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Volume 117, 
June 2015



Housing Forecast: What To Expect In The Second Half of 2015
excerpted from Forbes 6/22/15   

The recession may be over, but the housing market still bears scars. Take the homeownership rate. In 2005, America's homeownership rate was 69.1%. Today, it's 63.7%, the lowest level the nation has seen since 1993.


The good news for sellers is that demand for housing is back, and prices are continuing to rise. But for buyers - especially first-time ones - inflating price tags are clearly not a positive. Add to rising prices the triple whammy of rapidly rising rents, sluggish wage growth, and high student debt loads, and buying into the American Dream is fairly tough for the younger and lower-earning end of the population. And that has a ripple effect. "The housing market conveyer belt requires people to buy the homes," explains Stan Humphries, chief economist at Seattle-based real estate data site Zillow. "If we can't get people on the first rung the whole conveyer belt slows down."  (Read complete article.)



News from PREP Chapters


Here is this issue's highlighted PREP Chapter:


Co-chairs: Government, Holly Vaughn, and Business, Jason Somers,

The Central Florida PREP Chapter met on May 19, 2015. General discussion included the upcoming new Mortgage Disclosure rule going into effect in October and how it will affect various industries and how eRecording will become more important with the new CFPB compliance requirements. Orange County announced that beginning January 1, 2016 the book and page will be dropped from recordings and just the document number will be used. The primary presentation at this meeting was entitled "Paper vs. Paperless" given by Peter Johnson of Pioneer Technologies and he discussed the various paperless solutions now available to the counties and title insurance agents. (Read this Chapter's complete minutes on PRIA's PREP webpage.) 
Join us for PRIA's Annual Conference in Louisville, KY August 24-27, 2015        

The members of the Property Records Industry Association (PRIA) cordially invite you to participate in their Annual Conference, scheduled for August 24-27 at The Brown Hotel in Louisville.


The schedule for this year's annual conference will include general sessions, concurrent sessions and work group meetings on topics for recorders and businesses. Get involved with a committee or work group while at the conference and lend your voice to the white papers and best practices currently in the PRIA pipeline. Be part of the solution!  


A sampling of a few of the session topics on this year's schedule:

  • Building Digital Trust - Conquering the 21st Century
  • Easing the Pain of the New CFPB Rules
  • The New XML Standard
  • Race To Record: Which Comes First - Paper or Electronic Recordings
  • Certified Copies - Defining the Practices
  • Finding the Solutions for Enabling eRecording     
The conference will wrap up on Thursday afternoon, August 27, with what promises to be a thought-provoking session on the challenges facing the property records industry today. Consider how flat-rate recording fees could simplify your office operations. How would a government-mandated national database affect your office? Is it possible to maintain the status quo and continue to be a viable entity for your constituents or customers?


There are two registration options available: 1) a full conference registration (Monday evening - Thursday afternoon) or 2) a Thursday-only registration rate of $150 for early registration. This year's industry tour will take you to the office of the Jefferson County Clerk, Bobbie Holsclaw. There is an additional $15 fee to reserve your tour spot.


Experience the magic of Churchill Downs by choosing to attend the optional evening event at the Kentucky Derby Museum. Take a tour of Churchill Downs followed by access to the museum with a reception buffet and beverages. Transportation is included in the additional fee of $65.


Registration materials are available on the PRIA website.  Hotel reservations can be made online, or by calling 502.583.1234. The PRIA room rate is $139, plus applicable taxes. Questions? Contact PRIA Chief Staff Officer Stevie Kernick. 





CSC Seeks Nominees for its 2015 eRecording All-Star Awards
excerpted from Business Wire 6/18/15

CSC's third-annual eRecording All-Star Awards will recognize companies and recording offices that have made significant contributions to the electronic document recording industry. The awards will recognize both clerks/recorders and document submitters who have implemented and promoted the use of electronic document recording technology.


There is no fee to enter, and recording offices may nominate themselves by visiting The nomination deadline is noon Eastern Time on Wednesday, July 22, 2015. 

A committee of CSC management and operations staff will select the award winners. CSC will announce the winners in August. CSC will also highlight the winners in industry news and present them with commemorative awards. (Read complete article.)  

NAR: Existing-Home Sales Rose 5.1% In May
excerpted from MortgageOrb 6/21/15 
Existing-home sales increased 5.1% in May compared to April and were up 9.2% compared to May 2014, according to the National Association of Realtors (NAR). It was the strongest pace in six years, NAR says.

Driving the increase was strong turnout from first-time home buyers, who accounted for 32% of all existing-home sales in May - up from 30% of all buyers in April and up from 27% of all buyers in May 2014. The seasonally adjusted annual rate for existing-home sales was about 5.35 million in May, compared to an upwardly revised 5.09 million in April.

As of May, existing-home sales had increased for eight consecutive months, NAR says. "Solid sales gains were seen throughout the country in May as more homeowners listed their home for sale and, therefore, provided greater choices for buyers," says Lawrence Yun, chief economist for NAR, in a release. "However, overall supply still remains tight, homes are selling fast and price growth in many markets continues to teeter at or near double-digit appreciation. Without solid gains in new home construction, prices will likely stay elevated - even with higher mortgage rates above four percent." ( Read complete article.) 


