Throughout 2011, Mr. Brown worked closely with Bay National’s CEO Evan Grimm. They focused on developing every aspect of Bay National’s Origination platform to best meet the needs of today’s top national and regional originators. “While listening to and collaborating with our clients, we set out to develop a process with the right balance of technology and people, integrate it with the best title and closing products, and then combine it with our comprehensive national coverage,” Mr. Grimm states. “What we have achieved is the ability to customize a workflow for each individual client that is tailored specifically to their needs and core values. In this way we have accomplished our stated goal of making every client feel like our only client, thus becoming an indispensible partner rather than merely a vendor.”

In addition to making an invaluable contribution to the development of Bay National’s origination platform, Mr. Brown has demonstrated a proven track record of excellence, including successful turns at several firms in the financial services sector. “I spent ten years in the mortgage industry in every position from processor to underwriter, account executive to regional sales manager,” he states. “At Bay National, I am passionate about providing our partners a title and closing experience they didn’t even realize they could have—fast, accurate title combined with perfect communication and phenomenal customer service.”

Mr. Brown has quickly established himself as a strong asset for Bay National. Mr. Grimm states, “I love having someone with an extensive background in National Mortgage Services at the helm of the Origination Services Department; Jason truly understands the needs and challenges of our clients because he spent most of his career doing exactly what they do. Furthermore, he is a truly talented leader who understands both operations and business development.”

Prior to joining Bay National, Jason Brown acted as director of sales at an expanding land banking firm, a regional sales manager at a major mortgage firm, and a partner at a private investment firm.

After conducting considerable market research, Bay National Title spent the past year investing heavily in technology, staff, market expansion, and process refinements focused exclusively on meeting the needs of today’s top national and regional residential originators. CEO Evan Grimm explains, “Our vision was to build a platform that gives the nation’s top originators the service, products, market coverage, and tools they need to be competitive, compliant, and successful. Furthermore, we wanted to become truly indispensible to our partners by making our platform customizable and scalable to each of their operations. We hoped to accomplish all this while ensuring a world class closing experience for the borrower.”

The National Origination Services Division is led by Sr. Vice President Jason Brown, who states, “We are extremely proud of this platform; our clients from the mortgage lending industry have been giving us incredible feedback. Its cornerstone is the responsiveness of our customer service team, which is made up of highly experienced title agents. These representatives immediately respond to our clients and assist them with any matter related to their closing. In addition, our flat national pricing, 24/7 web access to all files, proactive pipeline management, national coverage, and customized work flows have all been getting rave reviews. We frequently hear comments about how easy we make it to do business with us, or how easy we make doing high volume national closings.”

Bay National Title Company is also announcing the rollout of partnership agreements with Mortgage Coach, TrainingPro, FedEx, ClosingCorp, and other partners. Mr. Brown continues, “By working with these quality vendors, we can further enhance the Bay National Experience by giving our clients access to continuing education, professional sales development, property and valuation information, instant online GFE quotes, and discounted courier services. We really listen to and look out for our clients and try to establish long term partnerships that are dedicated to mutual success.”

Homes for Our Troops is a nonprofit organization that works with the Veterans Administration to build handicap-accessible homes at no cost for severely injured veterans. This charity held a Key Ceremony for SSG Juan Roldan and his family on December 10th, 2011. SSG Roldan, who was injured serving his country in Iraq, can now live in a home that was custom-made to address his physical disabilities and increase his mobility.

Bay National Title supported SSG Roldan’s campaign by making contributions and matching clients’ donations to Homes for Our Troops. Bay National Title President Evan Grimm, who was present at the Key Ceremony, states, “We are excited about this success and proud to have contributed to creating a handicap-accessible house for Juan Roldan. We wish him and his family all the best in their new home. Bay National is inspired by the sacrifices our soldiers make and is committed to lending them a helping hand whenever possible. It was truly an honor to be a part of this project.”

Mr. Grimm adds, “We would like to extend thanks to all our clients, who by doing business with us helped support this cause.’

Bay National’s philanthropic efforts are not limited to Homes for Our Troops. Bay National Title Company also supports Moving Hearts, an organization that works to raise awareness about the organ donation process and increase participation therein.

I think this metaphor is perfectly appropriate (and not just because the subprime mortgage crisis nearly drowned our economy!) Seriously, reading news about foreclosures is something like wading through a lazy river. For example, data aggregator RealtyTrac recently reported that foreclosure rates across the nation have been dropping. But you won’t find the cause of this drop in today’s news—economic trends surface months late in the foreclosure industry. You see them coming slowly from a mile away, and they are unavoidable.

Why so sluggish? Well, there are two main causes.

For one thing, a homeowner doesn’t default the very moment that economic trouble starts to brew. If a company begins seeing decreasing profits in January, they might not lay off Joe Homeowner until May. Then, Joe Homeowner might not default on his mortgage until September. This delay contributes to the foreclosure “lag.”

