The Missouri Fidlar eByte: January 2016
In October of last year, CFPB-TRID established new regulations that greatly encouraged states to adopt a set, flat filing fee to record a document. The push for a flat fee adoption is reasoned by the requirements to deliver more accurate recording fees to the consumer before the event of a mortgage closing. Any discrepancies could delay the closing or cost the lender $1,000’s in fines.
In 2010, Wisconsin Counties established their statewide flat fee for recording; where before there was a wide range in filing fees from county to county that changed based on document types, page counts and more. Once the Wisconsin legislation passed, Fidlar assisted each Wisconsin County Partner to correctly charge appropriate amounts to account for these changes. In the instance that Missouri follows suit in adopting a flat fee, Fidlar will take the same measures for our Missouri County Partners.
“I’ve been working with PRIA and RAM to gauge what interest there is with other Missouri officials to the possibility of adopting a flat fee. I definitely like the idea of putting a flat fee in place within the filing process. A flat fee could minimize the potential risk of error and the possibility of a delayed processing, which penalizes lenders greatly. With a predictable amount designated for all, the estimates of revenue can be set and possibly be more accurate when they come through completion of the transaction. I feel that the pros outweigh the cons of when it comes to the idea of adopting a state-wide flat fee.” – Gerald Smith, St. Louis County Recorder of Deeds, Missouri