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Volume 103, 
November 2014



Housing Losing Momentum? Not If but When...
excerpted from Housing Wire 12/1/14

Moderation in the housing market is now in its 11th straight month, according to the latest home data index from Clear Capital. National home price gains fell to 6.7% year-over-year and 1.0% quarter-over-quarter.


Meanwhile Distressed Saturation fell to just 16.8% suggesting the shortage of lower priced inventory is the catalyst for stalling gains. National trends were echoed at the regional level, with the West seeing the strongest moderation across the country. In fact, for the first time since the start of the recovery three years ago, the West's yearly rates of growth fell below 10%, a sure sign of more moderation to come over the next several months for the nation.


"Performing-only sale trends are a bellwether for what's to come in 2015 " said Dr. Alex Villacorta, vice president of research and analytics at Clear Capital. "Think of home price growth since the housing collapse as a bouncing ball, where each successive bounce causes some energy to be lost and eventually movement stalls. We see this on a few different levels. First, we see the delta between performing-only and all sales, including distressed sales, merging. This confirms markets are no longer driven as much by investor demand for discounted distressed assets." (Read complete article.)



News from PREP Chapters


In every edition of the PREP Newsletter, we highlight at least one PREP Chapter and post an abbreviated version of their most recent Chapter Meeting minutes.  You can also see what any of the PREP Chapters are talking about by going to PRIA's PREP Chapters webpage.  


Co-Chairs:  Government, Kelly Callahan at and Business, Jim Ohly at 


The SE Minnesota PREP Chapter met on November 5, 2014. Joan Boesen with Olmsted County Vital Records gave an update on the MOMs (Minnesota Official Marriage) website. Tom Reineke from the Minnesota Department of Revenue gave a demonstration on submitting an eCRV since paper CRV's are no longer accepted. Kelly Callahan, Freeborn County Recorder, discussed additional fees required for added memorials, and residue certificates. There was a discussion on upcoming changes to closing settlement statements and county recorders attending from Fillmore, Winona, Olmsted, Freeborn, Mower, Faribault, Houston and Steele counties gave updates from their jurisdictions.  The next meeting of this PREP Chapter will be held on February 11, 2015. (Read complete PREP Chapter Minutes on PRIA's PREP Chapter webpage.)   


PRIA's 2015 Winter Symposium Will be Held in Arlington, VA from February 17-20

The 2015 Winter Symposium again will be hosted at the Crystal City Marriott in Arlington, Virginia, from February 17-20.  The 2015 Winter Symposium will feature more hot topics for recorders and the business sector.  There will be general sessions interspersed with work group meetings and small group discussions offering opportunities to continue developing relationships with all attendees. The Planning Committee, chaired by Kathy Haiker, Ottawa Co., MI, and Liz Kelly, Ernst Publishing, are working in conjunction with the Board of Directors to design the program. For hotel reservations, click here.  A preliminary schedule, along with registration and sponsor information, is also now available.  



PRIA's Indexing Standards Paper Posted for 30-day Review

PRIA's Business Processes and Procedures Committee has posted a second draft of its "Indexing Standards for Names and Parties to Documents" paper. This paper was initially published for comment on July 25, 2014. Based on the comments submitted, the working committee has made substantive changes to the original document; therefore, a second 30-day comment period has been initiated.


Comments should be submitted back to Kathi Guay and/or Myron Finley, two of the principles on this paper, by 8 a.m., ET, Monday, December 15.

To access the paper, click
Ellie Mae Survey Shows Rise in Refinancing
excerpted from Origination News 11/20/14 


The number of mortgages refinanced grew by four percentage points in October from September, according to an Ellie Mae report. The Pleasanton, California based mortgage software company said refi production volume hit its highest level in six months, making up 40% of all loans originated. Ellie Mae's data came from a sampling of 57% of mortgage applications made through the company's Encompass origination software.


"Refinancing activity in October was at the highest level since March of this year, thanks largely to the current interest rate environment," Jonathan Corr, president and chief operating officer of Ellie Mae, said in a press release. Ellie Mae also reports that the average rate for a 30-year mortgage loan fell to 4.371%, its lowest point since July 2013.


