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Conestoga Title Insurance Co.

WAGONLODE

A Land Title Update

2013, Vol. I, No. 2

Welcome to the Second Issue

The staff at Conestoga Title Insurance Co. invites you to enjoy this second issue of the renewednewsletter, The WagonLode. In this edition you will find current news from the industry; articles on limitations on enforcement of mortgages, transfer on death deeds, and networking; pointers on bonds and underwriting from the Agency Department; another Underwriting as Told in the Classics entry; and other features including a word from Conestoga’s President and an employee spotlight. This issue is larger than the last. Without further ado, then, let us get to new developments in the title industry.

Table of Contents

Industry News p. 2 President’s Message p. 3Marketing – Networks p. 4Mortgage Enforcement p. 6Agency – Bonds & E&O p. 7Claims Department p. 8ALTA Best Practices p.10Audit Department p.11Transfer on Death Deed p.12Underwriting in the

Classics p.13Employee Spotlight p.16Corporate Data p.16

Conestoga Title Insurance Co. WagonLode Vol. I, No. 2

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Circling the Wagons:Industry News

CFPB

There will be a new CFPB Rule combining RESPA and TILA. Amendments to the proposed Rule were posted in May 2013. More than 50 comments were received all comments can be searched at http://www.regulations.gov/#!docketBrowser;rpp=25;po=0;dct=PS%252BPS;D=CFPB-2013-0010), most coming from the financial services industry. The American Land Title Association did not comment, which probably reflects the idea that the Amendment had little impact on the title industry, certainly not like the original Rule. Although they may still be amended, it appears that the Final Rule will contain regulations for consolidated preliminary and final disclosure forms, floor/ceiling limitations on fees included in finance charges based upon affiliated business tests, and some level of liability of mortgage companies/servicers for service providers (with the latter leading lenders to adopt some type of ‘vetting’). The CFPB has not announced when it will publish the Final Rule, but, it will probably be released this fall with an early 2014 effective date.

Indiana

On June 7, 2013, the Indiana Department of Insurance published Bulletin 199, which sets out timelines for implementation of newly adopted SEA 370. This law authorizes title insurers to form a rating bureau, requires ‘file and use’ title insurance policies and rates (which become ‘file and approve’ July 1, 2014), and requires Closing Protection Letters to be issued to all parties in residential transactions, but only to parties who request them in non-residential transactions. The law also requires a charge to be made to each party receiving the benefit of a Closing Protection Letter. Conestoga Title is in the process of filing all of the requisite forms and rates. Upon finalization, we will send all Indiana agents a memorandum with additional details and instruction.

Maryland

The Maryland Commissioner of Financial Regulation (Dept. of Labor, Licensing and Regulation) entered into a Settlement Agreement and Consent Order with ATC Financial, LLC on June 5, 2013 that essentially lifts the cease and desist order against the distressed consumer assistance company. ATC was active primarily in the short sale marketplace. The agency called into question some of its practices including collecting fees in advance of services and using questionable marketing practices. If you were closing a transaction with ATC involved, you should have been in touch with attorney J. Steven Lovejoy, Shumaker Williams, P.C., in Towson. While ATC has the duty to provide certain disclosures to sellers participating in short sales, you might confirm the disclosures were made (and are made in the future), and also confirm the contract was ‘registered’ with Mr. Lovejoy. A copy of the Order can be obtained at http://dllr.maryland.gov/finance/consumers/pdf/atcsettleagree.pdf.

Virginia

Beginning July 1st, sellers will pay another $ 1.50 per thousand dollars of sales price when the deed of conveyance is recorded. Technically it is not an extension of the grantor’s tax, but a temporary fee only (the regional congestion relief fee), with the raised sums targeted for transportation projects. The legislation (HB 2313) affects only Northern Virginia and Hampton Roads cities and counties. The 42 page bill is loaded with other revenue generators, but this provision will impact the real estate industry the most.


