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Volume 116,
mid-June 2015
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Wherefore Art Thou, eMortgage?
Paper is an autocratic ruler in the mortgage industry. The electronic mortgage (eMortgage) seems as elusive as the paperless office. BusinessWeek magazine touted the term "paperless office" 40 years ago, and predicted that most record-handling would be electronic by the 1990s. What happened?
Electronic mortgages launched more than 10 years ago, and in that time several parts of the mortgage process have significantly reduced paper usage. Still, the industry has not been able to remove paper altogether. It has been estimated that the average mortgage generates 6,000 pieces of paper by various stakeholders. This is not exactly paperless. But some of these documents are created, signed and stored electronically. These documents are only printed when necessary, so it is paperless to a degree.
Even if a loan file only contains a few electronic files, this reduces the paper used, automates quality control checks and reduces costs. But is this hybrid loan file - a mixture of paper and electronic files - an eMortgage? It's an interesting question and one of semantics. (Read complete article.)
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News from PREP Chapters
Here is this issue's highlighted PREP Chapter:
SE MINNESOTA:
Co-chairs: Government, Kelly Callahan, [email protected] and Business, Jim Ohly, [email protected]
The SE Minnesota PREP Chapter met on May 6, 2015. Discussion at this meeting covered the following topics: 1) new
Subsurface Sewage Treatment System requirements for Olmsted County, 2)
an overview of recording requirements for original documents, certified copies, and photocopies, 3) new
statutes regarding documents submitted for recording, 4) an update from the MN Department
of Revenue, and 5) county updates from Olmsted, Mower, Fillmore, Houston, Steele, Freeborn, Faribault, and Winona counties. The next meeting date for this Chapter will be on August 12, 2015.
(Read complete minutes from this Chapter on the PRIA/PREP webpage.)
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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.
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PRIA's Sponsored Webinar: "Redaction Best Practices"
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Redaction Best Practices
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| Register Today! 3 p.m., ET, Thursday, June 18, 2015 Registration Fee: Complimentary for PRIA Members; $25 all others PRIA invites you to participate in this month's webinar: "Redaction Best Practices" presented by Carol Foglesong and Steve McDonald.
This Webinar will focus on the output of the Redaction Best Practices Work Group, formed by PRIA in July of 2010. Topics will include an overview of redaction laws by state, personally identifiable information & identity theft, and the Social Security Number and Privacy Protection Act. In addition, general tips for redaction will be discussed, including: identifying the problem and scope, how to avoid complications, and how to ensure accurate redaction when using print or digital methods.
To register for this webinar,
click here.
Registrations will be accepted on a first-come, first-served basis until all seats are filled.
Complimentary for PRIA Members; $25 for non-members. Non-members can apply their $25 registration fee towards 2015-16 PRIA membership dues. |
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What do the Mortgage Industry and Baseball Have in Common?
excerpted from Servicing Management June 2015
The use of analytical tools to mine data has increased in popularity and effectiveness in recent years. Many industries have transitioned from highlighting data quantity to emphasizing data quality. Just ask Billy Beane, general manager of the Oakland Athletics, who used analysis - part of which included evaluating unconventional data, such as on-base and slugging percentages - to select the strongest lineup of players that would provide his team with the best chance of winning. Using this unique mathematical approach to drafting and identifying key draft picks and free agents, the Oakland Athletics finished the 2001 season first in their division, winning 20 consecutive games during one impressive stretch.
In baseball, the number of home runs that a player hits is not the sole indicator of his greatness. Equally, servicers cannot rely on a borrower's credit score by itself as an effective predictor of long-term performance. Understanding which borrowers may present more risk is now becoming an area of increased focus. The quantity of data is outweighed by the quality of the insights that exist within, but sifting through petabytes of data isn't impressive unless you're finding quality information and making it actionable. (
Read complete article.)
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Simplifile Adds New Services To Aid With TRID Compliance
excerpted from MortgageOrb 5/29/15
eRecording service provider Simplifile has launched two new services to its online platform, Collaboration and Post Closing, that will help lenders comply with the Consumer Financial Protection Bureau's new TILA-RESPA Integrated Disclosures (TRID) rules.
Using these new services, lenders and settlement agents will be able to share, validate and collaborate on loan documents, fee data, transaction details and more, the company claims in a release. What's more, settlement agents and county recorders will be able to collaborate seamlessly from loan application through final title policy delivery.
