|
|
|
Mortgage Data Standards Propelling the Need for Education and Certification
excerpted from National Mortgage Professional
The mortgage industry has been far from standardized throughout history. Before the government-sponsored enterprises (GSEs) - Fannie Mae and Freddie Mac - and the Federal Housing Administration (FHA) there were no true standards. The industry evolved from a paper and forms-based business transaction process to an electronic version. Processes began to mature, however, organizations were still required to have an in-depth and specific knowledge of each investor/insurers policies to conduct business. Smaller lenders and servicers would choose one investor or maybe a handful. Doing business with many investors was simply too expensive in terms of manpower, training, education and technology solutions given the differences in processes and systems. Within the agencies, the standards have not been aligned, but things are shifting due to industry demands and regulations.
The Federal Housing Finance Agency (FHFA), in coordination with the GSEs, has made advances to standardize practices, contract language, and associated data and systems required to perform the transactions existing in the life of a loan. One key decision was the choice to use Mortgage Industry Standards Maintenance Organization (MISMO) standards, its XML schema, and logical data dictionary, often referred to as the MISMO Reference Model, as the basis for the Uniform Mortgage Data Program (UMDP).
MISMO has been in existence for years, and is mostly a volunteer organization instrumental in creating a robust and data schema covering the mortgage industry from application through securitization. Volunteers worked tirelessly to advance the cause, but MISMO did not have any real power to make people use the standards. Because of this, adoption was slow and only a few companies truly embraced the usage of the MISMO Reference Model. (Read complete article.)
|
|
|
|
News from PREP Chapters
In every edition of the PREP Newsletter, we highlight a PREP Chapter and post an abbreviated version of their recent Chapter minutes. You can also see what PREP Chapters are talking about by going to PRIA's PREP Chapters webpage.
Metro Minnesota PREP:
Co-chairs: Government, Timi Bailey, [email protected] and Business, Darlene Missler, [email protected]
The Metro Minnesota PREP Chapter met on November 12, 2013. Updates were given to the group about both the mortgage tax collection and status of the ERERC (Electronic Real Estate Recording Commission). The Minnesota Bar Association shared an update on several statutory language changes underway, including language in the new Same Sex Marriage amendment, Transfer on Death Deeds, and the Certificate of Trust and Receivership acts. There was a discussion regarding the current national push for more counties, title companies and attorneys to submit and process electronic documents. The next meeting of the Metro Minnesota PREP Chapter will be held on February 13, 2014. (See complete minutes from this meeting on the PRIA PREP Chapters website.)
|
|
Did you know that the AEA (American Escrow Association) is a partner to PRIA and PREP?
AEA's goals are to further the knowledge and professionalism of the settlement professional through education and to educate and advise decision makers in the federal government on issues of consequence to the settlement industry. AEA monitors and reports legislative and regulatory matters to our membership and meets with the leadership of related industry trade associations to address issues that affect the entire settlement industry, as well as exploring other opportunities for exchange of information and education forums in addition to AEA's Annual Educational Conference held in June of each year. One such opportunity resulted in the formation of PREP, Property Records Education Partners, by PRIA, AEA, ALTA, NACRC and IACREOT. ( Read more on the AEA webpage.)
|
|
"Setting Standards for Success" - PRIA's 2014 Winter Symposium
The 2014 Winter Symposium will be hosted by the Crystal City Marriott in Arlington, Virginia, located within one mile of the Ronald Reagan Washington National Airport. With a plethora of restaurants, local attractions and Washington, DC, just a short metro ride away, this will be a stay that you are sure to enjoy.
This year's Winter Symposium will feature more hot topics for recorders and the business sector. There will be general sessions interspersed with work group sessions and small group discussions offering opportunities to continue developing relationships with all attendees.
On Thursday morning, February 27, Kenneth W. Gronbach, expert in demographics and generational marketing, will present two sessions which will look at the future for the country and, specifically, the real estate industry, from both a global and local perspective. Gronbach trains and entertains his audiences with his own special brand of wit, humor and clear communication. He makes the science of shifting demography come alive with real life examples that make it relevant to today's culture, business climate and economy.
