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Volume 96, 
mid-August 2014



CFPB Rules Harming Mortgage Lending, According to Federal Reserve
excerpted from US Finance Post 8/8/14

New mortgage rules imposed by the Consumer Financial Protection Bureau (CFPB) are driving down mortgages made by banks, according to a new report by the Federal Reserve. The CFPB is funded through the Federal Reserve. Its new Qualified Mortgage rule, among others, went into effect on January 10.


According to a survey, a small percentage of large banks said the rule has affected their approval rate for prime conforming loans, which are made to well qualified buyers for amounts under $417,000, although a large share of other respondents said the rules were lowering approval rates on the same types of mortgages.


This is similar to a report from DBRS. In its U.S. Residential Mortgage Servicing Midyear Review and 2014 Outlook, the agency noted that new federal regulations along with a shift from refinancing to purchase loans, has resulted in historically low volumes of mortgage originations, despite rebounding home prices. (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, Elaine McCarthy, and Business, Ben Sherman, and Bob Treuber,      


The New York PREP Chapter (officially called the NY PRIA Property Records Forum) held its second meeting on August 5, 2014.  In addition to adding a new Government PREP Co-chair for the group (welcome Elaine McCarthy from Westchester County, NY) the group discussed the following: 1) the Westchester County PREP (Property Records Electronic Portal) System; 2) Suffolk County's RP 5217 (taxation form used); 3) Nassau County's recording staffing issues and solutions; 4) Recording cover letter, fees and document standardization efforts in New York state, and, 5) the keynote speaker, David Ewan, PRIA President, discussing how PRIA works and what PRIA does for members and for PREP.  (Read the complete minutes for this PREP Chapter on PRIA's PREP webpage.)


Walking Dead?  Beware the Zombie Foreclosure
excerpted from National Mortgage News 8/9/14

Just when you thought the exotic issues regarding residential default had all been discovered, discussed and litigated, here comes the so-called zombie foreclosure.

Leaving aside the ghoulish nomenclature, a zombie foreclosure is a foreclosure that commences but doesn't complete. The foreclosure that just won't die. Specifically, RealtyTrac defines the phenomenon as "properties that have started the foreclosure process but have never been foreclosed and the homeowner has vacated."


Abandoned by the homeowner, but not yet titled in the foreclosing lender, the affected properties are in limbo, falling into disrepair, attracting crime, dragging down the values of entire neighborhoods and creating uncertainty in local housing markets.

The zombie foreclosure saps tax dollars from municipalities and state and county government and liability for taxes hangs over the heads of homeowners who, in many instances may not know that they remain responsible for property taxes and upkeep of the property.


Most disturbing is the RealtyTrac statistic that one in every five of the homes now in foreclosure process (more than 152,000 in total) are zombies with home values in states like Florida, Illinois and New York seeing the greatest decline. (Read complete article.) 



See You Soon at the Annual PRIA Conference (August 25-28)

We look forward to having many of you attend the Annual PRIA Conference in Long Beach, California on August 25-28. 

Be sure to check the  PRIA Conference site to review the many great sessions and events that are planned for you. Hope to see you soon!  


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The PREP newsletter, Working Together, is distributed bi-monthly to an audience of over 13,000 land records professionals and encapsulates news on a national level, including updates from PRIA partners ALTA, MISMO and AEA, PREP Chapter news and general interest articles relating to the land records industry. Working Together is published bi-monthly.


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Sovereign Citizen Gets 5 Years In Prison For Filing False Liens Against Judge
excerpted from BreitbartUnmasked 8/8/14

Michael Rinderle of Waukesha, Wisconsin was sentenced to five years in prison for his sovereign citizen activities after his wife was arrested for driving with a suspended driver's license. According to, Rinderle first threatened a judge with financial ruin, and then filed $41 million dollars in false liens against the judge.


Rinderle further demanded that the payment for those liens be in silver coins. Instead of becoming an instant millionaire, Rinderle was extradited from Pennsylvania to New Jersey where he ultimately renounced the whole sovereign citizen movement, or so his attorney claims. He admitted that he knew the liens were false and therefore illegal, threw himself on the mercy of the court, surrendered his sovereignty and received a 5-year prison sentence. (Read complete article.) 


