Transcript Title of Presentation - Florida Court Clerks & Comptrollers

Property Records Industry Association
About PRIA (and PREP)
Florida Electronic Recording
Advisory Committee
August 20, 2007
Tallahassee, FL
Carol Foglesong, PRIA President
Why is there PRIA?
 1997
 Skyrocketing operational risk
 Killing a tree for each mortgage
 Perceived industry threats to recorders
 MERS
 Revised Article 9 (UCCs)
 State agency “take over”
 Perceived recording threats to industry
 Failure to timely recorder = funding impact
 Recorders as “document police”
 No communication or cooperation among the groups involved in
the land records industry
 Tunnel vision and industry silos
Property Records Industry Association • www.pria.us
An Industry View
It is the mounting cost, inconvenience and
annoyance of handling all the paper – the
printing, requesting, receiving, filing,
retrieving, duplication, triplication, faxing,
shipping, filing again, losing, finding,
reshipping, validating, reading, pretending to
read, auditing, and archiving – that has
everyone looking for a better way.
Mortgage Banking Magazine 2002
Property Records Industry Association • www.pria.us
What to do?
Convened group of recorders, mortgage
bankers/brokers, title plant and title
underwriters in 2/1998
Created unique business/government
forum
Sought to identify issues and find
consensus solutions
Property Records Industry Association • www.pria.us
PRIA
(Partnership ● Knowledge ● Results)
 Property Records Industry Joint Task Force (PRIJTF)
created in 1998 as a 3-year project
 PRIJTF converted to the Property Records Industry
Association (PRIA) in August 2002
 As a 501(c)(6) Non-Profit Corporation
 As a Government/Business Partnership
 PRIA is a standard-setting organization
 Improve performance in the property records
industry in terms of accuracy, access, speed,
standards and education
Property Records Industry Association • www.pria.us
PRIA Accomplishments
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Real Estate Document Formatting White Paper
Recorders Guide to Revised Article 9
Indexing Standards White Paper
Essential Notary Standards White Paper
NCCUSL Registered Observers
 Uniform Real Property Electronic Recording Act
 Mortgage Satisfaction Act
 Study Committee on Notarial Law
 URPERA Enactment and Implementation Guide
 NCCUSL Mortgage Satisfaction Act
 Records Access & Privacy Policy
 Military Discharge (DD214) Model Legislation
 Privacy Access White Paper
 SSNAPP Act Model Legislation
 Electronic Recording Standards (vers 2.4 + iGuide)
 Recording Electronic Images on Microfilm Best Practices
Property Records Industry Association • www.pria.us
PRIA Projects in the Works
 Property Records Education Partners (PREP)
 First Page Indexing Requirements Implementation
 Permanent Land Record Backup and Disaster
Recovery Best Practices
 Electronic Recording Standards (moving to schema
versions)
 Land Fraud (Detect, Deter, Prevent & Resolve)
 NCCUSL Uniform Law on Notarial Acts (ULONA)
 Legislator Education on Privacy & the Public Records
 Implementing URPERA in the states
 Master Mortgage/Short Form Mortgage Impact
Property Records Industry Association • www.pria.us
Industry Changes Update
 Number of documents recorded = + 250% in the
last 10 years
 Number of pages per document = doubled
 Go to the Internet for recorder information
 Documents arrive from all over the U.S. and world
 Loan origination to closing down from 60-90 days
to one week or less
 Ever-changing closing requirements
 RESPA Reform, eMortgages, eRecording, etc.
Property Records Industry Association • www.pria.us
In order to sell a loan,
there are 4 requirements
Note
Title Insurance Policy
HUD 1 Statement
Recorded Mortgage
Property Records Industry Association • www.pria.us
Government must do more with less…
Property Records Industry Association • www.pria.us
The Electronic (R)Evolution
 Provides an opportunity for rethinking
the “way it has always been done.”
 While technology creates new
opportunities, it also creates new
challenges
 Provides an opportunity to develop
standards and create alliances
Property Records Industry Association • www.pria.us
eMortgage Vision
Title Agent
Company
Title
Insurer
Notary Public
Closing Agent
RE Agent
Tax Assessor
Tax Collector
Borrower
County
Recorder
Lender
Closing Parties
Consumer
eDocument
Custodian

