It's been an active year for mergers and acquisitions (M&A) in the settlement services space, to the surprise of nearly no one. 2020 was a record year for title order volume, leaving many firms flush with cash. Last year was a year of opportunity in a rising purchase market. This trend is expected to continue in 2022 as many economists forecast a further decline in refinance transactions...
There aren’t a lot of business execs, owners or decision-makers out there who haven’t heard of the prestigious Harvard Business School’s Owner/President Management (OPM) Program. And there aren’t a lot of people…um….anywhere, who aren’t aware that Harvard Business School is one of the very best in the world. So we’d like to take a moment to congratulate our own Aaron Davis, who recently completed the 3-year OPM program, becoming an alumnus.
Aaron tells us that this was no ceremonial event—the students worked hard! The class was comprised initially of 180 CEOs from around the world, representing 42 different countries and spanning every industry from real estate to manufacturing to software and more. Once a year, Aaron and the students were required to leave their businesses and families for a month of on-site education. All told, they spent 300 hours in the classroom, 75 hours in small group discussions and more than 500 hours doing class prep. Aaron and the class analyzed over 120 case studies on topics like strategy, finance, leadership, innovation, control, marketing, sales, negotiation, operations and technology.
As you likely already know, Aaron is the visionary behind the FAN, PDS, NTS and AMD brands, driving a single office title agency to become one of the largest national title and real estate businesses in the country. (And, if you know Aaron, you know he would immediately interrupt us to give credit to the hundreds of hard-working folks who helped him with making that vision a reality!). So it was a natural progression for him to immerse himself (when not running his business, of course) in an intensive program designed for CEO’s actively involved in day-to-day operations, with a focus on leadership, assessing strengths and weaknesses, and identifying emerging opportunities.
Like pretty much everything else Aaron sets his mind to, mission accomplished! He can now add one more accomplishment to his list. And we at AMD, FAN and all of the AMD brands congratulate him for this noteworthy achievement.
NTS’s own Andrea Somers (our operations manager) was recently honored by the Florida Land Title Association for her work as the Chairperson of the FLTA Cyber Security Committee and the committee’s success. FLTA’s president, in presenting the award, complimented the work of Andrea and the committee co-chair, Shelly Mannebach, as “a perfect example of putting great leaders, great people in a position (to effect change) and then getting out of the way.”
Of course, we at NTS already knew we have a star in our midst! Cyber security is becoming much, much more than a “nice-to-have” in the title industry, although, unfortunately, some firms still treat it that way. If the events of the past year haven’t awakened the title world to just how dangerous things like phishing, hacking and ransomware attacks can be, we’re not sure what would.
Nonetheless, we are grateful to have someone as insightful, hard-working and knowledgeable about such issues helping to protect the firms of our brand as well as our clients. And, by the way, it’s never too late to revisit your cybersecurity plan—if you have one—until, of course, it is too late (e.g. you and your clients become the victim of a cybercrime). Rest assured, Andrea and her team spend a lot of time on the very latest in cybersecurity, so why not take advantage of our capabilities!
Congratulations Andrea, and thank you, FLTA!
Take the FEAR out of FIRPTA
FIRPTA is an acronym for the FOREIGN INVESTMENT IN REAL PROPERTY ACT of 1980. We know FIRPTA sounds crazy, and it does have a bunch of rules. But the idea behind it is simple – when buying a house that is owned by a foreign party, the title company must withhold a portion of the sale to make sure they pay taxes and it’s up to the BUYER to report the sale to the IRS!
Sounds complicated, we know… so here are 5 Facts to take the FEAR out of FIRPTA
FACT 1: WHO IS FIRPTA FOR?
The first thing to know is that FIRPTA only applies to buyers that are buying from a seller who is not a US Citizen/Resident Alien. There are several identifying factors for a foreign person or company, which the title company will discuss with the seller. If the seller is a foreign person or company, then there may be a portion of the proceeds withheld from closing. The seller will apply for a TIN number before the sale by filling out the W-7 application, if it’s the first time selling a property in the US.
FACT 2: CAN THE SELLER BE EXEMPT?
Yes! If it is a home with a sales price under $300,000 and the buyer intends to occupy the new home as their primary residence for most of the year, over the next two year period of time, the property is entirely exempt from the withholding. The buyer will be required to sign an agreement to confirm their intent to reside. This fact means for some people, FIRPTA never comes into play – but there’s still some paperwork you’ll need the parties to sign at closing.
