GRAFTON COUNTY REGISTRY OF DEEDS
Kelley Jean Monahan Register
Annual Report Fiscal Year 2015
To the Citizens of Grafton County, the Honorable Commissioners and Delegation Members:
It is a great privilege to present my fifth annual report. I am extremely proud of the progress that has been accomplished in the past five years. The protection of the vast and valuable data base of records is solely my responsibility. Included is the responsibility for potential misuse of the data base. I am presented with the task of balancing access for the public and professionals who rely on the Registry to conduct the vital task of the legal transfer of real property with those who would wish to use the public record for criminal gain. I made the decision to remove the images of the documents for free viewing to the entire world and established many tiers of access that I believe will serve all, as we move ahead. I consider this a natural step in the evolution of the internet. Reference NH RSA 478:17-g
Keeping pace with an evolving industry
Thankfully, foreclosures in FY15 are half of what we experienced in the years immediately following the financial crisis. The Registry of Deeds, as the recording entity, play an integral role in every real estate closing. I have spent a great deal of time this year preparing for the changes that will take effect when the Consumer Financial Protection Bureau, CFPB’s new regulations and forms The TRID, TILA, Truth in Lending Act and RESPA, Real Estate Procedures Act, go into effect on October 3, 2015. Originally slated for August 1st, they have been delayed due to increasing pressure from the real estate community for more time to prepare. TILA and RESPA Integrated Disclosure, TRID rules are designed to protect homeowners and will have a major impact on how real estate closings happen.
One area where I have delayed action is in e-recording. I have not had any constituent request that we move ahead with this system. I had concerns over internet connectivity and vendor reliability, and chose to watch the industry sort out the initial obstacles. With TRID a clock is set and timing and accuracy of details and dollars at the closing table matter now like never before. We, as the rejecting authority are placed squarely in the middle of the submitting entity and the fines that will be levied by the CFPB if the documents are not recorded in a timely and accurate manner. I determined that an internet connection dedicated to the Registry of Deeds only was the first step. I began this effort in January and in a budget debate on June 29, I was finally allowed to proceed with this step in a 20-0 approval vote by our County Delegation. We have completed all vendor selection, programing, and training and are ready to go “live” with e-recording on October 1, 2015, 2 days ahead of the new regulations.
Outreach and Education
In my constant effort to educate the public on the role of the Registry of Deeds, I have been suggesting for a few years that our New Hampshire Registry of Deeds Association make a presentation at the annual Office of Energy and Planning Annual Training held early in May. This year, as Secretary of our Association, I formalized this request and presented the proposal to the NH OEP. I prepared a PowerPoint Presentation that I customized to be New Hampshire specific and presented it as one of the training sessions. This was very well received and it was suggested that it become a permanent addition to the Introduction to Planning Board training session.
I made this presentation to our new County Executive Committee as an introduction to my budget presentation. Many do not understand the relationship between the Registry of Deeds and the NH Planning Board. We have on record over 24,000 subdivision plans on mylar and digital record. These plans become a legal document the moment that they are recorded in this office to the permanent public record.
Revenue
This office derives revenue from nine sources. Acting as an agent of the New Hampshire Dept of Revenue, we collect the Real Estate Transfer Tax (RETT) and the Land and Community Heritage Investment Program (LCHIP) fee for the State of New Hampshire. We retain 4% of these fees as the collecting agent.
The nominal recording fees are the rates set per document for recordings. These rates can be found on our website nhdeeds.com.
We charge a very modest $1.00 per page for copies. This is a valuable service to our constituents and those looking to invest in property in Grafton County.
The surcharge is a fee of $2.00 on all documents statutorily is dedicated capital equipment expense line. Reference RSA 487:17-g
Postage is considered an income from the submitter, that is then expensed as the original documents are returned via United States Postal Service.
FY15 Revenue Total $965,656.16
RETT Recording Fees Online Services LCHIP Copies Postage Surcharge Interest Tapestry
$414,189.00 $366,984.04 $41,040.00 $10,936.00 $85,653.22 $7,286.64 $31,055.04 $1,962.22 $6550.00
Revenue estimation requires me to analyze the health of our real estate market in Grafton County.
FY15 closed with a $40,656.16 surplus over our anticipated revenue goal of $925,000.000, which was appropriated to the general fund to help offset the tax burden of our citizens.
