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Volume 148,
November 2016



This is Where Mortgage Technology is Headed         
excerpted from HousingWire 10/24/16

Many lenders have already started the process of going digital.  Recently, at the Mortgage Bankers Association annual conference in Boston, several panelists spoke on the topic at a session titled Overcoming the Final Hurdles to Digital Mortgage. More and more transactions are moving online, and today's consumers - especially the 35-and-under set - take it as a given that they'll be able to transact online.

But borrowers aren't the only ones who benefit from going digital. It can also be helpful for lenders. Digital verification helps lenders make decisions quicker and based on more accurate information. Digital saves significant time and effort versus manual, paper-based processing.  Lenders get the documents they need faster, can process them faster, and are less at risk for errors that can delay or derail a loan decision. As of right now, while many are entering the digital realm, the housing market could still be several years off from going 100% digital. ( Read complete article.)

PREP Chapter News       
Here is this volume's highlighted PREP Chapter.

Co-Chairs: Government, Kris Basilici, and Business, (under consideration)

The NE Minnesota PREP Chapter met on October 6, 2016. The meeting began with the history and mission of PRIA and PREP by Wendy Levitt of St. Louis County. Cathy Racek of St. Louis County presented and led an informative discussion on document construction. This thorough presentation was a builder's guide covering  the various types of documents, acknowledgments, and fees. Katie Norby and Sue Rubitschung of Cass County presented a live electronic recording demo. The audience was led through a comprehensive view of the electronic recording process. Kim Brzezinski, St. Louis County Examiner of Titles, explained to the audience the process used to make legislative changes by the MN State Bar Association (MSBA) Real Property Section's Legislative Committee,  and highlighted possible upcoming changes to the real property section of the state laws. The meeting closed with a brief discussion about the future of the NE MN PREP Chapter. (See compete minutes on PRIA's PREP Chapter page.)



2017 PRIA Winter Symposium Theme Announced
PRIA's Winter Symposium Planning Committee has selected the theme for the 2017 event in Albuquerque, "Up, Up and Away - Soar with PRIA in Albuquerque." Mark your calendar for February 20-23 and plan to attend. 

Preliminary information is available on the Winter Symposium page of the PRIA website with registration materials available at the end of November.



PRIA Webinar "Blockchain for Beginners" Scheduled for November 17th       

"Blockchain for Beginners" is the topic for the next PRIA webinar scheduled for Thursday, November 17, at 3 p.m., ET.

Presenters are Marc Aronson, Pennsylvania Association of Notaries, and Marlys Gardner, Thomson Reuters. Aronson and Gardner delivered a similar program at the recent Annual Conference in Dubuque and they have learned a lot since that presentation in August. 

What you can expect to learn:
  1. What is blockchain technology?
  2. How does it work?
  3. How will it affect the property records industry?
  4. Why should you care?
Registration is complimentary for PRIA members and $25 for non-members.   

To register for this webinar,  click here.  Registrations will be accepted on a first-come, first-served basis until all seats are filled.

MISMO Launches New Collaboration Tool and Updated Site       

MISMO, the Mortgage Industry Standards Maintenance Organization, has launched MISMO Connect, a new tool that improves collaboration and communication across the MISMO community. MISMO Connect replaces the previous SharePoint and Listserv tools. MISMO Connect will be the official repository for MISMO documents and workgroup activities.

MISMO Connect serves as a central gateway for all MISMO workgroups, which are now organized into individual community sites on MISMO Connect. Members of each MISMO workgroup can access their community site on MISMO Connect and view meeting times, agendas, announcements, documents and discussions. MISMO Connect also offers members a central resource for MISMO standards, products and other collateral. MISMO Connect is a valuable tool available exclusively to MISMO members. ( Read complete article.)

PRIA Member Press Releases
excerpted from PRIA Press Releases ( released between 10/15/16 - 11/15/16)

Simplifile Reports Continued Expansion of eRecording Infrastructure, Electronic Document Submission in Q3 2016


Indecomm Presents Robust Mortgage Solutions at MBA Conference & Expo 2016


New California Law Inks a Big Step Forward to eSignatures

Modern electronic signature technology - invented as a solution to the age-old problem of sending secure agreements - has taken off in the last decade. In our mobile era, consent and agreement are demonstrated with a digital swipe, click, tap or signature. By next year, overall eSignature transaction volumes will exceed 700 million, according to a Forrester projection. When you think about it, it's remarkable that any confusion lingers over the legality of electronic signatures, yet it does. That's what makes Gov. Jerry Brown's recent signing of a California law to clarify how state government agencies can accept signatures electronically so important.