"With the TILA-RESPA changes, being able to connect lenders to their settlement agents is more important than ever to get the fee collaboration and transaction details right," says Nancy Alley, vice president of strategic planning at Simplifile. "Thinking ahead to Aug. 1, I can't think how organizations would be able to remain compliant without electronic collaboration. Our new services, Collaboration and Post Closing, were designed to deliver on the promise of a world where agents and lenders connect transparently.
" (
Read complete article
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Indecomm Global Services Document Management
Group Sprints Past 800 County Milestone
Indecomm Global Services, a leader in business process outsourcing, learning, and technology solutions, announces that its eRecording services are now available in more than 800 counties in the United States. Indecomm's impressive expansion in the eRecording space builds on the company's more than three decades of industry leadership in real estate document recording. Title companies and lenders utilize Indecomm's recording platform to submit documents to counties either by eRecording or mail away.
"Indecomm's county footprint is rapidly increasing and clients are seizing the opportunity to use eRecording as a fast and cost effective way to electronically file documents," said Rajan Nair, CEO, Financial Services Division, Indecomm Global Services. "Access to our over 800 jurisdictions enables them to maximize the benefit of improved recording quality and reduced recording time." (Read entire press release on
PRIA's press release webpage.)
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ALTA NEWS: Status of ALTA's Efforts to Implement a Hold-Harmless Period for TILA-RESPA Integrated Disclosure Rule
excerpted from ALTA Advocacy Update 6/8/15 by Michelle L. Korsmo, ALTA CEO
During our Federal Conference a few weeks ago, hundreds of ALTA members met with more than 220 members of Congress or their staff to request the hold-harmless period. This request was formalized in a letter from the House of Representatives, sent by Representatives Barr and Maloney with 252 members of Congress singing the letter. Similar correspondence has come from the Senate, sent by Senators Donnelly and Scott with 41 senator signatories. Additionally, the Title Action Network, ALTA's 11,000-member advocacy organization, has sent hundreds of emails to members of Congress requesting time for the industry to work through possible issues during implementation.
Unfortunately, the CFPB released a statement last week that neglected to embrace a true hold-harmless period. On its blog, the bureau stated that it will be "sensitive" to the efforts that companies have made in good faith to comply with the 1,888 pages of the TRID regulation. Since the bureau's statement did not include a specified time period or even define "good faith efforts," this statement fails to provide confidence to mortgage lenders or settlement service providers as they work to comply with this complex regulation that will affect millions of homebuyers in the United States. We appreciate the bureau's indication that it will be sensitive when considering enforcement actions, but the industry needs breathing room from the fear of enforcement when deciding how to interpret the rule in application during the first few months. It is highly unlikely this statement will combat the prediction of restrictive decision making and delays in closing the transactions.
ALTA continues to advocate for an official hold-harmless period to help ensure that real estate closings go smoothly after the August 1 implementation date. ALTA is currently working on a letter with our partner trade groups that encourages Congress to pass H.R. 2213, which is sponsored by Congressmen Pearce (R-NM) and Sherman (D-CA) and would mandate a definitive hold-harmless period.
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'White Lies' on Mortgage Applications Are Costly to Lenders
The Wall Street Journal | June 5, 2015
Mortgage lenders have good reason to require borrowers to specify whether they intend to live in a house they are financing.
Weekly Mortgage Applications Jump as Rates Surge
CNBC | June 10, 2015
The interest rate sharp jump to the highest level this year caused a sudden surge in mortgage applications. While that may seem counter-intuitive, there's a reason: fear that rates will move even higher.
TILA/RESPA Storm About to Hit Mortgage Lenders
Credit Union Journal | June 10, 2015
There is a major storm moving toward credit union mortgage lenders and it will arrive Aug. 1. That is the date the RESPA-TILA Integrated Mortgage Disclosures Rule will go into effect.
Midyear Report: The Housing Market Is on Track for Its Best Year Since 2006 (and It Ain't a Bubble)
Realtor.com | June 11, 2015
As we approach the midpoint of 2015, the residential real estate market is on track for its best year since 2006, the peak of the housing bubble. (This time, though, it's no bubble.)
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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.
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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 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 [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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