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U.S. Recording Enables E-Recording of Releases.

Mortgage Servicing News

| March 01, 2003 | COPYRIGHT 2003 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

U.S. Recordings, a provider of recording solutions for over 30 years, announced the introduction of InteleDoc Plus, a software program designed to electronically file documents, thereby reducing recording time and fees between lenders and U.S. counties.

U.S. Recordings is currently positioned to test-pilot the InteleDoc Plus software in five Minnesota counties beginning in the second quarter of this year. The company is identified as the only "trusted submitter" in all five Minnesota pilot counties, assisting with mortgage "satisfactions" in the first phase of the test. The counties involved in the pilot are Hennepin, Dakota, Renville, Lyon and Rouseau. Two are urban counties in the Twin Cities area and three are in rural parts of Minnesota.

The company hopes that the pilot will create blueprints that other counties can use to join the electronic recordation program.

Currently, U.S. Recordings is integrating its InteleDoc Plus technology with the software used by those county governments for recording.

Unlike some other electronic recordation initiatives, the U.S. Recordings program will rely entirely on data transmission rather than document images being used in most other electronic recordation programs.

Jeff Carlson, president and CEO of U.S. Recordings, said that InteleDoc Plus is a Web-based software that integrates cost-effectiveness and ease-of-use in existing systems.

"Electronic filing with InteleDoc Plus reduces errors and rejects, improves turn-time for recordings, and greatly reduces transaction costs associated with shipping and redrafts due to lost documents or errors," Mr. Carlson said.

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