PRIA (Property Records Industry Association) has approved and published a paper on
Best Practices: Decreasing Document Rejections
. The best practices identified in this paper provide a basis for developing training and education efforts for both recorders and submitters. Rejection reasons were identified in seven general categories from which ideas for best practices evolved.
Larry Burtness, customer operations manager, Figure Technologies, president of PRIA, explains, “This project solicited input from all participants in the document preparation, submission and recording processes. The paper is an example of PRIA’s long history of advocating for collaboration and process improvement for the benefit of all participants in the real property industry.”
Phil Dunshee, Iowa County Recorders Association, government co-chair for this project states, “Reducing document rejections can best be achieved through a collaboration among recorders and document submitters. This paper identifies best practices for both groups with respect to document preparation and review, and better communication that can result in a significant improvement in recording processes.”
According to the project’s business co-chair, Brian Ernissee, Nationwide Title Clearing Inc., “This PRIA best practices paper on document rejections should help to unify a practice that has wide variances across all recording jurisdictions in the US. Through thoughtful planning, preparation and collaboration the work group has produced a set of practices that, if followed, could help revolutionize the way document rejections are processed between all stakeholders while helping to increase efficiency in our industry.”
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PRIA is hosting the February webinar "Decreasing Document Rejections" on February 20, 2020 at 3 PM, ET. The webinar is complimentary to all and will be presented by: Phil Dunshee, Iowa County Recorders Association, Brian Ernissee, Nationwide Title Clearing and Kyle Quackenbush, Orange County, Florida.
Learning objectives for this webinar:
- Explain the seven main types of document rejections.
- Discuss document rejections best practices for submitters.
- Discuss document rejections best practices for recorders.
- Demonstrate the use of document rejections best practices.
To register for this webinar,
click here
. Registrations will be accepted on a first-come, first-served basis until all seats are filled.
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For those of you who cannot make it to the Winter Symposium and who are considering the benefits of meeting with all your government and business partners at the local level, we've compiled materials and guides on the
PRIA website, to make starting a PRIA Local Chapter as easy as possible.
One of the newest Chapters -
West Central Florida - had their first meeting on January 17, 2020. Their excellent agenda included discussion about the organization of their new Chapter, a roundtable conversation about redactions and an overview about the Mortgage Industry. Review the minutes
here.
Another Chapter meeting this month, will be the
SE Minnesota PRIA Local Chapter, which just happens to be the longest running Chapter in the country (over 14 years of quarterly meetings). They'll be meeting on February 19, 2020 so
check in with them if you're near Mantorville, Minnesota.
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Artificial intelligence (AI) is quietly infiltrating the real estate industry — without looking like a futuristic takeover but rather a boon for buyers and sellers.
Mortgage lenders, realtors, title companies, property appraisers and consumers use AI for a wide variety of purposes, including application automation, expediting processes, chatbots on real estate sites and automated valuations models, or AVMs, to name a few.
“AI can benefit real estate industry participants in many ways. An example is the use of machine learning to link potential buyers with more relevant properties, creating an enhanced real estate transaction (more timely and focused),” says John D’Angelo, managing director at Deloitte Consulting LLP. “This can also make it easier for buyers and sellers to receive more personalized offerings based on their preferences. In addition, AI can reduce the transaction costs for buyers and sellers by shortening the transaction cycle.”
(
Read complete article.)
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With mortgage technology changing in the blink of an eye, MISMO, the Mortgage Industry Standards Maintenance Organization, is changing as well.
“We are growing, working to be faster, working to provide more value and support for the industry,” said Rick Hill, Executive Vice President of MISMO and Vice President of Industry Technology with the Mortgage Bankers Association.
Founded in 2000 as a wholly owned subsidiary of the Mortgage Bankers Association, MISMO is the standards development body for the mortgage industry. MISMO developed a common language for exchanging information for the mortgage finance industry. Today, MISMO standards are accepted and deployed by every type of entity involved in creating mortgages, and they are required by most regulators, housing agencies and the GSEs that participate in the industry.
Use of MISMO’s standards has been found to lower per loan costs, improve margins, reduce errors and speed up the loan process by reducing manual, paper-based processes while creating cost savings for the consumer.
(Read complete article.)
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Since 2018, several states have enacted regulations to allow for electronic notarizations. And now
Arizona
,
Idaho
,
Nevada
,
Oklahoma
, and
Utah
have each recently made additional modifications to their respective rules.
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Notarize and States Title have partnered to enable borrowers to close a mortgage, as well as sign and notarize documents, online.
With the partnership, Notarize will power States Title's
digital closing
,
enabling customers to refinance their home without having to go to the bank.
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excerpted from ALTA Advocacy Update by ALTA CEO/COO Diane Tomb, 2/3/20
"Recently, the CFPB
issued
a policy statement announcing a new designation for certain guidance materials, referred to as "Compliance Aids." Compliance Aids are intended to assist financial institutions when complying with laws and regulations. They are not rules; they are non-binding and exempt from notice as well as comment rulemaking requirements.
According to the new policy, the Bureau does "not intend to use Compliance Aids to make decisions that bind regulated entities." The policy statement also clarified that an "entity can make its own business decision regarding which method to use, and this may include a method that is not specifically addressed in a Compliance Aid."
Over the last few years, ALTA has pushed the CFPB to produce more guidance for industry. In his Congressional testimony in 2018, then ALTA President Steve Day NTP spoke about how the CFPB's lack of guidance and accountability has affected our industry, especially on TRID. He advocated for the CFPB to produce clear, written, illustrative guidance that businesses could rely upon when making decisions.
The Compliance Aid policy statement is a good step in this direction. Under the statement, businesses can rely on Compliance Aids when making a decision; however, the Compliance Aids are not designed to introduce new requirements, and companies can still make different decisions based on their reading of the law.
As the CFPB outlined, the goal of Compliance Aids is to assist entities by explaining rules and statutes accurately. The CFPB's goal is to provide "practical suggestions for how entities might choose to go about complying".
Under this new policy statement, the CFPB will reclassify several of its products as Compliance Aids, such as the Small Entity Compliance Guides."
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CONTENT DISCLAIMER
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 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
[email protected]
.
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FAIR USE NOTICE
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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