Lowell Deeds

The latest on real estate recordings and new technology from the Middlesex North Registry of Deeds in Lowell

June 19, 2007

The Big Picture on Electronic Recording

by @ 10:36 am. Filed under E-Recording

Today I attended presentations by the director of ACS’s electronic recording division (called eRX) and by the president of Simplifile which is another company that does electronic recording. Two years ago at the Middlesex North Registry, we began a pilot program for electronic recording in Massachusetts. Since then, we’ve recorded more than 5000 documents, mostly mortgages and mortgage discharges. The system works fine although it hasn’t yet gained widespread acceptance in the Commonwealth. Part of the problem, I suspect, is that only one registry takes documents that way, and the submitters don’t want to expend the effort to train staff to submit documents to just one of 21 registries. That may be changing, however. As was made clear this morning, the mortgage industry has changed tremendously in the past five years. Everything now is about speed and automation, to get the executed and recorded mortgage to Wall Street where it can be added to a pool and sold to investors as a commodity. Thus far, every step of the process but recording is done electronically, but then the speedy flow comes to a screeching halt as a paper document is created and recorded much the same way it was done a hundred years ago. So there is a great deal of interest in the financial industry in getting registries to adopt electronic recording. This would remove the last speed bump to fully electronic mortgages in a business where more than ever, time is money.

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