Respectfully Submitted,
Kelley Jean Monahan
Register of Deeds
Kelley Jean Monahan Register
Annual Report Fiscal Year 2015
To the Citizens of Grafton County, the Honorable Commissioners and Delegation Members:
It is a great privilege to present my fifth annual report. I am extremely proud of the progress that has been accomplished in the past five years. The protection of the vast and valuable data base of records is solely my responsibility. Included is the responsibility for potential misuse of the data base. I am presented with the task of balancing access for the public and professionals who rely on the Registry to conduct the vital task of the legal transfer of real property with those who would wish to use the public record for criminal gain. I made the decision to remove the images of the documents for free viewing to the entire world and established many tiers of access that I believe will serve all, as we move ahead. I consider this a natural step in the evolution of the internet. Reference NH RSA 478:17-g
Keeping pace with an evolving industry
Thankfully, foreclosures in FY15 are half of what we experienced in the years immediately following the financial crisis. The Registry of Deeds, as the recording entity, play an integral role in every real estate closing. I have spent a great deal of time this year preparing for the changes that will take effect when the Consumer Financial Protection Bureau, CFPB’s new regulations and forms The TRID, TILA, Truth in Lending Act and RESPA, Real Estate Procedures Act, go into effect on October 3, 2015. Originally slated for August 1st, they have been delayed due to increasing pressure from the real estate community for more time to prepare. TILA and RESPA Integrated Disclosure, TRID rules are designed to protect homeowners and will have a major impact on how real estate closings happen.
One area where I have delayed action is in e-recording. I have not had any constituent request that we move ahead with this system. I had concerns over internet connectivity and vendor reliability, and chose to watch the industry sort out the initial obstacles. With TRID a clock is set and timing and accuracy of details and dollars at the closing table matter now like never before. We, as the rejecting authority are placed squarely in the middle of the submitting entity and the fines that will be levied by the CFPB if the documents are not recorded in a timely and accurate manner. I determined that an internet connection dedicated to the Registry of Deeds only was the first step. I began this effort in January and in a budget debate on June 29, I was finally allowed to proceed with this step in a 20-0 approval vote by our County Delegation. We have completed all vendor selection, programing, and training and are ready to go “live” with e-recording on October 1, 2015, 2 days ahead of the new regulations.
Outreach and Education
In my constant effort to educate the public on the role of the Registry of Deeds, I have been suggesting for a few years that our New Hampshire Registry of Deeds Association make a presentation at the annual Office of Energy and Planning Annual Training held early in May. This year, as Secretary of our Association, I formalized this request and presented the proposal to the NH OEP. I prepared a PowerPoint Presentation that I customized to be New Hampshire specific and presented it as one of the training sessions. This was very well received and it was suggested that it become a permanent addition to the Introduction to Planning Board training session.
I made this presentation to our new County Executive Committee as an introduction to my budget presentation. Many do not understand the relationship between the Registry of Deeds and the NH Planning Board. We have on record over 24,000 subdivision plans on mylar and digital record. These plans become a legal document the moment that they are recorded in this office to the permanent public record.
Revenue
This office derives revenue from nine sources. Acting as an agent of the New Hampshire Dept of Revenue, we collect the Real Estate Transfer Tax (RETT) and the Land and Community Heritage Investment Program (LCHIP) fee for the State of New Hampshire. We retain 4% of these fees as the collecting agent.
The nominal recording fees are the rates set per document for recordings. These rates can be found on our website nhdeeds.com.
We charge a very modest $1.00 per page for copies. This is a valuable service to our constituents and those looking to invest in property in Grafton County.
The surcharge is a fee of $2.00 on all documents statutorily is dedicated capital equipment expense line. Reference RSA 487:17-g
Postage is considered an income from the submitter, that is then expensed as the original documents are returned via United States Postal Service.
FY15 Revenue Total $965,656.16
RETT Recording Fees Online Services LCHIP Copies Postage Surcharge Interest Tapestry
$414,189.00 $366,984.04 $41,040.00 $10,936.00 $85,653.22 $7,286.64 $31,055.04 $1,962.22 $6550.00
Revenue estimation requires me to analyze the health of our real estate market in Grafton County.
FY15 closed with a $40,656.16 surplus over our anticipated revenue goal of $925,000.000, which was appropriated to the general fund to help offset the tax burden of our citizens.
Respectfully Submitted,
Kelley Jean Monahan
Register of Deeds