chief economist, said in a statement.

“Of the few releases, industrial production rose by 0.2 percent in June, below the market consensus forecast. Also, the producer price index for final demand rose 0.4 percent in June, rebounding from a 0.2 percent decline the prior month.”

Meanwhile, mortgage applications declined last week, according to the latest data from the Mortgage Bankers Association.

The market composite index, a measure of total loan application volume, dropped 3.6 percent. The refinance index fell 0.1 percent, while the purchase index sank 8 percent.

The refinance share of mortgage activity accounted for 54 percent of all applications.


Click HERE to read this article on The Washington Post website.

Contact us for more information -- 

 

Alpha-Omega Title Services, Inc.

14001 North Dale Mabry Highway

Tampa, FL 33618

813-963-3009 (office)

813-963-5336 (fax)

www.alpha-omegatitle.com

lwilson@alpha-omegatitle.com

[This blog is maintained by our social media manager, C.J. Johnson. He can be reached at cjjohnson@alpha-omegatitle.com.] 

8 States With the Most Job Growth - News You Can Use from Alpha-Omega Title

Daily Real Estate News

  

Nearly 80 percent of 372 metros tracked by the government now have more jobs this year than one year ago, according to the most recent statistics.

“Job growth has been especially strong in the Dallas-Fort Worth region, Austin, Orlando, and San Jose — all registering a blistering 3.5 percent-or-better employment growth rate,” notes National Association of REALTORS®’ chief economist Lawrence Yun on NAR’s Economists’ Outlook blog. “The housing and the commercial real estate markets will therefore continue to expand.”
North Dakota continues to be the leader for job growth, with its oil and gas drilling proving to be a big boon for the state.
The following states posted the largest job growth in the past year:

1. North Dakota: 4.5%
2. Nevada: 3.7%
3. Texas: 3.4%
4. Florida: 2.9%
5. Utah: 2.9%
6. Colorado: 2.8%
7. Oregon: 2.7%
8. Delaware: 2.6%

Source: “State and Metro Employment Conditions in May,” NAR’s Economists’ Outlook blog (July 7, 2014)

Click HERE to read this article on the RealtorMag website.

Contact us for more information -- 

 

Alpha-Omega Title Services, Inc.

14001 North Dale Mabry Highway

Tampa, FL 33618

813-963-3009 (office)

813-963-5336 (fax)

www.alpha-omegatitle.com

lwilson@alpha-omegatitle.com

[This blog is maintained by our social media manager, C.J. Johnson. He can be reached at cjjohnson@alpha-omegatitle.com.] 

Alpha-Omega Title App

Have you signed up for our FREE app? Our mobile app that was designed with you in mind. With Preliminary Closing Statements at your fingertips, you can spend less time calling or emailing initial fees and more time signing contracts and closing deals! Highlights of our app are listed below:

• Instant title quotes, seller’s net sheets and Pre-HUDs
• Store your quotes, net sheets and HUDs
• Send them to your clients via email
• Easy access to your title rep's contact details
• Mobile & Desktop online access

 
Sign up today by clicking HERE!
 
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Alpha-Omega Title Services, Inc.

14001 North Dale Mabry Highway

Tampa, FL 33618

813-963-3009 (office)

813-963-5336 (fax)

www.alpha-omegatitle.com

lwilson@alpha-omegatitle.com

[This blog is maintained by our social media manager, C.J. Johnson. He can be reached at cjjohnson@alpha-omegatitle.com.] 

Sales of Existing Homes Jump in May - News You Can Use from Alpha-Omega Title

By Kent Hoover, Tampa Bay Business Journal

Sales of existing homes jumped nearly 5 percent in May to an annualized rate of 4.9 million, the biggest monthly increase in nearly three years.

May’s sales volume, however, was 5 percent below what it was a year earlier, according to the National Association of Realtors.

Still, the strong report was good news for the housing industry.

“Home buyers are benefiting from slower price growth due to the much-needed rising inventory levels seen since the beginning of the year,” said NAR Chief Economist Lawrence Yun. “Moreover, sales were helped by the improving job market and the temporary but slight decline in mortgage rates.”