Two pieces of 1990s legislation had left California law unclear for government agencies, cities and counties because there was a perceived contradiction with no cross-reference to provide clarity. Brown signed a bill sponsored by Assembly member Evan Low that resolves that issue, making it easier for agencies to use electronic signature technology. The Electronic Signature & Records Association (ESRA), a not-for-profit volunteer organization comprising both users and providers of electronic signatures and records, worked closely with California Secretary of State Alex Padilla's staff to find a way to clarify the law. ( Read complete article.)

ALTA NEWS:  CFPB Publishes Fall 2016 Supervisory Highlights                               
excerpted from ALTA Advocacy Update 11/7/16 by Michelle L. Korsmo, ALTA CEO

On October 31st, the Consumer Financial Protection Bureau (CFPB) published its Fall 2016 Supervisory Highlights. These reports share recent supervisory observations obtained from the bureau's examinations of different financial companies. Of interest in this latest edition is a new feature that ALTA has been lobbying the CFPB on for the last few years. This new feature is a high-level discussion of strengths the bureau sees in different compliance management systems. Previously, the CFPB only reported on deficiencies found in its exams. Getting the bureau to talk about positive compliance practices alongside problematic ones has been a focus of ALTA's engagement with the CFPB over the last few years. This positive outcome follows on the heels of the recent changes to the CFPB's vendor management bulletin. These two changes serve as positive proof of the need to foster continued engagement.

LINKS TO NATIONAL NEWS                                  



Mortgage Applications Down 1.2% as Rates Continue to Rise
CNBC | November 9, 2016
For five straight weeks, mortgage interest rates have trended higher, and thrown a wet blanket on what had been a booming refinance market.

CFPB's Precarious Future Under Trump
National Mortgage News | November 9, 2016
The Consumer Financial Protection Bureau faces an uncertain and precarious future under President-elect Donald Trump, who some say might seek to oust Director Richard Cordray and boost legislation to significantly weaken the agency.

What Trumps Election Could Mean for Home Prices
Market Watch | November 9, 2016
President-elect Donald Trump started his career in real estate. His father was a real estate tycoon, and he has made a fortune building or licensing his name to luxury condominiums, hotels and casinos. But will that experience enable him to help the middle class, which faces a lack of affordable housing and rising prices?

Trump Victory Could Prompt Fed to Raise Rates More Quickly
The New York Times | November 9, 2016
The Federal Reserve remains on course to raise its benchmark interest rate in December as investors generally reacted with equanimity to the election of Donald J. Trump as the next president of the United States.

Advertise for the 2016/2017 Year in all of PRIA's Newsletters for One Bundled Rate

Consider advertising in the two PRIA publications, In Touch and PREP's "Working Together" Newsletter. In 2016/2017, In Touch will be produced and distributed 24 times each year, while PREPs "Working Together" will be distributed 12 times a year.  It's a lot of exposure with a wide audience, now over 10,000 readers, for just a few dollars. To claim your space for this year please click here
Join the PREP LinkedIn Discussion  Group


On most business days, we post national news articles, and PRIA and PREP Chapter information on the PRIA/PREP LinkedIn Group. You are able to stay in touch by subscribing to this group discussion where you'll receive updates daily or weekly.


The views and opinions expressed in the media, articles, comments, or links in this publication are those of the speakers or authors and do not necessarily reflect or represent the views and opinions held by the Property Records Industry Association (PRIA) or its members.  PRIA does not warrant the accuracy, timeliness or completeness of the information contained in this publication. If you have a complaint about something you have found in this publication, please contact PRIA by email at
This publication may contain copyrighted material the use of which has not always been specifically authorized by the copyright owner. PRIA believes this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material in this publication is distributed without profit, to those who have expressed a prior interest in such information, for comment and nonprofit educational purposes.
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In This Issue
This is Where Mortgage Technology is Headed
PREP Chapter News: NE Minnesota
2017 PRIA Winter Symposium Theme Announced
PRIA Webinar "Blockchain for Beginners" Scheduled for November 17th
MISMO Launches New Collaboration Tool and Updated Site
PRIA Member Press Releases
New CA Law Inks a Big Step Forward to eSignatures
Examples of PRIA's Products
PREP Chapter Meetings
   November 2016 - February 2017     

      Central Florida

      Metro Minnesota

      SE Minnesota





Contact Information

Do you have questions or suggestions for this newsletter or any updated information on co-chairs, emails, phone numbers, etc. please contact us:
Carolyn Ableman
PREP Coordinator
Susan Kramer, Government PREP Co-chair, Recording Deputy, Olmsted County, Minnesota
Ben Lincoln, Business PREP Co-chair, Director of Government Affairs, ALTA

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