US Recordings and ACS Form Electronic Filing Alliance
U.S. Recordings, provider of mortgage recording solutions since 1967, and Affiliated Computer Services, a provider of business process and information technology outsourcing solutions, have formed an alliance that the companies hope will foster the mortgage industry's adoption of electronic recording of real estate transactions.
The alliance will integrate ACS' eRX (electronic recordation exchange) with U.S. Recordings InteleDoc Plus technology. The combination will provide lenders and title companies with seamless access to the widest base of counties accepting eRecording of real estate documents, the companies said in a news release.
In a meeting in New York recently, U.S. Recordings Chairman Patrick Daulton told Mortgage Servicing News that the company's list of counties that accept electronic recording materials is growing rapidly. Currently, U.S. Recordings is working with about 20 counties to perform electronic recording, and Mr. Daulton said that will grow to about 40 by the end of the year, in large part because of the alliance with ACS.
In the news release, U.S. Recordings CEO Jeff Carlson said the combined capabilities of the two firms create a synergy that will "ease the migration from paper to electronic recording for many lenders and counties."
U.S. Recordings said its clients will see the immediate added benefits of having documents recorded in eRX participating counties with U.S. Recordings submitting through the eRX Web interface. ACS's customers would experience the same benefits in U.S. Recordings' participating counties, with eRX submitting through the U.S. Recordings' Web interface.
Paula Steger, vice president and director of eRX at ACS said that together the companies "can really make a difference in eRecording momentum."
Electronic recording transforms the costly and time-consuming paper process of recording real estate documents into a secure, economical and automated online transaction, U.S. Recordings said. Recording under the normal paper-based processes can take an average of between 30 and 90 days. With electronic recording, it can take less than eight minutes, the company said.
The technology also checks for the presence of county required data, proper authorization by the submitter and security once leaving the submitter's system. If any document fails this check, it is sent back to eRX or InteleDoc Plus with a rejected flag.
U.S. Recording officials say the automation cuts down on the number of documents submitted for recordation that are rejected by counties because of errors. In fact, the company believes that on average, rejected submissions cost lenders $50 each, according to an analysis done by The Real Estate Record.
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