The industry's much anticipated delay to implement the TILA-RESPA Integrated Disclosure (TRID) was announced last week. The new regulation had the initial launch date set to be August 1, 2015 but has now been pushed back later this year to October 1.
The Consumer Financial Protection Bureau's Director, Richard Cordray stated, "We made this decision to correct an administrative error that we just discovered in meeting the requirements under federal law, which would have delayed the effective date of the rule by two weeks." Whatever the reason the industry as a whole seems to have let out a huge sigh of relief.
These new documents are meant to be more consumer friendly by consolidating the TILA-RESPA forms and making them easier to understand. The new regulations give the consumer more time to review the total costs of their mortgage and to ask any questions they may have in regards to their loan terms. The Loan Estimate is due to consumers three days after they apply for a loan, and the Closing Disclosure is due three days before closing. These two requirements along with software compliance and security issues have thrown the industry into a frenzy as they try to comply by the deadline.
The best thing you can do to prepare yourself is to join the conversation. In an ever changing industry it is important to partner up with a title agency that has aligned and complied with the new regulations. Agencies powered by the Florida Agency Network (FAN) are prepped and ready to lead the way during this immense industry change. Tuesday, June 23, 2015 will mark the 100 day countdown until the CFPB's implementation of the TRID.
It's going down -- 10.01.15 -- Stick around for our countdown!
Please Note: Since posting the CFPB has submitted an amendment to their proposal further delaying the effective date to October 3.
Due to lack of preparedness in the industry, CFPB has delayed implementation of the TILA-RESPA Integrated Disclosure (TRID).
It's important to partner up with a title agency that is ready for the up coming industry changes. Title agencies powered by the Florida Agency Network are compliant, trained and ready to take on these industry changes.
It's going down on Oct. 1, stick around for our countdown!
Find out more about partnering up with a title agency powered by the the network : Max Jackson at max@FLagency.net
Please Note: Since posting, the CFPB has submitted an amendment to their proposal further delaying the effective date to October 3.
When it comes to the upcoming CFPB changes, Aaron M. Davis, Florida Agency Network's founder and CEO, is the man to speak with. Davis gave Jeremy Yohe, of American Land Title Association, his insight into the upcoming market changes in ALTA's January edition of TitleNews. In the cover story, Davis goes into detail on the new RESPA-TILA disclosures and how to excel in these changing times.
To read the full cover story, click here.
Tampa, Fla.-based Florida Agency Network introduced Mike LaRosa as its new chief operating officer.
“There have certainly been some milestones in our company and network that have been game changing,” said Aaron Davis, chief executive officer of the Florida Agency Network and its multiple brands, which include Hillsborough Title, Trident Title, Paramount Title, Tampa Bay Title, Cornerstone Title, HomePlus Title, Uptown Title, Bella Title, Performance Title & Escrow and Progressive Title Solutions. “Having the caliber of person and operator like Mike LaRosa join us was never something we could have imagined years ago. Mike brings 16 years of industry experience and the operational expertise of running one of the largest title insurance underwriters to the Florida Agency Network,”
In 1999, LaRosa began his title insurance career as associate counsel at First American Title’s divisional headquarters in Tallahassee. By 2000, he moved to Tampa to work with the partnership division, where he was promoted to vice president and counsel. He spent six years in the that role establishing affiliated business arrangement title agencies with mortgage, builder/developer and real estate professionals throughout the Southeast.
LaRosa was named Tampa Bay agency manager in 2007. His territory eventually expanded to include the southwest region of Florida. Ultimately, he was promoted to Florida state agency manager where he has spent the past three and a half years.
For the original feature, click here.
TAMPA, FLA. – April 6, 2015 – Florida Agency Network, Florida’s largest network of independent title agencies, is proud to introduce Mike LaRosa, Esq., as the new Chief Operating Officer for the company.
“There have certainly been some milestones in our company and network that have been game changing. Having the caliber of person and operator like Mike LaRosa join us was never something we could have imagined years ago. Mike brings 16 years of industry experience and the operational expertise of running one of the largest title insurance underwriters to the Florida Agency Network. We are thrilled to have Mike join our growing family,” says Aaron M. Davis, CEO of the Florida Agency Network and its multiple brands, which include Hillsborough Title, Trident Title, Paramount Title, Tampa Bay Title, Cornerstone Title, HomePlus Title, Uptown Title, Bella Title, Performance Title & Escrow, and Progressive Title Solutions.
