Analysis lies at the heart of real property title examination and underwriting.
Title examination is my specialty, and I've wondered the question: What are the elements of the skilled title examiner or the skilled underwriter? It's like asking the question: What are the elements of a skilled hockey player? Answering this question is critcial to me, as I'm creating an instructional guide specifically for examiners. If I can answer this question with some degree of certainty, I'll be sure to have created a well designed program.
Let's look at the elements of a skilled hockey player. He will be able to 1) skate well; 2) skate fast; 3) handle the puck; and 4) understand the game. This isn't a complete list, but you get the picture. Now, let's say the player we are scouting scates very well, handles the puck well, and understands the game, however, he is slow on his skates. He fails the second element. The coach, and the player, now understand what must be worked on: he must improve his speed. When he accomplishes this, he'll be a well rounded player.
When evaluating the skills of a title examiner, the approach is basically the same. However, most examiners I've met would fail element #4, above, as they don't understand the game. They are weak in analytical skills. In fact, the skilled examiners I've met I can count on one hand, and I've been in this business for 10 years. Why so few? Well, on one hand, some examiners are basically unmotivated, they only want a paycheck. On the other hand, effective training seems to have been abandoned by most companies. This is unfortunate for the young examiner, as it sort of leaves them adrift in their formal training.
This makes me beg the question: How can I write a program that will improve an examiner's analytical skills? That's a loaded question. Most programs I've read are of the garden variety. These programs define numerous terms and offer the examiner a basic guideline for drafting requirements and exceptions. From there, the examiner is usually left to her own intuition if she hopes to further her career. Unfortunate.
Correlation: The American Heritage Dictionary defines correlation in part as: a reciprocal relationship between two comparable things. Stop and think about Blackacre, our traditional parcel of land. Blackacre has numerous legal interests attaching to it, such as taxes, multiple mortgage liens, zoning laws, police power, etcetera etcetera. A subsequent occurence affecting Blackacre will effect all existing legal interests to some degree. This effect may be nominal, or it may be drastic. Let's say the owner files a bankruptcy petition under Chapter 13. This filing will have an immediate correlative effect on all existing interests. It will be up to the bankruptcy judge to determine these effects. The Chapter 13 filing has a reciprocal relationship with the mortgage. The mortgagee may very well maintain its lien priority and be unaffected by the bankruptcy proceedings. However, the mortgagee may also see its mortgage subordinated through the judge's application of equitable subordination, or have a portion of its lien rendered unsecured if the property value has dropped. Additionally, if the bank has begun foreclosure proceedings, short of sale, these proceedings will be stayed. And a Chapter 13 filing will usually allow the homeowner to cure its default. So you see, whether or not a subsequent event affects a current legal interest, there is an immediate correlative effect on all existing interests.
When an examiner is creating a commitment, he is often faced with numerous problems. Some of these problems are apparent and some are not. Example: Let's say the order requests the examiner to produce a foreclosure commitment. The bank is preparing to foreclose on its mortgage and is requesting title work. A search of the property discloses nothing unusual; it shows the deed into the homeowner and the corresponding purchase money mortgage, the target of the foreclosure commitment. If the analysis stopped here, the examiner could create a very simple foreclosure commitment. However, there are numerous red flags that call for a deeper inquiry. This is professional servicing.
Correlational Analysis: Continuing with the above example, let's use correlation to disclose these red flags. The order for a foreclosure commitment itself indicates that Mr. and Mrs. Title may be insolvent. There are no guarantees here; just assumption. Two issues that frequently arise out of insolvency of homeowners are: 1) Divorce, and 2) Bankruptcy. Again, whether or not divorce or bankruptcy is an issue in this particular transaction, there exists a causal relationship between insolvency, foreclosure, divorce, and bankruptcy. All of these areas should be investigated before they are dismissed. Correlational analysis is the use of correlation to evaluate the strength of relations between variables.
My program will consist of the fundamentals of property and title examination, as it must. But I plan to incorporate, within the program, different scenarios that an examiner may encounter. Within these scenarios, the correlative variables will be disclosed. It would function much like a traditional flow chart. By applying correlational analysis to unique scenarios, the examiner will not only produce expert work; she will also realize the amazing benefits of education.