Secondly, foreclosures take time to process. A lot of time. On average more than a year and a half after the original default, according to a recent report put out by Lender Processing Services. Here’s why: mortgage debts are often sold to third party trusts and traded on the market. Before a foreclosure can be authorized, lenders must submit an affidavit that testifies that the chain of the debt’s ownership has been accounted for and the homeowner has in fact defaulted. There has to be some accountability, right? We’re dealing with people’s houses here!

So, keeping these factors in mind, what explains the recent drop in the foreclosure rate?

After the subprime mortgage crisis late last decade, when homeowners began defaulting on mortgages in droves, banks suddenly had a huge amount of foreclosures to process—heaps and heaps of paperwork for attorneys to go over. However, many of these attorneys cut corners to expedite the process. Foreclosures were processed improperly, with incidences of falsified documents and signatures.

This practice was revealed in late 2010 to enormous public outcry. Now not only must each foreclosure be scrutinized in a time-intensive verification process, but lenders must also look backward, retroactively finding supporting documents for past foreclosures. The mess won’t sort itself out, right? Many states have also started requiring that judges review foreclosures before they are processed—an extra step.

So rather than indicating that fewer homeowners are defaulting, the drop in foreclosures is the result of an administrative bottleneck. But you know what? That’s a good thing. It’s good that this mess is being sorted out so we can move forward again. It’s good that the industry is taking accountability seriously, and taking the time to do the job right. We are still wading through the foreclosure pipeline: just a bit more slowly now, and a lot more carefully.

It is vitally important that every participant in the closing process, from lender to title agent to buyers and investors, understand these unique challenges. It is also necessary to understand the best industry practices for ensuring that the title is executed properly. This helps all parties avoid the hassle and expense of title insurance claims later on.

Particularly if you are investing in a distressed property, you need to understand how title insurance works. In a traditional real estate transaction, there are two main parties involved: the buyer and the seller. The buyer and seller negotiate a price and contract terms for the sale of the property. Unless he or she is paying in cash, the buyer is responsible for obtaining title insurance to protect the bank that lends the money for their loan.

This becomes more complicated when a distressed property is being sold. In a short sale transaction, a new party enters the picture: the mortgage lender (usually a bank.) In this instance, after the buyer and seller have negotiated a contract, the mortgage lender must approve it before it goes through.

In the case of a foreclosure, bank-owned or real estate-owned (REO) transaction, this becomes yet more complicated. In this case, the two major parties are the homebuyer and the mortgage bank, which is the seller in this case because they own the property.

In this case, the homebuyer submits a normal “as is” real estate purchase contract to the listing agent, who usually represents the bank. Then the listing agent submits the terms to the bank, which will typically come back with a “counter offer” intended to give the bank the upper hand during the closing process.

In the case of all of these types of real estate transactions, a title company or title agent will oversee all closing details. They will serve as a communicator and facilitator between the homebuyer, the seller or bank, and the mortgage lender (assuming the buyer is seeking a mortgage.) They may also act as a liaison with the condo or homeowner’s association, surveyors, pest control companies, and various other service providers. Title agencies also frequently hold and manage escrow money for the parties, as well as researching the status of real estate taxes, utility bills and association fees.

In most instances the most important duty of the title agency is to research the ownership history of the property. This includes looking into association fees, utility bills, real estate taxes and the “chain of title.” The chain of title lists previous owners of the property and any liens, complications, encumbrances or claims that might be levied against the property. Once these issues have been solved, the title agent issues title insurance and gives the document demonstrating evidence of ownership (called the “title”) to the new owner of the property.

Essentially, there are two ways to convey title. Titles can either be marketable or insurable.

A marketable title is a traditional title, issued to the buyer after the title agent has solved all outstanding liens, issues or encumbrances against the property.

An insurable title, on the other hand, is issued when there is a possibility of complicating issues with the property title. These issues may include unreleased liens, deed related matters, unpaid fees or any number of problems. In this case, the title company will assess risk and decide whether to assume that risk. In some cases, this may result in diminished coverage for the title holder (buyer.) In the case of foreclosure and REO real estate transactions, unless a buyer wants to pay for title costs and insurance, they will normally receive an “insurable” title.

This may sometimes lead to complications later on if buyers decide to refinance or sell their property. In most cases, any title defects left on the property will need to be cured before a new real estate transaction or refinance can be closed.

Bay National Title is an expert in REO and foreclosure transactions. We pride ourselves on thorough title searches and effective insurance for all involved parties. Additionally, our experienced staff can walk you through this process, explaining all of the details, whether you are a buyer, seller, lender, investor or any other stakeholder in the real estate transaction.

To learn more about Bay National’s REO and foreclosure-specific offerings, give us a call at 727-449-8733.

We realize that it is important to our clients to have a title insurance agency with the flexibility to write title insurance across the nation. For this reason, we seek to expand our footprint as much as possible through both licensing and work-shares. Currently, we are able to write title insurance in over forty states, and we are in the process of expanding even further.