Inside the CFPB's New Mortgage Servicing Proposal
excerpted from National Mortgage News 11/21/14

The Consumer Financial Protection Bureau issued a proposal recently that would institute new foreclosure protections for consumers after the agency found its previous mortgage rules didn't go far enough. The plan is meant to protect consumers from foreclosure throughout the life of the loan and prevent a wrongful foreclosure sale as well as fix problems with loan transfers and clarify the meaning of a delinquency.

Under the proposal, servicers would also be required to apply the same rules to any person who inherits the mortgage or property from the original borrower, rather than only doing so when the borrower is deceased.


"The consumer bureau is committed to ensuring that homeowners and struggling borrowers are treated fairly by mortgage servicers and that no one is wrongly foreclosed upon," said CFPB Director Richard Cordray in a press release. "This proposal would give greater protections to mortgage borrowers."


The proposal comes in addition to the mortgage servicing rules that took effect in January which require servicers to maintain accurate records of mortgages and payments regardless of how many times the loan was sold; and to help struggling borrowers. (Read complete article.)


Michigan Expands eRecording in Berrien and St. Joseph Counties
excerpted from PR Web 11/20/14

Two new Michigan counties, Berrien and St. Joseph, have made electronic recording of land documents and records available to customers through Simplifile. With the addition of eRecording in Berrien and St. Joseph, there are now 25 Michigan counties  that have implemented Simplifile's eRecording service, joining more than 1,200 eRecording jurisdictions nationwide.  

ALTA NEWS:  ALTA Urges Bureau to Fix Disclosure of Title Premiums      

excerpted from the November 17, 2014 ALTA Advocacy Update by Michelle Korsmo, ALTA CEO 


"In a comment letter filed in mid-November, ALTA asked the Bureau "to allow for accurate disclosure of title insurance fees on the Closing Disclosure form." Under the current rule, settlement agents and lenders are prohibited from disclosing the accurate rates for the loan and owners policy, even when lenders and settlement agents know the exact rates for the policies the consumer will purchase. We believe that these inaccurate disclosures lead to consumer confusion about the cost of title insurance, and may require settlement agents to provide additional information to consumers detailing their actual closing costs. The ALTA RESPA Task Force has worked tirelessly to address the current concerns with the Bureau's rule and has brainstormed solutions to address these concerns.

Despite these efforts, the Bureau believes that, "the clear disclosure of the required cost for the lender's title insurance alone, and the additional incremental cost to be paid by the consumer for the optional owner's title insurance premium outweighs the benefit of a technical disclosure of the owner's and lender's title insurance premiums."


Along with the comment letter, ALTA is working with our partner trade associations including the National Association of Realtors, the Mortgage Bankers Association and the American Bankers Association to urge the Bureau to fix this piece of the rule and allow the Closing Disclosure to show the actual premiums consumers will pay for title insurance. If you have any questions please contact ALTA's legislative and regulatory counsel, Steve Gottheim, at or 202-261-2943."  

Links to National News

FHFA Leaves Loan Limits Mostly Unchanged
Reuters | November 24, 2014
The Federal Housing Finance Agency said in a statement it will allow the two mortgage finance giants to purchase loans of up to $417,000 for single-unit properties in all but 46 U.S. counties next year.

HousingWire | November 24, 2014
At the national level, Black Knight's September home price index reports that U.S. home prices were down slightly in September - the first time any decrease had been observed since January 2014.

Housing Sales Inventory Continues to Grow in October
HousingWire | November 21, 2014
The number of homes for sale continued to increase across the U.S. in October, a good sign for buyers, but mainly for those on the higher end.

U.S. Housing Regulator to Unveil Mortgage Fees Framework in 2015
Reuters | November 19, 2014
The Federal Housing Finance Agency suspended plans to raise so-called G-fees in January because the agency's new director said more study was required.

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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
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In This Issue
Housing Losing Momentum?
News from PREP Chapters - SE Minnesota
2015 PRIA Winter Symposium is in Arlington VA 2/17-20, 2015
PRIA's Indexing Standards Paper Posted for 30-day Review
Ellie Mae Survey Shows Rise in Refinancing
Inside the CFPB's New Mortgage Servicing Proposal
MI Expands eRecording in Berrien and St. Joseph Counties
Links to National News
Advertise in PRIA's Newsletters
PREP Blog and PREP LinkedIn
Examples of PRIA's Products 
PREP Chapter Meetings
  December -  February 2015    

      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

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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