FACT 3: HOW MUCH IS WITHHELD?
IF the sales price is over $300,000 to $1,000,000, the required withholding is 15% regardless if the buyers intends to occupy the property full time. There are some other rules that can make the withholding % increase or decrease, however, those are more rare.
FACT 4: What about a SHORT SALE?
Unfortunately for the seller, sometimes the sold home is worth less than the amount owed, but the FIRPTA requirements STILL come into play.
FACT 5: WE DO IT ALL FOR YOU!
The best part is when using ANY Florida Agency Network branded title company, we’ve got you covered when it comes to FIRPTA. We will discuss what is needed, based on the particulars for the parties and transaction and also have CPA’s that we can refer to, if needed.
Aaron Davis earned a new nickname this week, the "Tampa Chainsaw Man", and for good reason. He saw the devastation throughout Texas, and after traveling to the region, donating and raising funds for local Texas charities, he asked what else he could do. That's when they put a chainsaw in his hand. With his Bucs hat proudly on his head, he started removing trees and other debris to further relief efforts and lend a helping hand.
TEXAS (People.Com) - Aaron Davis flew from Tampa, Florida, to Austin, Texas, on Friday — because he wanted to help people affected by the snow and ice storm.
"I just felt incredibly guilty sitting down in Tampa, Florida, in the sunshine watching the rest of the country suffer," Davis, 45, tells PEOPLE. "I've weathered many storms in my life in Florida, the hurricane capital of the world."
During the last Florida hurricane, he bought and delivered generators to people in need. "I just try to step up and do what I can," he says.
A business owner (his company does remote real estate closings), Davis told his staff he was taking a month off to volunteer in Texas. "I felt the need to be feet on the ground in Texas to help out however I could," he says..... Read full article.
Florida Agency Network (FAN), announces the release of a new Electronic Earnest Money Deposit (“EMD”) program. This program is part of FAN’s continued effort to keep everyone safe and secure, streamline the closing process, and move that much closer to a true paperless closing.
Customers buying homes are now able to send their EMD electronically, allowing for a fully-digital transfer of funds, and eliminating the need to visit any of FAN's multiple office locations throughout the state. In addition, it allows for the added benefits of protecting sensitive information, enabling out-of-town closings, and it allows customers to receive a verified and automated receipt for their records. The service does NOT require the client to create an account, or download an app, to send the EMD electronically. It simply requires the click of a button from any of FAN’s websites where homebuyers are directed to Keybox, Payload’s platform for secure electronic real estate payments. “We’re excited to partner with FAN to enhance the home buying experience across the state of Florida,” said Ryan Rybolt, CEO of Payload.
“One of the items that is a consistent burden to our clients is the handling of EMDs. We live in a world of technological innovation, digital movement of funds, and less dependency on checks and paper currency. This new service offers convenience to our clients, and a more efficient solution for receiving funds. The days of racing to the title office within 72 hours of signing a contract, mailing or overnighting funds, or waiting hours for wiring instructions are history," said Aaron M. Davis, CEO of Florida Agency Network.
About Florida Agency Network
The Florida Agency Network (FAN) is a statewide alliance of title agencies that share services, resources, and technology. FAN has formed a strategic alliance amongst members and vendors, in addition to creating proprietary technologies, to better serve its clients, allowing it to provide customized solutions to protect and streamline the closing experience. Members share back-office services, pooled resources, access to industry-leading technology, improved efficiencies, and the ability to offer their clients greater geographic coverage throughout Florida with SOC 1 Type 2 and SOC 2 Type 2 security compliance solutions available.
Payload is a powerfully simple, yet robust, financial technology (fintech) platform to securely process credit card and ACH payments. The platform was built for developers, software platforms, and merchants who want to accept secure payments without the burdens often associated with card acquiring.
Keybox is Payload’s solution for processing secure, electronic real estate payment transactions. Keybox replaces manual check payments or costly wire transfers associated with Earnest Money, Agent Fees, Commissions, and other Real Estate transactions.
Hey guys, 2020 is finally almost over, and Aaron Davis from the FUTURE, is here to tell us why 2020 really wasn’t all that bad!
