Nationwide Title Clearing Inc. (NTC), a research and document-processing provider for the mortgage and financial industry, says it has hit an important milestone in its quest to help mortgage loan servicers handle more business electronically.
The milestone, the company says, is that it has sent 60% of its volume to county recorders in electronic form. ‘This is a major achievement, not just for our company, but for the entire industry,’ comments CEO John Hillman. ‘Electronic documents and eRecording have long been key elements of our strategy."
According to NTC, some states are faring better than others when it comes to getting documents into the public record electronically. For the most recent period measured, the 10 states that recorded the highest percentage of NTC documents electronically were Colorado, Nevada, North Dakota, Minnesota, the District of Columbia, New Mexico, Missouri, Iowa, Washington and Oklahoma.
Four states that have not yet adopted electronic recording of documents into the public record are Kentucky, South Dakota, Vermont and West Virginia.
The states that have just begun accepting electronic documents are Louisiana, Maryland and Rhode Island.
Recording documents electronically is faster, makes it more difficult to lose them in transit and, depending upon the jurisdiction, can save servicers money, NTC explains. The process can cut down on work in the recorder's office and, ultimately, makes finding public records easier.