anconatitle

Ancona Title & Escrow Earns Stewart Title Circle of Excellence Award for 5th Consecutive Year.

mandy@anconatitle.com (Mike Elwell) — Tue, 12 Oct 2021 10:57:43 GMT

Ancona Title & Escrow Earns Stewart Title Circle of Excellence Award for 5th Consecutive Year.

Ancona Title and Escrow is proud to have qualified for the prestigious Stewart Title Circle of Excellence Award. Stewart thoughtfully selects top performing providers each year. Central to receiving this award is maintaining an exceptional title claims track record through risk prevention, with accurate in-house title search and examination prior to closing, and hands on problem solving throughout closing and post-closing.

Stewart Title is an essential partner to the Ancona operation. This dynamic relationship has been in place for many years and is core to providing exceptional service to clients.

“Being recognized for this award is extremely gratifying and humbling” said Chris Brown, president of Ancona. “I believe it is a direct reflection of the incredible staff and team we have. We take a great deal of pride in the work we do and it’s wonderful to see that acknowledged within our industry”.

With 10 locations in Minnesota, Ancona has a notable presence around the state. Between their goal of providing a first in class operation and being a conscious contributor to the communities they serve, it’s not surprising they received this award.

Ancona vows to continue placing clients first and assuring their assets are well protected. Continue to look for their positive influence in other meaningful areas like their Clean Energy Initiative.

Ancona Title and Escrow is your dependable closing agent with an accommodating service strategy that is second to none.

Freddie Mac Set to Offer New Single-Close Renovation Loan

mandy@anconatitle.com (Mike Elwell) — Wed, 29 Sep 2021 20:04:32 GMT

Exciting times for homeowners looking to do small-scale renovations!

Freddie Mac recently announced that a new single-close mortgage product will become available after November 2021. Dubbed the CHOICEReno eXPressSM , it is set to address certain types of renovations like interior/exterior painting, roof repairs, minor remodeling, window and door replacement and other like items.

This will become part of the CHOICE suite of mortgage solutions and is an expansion of the CHOICERenovation® that is designed to provide flexible financing for lenders and borrowers. Per Freddie Mac, “this new mortgage solution enables Sellers to deliver CHOICEReno eXPress mortgages to Freddie Mac prior to completion of the renovations without recourse, provided certain requirements are met”.

The eXPress option is designed to aid in addressing the growing supply of older homes, creating more affordable housing, and accommodate the heightening demand for aging-in-place housing options. For many people this loan option will be an improvement over the use of unsecured financing options or credit cards.

At Ancona Title and Escrow we view this news as a welcomed opportunity for our important business partners. We support the home buying and selling market on all levels. Critical to that involvement is a keen understanding of the elements that influence the marketplace. At Ancona we’re more than just title and escrow providers… we’re industry experts.

We know this news will be a welcomed option for our realtor connections, mortgage partners, lenders and consumers.

It is an interesting time to be a homeowner. Home renovation and restoration is being done at all levels from DIY’ers to professional restoration experts. The CHOICERenovation and Reno eXPress options are incredible options. The requirements for these programs have also been improved to make it easier for all parties involved.

We will continue to monitor influential areas in and around our industry. Should our friends and associates wish to find more details on these programs we welcome them to visit https://sf.freddiemac.com/faqs/choicereno-express-faq to learn more.

30 Year Fixed Rates Forecasting

Thu, 16 Sep 2021 18:35:11 GMT

30 Year Fixed Rates Forecasting - 9/14/21

Today we are taking a look at 30 year fixed rates forecasting. The rates below are provided by the Financial Forecast Center's website. I have been watching this site since 2002 and they have been extremely accurate and helpful in the growth and direction of my business.

Now, here is the disclaimer, I am only passing along this information because in my opinion I think it's valuable. This is not an endorsement of the product nor do I sell it.

Again, this is something that I utilize to plan future business around. Use at your own risk.

Value of Title Insurance

mandy@anconatitle.com (Mike Elwell) — Thu, 08 Aug 2019 20:39:33 GMT

The title industry is an important part of every American's life.

