October 13, 2016
The 2016?s purchase market?s robust first half cooled somewhat in the third quarter. While still strong, the year over year comparison to 2015 is flat. Sales marked as non-primary residence were up a bit ? primarily in the $125K to $200K price range. (page 15) Sales designated as primary residences were slightly down ? primarily in the $50K to $125K range.
Conforming mortgage numbers for the quarter were better than last year. Based upon our current order mix, I attribute that to a modest increase in refinance business. (pages 9 & 10)
With no significant regulatory changes from the CFPB (Constitutionally Flawed Protection Bureau) on the horizon, the fourth quarter outlook is considerably better than last year. Especially from a maintaining sanity perspective.
Last month at John Bethell Title, our team continued to provide a great experience.
We helped over 409 people to buy, sell or refinance their property
- We averaged 3.2 days to issue a Monroe County title insurance commitment and 84% were issued within 4 days.
- We issued seller side closing statements 2 or more days prior to closing over 90% of the time.
Thank you for your continued confidence in us. We greatly appreciate the opportunity to be part of meaningful moments in our customer?s lives.
~ John Bethell
September 8, 2016
Our team is especially proud of the work they do ? both the quality and the quantity of it.? We count and track a number of activities and tasks so that we know how we?re doing at providing a great experience to you and your clients.
During the month of August the team at John Bethell Title:
- Helped at least 431 people and corporations buy, sell or refinance their properties.
- Averaged 3.48 days to issue a commitment on Monroe County property with 87% of those commitments produced within four days.
- Delivered seller side closing statements 3 or more days prior to closing 64% of the time and 88% in 2 or more days prior to closing.
These three measurements give us good insight into how we?re doing. Helping people complete real estate transactions and create a great experience doing so is why we?re here. When we relate our role to the number of people we help, we can appreciate the important relationships that we create along the way.
How long it takes us to issue a preliminary title insurance commitment after we receive the order is a fundamental metric. The sooner we can do that, the more time everyone involved has to meet the requirements necessary to complete the transaction. And since a title commitment is usually necessary to get loan approval, it contributes to accelerating that process as well.
A number of activities must be completed in order to produce seller side closing statements two or three days prior to closing. Authorizations and payoffs must be obtained. Title requirements must be cleared. Purchase agreements are reviewed, interpreted and clarified. There are literally dozens of details and tasks to finish.
We?ll be sharing our key metrics with you each month, good or bad. We think that you should know. And we think it will make us more accountable to providing a great experience for you and your clients.
~ John Bethell
Here is the July 2016 Mortgage Market Report.? We hope you are having a great summer.
~ John Bethell
July 26, 2016
The Monroe County purchase market in the second quarter turned in its best performance in ten years! Measured either by recorded deeds (+22%) or sales disclosures over $50K (+15%), the great recession seems completely behind us.
An interesting observation is that the mortgage volume (chart page 7) is essentially flat while the deed/transfer volume (chart page 12) has increased. I suspect that this is a result of the decline of refinancing this year compared to last.
I will add though that the number of cash deals we process continues to surprise me. The New York Times this week published a story suggesting that with resale inventory so low, buyers that can afford to pay cash now and plan to refinance later, have an advantage in the market. I wonder if any of that is occurring in Bloomington?
We appreciate your continued confidence in us during this busy time. Our front stage closing and customer service teams are working lots of overtime and meeting everyone?s time frames for ?consummation.? Our back stage title department is also rocking it! They?ve averaged three to four day turnaround time through most of the summer.
Let us know how we can help you!
~ John Bethell
Pre-employment Background Screening
More help for our clients
I am pleased to announce the formation of JB Screening Partners, Inc. which provides pre-employment background screening services to businesses and non-profit organizations. We all do a pretty good job of finding and selecting good talent for our organizations. In today?s litigious and regulatory environment however we must exercise a measure of due diligence to ensure that the team members, independent contractors and volunteers whom we recruit are accurately representing themselves. When those team members will have access to private personal information of our clients, their personal assets held by us in a fiduciary capacity or are routinely in unsupervised situations with them, we must be even more thorough in our examination. That?s where JB Screening Partners, Inc. can help increase your confidence in your hiring decision.
JB Screening Partners, Inc. offers all levels of local, state and national criminal background information, employment and education verifications. The quality, depth and timeliness of background checks vary widely. There?s no standard product or method of maintaining and searching criminal indexes and data bases. To know exactly what is appropriate for an organization requires analysis of the organization?s risk profile. JB Screening Partners, Inc. is able to coach its clients through an assessment and then make recommendations based upon factors unique to that client.
If you?d like more information about how we might help your organization please let us know.
~ John Bethell