My next article will concern consensual, judicial, and statutory liens.
Take care - los lonely boy
Saturday, February 9, 2008
Friday, February 1, 2008
Fundamentals
During my undergraduate study at Indiana University, I worked as a 'student assistant' under the Strength and Conditioning Coordinator. The weight room was located in the basement of Assembly Hall; the same building where the basketball games are played. I had a daily routine of walking from one end of the building to the other in search of the world's finest coffee. I never did find it. Many times, during these walks, I heard coach Bobby Knight screaming at the top of his lungs for his players to "move quicker", "keep your spacing", "look for the open man", etcetera etcetera. Coach Knight was drilling his team on the fundamentals of basketball.
Why would the players need to work on their fundamentals? After all, if you play basketball at Indiana University, aren't you already an elite player? Of course! Coach Knight was making sure that their fundamental skills weren't deteriorating, all the while improving on his players' talents.
I was a successful olympic weightlifter. My coach was Bob Morris, now a resident coach at the Olympic Training Center in Colorado Springs, CO. Bob was similar to coach Knight in that he always demanded that I work on the fundamentals. My sport was highly technical, and the reason I attained the level of national champion was not because I was stronger than all the competition, it was because I had a technical mastery for the sport. I was able to use physics in place of strength.
I was a very small kid and I remember being scared when I started junior high school. In the seventh grade, before gym class, all the students would meet in the weight room to show who was the strongest. These strongman competitions were frequent, because back in those days there was virtually no adult supervision. I weighed 65 pounds at the start of the seventh grade, and although I was strong for my weight, I felt like a boy among men. One day, hanging out in the weight room, I heard of a weightlifting demonstration that was going to be held in our gym. Mt. Olympus was the name of the weightlifting club, and they showcased some of their best lifters at the demonstration. One of these lifters was Jim Hewelt, who remains to this day a very close friend. Anyhow, I was amazed by the demonstration and also very intimidated. Afterwards, I was trying to show off for the coach by showing him how easy it was to lift 95 pounds off the ground and over my head. I ended up falling backward and smashing my chin under the bar! Everyone in the class was laughing hysterically! Add that to my existing inferiority complex. Anyway, I still went directly to the coach and told him "I want to join your club!!" I didn't think he would be interested in me because of my size. But now, looking back, I can see what he saw; this kid has some ambition.
The Mt. Olympus Barbell Club (that was our name) was housed in the basement of the old Washington Square Building in downtown Royal Oak. Our facility looked like it was cut out of a "Rocky" scene. I liked it because we had old beaten up equipment and the conditions were sparse. It was tough! My first day there I was so excited I set the club record of 26 pullups, which may still stand to this day. On this same day, I was assigned to Bob Morris, and a very successful relationship was born.
Bob was, and still is, a master at teaching proper technique. He has the ability to keep it simple and let the athlete take over. It's synonymous with a golf swing. If the instructor gets too technical, the student just gets lost in detail. I spent the first number of months learning the movements of my new sport. I would stay up late in my room just going over the technical movements. I was a simple kid; all I needed was myself and some goals. This sport fit me to a tee.
I became Mr. Routine. At the age of 12 I had a daily regimen that was not to be broken. In large part, I had a mission that I had to complete on my own. The beauty of my sport was the short term goal and success ratio. Every day I was improving; every day I had a challenge; every day I had something I could attack! Most people who know me understand that I need consistency and challenges on a daily basis. I get very uptight when I am in a work environment that is stagnant. Through my work in title I am able to create my own short term goals, attain them, and then move on to the next. If you don't plan on improving, every day, stay in bed. At age 39 I still try to follow a regimen very similar to that of when I was 12. I feel that my consistency has brought me to a very high level in my profession, very quickly. The good news for me is that I have just begun to scratch the surface. I will continue to create the game within the profession.
