Recording Processor Reaps Benefits from Imaging
U.S. Recordings, a provider of mortgage recording solutions since 1967, said that its image-based document processing resulted in a substantial decrease in the handling of paper documents last year.
During the first two quarters of last year, 90% of U.S. Recordings document processing was accomplished from paper documents. But in the third quarter, U.S. Recordings initiated an image-based process enabling clients to submit electronic documents instead of traditional paper documents. This resulted in a 54% decrease in the amount of paper documents U.S. Recordings received for processing, the company said.
Jeff Carlson, CEO of U.S. Rec-ordings, said the growing trend toward imaging has tremendous benefits for the company's clients.
"By receiving electronic images from our clients, courier time is eliminated as well as associated costs. Electronic images also provide an efficient error-correction process," he said.
He said continued growth of image-based document processing is anticipated in 2005.
U.S. Recordings provides loan releases, satisfactions and assignments for residential and commercial lenders. The company's InteleDoc Plus software enables the e-recording of documents from lender to county, providing fast and virtually 100% accurate recording, the company said.
U.S. Recordings' Document Tracking System provides a data-link service for customers to check on the filing status of recording packages through a secured web site. Document imaging and storage provide customers with immediate and 24/7 access and retrieval. The company has 177 full-time employees.
Mr. Carlson said that two of the company's major clients pretty much send all documentation for preparing satisfactions and MERS registrations via electronic images. He said U.S. Recordings saw productivity on those portfolios rise 50% because of the elimination of the need to pull up paper documents.
He said the impetus to implement imaging technology and engage in electronic commerce comes from both U.S. Recordings and its client companies, since both sides of the equation benefit from greater reliance on electronic commerce.
"We have imaged all the documents that we have recorded for people since 1999," he told NMN. Major clients also have implemented imaging systems, allowing the two-way transfer of imaged documents.
Today, between 60% and 70% of his company's business is with companies that can both push out and receive electronically imaged documents. Some additional companies receive imaged documents but do not yet send out images, he said.
County governments across the nation, which in most cases handle the recording of real estate documents, also are making progress on the use of imaging and electronic transmission of images or data, but some counties face legislative or budget hurdles that have slowed their e-recording initiatives.
"They are getting much better. There is real momentum out there now," Mr. Carlson said. "I think virtually any county that isn't doing it is at least considering it, because they have seen enough counties that are successful at it."
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