Here's a sampling of other General Session topics:
- Property Fraud and What To Do About it, Cook County, IL
- National Databases, a roundtable discussion
And working groups will begin to define the next wave of best practices for the industry during concurrent breakout sessions. Here's a sampling of those sessions:
- Storage Requirements for Archival Media
- eRecording Best Practices
- PREP (Property Records Education Partners)
- Indexing Requirements
And these are just a few of the sessions you can attend during the 2014 Winter Symposium.
Registration materials are available in both PDF and online options on the PRIA website. Hotel reservations can be made online or by calling 800.228.9290 (Marriott Centralized Reservations) or 703.413.5500 (direct to the hotel).
|
|
South Carolina Expands eRecording in Lexington County
excerpted from PRWeb 1/7/14
Lexington County has implemented electronic recording (eRecording) of land documents with Simplifile, making it easier and more cost-effective for customers to record deeds, mortgages, and other types of documents electronically.
"eRecording will have a huge cost-saving impact for the county as well as the legal community," said Lexington County Register of Deeds Debra Gunter. "All documents that can be recorded in paper form are eligible to be recorded electronically."
According to Gunter, the county hopes to increase their percentage of eRecorded documents. "Every document recorded electronically is a savings for Lexington County taxpayers," Gunter said. Lexington County is the fifth South Carolina county to offer eRecording through Simplifile, joining Beaufort, Greenville, Horry, and Richland counties. ( Read complete article.)
|
ALTA NEWS: Use ALTA Tools to Craft Best Practices Policies and Procedures
excerpted from ALTA News 1/9/14
ALTA has released a Best Practices Policy and Procedure Creation Guidance to help members draft formal written policies and procedures for the Best Practices.
"Drafting formal policies and procedures is the centerpiece of ALTA's Title Insurance and Settlement Company Best Practices," said Michelle Korsmo, ALTA's chief executive officer. "The purpose for any policy or procedure document is to be simple, consistent and easy to understand. ALTA has developed a template to serve as a standard format and aid in the process of formalizing Best Practices."
The Policy and Procedure Creation Guidance includes detailed instructions and tips on how to draft policies and procedures that fit a company's practices, an example of what written policies and procedures should look like, and a policy and procedure template.
- Best Practices Policy and Procedure Creation Guidance
- Template for Best Practices Policy and Procedure
- Sample Outline/Table of Contents for Best Practices Policy and Procedure
"Having a set of written policies and procedures are a critical element for any organization as they provide guidance and direction to the staff, help ensure consistency in operations and assist in training new personnel," said Rob Chapman, ALTA's president. "The model creation tool will help guide agents as they create written procedures necessary to adhere to Best Practices." (Read complete article.)
|
|
The Wall Street Journal | January 7, 2014 Here are five wild cards to watch this year in housing. Newsweek | January 6, 2014 The housing market exited the trauma ward in 2013. Prices rose as much as 30 percent in some areas, bidding wars broke out and the foreclosure rate halved from its peak. Mortgage Rates Show Little Change The Washington Post | January 9, 2014 The 30-year fixed-rate average dropped to 4.51 percent with an average 0.7 point. It was its first decline in three weeks. The 30-year fixed rate was 4.53 percent a week ago and 3.4 percent a year ago. New Mortgage Rules Aim to Protect Home Buyers, Owners The Washington Post | January 9, 2014 Six years after the housing meltdown exposed fissures in the system, new mortgage rules that will take effect today stand to remodel the market.
|
|
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.
|
|
Advertise in 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, up to 12,000 readers, for just a few dollars. To claim your space click here.
|
|
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]. |
|
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. |
|
|
|
|
|
|
|
Examples of PRIA's Products
|
|
January - March 2014
California
Metro Minnesota
Washington State
New York
No Central Texas
Pennsylvania
SE Minnesota
|
|
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
|
|