Three More Connecticut Towns Start eRecording with Simplifile
excerpted from Digital Journal 8/7/14 

The City of Meriden and the towns of East Hartford and Woodbridge are the most recent Connecticut recording jurisdictions  to make Simplifile's electronic recording (eRecording) service available.


With the addition of eRecording in the City of Meriden, the Town of East Hartford, and the Town of Woodbridge, there are now 20 recording jurisdictions in Connecticut eRecording with Simplifile. Nationwide, more than 1,100 counties and recording jurisdictions have also implemented Simplifile's eRecording service, helping customers save time and money on document recording. (Read complete article.)
There's Still Time to Review PRIA's Indexing Standards White Paper Final Draft

PRIA's Business Processes and Procedures Committee would still appreciate any comments you might have on the final draft of a white paper on Indexing Standards. The deadline for submitting comments is August 24, 5 p.m., ET.   


This paper was the result of a collaborative effort which included recorders, title company representatives and LRMS (Land Records Management System) vendors. The paper was initially presented for discussion during a working session at the 2014 Winter Symposium and has undergone several updates since then.   

Comments should be submitted back to Kathi Guay  or  Myron Finley, two of the principles on this paper. To access the paper, click here.

ALTA NEWS:  ALTA Members Meet With CFPB on Implementation (by Michelle Korsmo, ALTA CEO)

excerpted from the August 4, 2014 ALTA Advocacy Update


In early August the Consumer Financial Protection Bureau's (CFPB) Regulatory Implementation Team hosted the first of a series of meetings with our industry to discuss the new integrated mortgage disclosures. We are now T-minus one year until implementation of the new forms. The CFPB is meeting with our industry to gauge progress on implementation efforts and to learn where specific challenges are being encountered.


Representatives of ALTA's Integrated Mortgage Disclosures Task Force attending the meeting included Leslie Wyatt of SoftPro, Mary Schuster of RamQuest and Pam Day of Day Title. The task force team members discussed the need for industry forums as a way for the Bureau to have conversations about implementation with ALTA members. The group also urged the CFPB to answer industry questions in a uniform and public manner to limit interpretations of the rule and to host more informative webinars as we approach the implementation date.


We benefit greatly from the great work of our Integrated Mortgage Disclosures Task Force. If you have any questions, please contact ALTA's vice president of government and regulatory affairs, Justin Ailes, at or 202-261-2937.  



Links to National News


The Huffington Post | August 8, 2014
For 30 years, falling mortgage interest rates have enabled homeowners to move into ever-larger homes on the promise of ever-cheaper financing. But that party is over, and the impact on existing home sales could be significant.

The Motley Fool | August 9, 2014
While the housing markets throughout most of the United States have improved dramatically since the financial crisis, there are some areas that are severely lagging.

Inman News | August 8, 2014
The number of homes repossessed by mortgage giants Fannie Mae and Freddie Mac and destined to hit the market in the months ahead has fallen by 45 percent from a 2010 peak of more than 241,000 homes.

RealtorMag | August 8, 2014
Americans' attitudes toward the housing market remain mixed, with home price expectations moderating and concerns about the economy making them more cautious, according to Fannie Mae's July 2014 National Housing Survey, a survey of about 1,000 Americans' views on housing.
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.
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In This Issue
CFPB Rules Harming Mortgage Lending, According to Federal Reserve
News from PREP Chapters - New York
Beware the Zombie Foreclosure
PRIA Annual Conference - August 25-28
Advertise With PRIA
Sovereign Citizen Gets 5 Years in Prison for Filing False Liens
Three More CT Towns Start eRecording
PRIA's Indexing Standards Still Available for Review
Right Divider Block
Contact Us
Examples of PRIA's Products 
PREP Chapter Meetings
        August - October 2014  

      Central Florida 

      Metro Minnesota 

      North Central Texas


      SE Minnesota

      Central Texas

      Central Lakes MN




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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