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From the President’s DeskJohn M. Nikolaus, ALTP

According to the National Association of Realtors, a multiyear housing recovery is likely. Steady job creation and pent-up demand in the housing market are two key elements to continued growth. Home prices are generally increasing. Higher home prices will unlock a large number of households with negative or low equity and incentivize them to enter the market. According to Zillow.com, the 30 year fixed rate mortgage averaged 3.92 percent nationally as of June 11, 2013. These historically low mortgage interest rates will continue to attract both sale and refinance activity. The first five months of 2013 are certainly an indication of a recovering real estate market. As a reflection of increased market activity, Conestoga Title Insurance Co. has experienced an increase in business volume during this period. Thank you, our agents and approved attorneys, for your business and your dedication to providing consumers with quality title insurance and closing services.

The conservative expansion of our agency and approved attorney network is an important element in our plan for growth. We are seeking seasoned title professionals who are known for their title knowledge and professionalism. We ask for your assistance with the growth of our network. Please feel free to pass on my personal contact information to agents or attorneys in your local market area whom you

respect and who may be a good fit with our company.

Conestoga Title is focused on providing quality underwriting and agency services to our network of agents and approved attorneys. Unlike many title underwriters, we do not compete for your business. Instead, Conestoga is fully devoted to providing the tools and services to assist you in attracting and maintaining valuable customer relationships. Direct access to key decision makers is the norm, not the exception. We pride ourselves in providing prompt and reliable service without the need to navigate through a hierarchy of management layers before you receive the ultimate answer or direction needed to proceed with any specific real estate transaction. Please refer to the employee list and contact information contained later in this newsletter. As always, feel free to contact me at [email protected] or (800) 272-3570 with questions or concerns. We value our relationship with you and look forward to an exciting and prosperous time as we enter the summer market.


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Marketing MinuteNetworking

Douglas Riggin, Sales Manager

When you say “networking” today, many people immediately think of computers. What we can’t forget about is the networking we all need to do to find new sources of business. Some think it’s difficult. Others think they’re doing it, but they’re really using the wrong method. With the correct methods, it’s actually simple and effective

Networking is a very structured way to meet new people who may have a need for your services. The most basic premise of networking is talking to people. If you practice the following skills, you’ll find yourself amazed at the results. Look at it this way. We all know people who have outstanding opportunities because they know people in the right places. Well, all of us sure don’t have relatives waiting to give us business; but what we can do is network our way into meeting the correct people and forge relationships. Then, we’re the people with the inside track.

The simplest place to start is with people you already know. Talk to a friend, and ask if they would be willing to give you the names and phone numbers of three people who may be interested in your services. The next goal is to get into those three persons’ offices. It’s not always easy getting in, but if you use the right technique, your odds of getting their time is greatly increased.

How do you contact these people? It’s easier when you have a plan. Prepare and practice a phone script to introduce yourself. Practice this phone script until it sounds natural. Practice with friends. As a rule, you don’t want to ask your contact for something tangible on the first call. If you do, you lose your edge. Think about how you’ve reacted to sales pitches you’ve received. For example, if you sell copiers and you approach someone in an elevator by saying, “Hi. I sell copiers; would you like to buy one?” You’ve now made three mistakes. First, you didn’t get that person to know you, to like you, or to respect you. You didn’t have a referral to that person from an associate which may have changed your chances, and you asked that person a closed ended question. When you ask someone for something tangible (like buying a copier) in a closed ended format, they feel threatened. When you are making contacts with networking referrals, ask them for “help.” That may sound odd. But, how often do people refuse a request for “help” when their friend requested you call them?


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A standard phone script may go something like this: “Good morning Mr. Johnson. My name is _____. I’m with ________. I was referred to you by ___________, and he/she said you may be able to help me. What I would like to do is stop in your office for 15 minutes, introduce myself, and see if you can refer me to other people who may be interested in my services.” Also, tell this person that their experience and contact base in the industry is much greater than yours, so that’s why you are interested in talking to them. Yes, your first few calls will be difficult for you to make, but hang in there.

When you make the appointment, remember your first goal is to get them to know you, like you, and to respect you. Your second goal is to leave the meeting with the names and phone numbers for three other people. Be sure to get permission from your new contact to use their name in a referral. Pretty soon, your contact list will grow like wildfire.

How does this help you get business? When you’re networking, you’re introducing your services and telling them about your company. Normally, the people you’re talking with are decision makers in their organization. As they get to know, like and respect you, their wheels start turning. You will be surprised how often they say, “Hey. I can use your services here myself”. At that point, your networking meeting has just turned into a prospecting meeting.

