California Bankers Sponsor E-Summit

To herald creation of what one speaker touted as the coming deployment of "the largest and most advanced system of electronic recordation in the nation," the 2005 California E-Recording Summit was held here in February.

The event, co-sponsored by the California Mortgage Bankers Association, came in the wake of the last fall's passage of AB 578, which created the California Electronic Recording Delivery Act of 2004.

The stature of the summit was signaled by the appearance of California attorney general Bill Lockyer, whose office was charged with developing regulations required by the bill. The bill also required each county to have its own system certified as meeting the standards established in the AG's regulations.

Though CMBA has been working for more than five years to pass e-recording authority for California's county recorders, efforts prior to AB 578 had all failed due to opposition from local district attorneys worried that electronic recording would lead to more real estate fraud.

Michael R. Pfeifer, chair of CMBA's Mortgage Quality and Compliance Committee and managing partner of Irvine, Calif.-based Pfeifer & Reynolds, LLP said, "This is a great opportunity for California lenders and recorders to take a leadership role in deploying [the provisions of ERDA]. It is vital that we work together to understand all the complexities that ERDA presents to the mortgage lending industry."

The event's co-sponsors include the Property Records Industry Association, the Electronic Financial Services Council and the County Recorders Association of California.

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