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Volume 92, 
mid-June 2014



Electronic Mortgages Could Help Save Industry $1,100 per Loan 
excerpted from Inman News 5/30/14

An electronic mortgage process could shave 30 days off of the average 52 days it takes to close a loan and save the industry an average of about $1,100 per mortgage, or roughly $1 billion a year, according to estimates from a team put together by Fannie Mae.


The team has come up with three ideas to make the entire loan process, starting with the consumer, digital:

  • Borrower financial passports: online employment and financial profiles that borrowers can share with lenders without the hassle and delays involved in providing paper documents;
  • Loan file service: electronically bring together all of the data from the origination and closing of the loan into one repository, saving time, money, and effort; and
  • National mortgage registry and clearinghouse: enhancements to a decade-old system, the MERS eRegistry, that keeps digital records on electronic promissory notes for real property.

(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 - and Business, Dallys Novarina - 


The SE Pennsylvania PREP Chapter met on May 22, 2014. Nancy Becker, the PREP Government Co-chair and the Montgomery County Recorder of Deeds, gave information about PRIA (Property Records Industry Association) and encouraged those in attendance to join PRIA.  Nancy also presented information about notarial mistakes that cause documents to be rejected, the Veteran's Photo ID card program, and the Post Construction Stormwater Management (PCSM) Instrument Filing Notice. Dallys Novarina, the President of Dallys Associates and Business PREP Co-chair introduced the speaker, Robert B. Holman, Esq., President of General Title Insurance Company in Cleveland, Ohio, who is a member of NAILTA (National Association of Independent Land Title Agents).  He discussed the importance of the independent land title agencies and gave an in-depth presentation on "Title Insurance Ethics." 


Robert also gave a presentation on "Surviving Today's Title Market". He gave a history of the market with various graphs and an outline of what it takes for you to have success in the title insurance marketplace. He also spoke about what it takes to start a title agency.  Nancy concluded the meeting with discussion regarding eRecording and encouraged everyone to speak to their local legislators so they can gain awareness of the issues addressed in today's meeting.  The next meeting will be held in August 2014.  (Read complete minutes on PRIA's PREP Chapters webpage.)


Co-chairs: Government, Tauna Mallis and Business, Zachary Zaharek


SEPTEMBER 10, 2014



5 First American Way

Santa Ana, CA 92707


CHECK- IN TIME: 8:00 a.m. - 8:30 a.m. Check-in. Continental Breakfast

PROGRAM TIME: 8:30 a.m. - 12:15 p.m.


    I.  Southern California Clerk Recorders - Hot Topics - Los Angeles,

  Orange, Riverside, San Bernardino, San Diego, and Ventura

II.  Southern California District Attorneys Offices - Real Estate Fraud

  Topics - Orange, Riverside, San Bernardino, and San Diego

III.  Financial Services Speaker - To be announced



Housing on the Mend, Ever so Gradually
excerpted from The New York Times 5/30/14


One way to tell the housing market is beginning to show signs of health would be that builders of new homes are selling more houses than banks do.


We are not there yet, but the gap is narrowing, even as overall home sales slow. According to calculations by Hanley Wood, a real estate research firm whose Metrostudy division studies deed transfers in about 95 percent of the United States, the areas it covered reported sales of about 74,000 new single-family homes in the first quarter of this year. During the same period, banks sold about twice that number of homes.


The bank sales - known in the industry as real estate owned, or REO - are of homes that were foreclosed upon or transferred to the mortgage holder without going through the formal foreclosure process.


The Hanley Wood figures show that in four of the 20 major metropolitan areas it covers - Dallas, Houston, Denver and the District of Columbia - the new-home builders are selling more houses than the banks are. The volume of new-home sales turned up in 2011 and has been rising gradually since then, although it remains far below the boom levels that existed before the financial crisis. The volume of sales by banks has been declining for more than two years. (Read complete article.) 




PRIA Annual Conference - August 25-28 in Long Beach, CA

Mark your calendars for August 25-28, 2014, and plan to join fellow PRIA members in Long Beach, CA, for a three-day conference that will hit on topics that are relevant and timely.


The reservation website to secure your hotel rooms at the Renaissance Long Beach is now open, so book early for the low PRIA group rate of $135. 


The format for this conference will include general sessions on timely topics for recorders and their business partners, with work group meetings where attendees can contribute to the work products currently in process or just starting. And, you can throw in some fun with the evening gatherings that are sure to build your network.