Another tip is to schedule meetings at fifteen minutes before the top of the hour. In any busy office, there are meetings, conference calls, and other items booked on the hour. So, if you ask for an appointment at 3:00PM, there’s a good possibility that there is

already a meeting booked at that time. However, if you ask for 15 minutes of their time at 3:45pm, there is a strong likelihood that their 3:00pm meeting will be finished and they will have time to fit you in before their 4:00pm meeting begins.

Another question to ask is, “What are the three biggest problems you currently have in your organization?” That generates a wide variety of responses, which can often turn into an opportunity for you. If you or your organization can solve one or more of their problems, your networking meeting just changed to a prospecting meeting!

An additional bonus to networking is that as you network, you increase your net worth. As you’re talking to people, you learn from them. You get their ideas on the business and where it might be headed. You then start to become a source for valuable information. That’s when you can really become a resource for people, which will steer them toward using your services.

After the meeting, always send a thank you note. Whether it is handwritten or typed is up to you just be sure it gets put into the mail.

Developing networking skills is a habit that is very useful to everyone in every business. It brings out the best opportunities in the fastest possible time. Try your hand at it and watch the new business sources come rolling in!


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Underwriting TopicsLimitations on Enforcement of Mortgages

William J. Parker, Claims and Underwriting Counsel

Nothing causes more headaches and heartaches prior to settlement than uncovering an “old Mortgage/Deed of Trust”. In the current climate, it has become particularly hard to track down the history of any mortgage. The merger (and failure) of banks means your original lender likely doesn’t exist or has become a mega bank. Frequently you will have some evidence of a payoff, but it will still require some detective work by the agent. Another complicating factor is the refusal of FHA, Fannie and Freddie (who now own many more properties) to accept a Letter of Indemnity for an old mortgage. Sometimes a service such as reQuire can be a good investment to save the agent time and money.

But what if it is an “old” mortgage and the lender no longer exists (or can be determined). Unfortunately, statutory and case law afford no quick fixes.

In Pennsylvania, you can only discharge a mortgage that is twenty (20) years past its maturity date, and then only by Court Order. While there is a statutory provision

for a settlement agent to release a mortgage (21 PS. §721-6), it only can be applied in very specific situations.

In New Jersey, the statutory process closely resembles the one in Pennsylvania, with the exception that a release can be done by Affidavit if it is the attorney/title agent who purportedly paid the mortgage as part of their transaction under NJSA 4618-11.5 et seq. However, if your facts don’t fit squarely into this situation, you must Petition the Superior Court; a costly and time-consuming process.

In Ohio, a mortgage which remains unsatisfied or unreleased of record for more than twenty-one (21) years from its maturity date or twenty-one (21) years from the date of the mortgage (whichever is later) is considered expired as to all subsequent owners (for value) of the land.

In Maryland, a mortgage/deed of trust may be considered expired twelve (12) years from its maturity date. However, if the instrument has no maturity date, there is only the presumption that it is paid and only if (a) 12 years have elapsed since the last payment date noted on the instrument. If that cannot be ascertained, then the time expands to forty (40) years since the instrument date, and only if there has been on continuation statement filed.

As you can see, it is very difficult to make an “old mortgage” go away. As always, your Conestoga Title Insurance Co. staff stands ready to assist you with your efforts. But, finally, on behalf of the Claims and Underwriting Departments, please be vigilant as you are preparing for closing, satisfying or releasing current liens; and filing those instruments promptly and correctly.


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Bonds and Errors & Omissions InsuranceDo You Have the Right Coverage?

Don Delgado, Vice President, Agency Administration

All of you have Errors and Omissions insurance and most of you have Surety and/or Fidelity Bonds. Unlike title insurance policies whose covered risks, definitions and exclusions are identical from one insurer to the next (thanks to the adoption of ALTA forms), E&O policies and bonds may vary widely in their definitions and coverage. It is important that you understand the coverage, definitions and exclusions in your E&O policy and your bonds to determine if you have the right coverage for your operation. Following are some things you should take into consideration when making this determination:

Errors and Omissions InsuranceThe policy should, at a minimum, specifically state that the following services are covered: title insurance agent, title abstracter/searcher, title opinions, escrow/settlement agent, notary public, UCC and corporate document searches. If you provide other services, the policy should specifically cover those as well.

