Nationwide Title Clearing Inc. (NTC), a service provider to the mortgage and financial industry, reported at a national conference on some of the numbers it has seen over the years that illustrate the rapid adoption of e-recording technology in records offices across the country.
Nationwide Title Clearing’s e-recording manager Brian Ernissee spoke on the topic at the Property Records Industry Association (PRIA) Winter Symposium as part of an expert panel.
“More than 840 jurisdictions are currently e-recording-enabled, and approximately 15 new jurisdictions become enabled every month,” Ernissee said. “The volume of documents sent by NTC to record electronically has gone from 10 percent in May 2012 to well above 40 percent in February 2013. With such positive growth, we expect the total volume of documents submitted electronically for recording to be well above 50 percent by May.”
E-recording at NTC consists of a five-step process: submit, receive, review, record and return. E-recording often makes processing land record and property documents simpler, faster and more secure.
PRIA is an organization which develops and promotes national standards and practices within the land records industry. The PRIA Winter Symposium consisted of 23 sessions on the topic of e-records and was well-attended with 148 members, guests and speakers.
NTC was founded in 1991 and is a privately-held company serving mortgage lenders, servicers and investors, including eight of the top 10 residential mortgage servicers in the country. The company’s land records and document experts are able to track and fulfill county document requirements for close to 3,600 recording jurisdictions nationwide.