Live Blogging at The Foreclosure Crisis Symposium: Challenges and Solutions to the Mortgage Meltdown

Mr Benjamin Weber of the Office of the San Francisco Assessor-Recorder (‘SF ASR’) gave a presentation on Reforming Title Recording and Transfer. He explained what land records and recording are and what their existence is intended to do, as well as reviewed the non-judicial process (another route in addition to judicial foreclosures available in California). The Recorder’s Office is charged with certifying documents from a variety of sources. Indeed, a certified copy of land record constitutes constructive notice and performs an evidentiary function. The SF ASR explains the foreclosure process for all to understand, informs the necessary legislative change that updates California law for the modern mortgage market and ensures compliance with laws to protect the integrity of the system. He also talked about MERS which is a registry that attempts to track servicing rights and loans as well as investors’ beneficial rights and loans. Additionally, he summarized the non-judicial process in California which starts with a notice of default, followed by a notice of trustee sale and a trustee’s deed upon sale. Finally, he concluded with some thoughts on future considerations, in particular the use of digital documents and submissions as opposed to paper/scanned documents in order to facilitate the transfer of documents. He posited that this is what recorders are moving towards in California.