Visit PREPVisit PRIA

Volume 100, 
mid-October 2014



What Regulators Will Target Next
excerpted from Housing Wire 10/6/14
Regulators recently offered a rare behind-the-scenes glimpse of what areas they are targeting for enforcement, saying that potential fair lending violations and how mortgages are priced and serviced remain top priorities for the future.

Speaking at a mortgage conference in early October, top enforcement officials from the Department of Justice, Consumer Financial Protection Bureau and the Office of the Comptroller of the Currency said they have ramped up investigations of the mortgage space.


Several attendees said they expected that the agencies will focus on fair lending scrutiny of their portfolios, but were still struck by certain regulators' sometimes aggressive tone.


"We do not regulate you. We do not supervise you. We do sue you," said Steven Rosenbaum, chief of housing and civil enforcement in the DOJ's Civil Rights Division.


Following is an account of what each agency is targeting - and the impact that could have on lenders.  (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, Kim LeGate at and Business, Nakia McFarland at


The Tennessee PREP Chapter met on August 19, 2014.  The meeting began with an announcement from the new Business Co-chair Nakia McFarland from PropertyInfo about the revival of the Tennessee PREP Chapter.  The primary topic of this well attended meeting was a discussion with the Tennessee Department of Homeland Security on "sovereign citizens" and their interaction with government agencies. Kevin Scott and a colleague from the Tennessee Office of Homeland Security gave the presentation.  Both speakers serve as Intelligence Analysts that assist federal, state, and local law enforcement agencies with tactical and strategic intelligence analysis for all types of crimes.  (Read more about this presentation on PRIA's PREP webpage.)


CFPB Releases Updated Rules Readiness Guide
excerpted from Housing Wire 10/8/14

The Consumer Financial Protection Bureau has released an updated rules Readiness Guide that includes the TILA-RESPA Integrated Disclosure.


"This update offers financial institutions and other industry participants valuable guidance on how to evaluate their readiness for complying with the mortgage rule changes," the bureau said in a press release.


The updated guide addresses changes made to Regulation Z, which implements regulation for the Truth in Lending Act (TILA), and Regulation X, which covers the Real Estate Settlement Procedures Act (RESPA).


The release is a welcome one for lenders and compliance firms, who have been struggling to interpret some of the CFPB's rules ahead of the implementation date next August. (Read complete article.) 



Montgomery County PA Takes Mortgage Fight to Banks
excerpted from The Pennsylvania Record 9/25/14

After winning a June 30, 2014 decision against the company that maintains a national

registry of mortgage transactions, the Montgomery County Recorder of Deeds has filed a class action suit at the U.S. District Court for the Eastern District of Pennsylvania against the banks who allegedly bought and sold mortgages without paying the real estate recording fees.


In June, U.S. District Judge J. Curtis Joyner allowed Montgomery County Recorder of Deeds Nancy Becker to continue with her class action suit against Merscorps, the multi-billion dollar business that owns and maintains the MERS electronic database, which records mortgage transactions made between investors and trusts. Becker claimed that the database did not record thousands of transactions, denying Montgomery County more than $15 million in fees.


The civil trial has not yet begun, but in the meantime Becker has now gone after the banks that used the MERS system to avoid paying for each transaction of Montgomery County mortgages. (Read complete article.) 


PTG Announces YourDox Best Practices Partnership with Williston Financial Group
excerpted from PRWeb 10/7/14

"We're pleased to add YourDox and Pioneer Technology to our growing list of Best Practices partners at WFG. The addition of YourDox further demonstrates our commitment to our agents in providing leading compliance solutions that keep them at the forefront of the industry," said Rick Diamond, Senior Vice President and I.T. Director of WFG.


YourDox, developed by Pioneer Technology Group (PTG), securely delivers closing documents to buyers and sellers of real estate using encrypted, password protected sites similar to those used routinely by the financial services and insurance industries. This unique technology provides title agencies with encrypted document delivery, imaged file storage, and disaster recovery protection to assist them with title industry Best Practices, while also delivering a unique online marketing service for title agents, realtors and lenders. (Read complete article.) 


eTransactions Special Report
excerpted from The Title Report October, 2014

In April 2014, the CFPB announced its plans to address the major consumer "pain points" in the mortgage closing process. With October Research, LLC on hand they announced plans to launch an eClosing pilot designed to reduce these pain points and streamline the overall closing process.