The median existing-home price in May was $213,400, which is 5 higher than a year ago.

Yun said more new home construction is needed to boost the housing market’s inventory.

Another issue facing the housing market: Only 27 percent of buyers in May were first-time buyers.

That percentage could improve if interest rates stay where they are and inventory improves, said NAR President Steve Brown, co-owner of Irongate Inc. Realtors in Dayton, Ohio. This would mean buyers would have a better chance “make a competitive offer that’s in return accepted by the seller,” he said.

Click HERE to read this article on the Tampa Bay Business Journal website.

Contact us for more information -- 

 

Alpha-Omega Title Services, Inc.

14001 North Dale Mabry Highway

Tampa, FL 33618

813-963-3009 (office)

813-963-5336 (fax)

www.alpha-omegatitle.com

lwilson@alpha-omegatitle.com

[This blog is maintained by our social media manager, C.J. Johnson. He can be reached at cjjohnson@alpha-omegatitle.com.] 

Alpha-Omega Title Video

After 30 years of award-winning service, we continue to serve as one of the largest independent title insurance agencies in Tampa Bay. We have closed and insured billions of dollars of real estate transactions, and we are the title agent for some of the largest and most financially sound title insurance underwriters in the country. We know what it takes to ensure smooth closings.

Alpha-Omega Title believes that each client is important and unique, and we understand the needs of realtors, lenders, builders, and homeowners. Our staff works closely with you, and we guarantee to offer you the high-quality service you deserve. Our promise is that we will meet your needs and exceed your expectations.

Would you like to learn more about Alpha-Omega Title? Our CEO, Gibbs Wilson, shares an overview in this video! http://bit.ly/AOTWelcome

Contact us for more information -- 

 

Alpha-Omega Title Services, Inc.

14001 North Dale Mabry Highway

Tampa, FL 33618

813-963-3009 (office)

813-963-5336 (fax)

www.alpha-omegatitle.com

lwilson@alpha-omegatitle.com

[This blog is maintained by our social media manager, C.J. Johnson. He can be reached at cjjohnson@alpha-omegatitle.com.]

Services for Lenders

Turning a Corner…

The decline in housing activity over the last few years brought with it a significant contraction in home financing. Until recently, short sales and foreclosures were a significant source of activity and a significant drain on lenders, and mortgage refinancing represented a large portion of all mortgage applications due to the interest rate environment. Those were difficult days for lenders.
But with all signs now pointing toward a recovery in the housing market and continued low interest rates, the outlook looks promising. Mortgage applications for home purchase are now on the rise. New home construction lending and commercial lending are both recovering nicely with year over year gains. Alpha-Omega Title's Commercial Closing Team is led by a 20-year title veteran who is well-respected in the industry. 

Lenders Now Operate With Increased Regulation 

Since the housing crisis began, mortgage lending guidelines and regulations have been continually changing in an attempt to eliminate the problems that caused the crisis. Each of those has had consequences for borrowers, lenders, the housing market and the broader economy.
New levels of documentation and verification are now required for a loan approval. Stricter underwriting standards and more lender accountability are now the norm. All of that combines to slow down and complicate the mortgage loan process.
All of these factors and others increase the importance of minimizing uncertainty when it comes to choosing a title services company. Expedient, comprehensive and accurate service is a must in today's real estate market to ensure a smooth closing every time.

You Need a Trustworthy Partner Who Understands Your Needs

Alpha-Omega Title has had the privilege of working with lenders for 30 years and we understand your title insurance needs. We understand the increased regulatory environment, are knowledgeable of situations that could delay closings and know how to address those issues. Alpha-Omega Title wants to be your title services partner to provide a superior closing experience with your client and serve you with excellence.

Alpha-Omega Title will handle all of your title insurance needs with efficiency, innovation and personalized service. We are committed to consistently delivering service that is timely, responsive and accurate.

"It is always a pleasure to work with Alpha-Omega Title for commercial and residential title orders. Their employees work efficiently in the most professional manner to expedite our closings. I would recommend Alpha-Omega Title to anyone requiring title services."  - Lindsay Lipsky, Branch Banking and Trust Company

 

Through our experience with mortgage lenders, we have built a team that understands the ever-changing needs of lenders and partners with them to provide top quality service to them and their borrowers.

