CFPB Impact & Recording Fees

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1 CFPB Impact & Recording Fees FCCC 2015 Fall Conference Ann Richards Orlando, FL October 8, 2015 All Material 2015 Property Records Industry Association. All Rights Reserved. Unauthorized Use Prohibited.

2 What is the CFPB? Consumer Financial Protection Bureau (CFPB) How the regulatory environment for real estate has changed What it means for the recording process

3 CFPB Impact & Recording Fees The Closing Process of Buying Real Estate!

4 TILA and RESPA Reform TILA Truth in Lending Act Forms before Closing GFE & TIL Good Faith Estimate Truth in Lending RESPA 1974 Real Estate Settlement Procedures Act Form at Closing to Itemize Services HUD1

5 Dodd-Frank Dodd Frank [Wall Street Reform and Consumer Protection] Act Signed into law July 21, 2010 CFPB Consumer Financial Protection Bureau 2011 ALTA Best Practices Title Security Guidelines prompted by CFPB

6 CFPB Reform TILA-RESPA Integrated Disclosure (TRID) New, very detailed federal mortgage lending requirements Designed to protect homebuyers New forms New procedures New penalties

7 What Types of Loans? Changes Apply to Most Residential Purchases Changes Don t Apply Home Equity Lines of Credit Reverse Mortgages Mobile Homes Dwelling not attached to land

8 What New Requirements? Early GFE & other disclosures replaced by single Loan Estimate form Consumer receives within 3 days of loan application HUD-1 and Final TIL replaced by single Closing Disclosure form Due to consumer 3 days prior to closing (but must mail 7 days prior to closing)

9 What About Changes? Any revisions made to forms AFTER distribution Could result in closing delays Could result in penalties for the lenders who are holding the settlement agents responsible

10 Why Do Recorders Care? Why Should Recorders Care? Invisible party to every closing Could incorrectly receive blame for problems What Is the Impact of these Changes? Lending industry keeping score Risk lenders & settlement agents create the future for recording jurisdictions

11 What Are the Major Issues? Accurate recording fees & transfer taxes become very important Loan Estimate generated after only 6 pieces of information received Consumer s name, income, SS# for credit report Property address & estimate of property value Mortgage loan amount requested Closing Disclosure generated at least 8-10 days before the actual closing

12 Variances Must Be Fixed Variances must be corrected within 30 days of closing (not recording) If consumer overpaid, lender must pay back Lenders experience is that less than 30% of checks are deposited If consumer underpaid, lender eats the cost

13 What Can Recorders Do? Recognize recording as an integral part of the real estate industry Communicate with local title/settlement agents/attorneys Provide recording fee information on website Enable erecording to expedite the recording process Enable web searching (FL leads country) Work to establish a predictable recording fee

14 CFPB Impact Ann Richards PRIA Board of Directors Pioneer Technology Group Director Sales & Marketing

15 Predictable Recording Fees FCCC 2015 Fall Conference Carol Foglesong Orlando, FL October 8, 2015

16 How Hard Can It Be? Florida has a price/page that all 67 counties charge $10 for 1 st page $8.50 each page thereafter Prices changed in 1987 (added Mod Fund) and 2004 (added Court Mod Fund) Not too often, right?

17 Counting Pages Who counts? Realtor counts Lender counts Title settlement agent counts Recorder counts This is 2015 Seems a bit antiquated

18 Names Are Troublesome It s those names that make a difference! MERS and Mortgage Electronic Registration System = 2 names or 1? John Brown and spouse = 2 names or 1?

19 And It s Not Just FL There are 3,600 recording jurisdictions across the US 50 states Not all states are as page-priceconsistent as FL

20 What s a Solution? Why not set a fee/document instead of fee/page? States that have done so rave about consistency, simplicity, big drop in document rejection for money

21 3 Examples of Predictable Rates Arizona = Deeds $15, mortgages $25; releases of mortgages $25; all others $5/1 st 5 pages plus $1 for each additional page District of Columbia = Mortgages, mods, and amendments $156.50; all other docs $31.50 Massachusetts = Deed $125; mortgage $175; satisfaction $75

22 5 More Examples Minnesota = $46/doc New Mexico = $35/doc North Carolina = $26 for 1 st 15 pages plus $4/page thereafter; mortgages and satisfactions $56 for 1 st 15 pages plus $4/page thereafter South Dakota = $30 1 st 50 pages; $2/page thereafter Wisconsin = $30/doc

23 Florida Thoughts Over past 10 years, across the state, based on numbers each county has provided: Average # of page/doc = 3.5 Average # of names/doc = 3.5 Certainly don t want to chance losing money

24 A Proposal Call it $ = $35.50 rounded up Fixed amount going to Mod and Court Mod $2.50 to Mod/doc $16 as Court Mod/doc

25 Current Fees versus Predictable Fee Testing a Predictable or Known Fee for Income Impact Current Document # of pages Type of Document Recording Cost $40 $ deed $10.00 $40.00 $ mortgage $ $40.00 $ court paper free free free 4 3 court paper free free free 5 4 affidavit $35.50 $40.00 $ deed $10.00 $40.00 $ mortgage $ $40.00 $ court paper free free free 9 1 death certificate $10.00 $40.00 $ notice of commencement $10.00 $40.00 $ court paper free free free 12 2 court paper free free free 13 1 deed $10.00 $40.00 $ deed $10.00 $40.00 $ satisfaction $18.50 $40.00 $ court paper free free free 17 1 lis pendens $5.00 $40.00 $ deed $18.50 $40.00 $ lien $18.50 $40.00 $ satisfaction $18.50 $40.00 $45.00 Average pages/document year average Total $ $ $630.00

26 Details Of the 20 samples court papers = approx 30% 6 = 20 * 0.3 deeds = approx 25% 5 = 20 * 0.25 mortgages = approx 10% 2 = 20 * 0.1 satisfaction = approx. 12% 2 = 20 * 0.12 liens = approx. 5% 1 = 20 * 0.05

27 Possible Legislation Drafted Offers coming from title and lenders to propose, recruit sponsors, etc. May not be the year for the FCCC But it might be the year to gain support from others in the property records industry

28 Predictable Fee Proposal Carol Foglesong Advisory Board Member, PRIA Orange County Comptroller s Office

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