Monday, Oct. 12th 2015

Change Is Inevitable, Progress Is Optional

The leadership writer John Maxwell gave us the axiom of, “change is inevitable, progress is optional.” Maxwell is a modern workplace writer and that has been terrifically marketable, but his concept has been echoed by various scholars over the stretch of time. Even his saying.

For four decades there has been regulations evolving for the title and mortgage industry in efforts to prevent predatory practices and protect the consumer. David Coffelt entered the business world the year before the first regulation was penned. So Coffelt, and his subsequent staff over the years, have become very well versed in the waltz of regulation. And it very much has been a dance, starting in 1975 with the RESPA act that aimed to end kickbacks and information disclosure for consumers. Followed by the required reporting of 1099 paperwork in 1986. David Coffelt recalls, “As a title company we had to make a choice to familiarize with the 1099 reporting.” But seeing the regulation in practice he decided to be an early adopter and adhere. Even when others were more lax and some banks would skip it.

The CFPB evolution takes effect now and, just as before, Coffelt Land Title is committed to adherence from the beginning. And this might be the most complex dance step yet. With CFPB there is a uniformity of fees, consolidation of forms, and actual oversight and implementation. All of these changes will aim to, again, protect the consumer. The change with this, is that it almost certainly will have the adverse effect of raising prices. But the real rise in cost will happen with inefficiencies. “There is no option other than to do it right the first time,” Coffelt says. With the attention the company has paid to getting ahead of the implementation of the CFPB and the choice to be respectful of the act, Coffelt aims to be an exemplary example of a title company in the industry.


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