It may seem like a grandiose claim, but the work we do benefits not only each individual policyholder, but the nation as a whole. And yet, many people are unfamiliar with what title insurance is, what it does for them and the benefits of having a healthy title industry. So we’d like to offer a quick glimpse into what we do for our customers day in and day out at Ancona and the benefits all Americans receive from the work done by the title industry.

We protect policyholders from the unknown.

More than likely, your home is your biggest investment, and we protect your interest in that investment. Title insurance protects real estate owners and lenders against any property loss or damage they might experience because of liens, encumbrances or defects in the title to the property. Each title insurance policy is subject to specific terms, conditions and exclusions. While other types of insurance (such as flood, auto or homeowners insurance) provide coverage that focuses on possible future events, title insurance protects against loss from hazards and defects already existing in the title to a property. Some examples of such defects might be improperly executed documents from a previous sale of a lien against a previous owner. You can view a list of many of the protections provided by title insurance here.

Over half of all real estate transactions have a problem somewhere in the chain of title. We find these issues and assist in taking corrective action to enable the transactions to go through and allow our customers to have peace of mind about their new home purchase.

Title insurance provides valuable protection at a good value.

Another difference between other types of insurance and title insurance is in how the policies are paid for. Title insurance is purchased with a one-time premium and provides coverage for as long as the policyholder or their heirs own the property. This is unlike the annual or monthly premiums you must pay for other insurance types. Examine the cost of title insurance over the life of the policy versus other types of insurance and you'll find that policyholders receive a great value for the money they spend. If a homeowner were to pay the national average cost of a title insurance policy and live in their home for just five years, the annual average cost of the title insurance policy would be less than $200 a year. By comparison, the national average cost of a homeowner’s insurance policy is over $700 per year.

The title industry provides benefits to the entire country, not just our policyholders. Beyond the security and peace of mind we provide to our customers, the title industry helps to improve the transaction process in ways that benefit all of the transaction parties and the country as a whole.

We save consumers $10 billion annually in interest costs through timely closings, putting those dollars to work in the hands of the American homeowner.
By expediting the closing process, we save consumers and the real estate industry $1 billion a day
We provide educational materials concerning the real estate process that empower consumers and help improve their transaction experience
We help collect $1.75 billion in delinquent federal taxes annually, lessening the tax burden for everyone
We help collect $325 million in past due child support annually, enabling children to be properly cared for

We’d like to help you learn even more about title insurance, the industry and the real estate transaction process. Please don’t hesitate to contact us for more information.

Making business decisions that advance our planet towards a sustainable future.

mandy@anconatitle.com (Mike Elwell) — Wed, 29 May 2019 17:51:50 GMT

Ancona Title & Escrow is thrilled to join the growing ranks of businesses determined to drive the progress of a clean energy economy.

Spring 2019 brings an exciting transformation to Ancona’s operations and its role in the community.

We are launching a series of CLEAN ENERGY INITIATIVES that will reduce our company’s impact on the climate and further differentiate Ancona as the title company with a new and fresh approach.

Buying, selling, and owning a home affects energy and the environment in countless subtle ways. Our goal is to find areas in the real estate process that we can influence for the better of the environment. We want to make business decisions that advance our planet towards a sustainable future.

That’s why we are taking a close look at our operations and reducing our ecological footprint any way we can.

CHECK OUT WHAT WE'RE UP TO!

Solar Pannels

Solar panel installation was completed in June 2019.

This solar stuff really works! The White Bear office will generate an estimated 70% of its electricity needs from solar energy. Any surplus during sunny days can be sold back to the utility company. The panels are predicted to pay for themselves in 5-7 years.

Heating & Cooling Upgrades

Flashy solar panels are great, but it’s the boring practical stuff that really enhances the benefits of going solar. We’ve invested heavily into improving our heating and cooling systems to get more out of the solar energy we produce.

LED Lighting

We're replacing our old florescent office bulbs with new LED lighting for more efficient energy use and less waste. LED lights are up to 80% more efficient than traditional lighting such as fluorescent and incandescent lights. 95% of the energy in LEDs is converted into light and only 5% is wasted as heat.

