Wisconsin and Minnesota See Early Electronic Recordings
U.S. Recordings here has recently completed the first electronic recording of a mortgage satisfaction document in Wisconsin as well as the second such recording in Minnesota.
The recordings were done using the recently adopted Electronic Real Estate Recording standards, the company said.
The two pilots were conducted with the Dane County, Wis., property records office and the Lyon County, Minn., property records office. Loan originator U.S. Bank was the lender that processed the satisfaction or certificate-of- release documents.
The transactions were part of phase one of a two-phase implementation.
U.S. Recordings' software, InteleDoc Plus, was used to file the satisfactions to each county. InteleDoc Plus is the "sender" software, sending information to the county recording office by integrating with a "catcher" program, developed by Fidlar Software, for the counties.
Jeff Carlson, president and CEO of U.S. Recordings, said electronic filing "reduces errors and rejects, improves turnaround time for recordings, and greatly reduces transaction costs associated with shipping and redrafts due to lost documents or errors."
Dane County's first electronic recording was conducted on August 22. Lyon County's first electronic recording was processed on August 19. U.S. Recordings said that it will soon bring other lenders in to their Lyon County e-recording process.
In Minnesota, Dakota County has also begun its pilot, and Hennepin and Renville Counties are expected to begin soon.
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