Two General Sessions will be:

         Legal and Regulatory Roadblocks to eRecording

         Working Together to Eliminate Property Fraud - title companies, recorders,

    attorneys and consumer advocates


Work groups will report on the progress of their current initiatives and engage the audience to offer ideas and opinions that will drive the next wave of best practices for the industry.


A sampling of the Working Sessions:

         eNotary Work Group

         eRecording Best Practices

         XML Work Group


These are just a few of the sessions you can attend during the 2014 Annual Conference in Long Beach. Registration materials are available on the website in PDF format or as an online option. Hotel reservations can be made online, by calling 800.468.3571 (Renaissance Central Reservations) or directly with the hotel 562.437.5900.  The PRIA room rate is $135, plus applicable taxes.


PRIA White Paper Feedback Sought ("PRIA Standards on Indexing Names and Parties to Documents")


The PRIA Business Processes and Procedures Committee, chaired by Kathi Guay (Merrimack Co., NH), and Myron Finley (Nationwide Title Clearing), has completed a draft of the paper "PRIA Standards on Indexing Names and Parties to Documents."

Before submission to the PRIA Board of Directors for approval to post for 30-day IPR, the committee seeks input from both PRIA members and other interested industry participants on the context of this paper. 


To review this work product, click here.  To offer your suggestions for changes to this paper, Email Kathi Guay ( or Myron Finley  (


ALTA NEWS:  CFPB Updates Semiannual Regulatory Agenda (by Michelle Korsmo, ALTA CEO)

excerpted from the June 2, 2014 ALTA Advocacy Update


The Consumer Financial Protection Bureau (CFPB) released its semiannual update of its rulemaking agenda. The agendas typically include updates on the most important regulations that agencies will reasonably expect to issue in proposed or final form during the year. Of importance to our industry, the agenda notes that the Bureau will continue to focus on supporting the RESPA-TILA implementation process.

Additionally, the CFPB will continue to work with stakeholders to address outstanding questions and issue additional clarifications and amendments to the RESPA-TILA rule and the 2013 mortgage rules. On the rulemaking side, the Bureau has just held a Small Business Regulatory Enforcement Fairness Act (SBREFA) panel for its proposed updates to Home Mortgage Disclosure Act rules and is on pace to put out a proposal later this year. Other rulemakings the Bureau is working on include rules on overdraft protections, pre-paid credit and debit cards, payday loans and debt collection. If you have any questions please contact ALTA's legislative and regulatory counsel, Steve Gottheim, at or 202-261-2943.   


Indiana Expands Simplifile eRecording in Greene, Owen and Washington Counties

Simplifile announced three new Indiana counties - Greene, Owen, and Washington - which have implemented eRecording of land documents with Simplifile. With the addition of these counties, there are now a total of 41 Indiana eRecording counties that offer Simplifile's service.(Read complete press release.)


Links to National News


TILA-RESPA Record Retention: How to Avoid an Audit Nightmare 

HousingWire | June 10, 2014
The current TILA-RESPA ruling clearly states that certain records must be retained for a certain number of years. But the real concern is what isn't covered: the information related to the process that produced those records.

Housing Wire | June 9, 2014
Though recent MBS (Mortgage Backed Security) data indicates a slower spring buying season than many expected, the word on the street at FBR (Friedman, Billings, Ramsey Group) Capital's second annual Housing Recovery Conference was relatively positive, especially regarding how policy in the sector is working to support home price appreciation and a recovery of the housing market.

Reuters | June 11 2014
The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity, which includes both refinancing and home purchase demand, rose 10.3 percent in the week ended June 6.

Reverse Mortgage Daily | June 10, 2014
Mortgage industry groups are praising a bill approved this week by the U.S. House of Representatives that would clarify certain aspects of the Qualified Mortgage rule, providing a limited "cure" provision that intends to help banks ensure compliance and manage liability more effectively.
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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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
Electronic Mortgages Could Help Save Industry Money
News from PREP Chapters - SE PA and So CA PREPs
Housing on the Mend, Ever so Gradually
PRIA Annual Conference - August 25-28
PRIA White Paper Feedback Sought
Indiana Expands Simplifile eRecording to Three Additional Counties
Links to National News
PREP Blog and PREP LinkedIn
Advertise in PRIA's Newsletters
Examples of PRIA's Products 
PREP Chapter Meetings
           June - August 2014  

      Central Florida 

      Metro Minnesota 

      North Central Texas


      SE Minnesota

      Central Texas           


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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