SETCO Services, L.L.C.- In a real estate transaction, the closing is the final step in which the purchase and financing documents are signed the title is transferred, title insurance policies are exchanged and the agreed-on costs are paid. The parties will often gather at the office of the closing agent as a near-end step toward finalizing the purchase of the new home or consummating a refinance – the closing. At the closing, your closing professional will enter the conference room with a sizable file full of documents for signing. As you laboriously go through and sign each document, you can only wonder how many times the lumberjack had to yell, “Timber!,” in order to create enough paper to conduct a single closing.
To give you some perspective, when you consider all of the components of one closing transaction you will most likely consume upwards of 250 sheets of paper. For instance, there were 283 real estate closings inWaltonCountyduring the month of March according to Metro Marketing Trends. At an average of 250 pieces of paper per closing, approximately 70,750 pieces of paper were used by title companies alone to finalize purchases, excluding refinance transactions, for one month in one county. When you multiply that figure across the state, let alone the country, it becomes as incomprehensible as the national debt.
As an avid outdoorsman, I am conscious of the impact each of us can have on our natural resources and I take that responsibility very seriously both personally and professionally. For this reason, we have increased our efforts as a company to continually reduce consumption, not only cutting costs but establishing green initiatives.
SETCO went green long before “going green” was in vogue. As early as 2003, our company elected to make a substantial investment in state-of-the-art technology in the move towards making the “paperless office” a reality.
After exhaustive research, SETCO adopted a set of policies and practices intended to move the company forward in an ever-changing era of advancing technology. The first step in the implementation of that strategy was the acquisition of our “paperless closer” program. This program allows borrowers, purchasers, brokers and mortgage lenders to order title and closing services, access up-to-date status, communicate with each participant in the transaction, submit documents, assign and update status and task all with a 24/7 portal into the closing transaction.
After some period of internal adaptation and external education, the system quickly opened other technology opportunities. The State of Florida’s approval of electronic recordation and signatures lead to SETCO’s selection as a BETA site for testing this new technology in several Florida counties. We now know that due to our technological advances our company has ultimately eliminated the need for copies, or original documents, as they are no longer required.
More recently, we have recognized document archiving as the next necessary step towards a completely paperless transaction, and one that is a great advantage for our customers. To accomplish this we have begun offering our clients the opportunity to forego the traditional but easily misplaced paper copies and discs, and replace them with a simple password into our system which allows for easy, 24/7 access.
Currently, SETCO Services also offers closing and refinance cost calculators as well as a HUD generator on our website.Look for our calculator apps for your iPad, iPhone, blackberry & Andriod.Along with these apps, SETCO is providing clients with a new program called Digital Documents with Forever Marketing. Exclusive to SETCO, this program allows clients to have full access to their closing documents through a CD and web based portal. This program is also beneficial to real estate agents as well, keeping them up to date with their clients real estate related actions.
As a company, we believe that the reduction in the amount of paper used in the course of a transaction contributes to the welfare of our environment. Too many trees have been sacrificed for the sake of our industry already. We are constantly searching for new and innovative ways to reduce our reliance on and consumption of paper which will in turn allow more of our precious resources to survive and flourish. That is what we do at SETCO Services, right down to our logo.
George T. Brannon, Jr. is the Operations Manager for SETCO Services, LLC. Mr. Brannon has been directly involved with the title industry for his entire career since opening his first title agency at the age of 19 while pursuing his undergraduate degree from the University of Mississippi.
SETCO services is a full service title company based in Miramar Beach with offices in Seacrest Beach, Panama City Beach and Perdido Key. Visit www.setcoservices.com or call us at 850-650-6161 to find out what all SETCO has to offer you.
SETCO Services is excited to be a sponsor of the 3rd Annual Destin Real Estate Company, YOLO Board Race Series. The races will take place on May 24, June 14, July 19, and August 9 andare in memory of Ridge Nye. Ridge was a close friend of Destin Real Estate who passed away from Advanced ALS this past April.
All races will be held at the Watercolor Boat House on Western Lake at 5 p.m. Raffle tickets will also be sold at $5 a ticket for a 12-foot Classic YOLO Board with all proceeds going to Ridge’s family to help with his healthcare costs.
Please join SETCO in cheering on these hard working YOLOers!
SETCO Services is excited to see that a survey released by the University of Florida last week shows that there is an improvement in Florida’s real estate market for the first quarter of 2012. 184 real estate analysts and investors responded to the survey. According to survey results, the university’s Commercial Real Estate Sentiment Index reached its highest level since 2007. The survey indicated that the increase stems from an improved job market in the state as well as more individuals renting homes. We hope to see more results that mirror this in the near future!
SETCO wants you to be informed of the Highway 331 Bridge Expansion process. The current proposal of a 4 Lane Highway and Bridge from I-10 to Highway 98 is underway. The project’s completion date will be scheduled for 2017. The Department of Transportation will contribute an additional $102 Million in state and federal contributions while Walton County will contribute $75 million in matched dollars. As well, the DOT will maintain the project upon its completion. For more information on the 331 Bridge Expansion, please visit the Walton Area Chamber of Commerce website. SETCO thanks you for your support as we grow together as a strong community!
