Electronic recording is increasing taking hold as a way to streamline the lending process and free up resources for servicing
Electronic recording, or eRecording, is increasingly taking hold as a way to streamline the mortgage industry’s records process and free up resources at lending and servicing offices, according to one industry professional.
“Electronic recording simplifies the process all around,” said John Hillman, CEO of Palm Harbor, Florida-based Nationwide Title Clearing, Inc. (NTC). “Our industry needs uniformity and will benefit greatly by adopting technology that helps protect our nation’s land records, the mortgage industry and homeowners alike.”
The volume of documents recorded electronically by NTC over the past year has grown from 10% to 45%, and 840 jurisdictions have approved eRecording for mortgage documents thus far.
Electronic recording takes less time than filing with traditional, paper documents, according to NTC, which frees up staff, allowing them to tend to “important issues, such as compliance to the latest wave of regulations and improving accuracy.” Another benefit of eRecording is the reduced risk of document loss during the records process. The original documents never leave the office and are instead scanned and emailed to reduce cost and increase security.
The company “recognizes the need for widespread adoption and hopes to see universal eRecording in the not too distant future,” according to a company press release.