My time as a competitive athlete taught me to be consistent and determined; and I have 5 national championships to support this approach. Practice the fundamentals of your profession, as this will foster long term memory and strong analytical skills. A professional career is a bit strange, as it can be filled with many unexpected ups and downs. When you compete in sport, it is very clear where you stand. Awards are immediate and well deserved. Conversely, your career may let you down from time to time because the rewards may not be as readily apparent as a gold medal draped around your neck. All the more reason to go back to the fundamentals, stay consistent, and await your ultimate reward for your professional dedication. In the words of Eli Manning, "I never stopped believing in myself."
-los lonely boy-
Why would the players need to work on their fundamentals? After all, if you play basketball at Indiana University, aren't you already an elite player? Of course! Coach Knight was making sure that their fundamental skills weren't deteriorating, all the while improving on his players' talents.
I was a successful olympic weightlifter. My coach was Bob Morris, now a resident coach at the Olympic Training Center in Colorado Springs, CO. Bob was similar to coach Knight in that he always demanded that I work on the fundamentals. My sport was highly technical, and the reason I attained the level of national champion was not because I was stronger than all the competition, it was because I had a technical mastery for the sport. I was able to use physics in place of strength.
I was a very small kid and I remember being scared when I started junior high school. In the seventh grade, before gym class, all the students would meet in the weight room to show who was the strongest. These strongman competitions were frequent, because back in those days there was virtually no adult supervision. I weighed 65 pounds at the start of the seventh grade, and although I was strong for my weight, I felt like a boy among men. One day, hanging out in the weight room, I heard of a weightlifting demonstration that was going to be held in our gym. Mt. Olympus was the name of the weightlifting club, and they showcased some of their best lifters at the demonstration. One of these lifters was Jim Hewelt, who remains to this day a very close friend. Anyhow, I was amazed by the demonstration and also very intimidated. Afterwards, I was trying to show off for the coach by showing him how easy it was to lift 95 pounds off the ground and over my head. I ended up falling backward and smashing my chin under the bar! Everyone in the class was laughing hysterically! Add that to my existing inferiority complex. Anyway, I still went directly to the coach and told him "I want to join your club!!" I didn't think he would be interested in me because of my size. But now, looking back, I can see what he saw; this kid has some ambition.
The Mt. Olympus Barbell Club (that was our name) was housed in the basement of the old Washington Square Building in downtown Royal Oak. Our facility looked like it was cut out of a "Rocky" scene. I liked it because we had old beaten up equipment and the conditions were sparse. It was tough! My first day there I was so excited I set the club record of 26 pullups, which may still stand to this day. On this same day, I was assigned to Bob Morris, and a very successful relationship was born.
Bob was, and still is, a master at teaching proper technique. He has the ability to keep it simple and let the athlete take over. It's synonymous with a golf swing. If the instructor gets too technical, the student just gets lost in detail. I spent the first number of months learning the movements of my new sport. I would stay up late in my room just going over the technical movements. I was a simple kid; all I needed was myself and some goals. This sport fit me to a tee.
I became Mr. Routine. At the age of 12 I had a daily regimen that was not to be broken. In large part, I had a mission that I had to complete on my own. The beauty of my sport was the short term goal and success ratio. Every day I was improving; every day I had a challenge; every day I had something I could attack! Most people who know me understand that I need consistency and challenges on a daily basis. I get very uptight when I am in a work environment that is stagnant. Through my work in title I am able to create my own short term goals, attain them, and then move on to the next. If you don't plan on improving, every day, stay in bed. At age 39 I still try to follow a regimen very similar to that of when I was 12. I feel that my consistency has brought me to a very high level in my profession, very quickly. The good news for me is that I have just begun to scratch the surface. I will continue to create the game within the profession.
My time as a competitive athlete taught me to be consistent and determined; and I have 5 national championships to support this approach. Practice the fundamentals of your profession, as this will foster long term memory and strong analytical skills. A professional career is a bit strange, as it can be filled with many unexpected ups and downs. When you compete in sport, it is very clear where you stand. Awards are immediate and well deserved. Conversely, your career may let you down from time to time because the rewards may not be as readily apparent as a gold medal draped around your neck. All the more reason to go back to the fundamentals, stay consistent, and await your ultimate reward for your professional dedication. In the words of Eli Manning, "I never stopped believing in myself."
-los lonely boy-
Subscribe to:
Posts (Atom)