The eTransactions special report and The Title Report aim to assist the industry by providing an in-depth look into each aspect of the electronic process. In this special report, sponsored by Corporation Service Company, we explore the first step of the electronic process - eRecordings - obtaining electronic information at the county level. (Read article and download report.) 

Douglas County, NV is now eRecording Through CSC
excerpted from Document Recording News 9/29/14

Douglas County, NV is now electronically recording real estate documents through Corporation Service Company� (CSC�). Any document submitter with a computer, Internet connection and scanner/printer can now eRecord real estate documents in Douglas County through CSC. (Read complete article.) 


ALTA NEWS:  CFPB Discusses Completing the Loan Estimate on Third RESPA-TILA FAQ   

excerpted from the October 6, 2014 ALTA Advocacy Update by Michelle Korsmo, ALTA CEO 


In early October the CFPB held the third in its series of webinars to answer frequently asked questions regarding the RESPA-TILA Integrated Disclosures rule. The webinar focused on completing the Loan Estimate form that will replace the Good Faith Estimate and initial Truth in Lending statement in August of next year.

While the webinar focused on the Loan Estimate, some questions and answers related to the completion of the Closing Disclosure. Some of the applicable questions included:

  • Question: Can the designation "N/A" be used where no value is to be disclosed on the Loan Estimate? (Comment 37-1.) Answer: No. If there is a typical service that will not be employed in the transaction, that service is either not shown on the form or the cost is left blank if it is a hard-coded line (such as points).
  • Question: Is a mortgage broker required to generate and disclose a unique loan ID number when it is not the creditor? Answer: No. The unique loan ID number is left blank unless the creditor is known and has issued the loan a unique ID. This answer is helpful because page five of the Closing Disclosure includes a line for the settlement agent's ID number. In many/most states, the settlement agent does not have a state-issued ID number. In such cases, this answer confirms that you would leave that line blank.
  • Question: Recording fees and other taxes appear to encompass all government taxes which are not transfer taxes. Does this include taxes on separate services, such as title insurance? (1026.37(g)(1)) Answer: No. Only fees paid for the recording of documents (including service fees related to recording such as technology fees) are shown on the line for "Recording Fees and Other Taxes" in section E of the Closing Disclosure. Taxes paid for other third-party settlement services such as taxes on title insurance or sales taxes are not included in this section and should be included as needed as part of the disclosure of the charges for those services.

ALTA will continue to review this and other webinars and include questions and answers on our TILA-RESPA compliance blog which can be found at If you have any questions please contact ALTA's legislative and regulatory counsel, Steve Gottheim, at or 202-261-2943. 


Links to National News


HousingWire | October 9, 2013
In the Supreme Court's order, Justice Henry DuPont Ridgely ruled that the plaintiffs' claims "lacked merit." The court also found that assignment by MERS complied with the requirements of Delaware law because it had one creditable witness and was notarized.

The Washington Post | October 9, 2014
According to the latest data released Thursday by Freddie Mac, the 30-year fixed-rate average fell for the third week in a row, dropping to 4.12 percent with an average 0.5 point. It was down from 4.19 percent a week ago and 4.23 percent a year ago.

From Pain to Gain: A Transformed Servicing Landscape Five Years Later - October 2014
New technology solutions facilitating ease of integration and real-time data exchange have altered the servicing landscape forever.

HousingWire | October 7, 2014
Vacant foreclosures draw crime, cost millions - this could fix it.   
Advertise 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 Touch is produced and distributed 12 times each year, while PREPs "Working Together" is distributed 24 times a year.  It's a lot of exposure with a wide audience, now up to 13,000 readers, for just a few dollars. To claim your space click here
Join the PREP Blog and the PREP LinkedIn Group


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.
Newsletter Sponsors

If you'd like to advertise in this newsletter please contact:
In This Issue
What Regulators Will Target Next
News from PREP Chapters - Tennessee
CFPB Releases Updated Rules Readiness Guide
Montgomery County PA Takes Mortgage Fight to Banks
PTG Announces YourDox Best Practices Partnership
eTransactions Special Report
Douglas County NV is now eRecording Through CSC
Links to National News
Advertise in PRIA's Newsletters
PREP Blog and PREP LinkedIn
Examples of PRIA's Products 
PREP Chapter Meetings
    October - December 2014  

      Central Florida 

      Metro Minnesota 

      North Central Texas


      SE Minnesota

      SW Minnesota 

      Central Texas

      Central Lakes MN




      Upstate So Carolina            


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


Join Our Mailing List
Find us on Facebook
View our profile on LinkedIn