More than two-thirds of the 3,600 counties responsible for recording mortgage documents nationally are now able to handle that process electronically. And much of that progress has come in the last two years, according to the Property Records industry Association (PRIA), which reports “a significant boost” in the number of offices using technology to streamline their operations and increase their efficiency. The Consumer Financial Protection Bureau’s emphasis on electronic closing procedures as a means of improving the home purchase experience for consumers is likely to accelerate this trend, industry executives agree.
“An important part of improving the consumer experience at the closing table is to ensure documents are recorded efficiently and without delay,” Diane Evans, president of the American Land Title Association, told Mortgage Orb. “Electronic recording helps local title companies address ALTA’s best practice guidelines that call for timely recording of documents and tracking document rejections and re-submissions,” she added.