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Volume 110, 
mid-March 2015



Meeting the Regulatory Challenge
excerpted from MortgageOrb 3/6/15

For some time, the mortgage industry has been buzzing about the overwhelming number of new regulations that it now must face. Regulators and government officials on the national, state and municipal levels have proposed and enacted legislation aimed at protecting borrowers and consumers in the wake of the recent recession, hoping that they never have to endure a crisis of that magnitude again.

Although these regulators and government officials have good intentions in passing these laws, some include language and stipulations that, in the mortgage industry, may hinder the day-to-day work that mortgage servicers and their field services partners complete in the field.

Managing some of these new regulations can become cumbersome for field services companies, but each one can serve as an opportunity to foster partnerships, educate the officials enacting the new laws and establish industry best practices. Where the rapid increase in the frequency of these regulations has become a challenge, the field services industry must provide solutions. Let's take a close look at each of these challenges and explore some possible solutions. (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, Nancy Becker at and Business, Dallys Novarina, at  


The SE Pennsylvania PREP Chapter met on February 12, 2015. This PREP Chapter partners with the Pennsylvania Land Title Institute in their presentations for CLE credits. At this meeting, the agenda included a presentation by Kate Harper, State Representative, who gave an update on pending legislation (including Recording of Mineral and Gas Leases), and a presentation by Charles W. Proctor, III from Proctor and Lindsay, entitled "Deeds and Transfers of Title".  Joe Safran, Bucks County Recorder, also discussed eRecording submitters being able to eRecord across the state by 2017. (Read complete minutes on the SE PA's PREP webpage.)


PRIA Announces 30-day Comment Period for eRecording Best Practices     

PRIA's Board of Directors have approved the eRecording Best Practices for Recorders paper for the required 30-day comment period. This document is the culmination of more than a year of meetings, via conference call and face-to-face at conferences, and includes input from dozens of members who participated in the eRecording eXcellence Best Practices Work Group.


This document will be available for review and comment through April 8, 2015. Comments should be submitted to the work group co-chairs, Jerry Lewallen and Chris Walker.


100 Percent of MA Jurisdictions Now eRecording Enabled

Massachusetts has become the seventh state in which 100 percent of its recording jurisdictions are eRecording enabled.  


Colorado was the first multi-jurisdictional state to earn the 100 percent designation in 2011, with Arizona reaching that landmark in 2012. Hawaii, Alaska, Delaware and District of Columbia also claim 100 percent of jurisdictions eRecording.


With the number of counties that are eRecording across the nation surpassing the 1,240 mark, an increase of more than 150 jurisdictions in the past 12 months, significant progress is being made toward nationwide acceptance of electronically recorded documents.


"eRecording hit another milestone with Massachusetts falling into the 100 percent column," declared Mark Ladd, PRIA president, and vice president of regulatory and industry affairs with Simplifile, LC. "We hope to increase the pace of full-participation states by developing seamless implementation strategies through the efforts of the PRIA eRecording eXcellence Work Group and its recent 'eRecording Best Practices for Recorders' work product that is currently posted for 30-day comment."  


Read the complete press release issued by PRIA.


Accenture Incorporates eSignature Capability into Mortgage Software
excerpted from NewstoWatch 2/25/15 

The latest version of Accenture Mortgage Cadence's Loan Fulfillment Center incorporates e-signature capability. This functionality will allow borrowers to sign disclosures electronically, which the company said will make the loan origination process easier and faster.


"Offering e-signature functionality brings the Loan Fulfillment Center one step closer to enabling the completely digital mortgage," said Paul Wetzel, senior product line lead of Accenture Mortgage Cadence.


By enabling e-signatures, it will take mortgage originators just minutes to order documents and send them to borrowers. The software can then guide borrowers to the documents that need signing and will track outstanding documents for the lender. (Read complete article.)


Closing The Books On The Housing Crisis: Consumer-Focused Mortgage Servicing
excerpted from MortgageOrb 3/2/15

It is time to turn the page on the mistakes of the past and focus on building a housing sector that provides a path to secure homeownership for responsible borrowers.


