Florida Agency Network to Expand, Open New Headquarters in Plant City

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Plant City, Fla. – Nov. 9, 2015 – Florida Agency Network, Florida’s largest network of independent agencies providing title services in 30 locations across the state, today announced that it will expand its headquarter operations in Plant City, relocating up to 30 employees and hiring up to 100 additional staff in the next 3 to 5 years. The new positions will fill a variety of roles including executive management, accounting, human resources, data processing, and information technology.

“This is an exciting time to expand our business in Plant City,” said Aaron Davis, CEO of the Florida Agency Network and its multiple brands, which include Hillsborough Title, Trident Title, Paramount Title, Tampa Bay Title, Cornerstone Title, HomePlus Title, Bella Title, Performance Title & Escrow, StrongHold Title, Progressive Title Solutions, Hometown Title Network, BPM Solutions, and Premier Data Services. “We saw the private sector and the city coming together to strengthen support for growing companies like ours with the establishment of Plant City Economic Development Corporation. We’re looking forward to the new opportunities this organization will bring for our business, as well as the entire community.”

Florida Agency Network will invest $5,175,000 in the project through the acquisition of additional office space at its current location in the Alexander Oaks Office Park at 1507 South Alexander Street in Plant City, the purchase of land on an adjacent parcel, and the building of a new 12,000 square foot headquarter office. The acquisition plus the new build will result in over 50,000 square feet of total space at Alexander Oaks, half of which the company will occupy for its operations.

“We are excited to retain and assist Aaron’s company in their tremendous growth,” said Rick Lott, Mayor of Plant City. “Our homegrown businesses making a choice to stay and invest here is a sure sign of more great things to come.”

To attract and retain the young, educated talent the Florida Agency Network will rely on to grow its operations, the company is designing its new space with an open plan format, which will encourage creativity and collaboration.

“This is a major win for Plant City and all of Hillsborough County,” said J.P. DuBuque, interim president and CEO of the Tampa Hillsborough Economic Development Corporation. “We are committed to working in partnership with the newly formed Plant City Economic Development Corporation to provide the permitting, workforce training, and other business assistance services that help companies like Florida Agency Network thrive here by staying focused on their core business.”

The Florida Agency Network has planted deep roots in the Plant City community, Davis is currently engaged in the Plant City Chamber of Commerce and the founding of the new economic development corporation. He has actively managed Hillsborough Title, the founding company of the Florida Agency Network, since 2002. In 2008 he purchased the company from his mother, Gail Calhoun. The company, which has grown by expansion and acquisition, originally started as Hillsborough Title in 1984 in Plant City. It now boasts multiple statewide locations and utilizes its shared back office services, pooled resources, and I.T. infrastructure to allow for continued expansion. Resources and services include multiple on-staff attorneys, access to private title plant and ancillary services, I.T. company, centralized processes & post-closing, agency administration, compliance management and financial oversight.

“The world is waking up to the exceptional opportunities Plant City affords to grow a company, raise a family, and take advantage of an excellent location that is convenient to all of Central Florida, Port of Tampa, Tampa Airport, and major interstates,” said Randy Larson, Chairman of the Plant City Economic Development Corporation. “We know that Florida Agency Network had the opportunity to locate its headquarters anywhere else in the state, but it chose Plant City and Hillsborough County. We look forward to their continued success and supporting them as they expand.”

Florida Agency Network joins an impressive roster of companies that have recently decided to locate or expand their operations in Plant City and Hillsborough County, including James Hardie, Dart Container, Cody Talbert Distribution and Fitlife Foods.

Individuals interested in open job listings may refer to the company’s website at www.flagency.net.

What Is The Best Way To Compare Loan Terms Between Lenders?

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Watch this video and take a few notes!

First, devise a checklist for the information from each lending institution. You should include:

  • the company’s name and basic information
  • the type of mortgage
  • minimum down payment required
  • interest rate and points
  • closing costs
  • loan processing time
  • whether prepayment is allowed

Speak with companies by phone or in person. Be sure to call every lender on the list the same day as interest rates can fluctuate daily.

In addition to doing your own research your real estate agent may have access to a database of lender and mortgage options or suggest a variety of different lender options.

How Do I Choose The Best Loan Program For Me?

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The video puts this in more visual terms, but your personal situation will determine the best kind of loan for you.

By asking yourself a few questions, you can help narrow your search among the many options available and discover which loan suits you best.

  • Do you expect your finances to change over the next few years?
  • Are you planning to live in this home for a long period of time?
  • Are you comfortable with the idea of a changing mortgage payment amount?
  • Do you wish to be free of mortgage debt as your children approach college age or as you prepare for retirement?

Lenders can help you use your answers to decide which loan best fits your needs.

How Do I Choose The Right Lender For Me?

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There are some great tips in this video. Choose your lender carefully. Look for financial stability and a reputation for customer satisfaction.

Be sure to choose a company that gives helpful advice and that makes you feel comfortable.

A lender that has the authority to approve and process your loan locally is preferable since it will be easier for you to monitor the status of your application and ask questions. Plus, it’s beneficial when the lender knows home values and conditions in the local area.

Do your research, and ask family and friends.