We want you to be able to think of Bay Title as a “one-stop shop” for all of your title insurance and settlement services needs, and that is why we have embarked on this project. It is also why we seek to go above and beyond for our clients every single day. We reward our employees for providing exceptional service, and we always make sure to take care of our current clients, since they are the most valuable asset we have.

Our national licensing project will launch Bay Title forward into an exciting and productive future, increasing our reputation as a world-class title insurance agency that truly cares about its clients. We hope that you will consider opening orders with us in new states, and that you will think of us the next time you have a need for title insurance and customized closing services.

If you have any questions, don’t hesitate to contact us either via email at info@baytitlecompany.com or by calling us at 727-449-8733 or toll-free at 877-580-2623. As always, we look forward to hearing from you.

SSG Juan Roldan suffers from two above-the-knee leg amputations, a spinal cord injury and traumatic brain injury. SSG Roldan, who also experienced life-threatening blood loss after an EFP explosion in Iraq, says he owes his life to the quick-thinking crew members who saved him. Airlifted to a local hospital and then to Landstuhl, Germany, SSG Roldan required stabilization before being sent to Walter Reed Army Medical Center where he awoke from a coma after more than two weeks. SSG Roldan worked for over three months to learn to speak again. More than three years after his injuries, SSG Roldan continues to receive treatment at WRAMC today.

SSG Roldan enjoys spending time with his family, especially his daughter, Bryana. He also enjoys skiing, playing basketball and lifting weights. His goal is to be able to walk again, and to be able to do all of the things that he enjoys and at one point believed he might never be able to do again. He also hopes to attend school and would like to work to help people who need assistance in the future.

Our goal is to raise $50,000.00 toward building SSG Juan Roldan a handicap-accessible home through HFOT.

You help just by doing business with us. Bay National Title will donate 3% of all sales until this goal is met.

In addition, if you would like to make a donation to this worthy project, we will match it. You can do so here. After you have donated, please email your receipt to info@baytitlecompany.com.

Below you will find a video about SSG Juan Roldan, for whom Bay National Title is currently working to build a home:

Homes for Our Troops is a nonprofit, nonpartisan 501(c)(3) organization that was founded in 2004 with the mission of building homes for severely disabled veterans. They raise donations of money, materials and labor and work with the Veterans Administration to provide homes free of cost to men and women who have served our country. Their mission is to build homes that provide disabled troops with the maximum possible amount of mobility and independence. Charity Navigator has awarded them the highest rating of four stars, and the American Institute of Philanthropy ranks Homes for Our Troops among the best charities in the nation serving troops and veterans.

The management team of Criterion has been retained by Bay National, and their combined national expertise will be a great asset to the agency. Craig Simpson joins Bay National as the National Sales Manager, after holding the same title at Criterion. His extensive experience as a national marketing and sales professional in the title insurance industry will enable him to aid Bay National’s U.S. expansion while continuing to offer impeccable client service. Bay National welcomes Mr. Simpson.

Jeremy Solomon joins the Bay National team as Business Process Director and Vendor Manager. Mr. Solomon has specialized in business process development at a range of national title companies, culminating in his position as President of Criterion. Mr. Solomon brings to the table his expertise in national settlement services, software implementation, process mapping and vendor management on the national scale. Bay National welcomes Mr. Solomon.

“We are very excited about this merger,” said Bay National CEO Evan Grimm. “The Criterion team adds significant skills and national experience to the Bay National team, allowing us to rapidly expand our services to meet the needs of our clients.” Mr. Grimm also noted, “In addition to this merger, Bay National’s recent licensing campaign means we can offer our clients a one-stop shop for all of their title insurance and settlement services needs nationwide. We look forward to maintaining and expanding our reputation for excellent client services.”

Bay National offers national title insurance and settlement services to clients throughout the real estate services industry, including REO and default professionals, national lenders and real estate agents, among many others.

We at Bay Title strongly believe in the importance of offering our clients the utmost in service, whether that means quick turn-around on a title order or providing them with a website that facilitates their needs. Our online order form will allow you to open orders with us without even picking up the phone or writing an email, and our links to Res.Net and Equator will make filing REO and default title orders with us a breeze.

We have also included information on the two philanthropic organizations that Bay Title currently supports, Homes for Our Troops and Moving Hearts. Both pages contain information about our involvement with those groups, as well as videos that explain their mission and put a human face on these very worthy causes. We strongly encourage you to visit these pages, explore the organizations’ sites and to consider donating. Bay Title will match all contributions.

Thank you so much for visiting our new site. We hope that you will find it useful, and urge you to check back often for updates. In the meantime, you might find some of the following pages of interest:

Our philanthropic activities:

Homes for Our Troops
Moving Hearts

Title Tools:

Fast Order Form
Title Premium Calculator
Title Insurance FAQs

About Bay Title:

What Makes Us Different
Nico The Title Dog

If you have any questions or comments, please send them to info@baytitlecompany.com or leave a note in the comments section of this post.