Here Are the Promises Alpha-Omega Makes to You as a Lender:

• Competitive Rates - We understand that the costs of lenders policies and closing costs for homebuyers can be burdensome. With this in mind, Alpha-Omega strives to offer competitive rates to keep costs to a minimum.
• Responsiveness and Speed - Alpha-Omega Title provides quick turnaround time on preliminary closing statements, title commitments, and other documents.   
• Risk Mitigation - Around a quarter of all real estate transactions have some sort of title problem which must be remedied prior to closing. You want your title company to be able to address any title issues accurately and efficiently so your closing is not delayed. We will advise you on the best procedures for clearing title defects or removing encumbrances.
• Experience - Our knowledgeable, courteous and professional representatives are intimately aware of the special requirements of lending institutions. Our experienced staff of experts understands how increased government regulations and scrutiny impacts your business.
• Relationships - We want a long-term relationship with you and your institution. Relationships require trust first and foremost. Trust comes with time as you realize how experienced, fast and responsive Alpha-Omega is.
• Personal Service - You will have a dedicated team working on your files from order to closing. 
• Innovation - Alpha-Omega uses Best Practices for the most efficient ways to close transactions and provide our customers the information they need. We continually strive for excellence in all that we do. 
• Expertise - Our experienced teams provide expertise in all areas of title lending transactions including residential, commercial, builder services and REO transactions. 
• Smooth Closings - Our dedication and experience ensure your loan closing will get done efficiently and accurately. We anticipate issues that may arise, and we work with you to get these situations resolved promptly. 
• Regular Communication - There are many steps that must be completed in the closing process. We will provide you information in the manner in which you prefer to communicate. Some clients prefer phone calls, others prefer emails.We are committed to effectively communicating with our clients throughout the closing process. 

Click HERE to view this page on our website!
 
Contact us for more information -- 

 

Alpha-Omega Title Services, Inc.

14001 North Dale Mabry Highway

Tampa, FL 33618

813-963-3009 (office)

813-963-5336 (fax)

www.alpha-omegatitle.com

lwilson@alpha-omegatitle.com

[This blog is maintained by our social media manager, C.J. Johnson. He can be reached at cjjohnson@alpha-omegatitle.com.] 

Business Wire: "Alpha-Omega Title Insurance is one of the Top-10 Best Places to Work in the Tampa Bay Area" - June 2, 2014

By Helen Knight

TAMPA, Fla. -- Alpha-Omega Title Insurance ranked among the top 10 companies in the Tampa Bay Business Journal's 2014 Best Places to Work. The only title insurance agency of 60 finalists, it placed ninth out of hundreds of applicants from businesses of all sizes.

"The award helps us honor local companies and recognize the good in the workplace," said Pam Huff, director of news operations for the Tampa Bay Business Journal.

Its Best Places to Work in Tampa Bay is based on an online survey taken by the employees of each company that measures employee engagement, loyalty and retention. The survey examined 10 key engagement categories, including feeling valued, team effectiveness, trust in senior leaders, and manager effectiveness along with compensation and benefits. Only employees with no corporate ownership participate in the survey and determine the scores.

"We're honored to be recognized," said Gibbs Wilson, CEO of Alpha-Omega Title. "Employees say our culture is like a large family. We support each other professionally and personally and bring that mindset to helping our customers achieve their goals."

The corporate culture fosters employee retention; some title professionals have been with Alpha-Omega Title for more than 20 years, one for 27 years. Profit sharing, "Team Spirit" initiatives, and corporate support of charities important to employees all contribute to morale. Its "Going the Extra Mile" program encourages employees to nominate coworkers for recognition, promoting teamwork while acknowledging individual contributions to the company's success.

