The current movement and excitement surrounding moving real estate closings online is not a new trend. In fact, capturing digital signatures had started gaining traction before the big housing crisis of 2007-2008. But as housing came crashing down and foreclosures reached record highs, lenders shifted from one extreme to another. The last housing crisis undoubtedly crippled innovation in real estate transactions and the title/settlement process.
So now, 10 years after the crisis–and amid speculation about when the next housing bubble will burst–what has happened to innovation in the archaic and fragmented world of real estate closings? I would say not enough innovation, disruption, or meaningful movement into a digital platform has occurred over this period. (
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Elizabeth Blosser, from ALTA, and I would love to have you join us for a conversation about how to best utilize PRIA Local to discuss issues with your government and business industry partners back at home. Find out how other PRIA Local Chapters operate, what issues are being successfully tackled, and discuss topics or pending legislative issues you feel require industry collaboration locally.
We’ll have a roundtable discussion with PRIA Local co-chairs and request your feedback on how PRIA can serve the industry’s needs in your community. We're looking forward to seeing you soon!
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PRIA's Board of Directors approved the release of the
Models of eRecording
paper for 30-day comment and review. The paper will be available through Thursday, February 28.
A work project team began debating the content for this paper in September and has utilized previous PRIA publications to ultimately recommend that the industry discontinue characterizing electronic recordings by model types.
Download the paper
here
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We'd love to see you very soon at the upcoming PRIA 2019 Winter Symposium in Greenville. There are many excellent
presentations scheduled
you will not want to miss. And there's still time for you to register.
Visit the
Winter Symposium Page
on the website to see the conference schedule and to make your arrangements for a great conference experience.
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Save the date for the March webinar hosted by PRIA. This webinar will be entitled: "A Discussion about eNotarization between a former County Recorder and a representative from the Secretary of State's office". This webinar will be on March 21, 2019. You can register
here.
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The PRIA Board of Directors established the Carl R. Ernst Founders Award on June 1, 2005, with the intent to recognize proven, unique leadership and achievement in resolving issues in the property records industry. This award is bestowed in accordance with the Award Selection Criteria.
PRIA’s core values reflect the integrity of its members who use their professional skill, industry knowledge and diversity to responsibly address industry issues. Without the integrity displayed through their neutral objectivity, it would be difficult, if not impossible, to formulate and adopt national industry standards.
The Founders Award honors a member who not only reflects PRIA’s core values, but who has provided leadership in addressing a specific industry need or standard.
Previous recipients include:
2015: Carol Foglesong, Orange County, FL, retired
2011: Bettie Johnson, Boone County, MO, retired
2009: Ardis R. Schmitt, PRIA Administrator, retired
2007: Mark A. Monacelli, St. Louis County, MN, retired
2005: Carl R. Ernst, Ernst Publishing, deceased
To learn more about the PRIA Founders Award and nominate a colleague, click
here
.
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Global Real Estate Platform Completes Sale of Home Using Blockchain Technology
Propy, a global real estate platform that utilizes blockchain technology to conduct residential property transactions, has completed its second blockchain-recorded property deal in California. The property was purchased via smart contracts, making this the first residential transaction to be fully executed end-to-end on a blockchain platform. The first deeds recorded by Propy on the blockchain were made in May and June of 2018 and the San Francisco Recording office holds a deed containing this information. California is quickly becoming an early adopter in the next generation of real estate transactions, with this sale adding to recent blockchain transaction recordings from sales in Santa Clara County, Alameda County, and Mateo County.
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Qualia
, a title software provider, is opening its digital closing services and has launched a tracking feature that tells consumers exactly where they are in the process. The new features allow real estate agents to invite their clients to close transactions using Qualia’s software. The company’s platform essentially converts the lengthy, paperwork-intensive closing experience into an easy-to-use digital portal. The idea is that it’s faster, easier and more secure than the conventional paperwork approach. (
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(
posted on PRIA's webpage between 1/15/19 and 2/15/19)
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excerpted from ALTA Advocacy Update by Cornelia Horner, Interim CEO, February 4, 2019
With state legislative sessions in full swing, ALTA participated in an MBA-hosted conversation to discuss the 2019 campaign to enact state remote online notarization (RON) laws. Currently 10 states allow notaries to use audio-visual communication technology to perform notarial acts.
As of last week, 20 RON bills have been introduced in 14 states during the current legislative session. This number includes states that have two bills as companions in both the House and Senate chambers and states that take separate approaches on RON, e.g., credential analysis.
Along with discussing the legislative roadmap, the call also included an update on the Texas and Nevada regulatory standards and MISMO standards. There was also an overview of the similarities and differences between the ALTA/MBA model bill and the Uniform Law Commission's bill. ALTA's State Legislative/Regulatory Action Committee will be hosting a similar conversation on their February call.
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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 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
info@pria.us
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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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