Nationwide Title Clearing, Inc. (NTC) has reported that the company had hit an important milestone in its quest to help mortgage loan servicers handle more business electronically by sending 60 percent of its volume to County Recorders in electronic form.
"This is a major achievement, not just for our company, but for the entire industry," said Nationwide Title Clearing CEO John Hillman. "Electronic documents and eRecording have long been key elements of our strategy. We have pursued the goal of interfacing with County Recorders aggressively and partnered with some of the leading technology firms in the industry. I'm very pleased to see this approach paying dividends to our clients."
There are many benefits that come to the industry as a result of recording documents electronically. The process is faster, makes it more difficult to lose documents in transit and, depending upon the jurisdiction, can save servicers money. The process can cut down on the work in the Recorder's Office and ultimately makes finding public records easier.
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: 93 percent
►Nevada: 90 percent
►North Dakota: 83 percent
►Minnesota: 77 percent
►District of Columbia: 76 percent
►New Mexico: 76 percent
►Missouri: 74 percent
►Iowa: 72 percent
►Washington: 72 percent
►Oklahoma: 68 percent
There are only four states that have not yet adopted electronic recording of documents into the public record: Kentucky, South Dakota, Vermont and West Virginia.
In addition, three states have just begun accepting electronic documents: Louisiana, Maryland and Rhode Island.
"We're always working to find the best way to help our clients conduct their business," Hillman said. "Recording all documents electronically remains an important goal for NTC. We will continue to work with County Recorders and technology partners to achieve it."