Read the Exclusions within your policy to make sure it does not exclude escrow/settlement services, sub-prime loans, RESPA violations, oil, gas and mineral rights work, breach of closing instructions or disbursement of funds. If you use independent contractors for anything (searches, settlements, etc.) make sure there are no exclusions for their acts.

When renewing your policy each year or changing carriers, make sure that your retroactive date/ prior acts coverage in the new policy matches the policy being replaced and extends as far back as possible. Make sure the policy also includes a provision that allows you to purchase Extended Reporting Period or Tail Coverage if the policy is not renewed. Extended Reporting/Tail Coverage is also something you should purchase if you ever decide to cease operations.

Fidelity BondsFidelity Bonds protect you against fraud and dishonesty by your employees. If you have employees, you should have a Fidelity Bond. If you are required by your Agency Agreement and/or State regulations to have a Fidelity Bond, make sure the amount of the bond is compliant. Make sure the definition of employee includes employees, officers and shareholders. Covered

dishonest acts should include any dishonest acts resulting in loss and should not be limited to only theft or embezzlement.

Surety BondsSurety Bonds are required by law in certain states. There are three parties to a Surety Bond – the Principal, the Surety and the Obligee. The Surety guarantees the Obligee fulfillment of the Principal’s legal obligations. A Surety Bond essentially protects payees in your transactions should you fail to pay them money they are legally owed. It is important that you maintain a Surety Bond if required by the State and/or Conestoga. If permitted under State regulations, Conestoga should be included as an Obligee in the Bond.

It is important that you make an effort to understand these products instead of just obtaining them simply because you are required to do so. Definitions, exclusions and coverage can vary from one policy to the next. You do not want to wait until a claim is made to find out that you are not covered.


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Claims CornerAvoiding Claims with Recording Order Problems

Joseph John Kambic, Claims & Recovery Manager

It is not the time to let your guard down once your documents are sent to the Recorder’s office for filing. Remember that as a Title Agent you are responsible for making sure that the Lender has a first lien position on the mortgaged property. You’ve done everything you were supposed to do as a Title Agent leading up to and at closing. But, failure to follow-up on the proper recording order of documents can come back to haunt you.

For example, you provide written “recording order” instructions to your employee or independent contractor so that the documents are recorded in proper order. The documents are handed to the courier in their proper order. But somewhere along the line, the documents end up out of order. Your courier has carried documents for you so many times to the recording office that he or she had stopped reading your instructions a long time ago. The documents are handed to the staff person at the recorder’s office. Maybe the courier waits for the documents or maybe they are mailed back to you by the Recorder’s Office.

Let’s use the same example, but this time the courier delivers the documents in their proper order, but the recorder’s office some how manages to record the documents out of order. In both examples, let’s assume that the problem is not recognized until the lender goes to foreclose and discovers that the deed was recorded after the mortgage, resulting in the Lender having an invalid lien on the property. This Lender’s title issue is then presented as a Title Claim to the Title Underwriter, who upon investigation, confirms that the documents were indeed recorded out of order. The Underwriter will look to its Title Agent to be ultimately responsible for this loss and instruct the Title Agent to notify the Agent’s Errors and Omissions Carrier.

Written instructions for the proper recording order is a good first step in helping to prevent a “documents recorded out of order” issue. But, in order to potentially better protect yourself, especially if you incorporate the services of a third party courier, you want to have the courier initial each process in the written instructions to indicate his or her understanding and compliance. Independent Couriers are known to deny liability saying that the staff person at the Recorder’s office failed to record them in their proper order. But, if your “recording order” instructions require the courier to remain in the Recorder’s office until he or she can confirm the documents were recorded in proper order, then the Recorder’s error can be brought to the attention of the recorder’s office for immediate correction.

But what if it is your courier’s practice to simply drop of the documents for recording and it is your practice to have the recorded documents sent to the Lender. Avoid this if you can. Do NOT arrange to have the recorded documents sent to the Lender after they are recorded. They should be returned to you for you to confirm that they were recorded and that they were recorded in


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their proper order. Make sure that you initial on the “recording order” instructions that the recorder’s office did record the documents in proper order.

