The mortgage industry faces a liability that threatens both the accuracy of our public record and our ability to comply with new federal regulations, according to Myron Finley, chief legal officer for Nationwide Title Clearing and co-chair of the Business Processes and Procedures Committee for the Property Records Industry Association (PRIA).
“A significant amount of the liability in the industry exists in the gap between the closing of the loan and recording of the documents,” said Finley. “That’s why eRecording is so important in our industry. In our increasingly digital society, an entirely paperless process is the next logical step in ensuring accuracy, as well as compliance.”
According to Finley, a number of sessions at a recent symposium further solidified the importance of adapting industry standards to fit the new compliance landscape, in general, and eRecording, in particular. eRecording differs from traditional recording methods because the original documents never leave one’s possession—they are scanned and submitted within minutes, and are then returned electronically immediately after recording, making processing land records and property documents simple, fast and secure. Documents can be submitted 24/7, and the process is cost-effective, reducing paperwork.
PRIA, an organization which develops and promotes national standards and practices within the land records industry, holds annual conferences with a goal of providing a venue for industry officials to discuss how to meet local needs with national knowledge.
“Conferences such as the PRIA Symposium are the perfect forums in which proactive and professional leaders can educate themselves on issues that are impacting our industry,” said John Hillman, Nationwide Title Clearing CEO. “PRIA sets standards, and that is, to a large measure, what NTC is all about; adopting practices that establish uniformity will help to protect our nation’s land records, the mortgage industry, and homeowners.”