Electric company car

We do a lot of driving. Closings, county courthouse runs, interoffice travel and construction site inspections will put the miles on quick. So we’ve decided to add an electric vehicle as a company car. The EV will be charged by an electric vehicle charging station installed at our White Bear Lake location.

Clean Energy Closings

We want to support homebuyers who make energy efficiency part of their new home. Schedule a home energy audit with the Minnesota Home Energy Squad prior to your closing, and Ancona will cover the fee. The Home Energy Squad will visit your new home and perform applicable installations at no extra cost. Here are some of the benefits:

LED lightbulb replacements
Programmable thermostat
Insulation inspection
Water heater and pipe insulation
Air leak detection

Visit our Clean Energy Closings page to find out how to schedule.

Announcing New Estimate Tools & Features Available in our Calculator App!

mandy@anconatitle.com (Mike Elwell) — Wed, 08 May 2019 14:21:20 GMT

Ancona has added 4 new estimate tools to help you save time, while providing even more value to your clients.

Seller Net Sheet - Generate quotes that show sellers how much cash they will net and the minimum offer they can accept

Sell To Net - Allows a seller who knows how much cash they'd like to net from the sale of their home, to calculate the minimum offer they can accept to make that happen.

Seller's Multiple Offers - Show sellers multiple incoming offers, help compare and choose the best one

Sellers Multiple Offer Tool - Allows a seller and their partners to compare several incoming offers and choose the best one in a centralized and secure location, accessible by any device, 24/7.

Monthly Affordability - Allows buyers to see their purchasing power, when monthly budget is a primary factor

Monthly Affordability Tool - allows a buyer to estimate their purchasing power when monthly budget is a primary factor in their decision making.

Rent vs Buy Calculator - Show clients their rent vs buy cost over time

New Rent vs Buy Calculator - Compares the economics of buying vs renting specific property and generates the best option for the consumer.

Forecasting 30 Year Fixed Rates- May 2019

mandy@anconatitle.com (Mike Elwell) — Mon, 06 May 2019 20:26:37 GMT

Utilizing rate forecasting can be extremely helpful when planning for the future of your business.

Now, here is the disclaimer, I am only passing along this information because in my opinion I think it's valuable. This is not an endorsement of the product nor do I sell it.

Again, this is something that I utilize to plan future business around. Hopefully this information can also be helpful for you! Learn more from my Facebook Live Video .

Title Insurance and Refinancing

mandy@anconatitle.com (Mike Elwell) — Mon, 06 May 2019 20:08:25 GMT

Title Insurance Provides Needed Protection When Refinancing Mortgages

Title insurance is essential to protect homeowners and lenders against any problems affecting the title to a home. Whether a consumer is purchasing a new or existing home, or refinancing, title insurance provides an underwriting service to mortgage lenders to ensure the borrower has clear ownership rights to the property, free and clear of any other claims to ownership.

When you refinance you are obtaining a new loan, even if you stay with your original lender. Lenders will usually require a new title search and loan policy to protect their investment in the property. Homeowners don’t need to purchase a new owner’s policy. The one they bought at closing is good for as long as they and their heirs have an interest in the property.

Even if you recently purchased or refinanced your home, there are some problems that could arise with the title. For instance, a homeowner may have incurred a mechanics lien from a contractor who claims he/she has not been paid. Or, a homeowner might have a judgment placed on their house due to unpaid taxes, homeowner dues, or child support for instance. The lender needs reassurance that the title to the property they are financing is clear. Here are some other examples of items that can arise and why title insurance is important when refinancing a home:

Liens against the property that serve as security for the payment of an obligation (e.g., mortgage liens, judgment liens for unpaid court judgments, tax liens, state and local liens for failure to pay real estate taxes or assessments, mechanic’s liens to secure payment for improvements, liens for recovery of child support payments or, as in New York City, for unpaid parking tickets);
Easements that have been created by contract or arisen through use or adverse prescription (e.g., rights of way for utilities, rights acquired by neighbors because of a fence encroachment);
Building or use restrictions contained in a recorded plats, agreements or deeds; and
Rights or claims arising out of bankruptcy.