What about geographic areas where you can record documents electronically? For additional information see ALTA publication: “Electronic Document Recording: The Time Is Now” http://www.alta.org/publications/titlenews/03/06_02.cfm . Again, you want “recording order” instructions for the person in your office to initial and acknowledge compliance with electronically recording the documents in their proper order. The additional advantage of electronic filing/recording is the immediacy of the event. It can help minimize the potential for liens jumping in line ahead of the Insured Lender’s mortgage.

Don’t forget Conestoga Title Insurance Co. Memorandum 08ALL02 wherein we provide the following requirement regarding prompt recording of documents: “Regardless of the type of policy issued, all documents should be recorded within twenty-four to forty-eight hours of settlement (or in the case of a refinance with a 3-day right of rescission....within twenty-four to forty-eight hours of the end of the rescission period).”

Remember that as a Title Agent it is your responsibility to make sure that the Lender has a first lien position on the mortgaged property. That includes making sure that the documents sent for recording are recorded in their proper order. If you do not already have one, create and implement a check list (“recording order” instructions) for you and your couriers to follow and initial when each step is concluded. Don’t let the documents leave the recorder’s office unless they are recorded in proper order. Don’t let the documents go to the Lender unless you confirm the documents are recorded in proper order; especially if you have no option but to have the recorder’s office mail the recorded documents to you.

If possible in your area, use electronic recording, in conjunction with your “recording order” instructions, to assure prompt and proper recording. If you use a courier, staff or third party, provide the courier with “recording order” instructions for that person to initial each instruction upon compliance. If you have no option but to ship documents for recording, then track that shipment. Make sure that you review each recorded document to be certain that the documents were recorded in proper order. And, finally, keep in your file a copy of the recorded documents and the initialed “recording order” instructions.


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ALTA Title Insurance and SettlementCompany Best Practices

©2013 American Land Title Association

You have heard about the possibility of ‘vetting’ in order to be able to continue to do loan closings for lenders due to coming regulations from the CFPB. You have also heard about possible avoidance of this by running your business in accordance with ALTA’s ‘Best Practices.’ Conestoga Title presents here the seven pillars as stated by ALTA and the purpose for each. See http://www.alta.org/bestpractices/docs/ALTA_Title_and_Settlement_Company_Best_Practices.pdfon ALTA’s website for more detail. Underlying all of these is one rule: Reduce all of your routine and extraordinary procedures to writing. ALTA’s Best Practices:

Ø Establish and maintain current licenses as required to conduct the business of title insurance and settlement services.Purpose: Maintaining mandated state insurance licenses and corporate registrations (as applicable) ensures that the company remains in good standing with the state.

Ø Adopt and maintain appropriate written procedures and controls for Escrow Trust Accounts allowing for electronic verification of reconciliation.Purpose: Appropriate and effective escrow controls and staff training help title and settlement companies meet client and legal requirements for the safeguarding of client funds. These procedures ensure accuracy and minimize the exposure to loss of client funds. Settlement companies may engage outside contractors to conduct segregation of trust accounting duties.

Ø Adopt and maintain a written privacy and information security program to protect Non-public Personal Information as required by local, state and federal law.Purpose: Federal and state laws (including the Graham-Leach-Bliley Act) require title companies to develop a written information security program that describes their procedures to protect non-public customer information. The program must be appropriate to the company’s size and complexity… A company evaluates and adjusts its program in light of relevant circumstances, including … the results of security testing…

Ø Adopt standard real estate settlement procedures and policies that ensure compliance with Federal and State Consumer Financial Laws as applicable.Purpose: Adopting appropriate policies and conducting ongoing employee training can ensure that a real estate settlement company can meet state, federal and contractual obligations governing the settlement process and provide a safe and compliant settlement.

Ø Adopt and maintain written procedures related to title policy production, delivery, reporting and premium remittance.Policy: Appropriate procedures for the production, delivery and remittance of title insurance policies ensures title companies meet their legal and contractual obligations.

Ø Maintain appropriate professional liability insurance and fidelity coverage.Purpose: Appropriate levels of professional liability ensure that title agencies and settlement companies have the financial capacity to stand behind their professional services. In addition, state law and contractual obligations may require a company to maintain fidelity bond and surety bond policies with prescribed minimum amounts of coverage.