About Alpha-Omega Title
Representing some of the largest, most financially sound title insurance underwriters in the country, Alpha-Omega Title has closed and insured billions of dollars in real estate transactions during the past three decades. Services include residential and commercial title searches and closings, mortgage refinance closings, and short sale transactions. Additionally Alpha-Omega Title serves builders, handling title services on land acquisition, construction and bridge loans and placing on-site personnel in builders' sales centers to handle closing questions and open escrow on new sales. Founded by Gibbs Wilson in 1983, Alpha-Omega Title Insurance Company is the oldest of the large, independent title agencies in Tampa. The firm has three locations in South Tampa, North Tampa and Brandon, Fla. and can be reached via www.alpha-omegatitle.com or by calling 813-963-3009.

View the article by clicking on the following link - http://bit.ly/AOTTopTenBestPlacesToWorkInTampa

Contact us for more information -- 

 

Alpha-Omega Title Services, Inc.

14001 North Dale Mabry Highway

Tampa, FL 33618

813-963-3009 (office)

813-963-5336 (fax)

www.alpha-omegatitle.com

lwilson@alpha-omegatitle.com

[This blog is maintained by our social media manager, C.J. Johnson. He can be reached at cjjohnson@alpha-omegatitle.com.] 

Average 30-Year Mortgage Rate Dips to 4.12% - News You Can Use from Alpha-Omega Title

WASHINGTON (AP) — Average rates on fixed mortgages fell this week for a fifth straight week. The spring home-buying season has started slowly, but it may be aided by the low rates.

Mortgage buyer Freddie Mac says the average rate for a 30-year loan edged down to 4.12% from 4.14% last week. The average for the 15-year mortgage declined to 3.21% from 3.25%.

Warmer weather has yet to boost home-buying as it normally does. Rising prices and higher interest rates beginning in mid-2013 have made homes less affordable for would-be buyers. At the same time, a limited supply of homes is available to buy.

Mortgage rates still are nearly a full percentage point above record lows reached about a year ago.

In a separate report, more Americans signed contracts to purchase homes in April than the prior month. But the pace of buying is still weaker than last year, as higher prices and tight supplies have limited sales.

The National Association of Realtors says its seasonally adjusted pending home sales index rose 0.4% to 97.8 last month. The index remains 9.2% below its level a year ago.

Pending sales are a barometer of future purchases. A one- to two-month lag usually exists between a signed contract and a completed sale.

The gain in signed contracts partly reflects the decline in mortgage rates and the economic rebound from the brutal winter. The number of signed contracts increased in the Northeast and Midwest month-to-month, more than offsetting declines in the West and South.

Click HERE to read this article on USA Today's website.

Contact us for more information -- 

 

Alpha-Omega Title Services, Inc.

14001 North Dale Mabry Highway

Tampa, FL 33618

813-963-3009 (office)

813-963-5336 (fax)

www.alpha-omegatitle.com

lwilson@alpha-omegatitle.com

[This blog is maintained by our social media manager, C.J. Johnson. He can be reached at cjjohnson@alpha-omegatitle.com.] 

The Fastest-Growing Industries Over The Last Year - News You Can Use from Alpha-Omega Title

By Mary Ellen Biery, Forbes

Last week’s new home sales figures raised fresh questions about a housing market slowdown, but one thing is clear: Construction-related industries have been among the fastest-growing industries in the U.S. over the past 12 months.

Sageworks, a financial information company, conducted a financial statement analysis of privately held companies to identify the fastest-growing industries of the last 12 months, and among the top 20 (see below), 12 are tied to construction. Real-estate agents and brokers, residential builders, foundation contractors and lumber wholesalers are among the top six. On the commercial construction side, nonresidential builders, engineering firms and heavy-construction (non-highway) firms are ranked 9th through 11th, respectively.

“The economy is just improving in general, and these industries are indicators that things are moving in the right direction,” said Sageworks analyst Chuck Nwokocha.

All of the industries in the list that are tied to construction experienced sales growth over the last 12 months that is anywhere from 2 to 15 percentage points higher than the average sales growth among all privately held companies in Sageworks’ database.

And while there’s no guarantee these industries will continue growing at a strong pace, Nwokocha said, they may have been creating opportunities for other industries that provide supplies, distribution or back-office services.

Click HERE to read more of this article from Forbes.

Contact us for more information -- 

 

Alpha-Omega Title Services, Inc.