SETCO is hopping with excitement this Sring! According to a recent article in DSNews.com, 2012 will bring amend to the housing crisis due to large banks and lending institutions loosening credit conditions. While the required score to attain a mortgage loan is constant at 700, banks are now lending amounts up to 3.5 times borrower earnings. As well, banks are also loosening the loan-to-value ratios (LTV), in contrast to a low of 74 percent reached in mid-2010, banks are now lending at 82 percent LTV. Capital Economics denotes “the clearest sign yet of an improvement in mortgage credit conditions.” See full article. As always, SETCO is ready for you! Hoppy Spring!!
SETCO and The Walton Area Chamber of Commerce support the effort to educate the community and make information available on the details involving the Highway 331 bridge project. The final meeting will be held on February 14th at 4PM in the SRB Courthouse Annex. They are asking for the public’s input prior to making their decision.
The Blue Ribbon Hwy 331 Tax Force is asking the BCC to move forward on a referendum for a sales tax of up to 1% to fund the bridge project as opposed to inducing a toll on the bridge.
Positivity is in the air! SETCO is thrilled to hear that home sales and home building are forecast to rise this year! We know you are wondering if 2012 is really the year…SETCO thinks YES, this is the year! According to Julie Schmit with USA Today, housing prices are still expected to fall, but investors are convinced we are heading for an upturn. In fact, investors are finally starting to bid up home builder stocks causing them to outperform the broader stock market. SETCO is ready to take 2012 by storm!
The “Future” is Now! Markets across the nation are showing signs of movement and improvement. On the lending side, the latest report from the Mortgage Bankers Association shows that mortgage applications were up this last week, this after a slow two week end to 2011, and applications were up 4.5 percent from the week earlier. See full article.
Even More Fraud Cases! Remember Fraud effects All of Us!
SETCO has been recently notified that several title companies around the country have reported a wave of fake checks attempting to be cashed by victims of an international sweepstakes check fraud scheme.
The victims are reportedly receiving letters from fake companies, or from legitimate companies without their knowledge, along with what purports to be a fake title company check.The letters inform the victims that they have won a large sum of money.The victims are given a “claim number” and are instructed to send funds to a tax agent to cover any taxes associated with winning the large sum of money.
Schemes based upon fraudulent checks continue to be a source of potential loss for the real estate title industry.Any check - bank check, cashier’s check, certified check, and teller’s check - can be counterfeited.Watermarks and routing numbers can be forged.
If you receive a questionable check, take the time to confirm the funds with the bank or contact your SETCO title agent. We will be happy to assist you with this matter.
Fraudulent Release of Mortgages and Deed of Trusts
SETCO is on top of all of these fraudulent schemes including the recently released smart phone check fraud scheme. As well, multiple schemes placing fraudulent releases of Mortgages and Deed of Trusts are occurring in many states.The perpetrator’s goal is often to make it appear that a Deed of Trust or Mortgage isalready paid off so they can receive all of the proceeds of a sale or refinance.
Uninsured and un-escrowed Mortgages or Deeds of Trusts are potentially suspicious as almost all legitimate lenders require title insurance.
1.Look at the documents to see if they were recorded by a known title and escrow company.
2.Read the documents.
3.Forgers make mistakes that the actual companies would not.
Examples: Bank of America is referred to as Bank of American
SETCO always double and triple checks every detail of your real estate closing, and SETCO is here to help you see the red flags that will often delay yours closings. Below is a short list of a few examples that SETCO routinely finds that can hold-up or even prevent your closing from happening. Please help us to ensure that, together, we have a 100% close rate.
Fully Executed Contracts As always, contracts should be fully executed prior to SETCO receiving them. It is imperative that the property address is correct on the contract, that the property on the contract is in fact the actual property being sold, and that there are no other portions of the legal description or additional lot information that is to convey with the property. And, that all sellers who hold title to the property are shown on the contract and that each seller signs it.
Contract Addendums If there is an addendum that in any way changes the actual contract, closing date, terms, etc., SETCO needs to be provided that addendum as soon as it is executed.
Trusts If the Buyer is to close in the name of a Trust, the contract needs to show the Trust’s name “exactly” as it appears on the Trust Agreement; otherwise, a contract addendum has to be done to correct it.
Home Warranties When a contract specifically states that the seller will provide the buyer a home warranty, it is up to the buying agent to provide the selling agent the information that is needed for the listing agent to order the home warranty. As a title company, SETCO does not order home warranties under any circumstances.
Invoices If there are repairs done on the property, please provide us with information and invoices in order for us to list them on the HUD.
And, last but certainly not least…
Surveys Asking the sellers if they have a prior survey that has not been altered prior to closing will absolutely speed up your closing process.
These are just a few examples of little ways that we can all work together to ensure a smooth real estate closing for the buyers and sellers. SETCO sincerely appreciates your business, and as always, we are here for you!
