The Case In Favor Of eRecording

Nationwide Title Clearing Inc.(NTC) recently attended the Property Records Industry Association (PRIA) Winter Symposium. NTC, a research and document-processing provider for the mortgage and financial industry, was represented by Myron Finley and Brian Ernissee, who were among top mortgage industry leaders and county recording officials who attended the conference. At that meeting NTC noticed that the case in favor of eRecording is getting more pronounced.

PRIA, an organization which develops and promotes national standards and practices within the land records industry, holds annual conferences with a goal of providing a venue for industry officials to discuss how to meet local needs with national knowledge. Finley, NTC’s Chief Legal Officer, represented the company along with Vice President for Regulatory Compliance, Ernissee, who spoke on a panel at last year’s conference entitled “eRecord from a Submitter’s Perspective.” At the time, eRecording—the process of filing and recording documents via the Internet as opposed to paper—was a relatively new process, and Ernissee backed initiatives to improve upon the practice and make it widespread.

Several well-regarded speakers were featured at the conference, including Kenneth Gronbach, an expert in demographics and generational marketing, as well as Rob Chapman, President of American Land Title Association (ALTA). Gronbach presented two sessions wherein he looked at the future for the real estate industry, from both a macro and micro perspective, with a special focus on facilitating an understanding of America’s shifting demography and the related opportunities and challenges. Chapman was the featured speaker at the Thursday, February 27, luncheon and spoke about the development of ALTA’s Best Practices and their impact on the title industry. According to Finley, both speakers’ presentations further solidified the importance of adapting industry standards to fit the new compliance landscape; eRecording, in particular, is a major component of best practices, per Finley.

“A significant amount of the liability in the industry exists in the gap between the closing of the loan and recording of the documents; that’s why eRecording is so important in our industry,” Finley said. “In our increasingly digital society, an entirely paperless process is the next logical step in ensuring accuracy, as well as compliance.”

About The Author

[author_bio]

Tony Garritano
Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at tony@progressinlending.com.