Advancements in technology continue to pave the way for an easier, more cost-effective and streamlined mortgage process. Consumer's views toward the mortgage process are shifting, and it is time for the industry to understand new preferences. Carlisle & Gallagher Consulting Group conducted a survey of 618 U.S. consumers in September 2012 and found that 46 percent felt that time-to-close was the most important factor in the mortgage application process. 42 percent said that simplicity was the most important aspect. It's becoming more evident that consumers want a fast, simple process that is reliable. With this knowledge, our industry must consider ways to advance our technology in order to provide a more positive and efficient experience.

The technology exists to change the mortgage process as we know it today. With capabilities such as electronic signatures and records, consumers are able to send pertinent documents without leaving their home or office-a convenience they now come to expect in everyday activities. With the capability of recent technology coupled with consumer desire to complete mortgage process electronically, the question that remains is why has there not been a widespread adoption of electronic practices, such as electronic signatures? The answer in part is due to a slow industry-wide acceptance. (Read complete article.) 

Questions to be addressed will Include:  

• What role does the land records vendor play?
• What document types should I accept?
• How does payment work?
• What role do the eRecording vendors play?
• What changes do I need to consider within my office? 

To register for this webinar. click here.  Registrations will be accepted on a first-come, first-served basis until all spots are filled.  

Register Today! 

eRecording Q & A 

 3 p.m., ET, Thursday, January 9, 2014

Complimentary for PRIA Members; $25 for non-members

At the hearing, the Department took testimony from five underwriter representatives, six agents and the Title Insurance Rate Service Association. In addition to the industry testimony the Department heard from two consumer critics of the industry: J. Robert Hunter of the Consumer Federation of America and Birny Birnbaum of the Center for Economic Justice.

The main focus of the hearing was on reasonableness of market expenses, including meals and entertainment, the practice of buyers paying gratuities to closers on the advice of their attorney (which is common in parts of New York), and curative actions, including the frequency of needing curative work and the costs/time associated with the work. Messrs. Hunter and Birnbaum focused their testimony on reverse competition and called on the Department to take action to prevent marketing costs from being used to pay kickbacks.

The Wall Street Journal ran stories both in advance of and following the hearing. ALTA provided the following comment to the Journal on the purpose of the hearing (a portion of which made it into the story): "Tuesday's hearing provides the New York State Department of Financial Services (NYDFS) an opportunity to evaluate the cost of title insurance in New York state and the industry's latest rate filing made Title Insurance Rate Service Association's (TIRSA) in March 2012 at the request of the NYDFS. Rate hearings like this one are important as it allows the industry and regulators to assess the state of the marketplace, to ensure title insurance rates for consumers are neither inadequate, excessive, nor unfairly discriminatory and to evaluate consumer protections for title insurance. We look forward to working together with NYDFS to ensure that New York remains a safe and competitive marketplace for title insurance."

We do not expect this hearing to be the last in New York and expect other states to conduct similar hearings. Given the number of fronts on which industry critics are attacking the industry, it is important that the industry continue to coordinate and ensure that state land title associations have the tools and information necessary to protect the industry. If you want to learn more about the New York hearing please contact Madeleine Nagy, ALTA's director of state government affairs, at [email protected] or (202) 296-3671 Ext. 329 or Steve Gottheim, ALTA's legislative and regulatory counsel, at [email protected] or (202) 261-2943.