Sign SMART documents
electronically

Notarize electronically

Seal and encrypt data and
docs together
Warehouse
Lender
Investors
Mortgage Servicer
eNote Registry
eRecording Standards
PRIA creates and defines the
eRecording Standards
In alliance with the Mortgage Industry
Standards Maintenance Organization
(MISMO)
We also network with others…
Property Records Industry Association • www.pria.us
Build Alliances and Networks
 American Land Title Association
 American Escrow Association
 Association of Title Information Management
 NACRC and IACREOT
 Notary organizations and associations
 Legal XML/OASIS, SISAC, SPeRS
 National Conference of Commissioners on Uniform State
Laws (NCCUSL)
 American Bar Association
 National Public Records Research Association
 Appraisal Institute (for Property Appraisers)
 Government Entities
 Mortgage Bankers Association
 Drill down to the states
Industry Alignment
How do we choose
How do we know
our ESIGN and UETA
this is the real
solutions? What should
eNote? MERS
we be thinking about?
eNote Registry
How do we create
and process eMortgage
files? How is the business
data defined?
How do we know which
digital sigs. to trust?
SISAC
How do we plug
all this into the
County Recorder?
Copyright 2004 Mortgage Industry Standards Maintenance Organization
www.mismo.org
eMortgage Process Flow
External
Docs
eOrigination
&
Underwriting
Legal eDocs
(Land records,
tax liens, other
docs/affidavits
)
eRecording
eDoc
Prep
Service
Ordering:
Credit
Flood
Hazard
Title
MI
Secondary
Investor,
Aggregator
eClosing
eSignatures
eNotarization
Buyer
Servicing
eDocuments
eVault
eVault
Seller
eNote Data, Messaging & Control
MERS® eRegistry
(National eNote Registry)
This is what eRecording
looks like!
Property Records Industry Association • www.pria.us
eRecording Today
 Models of eRecording
 1 - scanned paper, images transmitted
 2 - scanned paper or electronically signed documents,
images and data transmitted
 3 - SMART docs, intelligent PDF or xhtml (data and
presentation in one eRecord document package)
 250+ PRIA-Verified Counties eRecording
 Verified = by recorder, by vendor, & by submitters
 URPERA iGuide: view & download from PRIA website
(www.pria.us) under Real Property Law and Legal
Issues button
Property Records Industry Association • www.pria.us
PRIA Sponsors PREP
Property Records Industry Association • www.pria.us
In the beginning…
 A promise was made
 AEA, ALTA, IACREOT and NACRC joined
together to discuss this issue
 Met via conference calls and decided to do a
survey
 Survey results overwhelming: need local
forum for discussing industry issues
 In 2003, the four founding associations
agreed to fold the PREP under the PRIA
Property Records Industry Association • www.pria.us
What PRIA Provides Today
 PREP Coordinator = Ardis Schmitt
 Website at www.pria.us
 All Materials
 “How to” guide posted on PRIA website
 Suggested Agenda
 Guidance (examples from other PREPs)
 PREP Steering Committee
 Develops goals and strategic plan
Property Records Industry Association • www.pria.us
Role of the PREP
 You own it, you own it, you own it…
 Industry partnership that works together at the
local level
 Provides a framework to network, collaborate,
and exchange information with the end goal of
making the industry a better place
 Information from local level permeates to
national level; national information permeates
to local level
Property Records Industry Association • www.pria.us
PREP Success Stories
Reduced document rejection rates
Reduced phone calls
Increased on-line subscribers
Developed contact “go to” list
Increased awareness & knowledge of industry issues
Feedback forum
Working together on legislation
Provides mechanism to work with “problem” areas in
the local market place
 Increased education opportunities
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Property Records Industry Association • www.pria.us
Florida PREP Chapters
Central FL PREP
Emerald Coast PREP
North Central FL PREP
South FL PREP
West Coast FL PREP
+2-3 more under development
Property Records Industry Association • www.pria.us
PRIA & PREP Industry Alliance
Secondary
Market
Lenders
Title
Recorders
Underwriting
Realtors
Escrow
Servicing
Property Records Industry Association • www.pria.us
Notary
Property Records Industry Association
Q&A
Carol Foglesong
PRIA President
Assistant Comptroller, Records Administration Division
Orange County Comptroller’s Office, Orlando, FL
407-836-5982
[email protected]