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e-Recording Hits Yet Another Milestone

Posted By USFN, Thursday, August 1, 2013
Updated: Monday, November 30, 2015

August 1, 2013

 

by Michael Zevitz
South & Associates, P.C. – USFN Member (Kansas, Missouri)

Electronic recording was made a government priority starting with the passage of the federal ESIGN law in 2000 and with the subsequent adoption of the Uniform Electronic Transactions Act by 47 states. These laws established the legal basis for secure, electronic recording. As such, title underwriters, lending institutions and their legal counsel now fully embrace e-recording.

With a few years of history behind us, we can now state with confidence that e-recording has its benefits:


• Reduces document errors and rejections
• Eliminates mailing and other document delivery costs
• Reduces delivery delays
• Reduces document turn-around time
• Reduces redundancy
• Improves office efficiencies
• Enhances document security
• Enhances efficiency of staff
• Improved audit controls


However, the biggest advantage is TIME! The chart below1 indicates the estimated time for paper recording versus e-recording:

  

 Action Step
Paper
 Electronic
 Prepare documents
5 to 10 minutes
5 to 10 minutes
 execute/sign/notarize 10 minutes
10 minutes
 Calculate fees
5 minutes

5 minutes

 Delivery 1/2 day to 5 days
30 seconds
 Recorder processing
1/2 day to 21 days
60 seconds
 Return Delivery
1/2 day to 5 days
30 seconds
 Update title files
1/2 day to 21 days
15 seconds
 TOTAL TIME  2 to 52 days ≤25 minutes


 

 

 

 

 

 

 

 

 

 

 

 

 

According to the Property Records Industry Association (PRIA), the national standard-setting body for the land records industry, there are more than 3,600 recording jurisdictions nationwide. PRIA maintains a listing of counties that have implemented e-recording technology and posts the list on the association’s website (www.pria.us). Almost 15 months ago I reported to you that there were 739 jurisdictions accepting e-recording. At the time of publication of this article, the number has grown to over 900, an increase of nearly 22 percent. Most importantly, a significant milestone has been reached with more than 1/4 of all counties in the United States accepting e-recording. I’ll report back to you in a year to see if we have reached the half-way mark!

Copyright 2013 USFN. All rights reserved.
July/August e-Update

1 Source: PRIA, e-Recording 101 (2009)

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