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A company that provides mortgage recording solutions says that lien releases for half of the states in the country are now being prepared with its software, and the company's CEO sees signs that electronic recordation of mortgage documents is gaining momentum.
U.S. Recordings here said that lien releases in half of the nation's states are being prepared with its InteleDoc Plus program, a
Web-based, e-recording software and electronic document preparation for lien releases, certificates of release and assignments.
In addition, U.S. Recordings said that four states are accepting InteleDoc Plus prepared documents for "level III," fully electronic recording of lien releases. Counties in four more states will be going live with InteleDoc Plus for e-recording during the second quarter of this year.
Jeff Carlson, CEO of U.S. Recordings, said that momentum toward electronic recording may have been slower than anticipated, but it is picking up steam in heavily populated areas. In part, that's because county recorder offices have had trouble keeping up with the heavy volume of activity generated by the mortgage refinancing boom.
Electronic recording offers them a tool to keep up with heavy volume without adding staff, he said.
"I believe a lot of the major metropolitan counties will move toward electronic recording in the next couple of years," he said.
Source: HighBeam Research, U.S. Recordings Sees Growing Momentum for E-Recording.