PRIA Announces Approval of eRecording Best Practices for Recorders

The Board of Directors of the Property Records Industry Association (PRIA) has given final approval to the eRecording Best Practices for Recorders paper produced by the eRecording eXcellence Work Group, under the auspices of the Business Processes and Procedures Committee.
eRecording has been steadily advancing throughout the United States since first being utilized in 1998. Trail blazing recorders, end-user submitters, eRecording vendors and Land Records Management System (LRMS) vendors have tested multiple approaches and strategies over the years. Because of the wider adoption of and greater reliance upon eRecording, PRIA is repeatedly asked for the best practices and norms for eRecording processes. This paper sets forth the consensus that has been reached on 11 eRecording Best Practices for Recorders. (Read complete press release on PRIA's webpage.)


The Top 5 Things to Know About TRID Now
excerpted from Mortgage Compliance 6/22/15

Now, still only months away from TRID's (TILA-RESPA Integrated Disclosure Rule) effective date, lenders, realtors, and settlement agents need to be taking stock of their preparedness and communicating among themselves and with consumers about what to expect come October 3, 2015.

We asked three individuals from organizations recognized as industry leaders who have been dedicated to implementing TRID on time and in compliance to name their "Top 5" for TRID compliance. These thoughts are intended to help you ensure you're prepared and to provide insights on issues you need to consider prior to the effective date. Hopefully, their advice is helpful to your organization as it nears the deadline for implementation. ( Read complete article.)


ALTA NEWS:  CFPB Delays Implementation Date for TILA-RESPA Integrated Disclosure Rule                 
excerpted from ALTA Advocacy Update 6/22/15 by Michelle L. Korsmo, ALTA CEO 


In mid-June, the Consumer Financial Protection Bureau announced it would be proposing an implementation delay of the TILA-RESPA Integrated Disclosure rule until October 3, 2015. This announcement came as a big shock for members of the title insurance, real estate settlement, and lending industries who had been getting a limited response when voicing concerns over potential implementation challenges and asking for a restrained enforcement period. This shock stems in part from the reason why the bureau has proposed an implementation delay. Let me provide insight.


The CFPB had to delay the implementation of the rule since it failed to notify Congress of the new rule within the time required under the Congressional Review Act. This legislation requires agencies to submit their finalized rules to Congress and the Government Accountability Office 60 days before the effective date. The agency's submission should include (1) a copy of the rule; (2) a concise general statement relating to the rule, including whether it is a major rule; and (3) the proposed effective date of the rule.  


There are three points I want to make about this delay. First, we should give the bureau credit for making lemonade out of lemons. From his statement, you can see Director Cordray has heard the message from industry. The bureau could have just delayed the necessary two weeks, but they took the opportunity to propose an implementation delay until October 1st, something that pushes the effective date out of the summer season and into the fall.  


Second, keep up your preparation efforts. An extra 60 days in the summer goes by very quickly and if we are not careful, this precious time could be lost. Adjust your training schedule a bit, but keep it on pace. Fine-tune the details of how you will collaborate with your lender partners. Take the time to adjust to your new software. If we use this additional time wisely, we can create a smoother transition into the new rule's regime.  


Third, ALTA will use this time to continue our push for changes in the rule-but don't hold your breath. The advocacy effort that I could see happening between now and October 1st would focus on a more detailed announcement from the Bureau on a hold-harmless period defining good faith, giving everyone the opportunity to understand how the new disclosure forms will work in real-life transactions without compliance paralysis.



Links to National News

Change is the New Normal for Mortgage Professionals
Inman News | June 26, 2015
The real estate and mortgage industries need to change. There is no going back to the old normal. Some get this. Many don't. But the fact remains that the markets we serve and the regulatory structure in which we work have undergone a dramatic transformation.

Economists Assign Blame For Housing Shortage
The Wall Street Journal | June 26, 2015
The national supply of homes for sale is getting squeezed by the small amount of equity millions of would-be sellers have in their properties and relatively weak output from home builders, according to economists speaking Friday at a real-estate conference in Miami.

After SCOTUS Same-Sex Marriage Ruling, Will LGBT Housing Protections Follow?
National Mortgage Professional | June 26, 2015
While the Supreme Court ruling enables same-sex couples to be legally married, there is still no federal law that specifically protects LGBT Americans from being discriminated against if they seek homeownership.

Hurdles Remain for Disparate Impact Claims in Housing Despite SCOTUS Ruling
HousingWire | June 26, 2015
On Thursday the Supreme Court ruled in a contentious and qualified opinion that the legal doctrine of "disparate impact" is cognizable under the Fair Housing Act, but a closer look at the ruling shows it may not be as perilous for the mortgage industry as initially thought.

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On most business days, we post national news articles, and PRIA and PREP Chapter information on the PREP Blog and the PRIA/PREP LinkedIn Group. You are able to stay in touch by subscribing to both sites and automatically receiving 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
Housing Forecast: What to Expect in the Second Half of 2015
News from PREP Chapters - Central Florida
Join us for PRIA's Annual Conference in Louisville, KY August 24-27, 2015
CSC Seeks Nominees for its 2015 eRecording All-Star Awards
NAR: Existing Home Sales Rose 5.1% in May
PRIA Announces Approval of eRecording Best Practices for Recorders
The Top 5 Things to Know About TRID Now
Links to National News
Advertise in PRIA's Newsletters
PREP Blog and PREP LinkedIn
Examples of PRIA's Products
PREP Chapter Meetings
  July -  October 2015    

      Central Florida


      Metro Minnesota

      North Dakota (new)  

      SE Minnesota

      Idaho (new)

      Red River Valley MN 

      SE Pennsylvania



      Upstate South Carolina 

      Virginia (new)                        


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

Mark Monacelli
PREP Committee Government Co-Chair, Recorder
St Louis County, Minnesota

Madeleine Nagy

PREP Committee Business

Co-Chair, ALTA

State Government Affairs


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