Florida Agency Network Completes SSAE 16 SOC 2 Type 1 Examination

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Tampa, Florida – November 6, 2015 – The Florida Agency Network (FAN), Florida’s largest network of independent title agencies, is proud to announce it has completed its SSAE 16 SOC 2 Type 1 examination. The examination was performed by 360 Advanced, P.A., a full-service audit and consulting firm that specializes in integrated compliance solutions, 360 Advanced also conducted SOC 1 examination for FAN and presented the certification October 1st.
The SOC 2 Type 1 report focuses on the non-financial controls of an organization as they relate to maintaining the integrity of Non Public Personal Information (NPPI). The SOC 2 report is modeled around four areas of review: policies, communications, procedures, and monitoring. Each of these pillars have specific parameters which must be met to demonstrate compliance in order for certification to be granted.
Developed by the American Institute of Certified Public Accountants (“AICPA”), Trusted Service Principles (TSP) Framework is based on a criteria geared towards technology and cloud-based computing systems. The TSP Framework is comprised of five standards whereby a practitioner is required to examine and report on. Companies who complete an annual SOC 2 examination are able to demonstrate a substantially higher level of assurance and operational visibility as compared to those companies who have not yet achieved certification.
In obtaining SOC 2 Type 1 examination, Florida Agency Network reinforces a commitment to security, confidentiality, availability, privacy and processing integrity by ensuring the highest quality and security of services provided to their clients. Since the implementation of the TILA/RESPA reform on October 3, 2015, many title companies have yet to complete either the SOC 1 or SOC 2 examination, leaving their stakeholders in a position of risk to the exposure or breach of Non Public Personal Information (NPPI).

“We are proud to announce the completion of our SOC 2 certification. We are one of a few in our industry with the acclaim of both SOC 1 Type 1 and SOC 2 Type 1 certification. I think this clearly portrays the standard to which we strive to protect data and NPPI (Non Public Personal Information). Having gone through this rigorous assessment, we can provide certification and proof that the Florida Agency Network and its affiliates have taken its systems, procedures, and control levels above and beyond what the industry has designated in its Best Practices. This certification puts us on a tier similar to that of our banking and lending partners when it comes to compliance and protection.” says Aaron M. Davis, CEO of the Florida Agency Network and its multiple brands. FAN includes Hillsborough Title, Trident Title, Paramount Title, Tampa Bay Title, Cornerstone Title, Homeplus Title, Uptown Title, Bella Title, Performance Title & Escrow, Stronghold Title and Progressive Title Solutions.

The FLORIDA AGENCY NETWORK (FAN) is made up of a network of independent title agencies that have formed a strategic alliance to provide shared back office services, pooled resources, and greater geographic coverage throughout the State of Florida. Resources of FAN include multiple on staff attorneys, access to private title plant and ancillary services, IT company, centralized processes & post-closing, agency administration, compliance management and financial oversight. Powered by nine national underwriters, FAN offers residential, commercial, builder, lender and investor services, experienced escrow staff, personalized customer service, over 30 locations throughout the State of Florida and much more.

What Happens After I’ve Applied For My Loan?

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It usually takes a lender between 1-6 weeks to complete the evaluation of your application.

Like the video shows, it’s not unusual for the lender to ask for more information once the application has been submitted. The sooner you can provide the information the faster your application will be processed.

Once all the information has been verified the lender will call you to let you know the outcome of your application. If the loan is approved, a closing date is set up and the lender will review the closing with you.

And after closing, you’ll be able to move into your new home.

What Responsibilities Do I Have During The Lending Process?

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To ensure you won’t fall victim to loan fraud, as you’ll see in this video, be sure to follow all of these steps as you apply for a loan:

  • Be sure to read and understand everything before you sign.
  • Refuse to sign any blank documents.
  • Do not buy property for someone else.
  • Do not overstate your income.
  • Do not overstate how long you have been employed.
  • Do not overstate your assets.
  • Accurately report your debts.
  • Do not change your income tax returns for any reason.
  • Tell the whole truth about gifts.
  • Do not list fake co-borrowers on your loan application.
  • Be truthful about your credit problems, past and present.
  • Be honest about your intention to occupy the house

And do not provide false supporting documents.

How Are Pre-Qualifying And Pre-Approval Different?

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Pre-qualification is an informal way to see how much you maybe able to borrow. You can be ‘pre-qualified’ over the phone with no paperwork by telling a lender your income, your long-term debts and how large a down payment you can afford. Without any obligation, this helps you arrive at a ballpark figure of the amount you may have available to spend on a house.

Pre-approval is a lender’s actual commitment to lend to you. It involves assembling financial records and going through a preliminary approval process. Pre-approval gives you a definite idea of what you can afford and shows sellers that you are serious about buying.

What Is The Debt-To-Income Ratio (DTI)?

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Measuring your existing debts against your existing income is one part of a lender’s required assessment of your ability to repay a loan.

Like the video says:  debts are existing financial commitments; a car payment is a debt a grocery bill is not.

To calculate your debt-to-income ratio add up your monthly debt payments and divide them by your GROSS monthly income. (Gross income is generally the amount of money you earn BEFORE taxes and other deductions.) The Federally-established debt-to-income target is a maximum of 43% for Qualified Mortgages.

If your ratio is higher there may be other loans available  – however, there may also be additional questions to establish your ability to repay, and the rates may be different than those available for Qualified Mortgages.

Studies suggest that a high debt-to-income ratio puts a homeowner at greater risk of challenges making monthly payments. So consider your situation and risks carefully before exceeding that suggested ratio.

What Steps Need To Be Taken To Secure A Loan?

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You’ll see some pictures in this video to help you remember later, but the first step in securing a loan is to complete a loan application.

To do so, you’ll need the following information.

  • Pay stubs for the past 2-3 months.
  • W-2 forms for the past 2 years.
  • Information on long-term debts.
  • Recent bank statements tax returns for the past 2 years.
  • Proof of any other income.
  • Address and description of the property you wish to buy.
  • A sales contract on the home you want to buy.

During the application process, the lender will order a report on your credit history and a professional appraisal of the property you want to purchase. The application process typically takes between 1-6 weeks.