The Exponential Adoption Of Erecording: 500+ Counties!
The first records of land ownership and conveyances are found in the Duke of York Records
, dating from 1646 to 1679, in what is now Delaware. Today, recorders and clerks in over 3,600 counties record and index over 100 different types of legal instruments; including deeds, mortgages, releases, and assignments.
With the advent of the electronic age, Federal (ESIGN) and state (UETA & URPERA) legislation were enacted to establish the legal foundation for electronic recording. In 1997, Orange County, California became the first county to accept documents electronically. As of April 2004, only 35 counties had implemented electronic recording technology.
According to PRIA, a huge milestone was set in April 2010. There are now more than 500 counties in 32 states that record documents electronically. It took thirteen years, but the industry has now reached some sort of tipping point, "the levels at which the momentum for change becomes unstoppable".
What has caused this exponential adoption of eRecording?
--Creation and implementation of national data and technology standards, legislation, and best practices as published by the Property Records Industry Association (PRIA) and the Mortgage Industry Standards Maintenance Organization (MISMO)
--Industry development of eRecording solutions that are secure, inexpensive, easy to implement, and simple to use
--A public mindset of receptivity towards the adoption and use of emerging web-based electronic technologies
--The realization and experience of eRecording as a "game changing technology" by county recorders & clerks, lending institutions, attorneys, and title companies
The implementation of eRecording technologies results in a tremendous streamlining of the real estate recording process and brings significant benefits to all parties involved. These benefits include:
--increased accuracy, efficiency, and productivity
--reduction in processing time to a few minutes for the delivery, review, imaging, indexing, endorsement, and return of documents versus four to six weeks processing and delivery time for paper submissions
--elimination of copying, storage, and mail or delivery costs
--the ability to immediately create the final title policy
--reduction in document error, rejections, delivery delays, and document loss
--increased data and document security through the use of cryptographic encryption and tamper-evident seals in order to prevent fraud
--real-time document tracking with secure online archiving and storage
--the ability to provide exceptional customer service
We are witnessing the exponential adoption of eRecording. Sooner, rather than later, every county will be recording documents electronically. The utilization of technology to replace antiquated paper processes is transforming entire industries, our government, and our lives. The promise of technology fulfilled!
by: Carol Ventura
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