Groups Unveil Draft of E-Recording Procedures

MISMO and the Property Records Industry Association have published an Intellectual Property Rights Disclosure Draft of business requirements for recording instruments in common electronic document formats. The 30-day IPR draft covers six major objectives: preparing electronic instruments so they are electronically recordable; uploading or transmitting such instruments to electronic closing systems and other platforms; executing the instruments; delivering recordable instruments electronically from e-closing systems to systems in public land records offices; e-recording electronic instruments; and enabling the return of e-recorded (or rejected) electronic instruments to the e-closing platforms, or the retrieval of such instruments by e-closing platforms. The Mortgage Industry Standards Maintenance Organization, the not-for-profit data standards subsidiary of the MBA, can be found online at http://www.mismo.org, and PRIA can be found at http://www.pria.us.