Simplifile: About 75% Of U.S. Counties Can Now Accept Mortgages Electronically

Posted by Patrick Barnard on April 25, 2016 No Comments
Categories : Residential Mortgage

About 49 more counties in 20 states adopted technology facilitating the electronic recording of electronic mortgages during the first quarter, according to Simplifile, a provider of electronic document and data workflow technology for lenders, settlement agents and county recorder’s offices.

That brought the total number of e-recording jurisdictions nationwide to 1,410. Currently, counties across the U.S. are adopting e-recording software at a rate of about one every other day, the firm reports.

“County recorders are embracing e-recording at a brisk tempo that points to a growing awareness of the advantages offered by this technology,” says Paul Clifford, president of Simplifile, in a release. “The number of e-recording counties has grown steadily over the last several years, but it looks like we could be on track for a banner year in 2016.”

Simplifile offers a secure, Web-based service that lets title companies, banks, attorneys and lien filers, and others to scan or upload and submit documents directly to county recorders’ offices.

In minutes, a county recorder or clerk can review, stamp, record and return the documents back to the submitter electronically.

“We’re already electronically submitting land record documents to the tune of over 2.5 million documents per quarter, and the infrastructure is in place to support e-recording of three out of four transactions,” Clifford says.

Simplifile reports that about 39% of U.S. recording jurisdictions are now using the company’s software and services. In total, about 75% of all U.S. counties can now accept and file mortgage documents electronically.

The company reports that it also saw significant first-quarter growth in adoption of its loan estimate and closing disclosure collaboration solution that enables lenders to share, receive and validate documents and data with their network of settlement agents.

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