E-recording is quickly catching up in the document recording world, as more counties and agencies allow online recording. Thanks to laws like UETA, ESIGN & URPERA there is more adoption of e-recording as a medium for delivering public documents for recording.
In 2018, the US Treasury recommended 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 – Source: ALTA
As of 31st May, 1,979 Counties support e-Recording- Source: PRIA
So what is e-recording & what are its benefits?
Simply put, e-recording is the process of submitting documents for recording online & and receiving the reviewed and recorded documents electronically from the recording agency.
The benefits of e-recording or electronically recording documents are quite a few. But the biggest reason why title & settlement companies should consider e-recording is the sheer amount of time it saves. Instead of waiting several days or weeks for documents to be sent by mail, recorded and mailed back, title agents can literally have it done in minutes… yes MINUTES!
Here are some of the benefits of e-recording:
1. Time to record is in minutes: Leveraging a technology platform like SLK Global’s SmartRec, title agents can have their documents recorded in minutes with just a few mouse-clicks. With paperless submission, the recording process of the county also becomes faster. Also by instantly identifying discrepancies, the rejection rate is reduced. Below is a comparison of time taken between the traditional method vs recording documents electronically.
|Prepare documents||5-10 Minutes||5-10 Minutes|
|Execute & calculate fees||5 Minutes||5 Minutes|
|Delivery||1/2 day – 5 days||30 Seconds|
|Recorder processing||1/2 day – 21 days||60 Seconds|
|Return delivery||1/2 day – 5 days||30 Seconds|
|Update title files||1/2 day – 21 days||15 Seconds|
|Total time||2-52 days||12.25 -17.5 minutes|
2. Save on mailing costs: Everything from copies of documents to envelopes, paper clips, postage stamps, driving to and from the courthouse – all are added costs which can be avoided if title agents start recording documents electronically. This may save them hundreds of dollars – and this just on annual mailing costs.
3. Increases efficiency: Leveraging SLK’s SmartRec solution improves every aspect of recording workflow & operations. There is a minimum paper-handling, so there is less room for manual errors. Electronic recording also helps in keeping the files organized & secure, thus saving the time spent on going through file cabinets & paper stacks. Ultimately these little things add up and title agents get to have more time to focus on more important tasks like being able to generate more business while participating in more closing transactions.
4. Increased Document Security: E-recording is the same process of submitting documents for recording that is done by title & settlement companies manually – with one exception. Everything is done electronically. This makes it more secure than traditional recording. Leveraging a platform which is fully compliant with general industry standards & industry-specific organizations like ALTA, MBA adds an enhanced layer of security for title agents. SLK’s SmartRec solution is an example of one such platform which is compliant with existing standards and also maintains a complete date & time-stamped event audit trail.
Let us know whether you think e-recording has advantages and whether it requires a robust e-recording platform. Have you started leveraging e-recording yet? Do you have any questions about how to choose an e-recording platform and why? Connect with us by clicking here.