14001 North Dale Mabry Highway

Tampa, FL 33618

813-963-3009 (office)

813-963-5336 (fax)

www.alpha-omegatitle.com

lwilson@alpha-omegatitle.com

[This blog is maintained by our social media manager, C.J. Johnson. He can be reached at cjjohnson@alpha-omegatitle.com.] 

Have You Met Some of Our Team Members?

Bryon Gibbs Wilson, Jr.
CEO

Gibbs is the Founder & CEO of "Alpha-Omega Title Insurance Agency" which has been in operation since 1983 and has won several awards from the Greater Tampa Chamber of Commerce, including Small Business of the Year in 2006, Outstanding Leader Award in 2008 and the Mayor's Award for Community Involvement.

Gibbs has served as Chairman of the National Christian Foundation Tampa Bay from 2005 through 2012. This is the largest community foundation in America, whose goal is to facilitate a Billion dollars of giving through Florida's generous givers. Gibbs also serves on the Board of Impact Tampa Bay, which is an umbrella organization that oversees Christian non-profits such as Lifework Leadership Tampa Bay. He has traveled on mission trips to Russia, Cuba, Guatemala, Sudan and Brazil. 
 

Lori Wilson

CFO

 

Licensed in California as a CPA.  MBA earned from California State University, Long Beach in December, 1994.  Began career as an auditor with KPMG Peat Marwick in 1985, progressed to Senior Finance Manager of a $2.5 billion company prior to move to Florida in 2001.  Responsible for financial controls, cash management, financial reporting, financial analysis, budgeting and forecasting.

 

Tracey Griffin

VP, Executive Manager of the South Tampa Office

 

More than 25 years of title experience with Alpha-Omega Title in which she has worked her way up through every position to the Vice President of Operations. The branch Tracey manages has been in place since the company was founded in 1983. Tracey has wonderful leadership qualities such as loyalty, dependability, mentoring and steadiness. Able to resolve the myriad title issues to get our clients to a fast closing, Tracey has fondly earned the nickname of "Title Princess" by our Raving Fan clients.

 

Wendy Verink-Terhune

North Tampa Branch

 

Wendy has more than 30 years of title experience and previously managed a Carrollwood branch of a national title company for over 10 years. Our valued clients depend upon her faithful attention to detail and rock solid follow up to assure for a seamless path from order to closing. Her wealth of title knowledge allows our customers to rest in the confidence that she will expertly clear the hurdles to quickly get to the closing table.

 

Deanna Tucker
Brandon Area Branch Manager

Deanna has been in the title industry approximately 20 years and has a variety of expertise, including serving the title insurance needs of the residential home building market. She previously managed an area title insurance agency with a major focus on residential home builders for more than 10 years and she is well known for handling all the details in a friendly manner so her busy clients can be more productive.
 

Nick Graham
Title Department & Commercial Department Manager

Nick hails from Ohio, the Buck-Eye state and has over 20 years of title insurance expertise. He manages our title search facility and also oversees our commercial department for sales and refinances. Nick is very detail oriented and our dynamic clients rely upon him for personable, professional and friendly title services that make them look good to their customers.
 

Don Dudgeon

HR Director

 

Business Graduate of the University of Michigan. Seasoned HR executive with more than forty years of Human Resources management and development. HR Director for more than 10 years of an organization with more than 25,000 staff globally. Responsible for personnel, recruiting, staff selection and retention, benefits design, leadership training, management development and cultivation of the corporate culture. One of his greatest strengths is developing people and achieving great results through them. In 2005, Don re-worked AOT's Employee Handbook and formed "Team Spirit", a group of company culture builders, who make the environment a rewarding and fun place to work.

 

Click HERE to view this page on our website!

Contact us for more information -- 

 

Alpha-Omega Title Services, Inc.

14001 North Dale Mabry Highway

Tampa, FL 33618

813-963-3009 (office)

813-963-5336 (fax)

www.alpha-omegatitle.com

lwilson@alpha-omegatitle.com

[This blog is maintained by our social media manager, C.J. Johnson. He can be reached at cjjohnson@alpha-omegatitle.com.]