The Benefits of E-Recording

The Benefits of E-Recording
In 2018, the U.S. Treasury offered several recommendations to improve the electronic closing and recording process. Among them, the Treasury said that recording jurisdictions that don’t recognize and accept electronic records should implement the necessary technology updates to process and record these documents and pursue digitization of existing property records
In drafting the report, Treasury consulted many stakeholders—including ALTA leadership—focused on consumer financial data aggregation, lending, payments, credit servicing, financial technology and innovation. The Treasury said its recommendations should enable U.S. firms to more rapidly adopt competitive technologies, safeguard consumer data and operate with greater regulatory efficiency.
There are many reasons why title and settlement companies should consider e-recording, including:

Speed, same-day recording:
Lowers costs
Lower chance of document loss
Security, document integrity, encryption, secure network and less fraud
Faster problem resolution
No fee rejections
Streamlined payment
Improved customer service
Regulatory and lender compliance
ALTA Best Practices Pillar No. 4

Here’s a look at the operational processes and the time that can be saved by e-recording versus paper when recording:

There are also benefits on the county side as well, including:

Faster processing and turnaround time
No need to scan documents
Documents remain pristine
Less mail, fewer paper cuts
Incorrect fee rejections eliminated
 Quicker rejection resolution
Document control/tracking
Lowers document loss
Reduced cost on postage
Better customer service

“It can reduce steps by county recorders from 14 to about seven or eight,” said Bob Grohol of E-recording Partners Network.