Mortgages – purchase or refinance – have a long to-do list of steps, and the oversight of any of them could jeopardize the process. But at a time when the world faces an unprecedented situation with the COVID 19 pandemic, the mortgage chain has been affected in several ways creating several problems.
Closure of Government Recording Offices
One of the biggest obstacles has been the closure of government recording offices. Most of these offices are located in county buildings and are inaccessible. Many county offices are also avoiding in-person operations for document recording due to the ongoing health crisis. According to ALTA, more than 52% of jurisdictions have either closed or modified their hours of operation. Using eRecording is a great way to minimize business disruption in these times.
eRecording to the Rescue
Electronic recording or eRecording is the process of submitting document images electronically to recording jurisdictions, which record and return them to the sender. This form of recording is known to deliver fast and smooth recording of deeds, assignments, security instruments, and other standard real estate documents. It helps significantly in shortening turn times, improves quality, and reduces the risk for lenders and the industry as a whole. About a decade ago, eRecording was available in just a handful of US jurisdictions, but today it’s the preferred method in more than 1,000 counties. More than 60% of the US population is located within jurisdictions that embrace eRecording.
Such a method could prove to be a big boon for the mortgage and title industry at a time like this when physical movements are largely restricted. While there are several benefits of eRecording in a regular scenario, during an unparalleled situation like this one, it is a crucial option.
Now is the best time to adopt the eRecording process . The electronic recording offers benefits at both the firm and industry level. The technology is well-developed which can advance the efficiencies needed to deal with an extraordinary global healthcare crisis like the one we are currently facing.
In addition, eRecording is also a risk-mitigation tool at all levels of use making it a best practice for the mortgage industry at a time like this. In fact, in its Title Insurance and Settlement Company Best Practices released some time ago, ALTA too had recommended using eRecording where available in order to comply with federal and state consumer financial laws.
Streamlining eRecording for Title Agents
Visionet offers eRecording solutions that establish an electronic conduit between submitters of real estate documents and county offices. Visionet is a leading technology solutions and business process outsourcing provider in the Mortgage, Title & Settlement space. Visionet is 100% operational, thanks to robust BCP practices. Amid the current crisis, with 10 global offices, we have mitigated geographic and operations risks, and we continue to support our customers.
In summary, eRecording service ensures that in time of social distancing and minimizing human contact, documents can be prepared, submitted, recorded, indexed, and returned quickly, efficiently and electronically.
Visionet can facilitate a quick and seamless eRecording process, including client order placement, data entry, QC, and submissions to counties and client sites. We also provide OCR scanning, an interactive client portal, multiple eRecording integrations, and a built-in fee calculator for enhanced efficiency. We can have you up and running in less than a week. We already serve 6 of the top 10 title agencies. Contact us today
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Sales professional with over 10+ years of experience in IT Products/Services, mortgage banking, and financial services sector specialized in Account management, business development, process management, and digital technology sales and servicing space.
Strategic thinker, a performance-driven leader with broad IT products/platforms knowledge, Title and servicing experience, experience in strategic planning, decision making and is committed to delivering excellence.