Ø Adopt and maintain procedures for resolving consumer complaints.Purpose: A process for receiving and addressing consumer complaints is important to ensure that any instances of poor service or non-compliance do not go undiscovered.


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Audit NewsFriendly Reminders from Your Friendly Auditors

Agency Audit Department

Commitments:• Any time a party to your transaction is a Corporation, Limited Liability Company,

Partnership, Trust or Estate make sure you add the appropriate requirements and exceptions to Schedules B-I and B-II and make sure you document the satisfaction of the requirements

• Per Memo 10ALL06 – Remember to obtain underwriting approval to issue any commitment involving a foreclosure if:

A) The foreclosing lender purchased at foreclosure and is now sellingB) The current purchaser is the purchaser at foreclosure

[Your friendly auditor]

Personal Transactions:• If you want to insure a transaction that you or an immediate family member have a

personal interest in as buyer/borrower or seller (either individually or as owner/member of an entity) you must obtain approval from underwriting before issuing the commitment. This applies to agency owners, managers, policy signers and escrow account check signers.

Policies:• The following items should be shown on Schedule B – Part II of the Loan Policy:

-Assignment of Leases and Rents recorded after the insured mortgage-Second mortgages and/or HELOC’s recorded after the insured mortgage-Mortgages subordinated to the insured mortgage

• Proof read the policies before issuing to make sure all dates, names, addresses exceptions, etc. are complete and accurate before sending them out and photo copying

File Documentation:• Keep disbursement ledgers in every file and update them as items are voided and re-cut• Retain clean and legible copies of Photo ID’s in every file for all parties to the transaction• Patriot Act searches should be run on all individuals and entities to the transaction• Perform pre-settlement bringdowns 24-48 hours prior to closing as per Memo 09ALL01

and document same in every file

Accounting:• Complete reconciliations within 10 days of receipt of the statement to preserve your right

to dispute any bank errors


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Underwriting TopicsTransfer on Death Deeds

R. Michael Smith, Underwriting and Claims Counsel

The adoption in 2009 of the Uniform Real Property Transfer on Death Act has spurred growth of legislation to provide for transfer on death (“TOD”) deeds. By 2009, thirteen states had passed such legislation, butonly Ohio in Conestoga Title’s region. Since then Indiana has adopted a TOD law and, effective July first, Virginia will as well. Maryland had legislation proposed this year, but it was withdrawn after an unfavorable report by a reviewing legislative committee. The majority, then, of states this company services do not have a TOD statute, although each has similar provisions for inter vivos nonprobate beneficiary designation instruments for personal property matters, such as securities.

A transfer on death deed is called an asset-specific will substitute. This is a written instrument that may not meet the execution requirements for a will, but otherwise is effective in transferring property from the donor to the named beneficiaries outside of the probate process. As these TOD deeds are statutory, they must strictly comply with the enabling law to be effective.

Hamlet contemplating a transfer on death instrumentDuring the donor’s life, the donor retains all right, title, and interest in the real estate, including the rights to convey, to grant liens, and to possess. The grantee has no interest in the property, not even an equitable interest. Sounds straightforward; there are no underwriting issues, right? Consider these issues:Report a TOD instrument in the chain of title on a commitment for a new sale or financing as a matter of record. Do require evidence that the grantor is still alive. Since it is not an impediment to the owner’s actions, it will not be an exception on the subsequent policies (although a better practice would be to show it

as a loan policy Sch. B.II item as a matter subordinate to the mortgage). Assuming the death of the grantor, there will be many issues when the beneficiary steps forward to convey the property. Your commitment for insurance should consider raising some or all of the following matters as requirements and/or exceptions: Formalities of the instrument at time of record; suitability of the property (i.e., the law probably covers only residential property and maybe only the primary residence); evidence of the death of the grantor; evidence of acceptance of the grant by the beneficiary as may be required by the statute; estate or inheritance taxes; and applicable timeframes for claims against the estate. For a more extensive treatment of underwriting issues, see, Richard F. Bales, “The Illinois Residential Real Property Transfer on Death Instrument Act,” available at www.iplsa.org/../Th130C_Bales_TransferIssues.pdf. Please contact the Underwriting Dept. at Conestoga Title if you encounter a TOD deed or related issue.


