Compliant and accurate documentation of the closing and settlement process will become more important than ever after Aug. 1, 2015, when the new RESPA-TILA forms must be used, the panel told attendees of the trade association's 2014 Annual Convention, held last month in Seattle, in a session titled, "eRecording Overview and Charging Accurate Closing Costs."

"The CFPB is a data-driven organization, and they have indicated that they are ready and willing to take enforcement actions, and they are putting a lot of responsibility on the lenders to make sure they are using the best information available," said panelist Brian Benson, CEO of ClosingCorp Inc. "That clearly trickles downhill to the rest of us, and we are in a situation where we clearly have to employ the technology that is available to provide accurate title pricing and deliver it in a way it can be consumed. Based on the way the rules and tolerance buckets are changing, it's really important that lenders and title companies are in synch and can manage the moving pieces within the closing process."

At the same time, "We're seeing right now that lenders are choosing their providers based on who has invested in technology and can play in that ecosystem," Benson added. "It doesn't have to be a burden; it can be an opportunity, because those who can do it will clearly thrive in that arena."

"People have associated eSignatures, eClosings and eNotarization with eRecording, but none of them are required in order to do eRecording. eRecording can be done regardless of whether the other 'e' items are used," said Jerry Lewallen, president of the E-Recording Partners Network and a member of the board of directors for the Property Records Industry Association (PRIA).  (Read complete article.) 

The Maryland Judiciary announced it will launch an electronic recording (eRecording) pilot program in Baltimore County next spring and has selected Simplifile to develop a customized system for the project. The pilot project, which will begin testing in January, will enable recording customers to conveniently and securely eRecord land record documents, expediting the turnaround time for recorded documents and reducing overall paper and mailing expenses.

Currently, those who want to record land documents in Maryland  must go to several locations to move documents through the Department of Assessments and Taxation, local finance offices, and courthouses, but with the eRecording pilot underway, that process will be streamlined into a convenient, simple electronic process. The scope of the pilot will be limited at first to deeds, deeds of trust, mortgages, releases and certificates of satisfaction, and a few other documents. Over time, more document types will be added.

"The true scope goes far beyond electronic recording and can bring about a more accurate and efficient way to transfer real property. Documents will be integrated with the existing land records system, ELROI, and after verification, they will transfer to the Maryland State Archives for permanent preservation and public access," said State Court Administrator Pamela Q. Harris. The eRecording pilot is a collaborative effort by the Judiciary's Administrative Office of the Courts (AOC), the Baltimore County Circuit Court Clerk's Office, Baltimore County Department of Budget and Finance, and Maryland Department of Assessments and Taxation. Simplifile is developing the system at no cost to the Judiciary, Baltimore County or the state. (Read complete article.)

The Douglas County, NE Register of Deeds Office has selected the Landmark  Official Records system from Pioneer Technology Group as the office's new recording and public search system. This marks the first installation of Landmark in Nebraska, and continues PTG's national expansion.

"This land records management system project is very important to us," Diane Battiato, Douglas County Register of Deeds, said. "The selection of Pioneer Technology Group is the culmination of a years-long effort to find the best vendor and product to meet our needs." The Landmark Official Records system allows Registers of Deeds Offices, Counties, Clerks of Court, and Recorders to streamline processes and improve public service. The system includes extensive options for public document searching, simple e-commerce payments, and has optional capability for processing County property tax deed sales online.  (Read complete article.)