These rights may affect the use of the property or otherwise encumber the “ownership” rights of a property’s owner. They can be placed on a property at any time, including during the time between when an original purchase mortgage is placed on the property and that mortgage is refinanced.

For an accurate quote of title costs, check out our cost calculator at https://www.anconatitle.com/anconatitle-com-cost-calculator .

Forecasting 30 Year Fixed Rates- February 2019

mandy@anconatitle.com (Mike Elwell) — Fri, 15 Feb 2019 18:16:12 GMT

Utilizing rate forecasting can be extremely helpful when planning for the future of your business.

Today we are taking a look at 30 year fixed rates forecasting.

The rates below are provided by the Financial Forecast Center's website.

I have been watching this site since 2002 and they have been extremely accurate and helpful in the growth and direction of my business.

Now, here is the disclaimer, I am only passing along this information because in my opinion I think it's valuable. This is not an endorsement of the product nor do I sell it.

Again, this is something that I utilize to plan future business around. Hopefully this information can also be helpful for you!

Taking the Variable out of Title

mandy@anconatitle.com (Mike Elwell) — Fri, 15 Feb 2019 15:55:50 GMT

The last thing you need to worry about is having your timelines delayed and not getting to closing table on time.

Today's topic was inspired by a conversation with a customer. As I made my follow up calls to check in with our customers to see how we are doing, a loan officer responded to me saying, "Ancona Title & Escrow takes the variable of title out of my transaction."

I asked her to elaborate more on what she meant by that and she responded with, "I never have to worry about a title commitment holding up my ability to process my loan. When I order title I usually receive it within a day or so. Your company and staff are easily accessible (no voicemail) and the way your company is structured allows me to accomplish the things I need to do in an efficient time frame pertaining to my transaction."

We at Ancona Title & Escrow provide a high level of service, communication, rapid response, and a sense of urgency to meet the required time frames throughout the transaction. We understand the responsibility that our customers have to their transaction and the importance of getting it right.

Here is just a reminder of the services we provide:

No Voice Mail! -During business hours.
A direct connect to our internal closers and staff!
Fast Turn Times on Title Commitments- Quick and efficient- Many times receipt of title commitments same day!
Our team works around your closing schedule! Flexible and convenient.
Our technology.
Average recording times - 1.5 business days
Team oriented
Our unique structure.
Education & training seminars- helping our customers grow and develop their business.

As an industry we are adapting to new changes. The last thing you need to worry about is having your timelines delayed and not getting to closing table on time.

Again, that's why we take the variable of title out of your transaction.

How To Generate Referrals While Creating Your Personal Brand!

mandy@anconatitle.com (Mike Elwell) — Thu, 23 Aug 2018 18:37:36 GMT

Generate referrals without putting yourself in the position to sell.

In my past 18+ years being in the real estate industry, I've used techniques that have helped me to generate referrals without putting myself in the position to sell. We've all been there at some point in our sales career, that place where we are reluctant to make calls to past clients because we've already sold them our product or service.

What's the purpose? What would I say to them? My answer is; "Don't say. Survey!"

Here is the survey that I've used to build solid relationships with my clients, generate referrals, and qualify my database without having to sell a thing (except who I am, what I do, and the value I bring to the referral relationship).

By the way, do you want to Identify your strengths? This survey will assist you an identifying your strengths as well as create your Personal Brand !! (See question 2.) ��

First, when making the call to your past client, the first thing is to engage in conversation, and what better time to do that than during the summer season?!

Second, make the call short and simple. Here's how I begin: "To better understand and grow my business this year, I wanted to reconnect with you and ask you a few questions about the service I provided during our transaction. Would that be okay?" (Feel free to change the dialog as you see fit!)

Here are the 4 questions that I use:

1.) "How did I do for you"?

This is a qualifying question. If they were dissatisfied, find out why, so that you can correct any issues in the future. An unreasonably dissatisfied client should be removed from your database.