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Underwriting CornerUnderwriting … as Told in the Classics

This issue’s rediscovered classic comes to us from the days of Sir Walter Raleigh, the Great Armada, and Stratford-on-Avon. William Shakespeare’s younger brother, Robert, did not have his gifts for writing or drama. Robert (Rob to his friends, the Dread Pirate to others) was quite the entrepreneur and took full advantage of Britain’s exploding economy. Rob was also an effective marketer, although he offset his imagination in advertising by a lack of perseverance in practice. Some said that he put the “fairly lazy” in laissez faire. Nonetheless, he found a niche and scratched an itch when he got into the real estate conveyancing business. Partnering that with a personal interest in horses, he founded his last and most successful business next door to his brother’s Globe Theatre: Livery and Seisin – Stables and Conveyancing, Ltd. Naturally, it specialized in bridle easements. It was, unfortunately, an unstable business. Rob was better at marketing than he was at underwriting the nascent title insurance products and delivering the conveyancing services he was selling. Luckily for him, he was given permission by his older brother to use the latter’s manuscripts for underwriting and training materials as long as he copied right. Bill’s requirement (he was always “Bill” to Rob, never “Will”) was that due reference to his works be made, but that his name in no way be used in connection with Rob’s marketing ploys. Thus, William Shakespeare avoided being tarnished by these lame signs outside LSSCL/s office and blacksmith shoppe/closing room:

It would be-hoof you to close with usYou will not catch a colt while waiting for your settlementConsider tenancy by the entirety – A bridal easementDon’t horse around – Insure your titleTwo Subjects: Francis Bacon and Forgery – DiscussDon’t be a clod – Catch a clod: Symbols of seisin for a little green

What we have found is a mishmash of materials modified by Rob covering a myriad of real estate and insurance topics. What follows is but part of the collection. In the light of contemporary experience, these might seem overly melodramatic; but imagine them being delivered by the late, great actors of the Globe, many of whom moonlighted as contract closers at LSSCL.

Shakespeare on Land Title SubjectsBy Robert Shakespeare

On Endorsing the Policy

To endorse, or not to endorse, that is the question:Whether ‘tis nobler in the mind to sufferThe slings and arrows of outrageous lenders,Or to take arms against a sea of troubles,And by opposing, end them?

To amend: to delete;No more; and, by deleting to say we end

The heart-ache and the thousand natural shocksThat insurance is heir to, ‘tis a consummationDevoutly to be wish’d. To amend, to delete;To delete: perchance to close:

ay, there’s the rub;For in that closing what profits may comeWhen we have closed out the books,Must give us pause.1

1 Hamlet, Act III, Sc. 1.


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On Loan Fraud

How like a fawning publican he looks!I hate him for he is a mortgage broker;But more for that in low simplicityHe lends out money gratis, and brings downThe rate of usance with us in these states.He hates our sacred statutes, and he rails,Even there where lenders most do congregate,On me, my liens, and my well-worn thrift,Which he calls interest.The devil can cite Scripture for his purpose.An evil lender, producing almighty dollars,Is like a villain with a smiling cheek.2

Neither a borrower nor a lender be;For loan oft loses both itself and friend,

2 The Merchant of Venice, Act I, Sc. 3.

And participating dulls the edge of impartiality;This above all: to thine own self be true,And it must follow, as the night the day,Thou canst not then be false to any man,Nor any man be false to thee.3

On Negotiating Coverages

Hath not a title agent eyes? Hath not a title agent hands, organs, dimensions, senses, affections, passions? Fed with the same food, subject to the same diseases, healed by the same means, warmed and cooled by the same winter and summer, as a lender’s counsel is? If you prick us, do we not bleed? If you tickle us, do we not laugh? And if you wrong us, shall we not revenge? If we are like you in the rest, we will resemble you in that.4

If you can look into the seeds of time,And say which grain will grow and which will not,Speak then to me, who neither beg nor fearYour favors nor your hate.5

On Surviving This Business

He which hath no stomach to this fight,Let him depart; his passport shall be made,And money for travel put into his wallet:We would not toil in that man’s companyThat fears his fellowship to work with us.He that survives this day and comes to safe closing,Will stand a tip-toe when this day is nam’d.And rouse him at the name of St. Respa.From this day to the ending of the world,But we in it shall be remembered;We few, we happy few, we band of brothers:For he today who sheds his ink with meShall be my brother, be he ne’er so vileThis day shall gentle his condition:And gentlemen in New York, now a-golfingShall think themselves accurs’d they were not here.6

