"By going electronic, we're not only saving 600,000 pieces of paper each year, we are also saving the state, counties, industry professionals and the public time and resources, and making information accessible with the click of a mouse," said Revenue Commissioner Myron Frans.

Each year 145,000 CRV's are filed in Minnesota. A CRV must be filed for all real estate sales in Minnesota with a value of $1,000 or more. eCRV centralizes all of this data. The CRV information is submitted to counties and the department uses it to analyze property tax assessments. The department also uses this information for an annual study to determine the distribution of local government and school district aid across the state. (Read complete press release.)

In 2007, the United States began to experience its worst housing and foreclosure crisis since the Great Depression. The economic crisis we are currently experiencing had its origin in an economic "bubble"; a distortion in the economy that occurs whenever a major commodity or service (in this case housing) becomes such an object of speculation that its perceived value inflates far beyond its actual value. One of the characteristics of such an economic bubble is that it often sets off a chain reaction throughout the economy, causing unusual expansion while it is still growing, and massive losses when it implodes. According to the Federal Reserve Board, the continued weakness of the housing market presents such a significant barrier to a vigorous economic recovery.

At the heart of this crisis is mortgage fraud. The economic bubble that caused the real estate crisis can be attributed to the mortgage banking industry which operated a fraudulent and systemic lending scheme that allowed unwarranted speculation in home prices. This speculation created "phantom equity" where the perceived value of the home, fueled by unsustainable mortgages, far outpaced the home's true value. When the bubble burst, that phantom equity instantly evaporated leaving the homeowner with a home worth less than was owed. This negative equity, coupled with substantially increased mortgage payments forced homeowners into foreclosure. (Read complete article.) 

Indecomm Global Services, a leader in business process outsourcing, learning, and technology solutions, announces that its eRecording services are now available in more than 700 counties in the United States with the addition of Ramsey County, Minnesota and others. This is yet another milestone for Indecomm's eRecording expansion team. These eRecording successes are accompanied with a growth in companion paper filings.

Indecomm has been steadily investing in eRecording across the country, moving from 600 to 700 counties in less than six months. Of the 3,600 recording jurisdictions nationwide, only 1,184 counties offer eRecording and Indecomm serves 59 percent of these jurisdictions. In terms of population, Indecomm serves 55 percent nationwide. This clearly shows that Indecomm is committed to serving all of the public and not just the largest counties. Indecomm's footprint is broad and deep, allowing Indecomm's customers to reach the majority of the counties and the majority of the population on one eRecording platform. (Read complete press release on PRIA's webpage.)