2.) "Was there something that I did well or that stood out during the transaction"?

Here you are gathering positive information that you can use in the future promotion of your business. This is also a great way to identify the strengths that you bring to your business. Identifying strengths creates your Personal Brand or your Unique Selling Proposition!

3.) "When you refer me in the future, was there anything that I could have improved upon or done differently during the transaction"?

Here you're gathering information to help with potential issues in the future. There is nothing wrong with a little constructive criticism. It makes you a true professional.

4.) "Would you refer me in the future"?

Here you are finding out if the client would refer you. If yes, then remind them that when the topic of real estate comes up among their family and friends, you would like to be kept top of mind during those discussions. Be grateful for any referrals that your client passes along. Don't be surprised, they may have a referral for you right then and there! It happens.

I challenge you to UTILIZE this survey and make calls throughout the summer season, as well as any time during the year. Customers need a gentle reminder to remember how to refer you and keep you top of mind. Again, for me, it was a great way to connect and generate referrals without having to sell!

Let me know how it goes! I would love to hear your feedback!

Mike Elwell - Ancona Title & Escrow Team Member

What does Title Insurance Protect You From?

mandy@anconatitle.com (Mike Elwell) — Mon, 06 Aug 2018 15:16:30 GMT

A LOT.

There are few things in life more important than protecting your home.
Remember that the best title examination or search cannot protect your equity and home from matters not appearing in the public records.
However, a Stewart policy* can protect you from:

Documents executed under false, revoked or expired powers of attorney
Impersonation of the true land owner
Undisclosed heirs
Improperly recorded legal documents
Prescriptive rights in another not appearing of record and not disclosed by survey
Failure to include necessary parties to certain judicial proceedings
Defective acknowledgements due to improper or expired notarization
Corporate franchise taxes as liens on corporate real estate assets
Gaps in the chain of title
Mistakes and omissions resulting in improper abstracting
Forged deeds, mortgages, wills, releases of mortgages and other instruments
Deeds by minors
Deeds which appear absolute, but which are held to be equitable mortgages
Conveyances by an heir, devisee or survivor of a joint estate who attempts to attain title by ill-gotten means
Inadequate legal descriptions
Conveyances by undisclosed divorced spouses
Duress in execution of wills, deeds and instruments conveying or establishing title Issues involving delivery of conveyancing instruments Deeds and wills by persons lacking legal capacity State inheritance and gift tax liens
Errors in tax records
Demolition and substandard building liens
Administration of estates and probate of wills of missing persons who are presumed deceased
Issues of rightful possession of the land
Issues concerning the rightful conveyances by corporate entities
Deeds and mortgages by foreigners who may lack legal capacity to hold title
Legal capacity of foreign personal representatives and trustees
Issues involving improper marital status
Improper modification of documents
Rights of divorced parties
Conveyances in violation of public policy
Misinterpretation of wills and ancillary instruments
Deeds by persons falsely representing their marital status
Claims by creditors of decedent against property improperly conveyed by heirs and devisees
Issues concerning unlawful takings by eminent domain or condemnation
Special tax assessments
Real estate homestead exceptions
Forfeitures of real property due to criminal acts
Issues concerning adoption of children
Conveyances and proceedings affecting rights of military personnel protected by the Soldiers’ and Sailors’ Civil Relief Act
Issues concerning interests noted in financial statements led under Uniform Commercial Code
Interests arising by deeds of fictitious parties
Adverse possession
Lack of jurisdiction or competency of persons in judicial proceedings
Community property issues
Utility easements
False affidavits of death or heirship
Intestate estates
Probate matters
Federal estate and gift tax liens

* Subject to certain terms, conditions and limitations set forth in the policy.

What is Title Insurance?

mandy@anconatitle.com (Mike Elwell) — Thu, 26 Jul 2018 18:22:31 GMT

What is Title Insurance?