3 Hamlet, Act I, Sc. 3.4 The Merchant of Venice, Act III, Sc. 1.5 Macbeth, Act I, Sc. 3.6 Henry V, Act IV, Sc. 3.


15

She would have closed hereafter;There would have been a time for such a deal.Closing after closing after closingCreeps in this petty pace from hour to hour,To the last syllable of recorded time;And all our settlements have lighted foolsThe way to dusty storage. Out, out, brief candle!Closing’s but a walking shadow, a poor player,That struts and frets his hour upon the stage,And then is heard no more; it is a taleTold by an underwriter, full of sound and fury,Signifying nothing.7

Vexatious title, enemies to peace,Delayers of this local-sited deal –Will they not resolve? What, ho! You men, Realtors®,That quench the fire of your avariciousnessWith purple fountains issuing from your veins!Throw your mistempered ballpoints to the groundAnd hear the sentence of your moved closer.

7 Macbeth, Act V, Sc. 5.

If ever you disturb our closings again,Your checks shall pay the forfeit of the peace.8

On Tenancy by the Entirety

So we grew together,Like a double cherry, seeming parted,But yet an union in partition;Two lovely berries moulded on one stem;So, with two seeming bodies, but one heart.9

They say best men are moulded out of faults,And, for the most, become much more the betterFor being a little bad; so may my husband.10

Originally published in the Virginia Land Title Association magazine, The Examiner, Vol. 11, No. 2, Summer-Fall 2005, pp. 25—27. Slightly altered by the ghost author, R. Michael Smith. To be continued.

8 Romeo and Juliet, Act I, Sc. 1.9 Midsummer Night’s Dream, Act III, Sc. 2.10 Measure for Measure, Act V, Sc. 1.


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Employee SpotlightJoel P. Angelo

Joel Angelo has been with Conestoga Title Insurance Co. for about three and a half years. Joel currently serves Conestoga as Agency Audit Manager, having been promoted to that position this spring from her prior Agency Auditor job. She graduated from the University of North Carolina in Chapel Hill with a B.S. degree in Mathematics. Joel first entered the title business as a bookkeeper for a Pennsylvania title agent. She worked her way up to Manager of the agency by learning each job along the way, especially enjoying the legal description plottingwork. Wrapped around a stint as a contract auditor for the FDIC, Joel worked for national underwriters as Internal Audit Manager. That meant she had audit responsibility and supervision of other agency auditors, as she does now at Conestoga Title. Joel enjoys her work with Conestoga’s agents and believes that the agents accept that she and the audit team are there to help. If it makes an agent feel more comfortable, she will happily call her visit “a review” instead of an audit. Joel, along with the rest of the Conestoga Title staff can be reached at the contact points listed below.

Conestoga Title Personnel Contact Information

Position Direct Dial Direct Free E-mail

Adam Kossove Direct Dept. Account Executive 717-431-2775 800-257-9414 [email protected] Parker Underwriting & Claims Counsel 717-735-7083 800-861-9414 [email protected] Yeadon Agency Auditor 717-431-2779 800-257-9578 [email protected] Sheerin Marketing Assistant 717-431-2764 800-272-6535 [email protected] Delgado Vice President/Agency Admin 717-431-2752 800-724-0935 [email protected] Riggin Sales Manager 717-431-2781 800-257-4176 [email protected] Funk Agency Support Administrator 717-431-2788 800-672-2985 [email protected] Kambic Claims & Recovery Manager 717-431-2783 800-257-5217 [email protected] Angelo Agency Audit Manager 717-431-2784 800-830-9031 [email protected] Nikolaus President 717-431-2763 800-272-3570 [email protected] Smith Underwriting & Claims Counsel 717-735-7082 800-861-9352 [email protected] Reese Executive Assistant 717-431-2755 877-502-5157 [email protected] Breault Claims Paralegal 717-286-2347 800-478-8630 [email protected] Wolbert Senior Accountant 717-431-2772 800-257-1966 [email protected] Childs Policy Administrator 717-431-2785 800-257-7921 [email protected] Anderson Paralegal 717-431-2757 877-502-5158 [email protected]

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