1. Remote Online Notarization, or RON, has been one of the most successful additions to 2020. The customers love that we were able to bring a secure digital closing to anywhere in the GALAXY... err, sorry, anywhere in the world.
2. We also introduced ALANNA this year, the virtual closing assistant! Our clients love being able to get answers to their questions day or night. Alanna is always available and provides quick answers to common file-based questions using text or on the web, 24 hours a day, 365 days a year.
3. AND we’ve starting rolling out electronic EMD delivery! Now home buyers are able to deposit their earnest money deposit digitally without coming into one offices, even though we do have most of the GALAXY, I mean STATE covered with over 40 offices!
We added a lot of new technology for 2020, and we’re glad that our customers have been able to take this journey with us. Future Aaron would LOVE to tell you what 2021 has in store, but that would blow up the time-space continuum– there are rules about these sort of things.
We can’t wait for you, and those of us that can’t time travel, to find out!
Enjoy 2021 – Future Aaron says it’s gonna be greeeeeeeat!
We know there is a growing concern as the outbreak and impact of the Coronavirus (COVID-19) continues to evolve. Ensuring the health, safety, and well-being of the communities we serve across the state of Florida, our clients, and our company is our main concern.
We are open and fully operational to handle your transactions. We have invested heavily in our IT infrastructure, cloud working environment, paperless closing, and remote capabilities to allow our staff to continue operating.
Most importantly, we’re prepared to take care of you and your clients! We're offering multiple closing options to ensure our clients and staff stay as safe as possible.
Florida Agency Network recently appointed Amy Gregory as the Chief Administrative Officer.
Gregory began her career in title insurance in 1995 as a receptionist at an independent title agency in Brandon, Florida. Amy then joined Hillsborough Title (FAN’s flagship company) in 2007 where she directly assisted Aaron Davis in opening the company’s second office in Florida, which has now grown to over 30 offices statewide, in addition to multiple ancillary service companies.
As a licensed title agent, Gregory’s career progressed quickly from Branch Manager, to General Manager, to President of Title Operations, and now she has added the title of CAO to her resume. She oversees all title personnel and production, and the ancillary services divisions. Gregory regularly handles all types of real estate closing transactions, including residential, commercial, and construction. She has become an expert in streamlining and improving processes and procedures, and she is focused on mentoring and training staff in outstanding customer service. In 2019, Gregory won the “We Protect Award” from ALTA, and she obtained her ACAMS Certificate (Certified Anti-Money Laundering Specialists).
Aaron M. Davis, CEO stated, "It is with the greatest honor that we name Amy as our CAO. She has been here from day one of my ownership, and I can’t imagine a better and more qualified person to lead us forward. Her dedication, knowledge, and loyalty are unmatched in the industry.”
PLUG INTO THE POWER OF FAN
We can provide your title agency with secure IT infrastructure and support, leading-edge technology, and on-demand processing and closing solutions to complete more transactions with ease.
Aaron tells us that this was no ceremonial event—the students worked hard! The class was comprised initially of 180 CEOs from around the world, representing 42 different countries and spanning every industry from real estate to manufacturing to software and more. Once a year, Aaron and the students were required to leave their businesses and families for a month of on-site education. All told, they spent 300 hours in the classroom, 75 hours in small group discussions and more than 500 hours doing class prep. Aaron and the class analyzed over 120 case studies on topics like strategy, finance, leadership, innovation, control, marketing, sales, negotiation, operations and technology.
As you likely already know, Aaron is the visionary behind the FAN, PDS, NTS and AMD brands, driving a single office title agency to become one of the largest national title and real estate businesses in the country. (And, if you know Aaron, you know he would immediately interrupt us to give credit to the hundreds of hard-working folks who helped him with making that vision a reality!). So it was a natural progression for him to immerse himself (when not running his business, of course) in an intensive program designed for CEO’s actively involved in day-to-day operations, with a focus on leadership, assessing strengths and weaknesses, and identifying emerging opportunities.
NTS’s own Andrea Somers (our operations manager) was recently honored by the Florida Land Title Association for her work as the Chairperson of the FLTA Cyber Security Committee and the committee’s success. FLTA’s president, in presenting the award, complimented the work of Andrea and the committee co-chair, Shelly Mannebach, as “a perfect example of putting great leaders, great people in a position (to effect change) and then getting out of the way.”
