eRecording is consistently gaining ground in the mortgage industry, and Nationwide Title Clearing, Inc., (NTC) believes the modern system trumps conventional paper recording by saving valuable resources and allowing mortgage lenders and servicers to increase focus on important issues such as compliance and accuracy.
Amidst the changes occasioned by new regulations and compliance standards in the mortgage industry, electronic recording or “eRecording” may make things easier and should not be overlooked as a potential source for relief. eRecording is the process of filing and recording documents electronically with county recording jurisdictions rather than on paper and is a growing trend in the mortgage industry. In addition to eRecording saving environmental resources, staffing resources also become available by alleviating redundant or unnecessary work. Thus, potentially allowing mortgage lenders and servicers to refocus key resources toward important issues, such as compliance to the latest wave of regulations and improving accuracy.
In the past year, the volume of documents sent by NTC to record electronically has gone from 10% of volume being sent via eRecord in May, 2012, to 45% being sent via eRecord more recently. With such positive growth, NTC officials predict that eRecording will become even more widely accepted in the mortgage industry and are driving initiatives to increase adoption.
Depending on the jurisdiction, certain document types such as assignments, lien releases and security instruments (mortgages/deeds of trust), are able to be electronically recorded. The process is rapidly becoming the preferred method to submit documents for recording where it is available. Over 840 jurisdictions are currently implementing eRecording, but with 3,600 total counties, NTC recognizes the need for widespread adoption and hopes to see universal eRecording in the not too distant future. To learn more about NTC's eRecording process, click here.
NTC specializes in building customized service solutions, for processes such as lien releases, document retrieval and mortgage assignments. Their clients include eight of the ten largest residential mortgage servicers in the country.
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