So, you’re buying a house. It’s an exciting time. It can also be a bit confusing. Things feel like they’re happening pretty fast and, often, some important things can go unexplained – like title insurance. Many people don’t understand exactly what title insurance is or what it does, even a lot of people who already have it. We would like to remedy that. So here is some basic information for you on title insurance.

What is title?
Simply stated, the title to a piece of property is the evidence that the owner is in lawful possession of that property.

What is title insurance?
Title insurance protects real estate owners and lenders against property loss or damage they might experience because of liens, encumbrances or the defects in the title to the property. Each title insurance policy is subject to specific terms, conditions and exclusions.

How does title insurance differ from other insurance?
Insurance such as car, life, health, etc., protects against potential future events and is paid for with monthly or annual premiums. A title policy insures against events that occurred in the past of the real property and the people who owned it, for a one-time premium paid at the close of the escrow.

What does it cover?
Title insurance protects against claims from defects. Examples of defects are another person claiming an ownership interest, improperly recorded documents, fraud, forgery, liens, encroachments, easements and other items that are specified in the actual policy.

Who needs it?
Purchasers and lenders need title insurance in order to be insured against various possible title defects.
The buyer, seller, and lender all benefit from the issuance of title insurance.

How is a title policy created?
After the escrow officer or lender opens the title order, your title company begins a title search.
A Preliminary Report is issued to the customer for review and approval. All closing documents are recorded upon escrow’s instruction.
When recording has been confirmed, demands are paid, funds are disbursed, and the actual title policy is created.

What is escrow?
Escrow refers to the process in which the funds of a transaction (such as the sale of a house) are held by a third party, often the title company
or an attorney in the case of real estate, pending the fulfillment of the transaction.

What are the policy types?
A standard policy insures the new owner/home buyer, and a lender’s policy insures the priority of the lender’s security interest.

Generate a Referral by Categorizing Your Database!

mandy@anconatitle.com (Mike Elwell) — Tue, 10 Jul 2018 19:38:43 GMT

Your database is the foundation of your business.

It is your source of steady referrals when active and structured properly. In sales, it is common for people to fish, catch, close, and release the current client back to the pond for another realtor or loan officer to work with in the future. This will result in transnational business. Opportunities to build relationships with the people that are within a database are often missed because of this. One key component to generate multiple referrals is Qualifying and Categorizing your database.

A database can be overwhelming and hard to manage but if you take a step back and chunk it down, it can lead to an efficient and manageable database which will result in a steady stream of referrals. We all have a database filled with contacts, but with qualification and categorizing we can turn our database into a referral based business. We need to move the clients through the sales process. This will give you an opportunity to structure your lead generation activities on a daily basis. Here I define category stages that you can customize within your Customer Relationship Management system.

To learn more about managing your database, check out my seminar "Turning Your Database Into Diamonds”.

Contacts - This is your general database. All people you come in contact with will be listed as a contact . The goal is to move them through the stages of qualification.

Leads & Referrals - This is the first stage of qualification. A lead or referral is someone that you had a conversation with about real estate or financing. This is the initial process. They may be looking for a home or a mortgage but they need to gather more information to start the process. Also, a lead or referral can be someone that is a referral source only. They to need to be qualified and moved through the stages as well.

Opportunities - An opportunity is someone that has decided to move forward with the buying or financing process. In this stage, it is important that you coach them into referring you in the future. This is the stage where they get to know who you are, what you do, and the value you can bring to the transaction as well as the relationship. Opportunities can be defined based on your business. An opportunity could also be someone who has referred you to their family and friends.

Won Opportunities - A won opportunity is a client that you have closed and done business with. You won the transaction. More importantly, a won opportunity could be someone that has referred you multiple times without doing a transaction with you. For example, a realtor, loan officer, business to business etc. This is the Quality over Quantity Principal. These are advocates of your business and will refer you in the future.

Again, your database is the foundation of your business. Take some time this Fall to reorganize and energize your database. By doing so, you should be able to generate referrals for your business as well as have a functional and efficient database for 2018.

For more information about how to maximize your database, join us for our next “Turning Your Database Into Diamonds” Heat, Pressure & Time. Check out our events page for future dates and times.