Efforts to restore and "professionalize" mortgage servicing are struggling. It is equally troubling that recent legal actions by certain regulators and investors in mortgage-backed securities may undermine reasonable efforts by non-bank servicers to modify loans. It is time that we establish a servicing framework that is best for homeowners. To do that, servicers need to comply with new servicing standards to sustain the American Dream and ensure the integrity of mortgage securities. Public and private-sector leaders must embrace the need for industry regulation and best practices coupled with appropriate guidance, enforcement and accountability.

The time has come for the federal government, state governments, industry and nonprofits to work together to develop and implement transparent, consistent standards that promote responsible servicing and restores trust to our markets. Housing counseling should be tapped as a resource for borrowers who need assistance. Housing counselors could provide further support the industry by serving in an ombudsman role.  (Read complete article.)  

CSC Adds Three Counties in Three Different States
excerpted from 3/4/15

Bergen County, NJ, Bristol Fall River, MA and York County, SC are now electronically recording real estate documents through Corporation Service Company (CSC). (Read complete article.)


ALTA NEWS:  ALTA Submits Additional Question for the Record on Secretary Castro's Hearing Before the House Financial Services Committee            
excerpted from ALTA Advocacy Update 3/2/15 by Michelle L. Korsmo, ALTA CEO 

Representative Patrick Murphy (D-FL) submitted a question on ALTA's behalf regarding clear title following HUD Secretary Julian Castro's testimony before the House Financial Services Committee on February 11. The question, which was entered into the Congressional Record, reads as follows:

Question: Secretary Castro, I am concerned with FHA's current policy for clearing title on Real Estate Owned (REO) Properties. It is my understanding that in some cases, FHA is not permitting the sale of foreclosed REO Properties because a previous mortgage is unreleased of record. The mortgage has been satisfied, and in the private marketplace, a title insurance policy effectively clears the transfer of the property. However, current FHA requirements on clearing title are slowing down home sales for properties already facing foreclosure. What steps is FHA taking to resolve this issue?


Furthermore, H.R.83, the CR/Omnibus that Congress passed and the President signed on December 16, 2014, requires FHA to report on actions being taken to reduce costs and timeframes taking title following a foreclosure.  Can members of Congress expect that the report will be delivered within the 180 days directed by the law and what sort of solutions do you anticipate will accompany the report?


If you have questions about ALTA's advocacy on the FHA, please contact Justin Ailes, ALTA's vice president of government and regulatory affairs, at or 202-631-0061. 


Links to National News
Report: Foreclosure Rate in Judicial States More Than Triple That of Non-Judicial States
DS News | March 11, 2015
While 36 states reported a level of foreclosure inventory below the national average of 1.4 percent in January, the rate remained high in some states - namely in judicial states where the foreclosure process has to pass through the courts, according to CoreLogic's January 2015 National Foreclosure Report released on Tuesday.

What Mortgage Lenders are Looking For
Chicago Tribune | March 10, 2015
To qualify you for the best rate on a home loan, lenders will see if you pass muster in three main areas. Note that you may be able to offset weakness in one category with strength in another.

Mortgage News Daily | March 9, 2015
Black Knight Financial Service's current Mortgage Monitor Report takes an in-depth look at home affordability and foreclosure metrics, both based on January 2015 data. The company says that foreclosure starts, both first time and repeat, reached 12 month highs during the month while home affordability, despite two years of price increases, remains better than before the housing bubble.

The Hill | March 4, 2015
The latest housing sales numbers have caused widespread doom-and-gloom, but First American's Chief Economist Mark Fleming contends that the housing market is now healthier than it has been at any point in the last decade. While many argue that increasing home prices are harming first-time homebuyers, Fleming contends that historically, home sales actually spike when home prices rise.

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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
Meeting the Regulatory Challenge
News from PREP Chapters - SE Pennsylvania
Comment Period for eRecording Best Practices
100 Percent of MA Jurisdictions Now eRecording
Accenture Incorporates eSignature Capability into Mortgage Software
Closing the Books on the Housing Crisis
CSC Adds Three Counties in Three Different States
Links to National News
Advertise in PRIA's Newsletters
PREP Blog and PREP LinkedIn
Examples of PRIA's Products  
PREP Chapter Meetings
  March -  June 2015    

      Central Florida


      Metro Minnesota 

      SE Minnesota

      Idaho (new)

      SE Pennsylvania 


      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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