LaRosa graduated from the University of Florida with both his Bachelor’s degree and Juris Doctor degree in 1998. In 1999, LaRosa began his title insurance career with First American Title as Associate Counsel at the company’s divisional headquarters in Tallahassee. By 2000 he moved to Tampa to work with the Partnership Division, where he was promoted to Vice President and Counsel. He spent six years in the Partnership Division establishing affiliated business arrangement title agencies with mortgage, builder/developer, and real estate professionals throughout the Southeast.
In 2007 LaRosa was named Tampa Bay Agency Manager, and his territory was eventually expanded to include the entire southwest region of Florida. Ultimately he was promoted to Florida State Agency Manager where he has spent the past three and a half years. Throughout his career within First American he had the opportunity to speak at various industry functions, and he enjoyed the privilege of being selected to participate in the company’s specialized leadership training program geared at developing its internal leaders.
The Florida Agency Network is excited to have LaRosa onboard to help grow its statewide footprint while maintaining a strong, customer-service brand commitment to the community.
To read the full feature, click here.
It's not easy to secure certification in all seven pillars of ALTA's Best Practices. However, after a long process FAN's Tampa Bay Division was able to pull it off.
Read more by clicking HERE.
Wednesday, January 7, 2015, 2:13pm EST
Margie Manning | Tampa Bay Business Journal
Florida Agency Network has acquired Bella Title, a Land O' Lakes-based real estate title company.
Financial terms were not disclosed. Mica Butterwood, owner and operator of Bella Title, will serve as Florida Agency Network's relationship manager for northern Hillsborough County, a statement said.
Florida Agency Network is an umbrella organization of title companies that have been consolidated amid industry changes. Launched by Aaron Davis, president and CEO, and with its roots in Hillsborough Title in Plant City, Florida Agency Network has grown to be the largest title organization in Florida, Davis said.
"Just five years ago, we had one office and five employees," Davis said. "Today we have 27 offices and more than 200 staffers."
The Dodd-Frank financial reform measure is driving consolidation, Davis said. Title companies are now considered part of the financial services sector, and face increasing costs of regulatory compliance, including higher E&O [errors and omissions] insurance, banking-type audits and cybersecurity mandates.
"A lot of agencies are going out of business, selling or being rolled into a larger agency like mine," Davis said.
In addition to Hillsborough Title and Bella Title, other agencies in the network are: Tampa Bay Title, Paramount Title, Homeplus Title, Cornerstone Title, Uptown Title, Trident Title, Progressive Title Solutions, Performance Title & Escrow and CU Title.
Published: February 19, 2015
PLANT CITY – About 18 months ago, the Rotary Club promised to raise enough money to equip each Plant City police officer with a portable device that can restore the heart’s rhythm during sudden cardiac arrest.
Last week, the Rotary Club of Plant City made good on its pledge, delivering the last 20 automated external defibrillators for the police department’s fleet. In all the Rotary donated 47 of the units, valued at a total of $50,000.
Police Chief Ed Duncan said his officers often arrive at medical emergencies before paramedics so it was a good idea to equip them with the defibrillators.
“One of the most frustrating things for an officer is to get to the scene and not have what is needed to help,” Duncan said.
Duncan said the department has used the defibrillators in at least four instances since the Rotary delivered the first units in 2013.
Rotary Club President Brian Griffin and former club president Aaron M. Davis presented the last of the defibrillators to the police at the Rotary’s Feb. 16 meeting. Davis was president when the Rotary started its drive to purchase the defibrillators.
Among other fundraisers, the club used the proceeds from its popular annual Dancing with the Locals to raise money for the devices. The club originally thought it would need to raise $100,000 but the units cost less than originally expected, club public relations representative Jim Scott said.
The department has enough of the devices so every patrol officer and supervisor has one in his or her police vehicle, Duncan said.
To read the original article feature story, click HERE.
January 26, 2015
www.thetitlereport.com
Volume 16, No. 6
Bella Title is the first acquisition by the Florida Agency Network (FAN) of 2015, as part of its statewide expansion. The network has a staff of more than 200, 3 real estate attorneys on staff and 27 locations throughout central Florida. Last fall, two of the top title insurance companies in Florida, the Hillsborough Title (HT) family of companies and Trident Title, joined forces to create the Florida Agency Network. With the coming changes in the industry Hillsborough Title CEO and President Aaron Davis said he saw a need to become a statewide player.
Bella Title is the 11th member to join the network, among the ranks of: Hillsborough Title, Tampa Bay Title, Paramount Title, Homeplus Title, Cornerstone Title, Uptown Title, Trident Title, Progressive Title Solutions, Performance Title & Escrow and CU Title. HT also recently opened a new REO division. FAN welcomed Mica Butterwood to the team with the Bella Title acquisition. Butterwood will serve as relationship manager of the northern Hillsborough County territory. Butterwood is the owner and operator of Bella Title.
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