The latest on real estate recordings and new technology from the Middlesex North Registry of Deeds in Lowell
There are several reasons. While there used to be just one, there are now four companies providing electronic recording services: eRX, Simplifile, Ingeo and Stewart Title. The resulting competition has created a sense of urgency as each company seeks to signup early adopters of this new technology. Another reason for rising interest in electronic recording is the changing nature of conveyancing. Now that home mortgages have become just another commodity to be funneled to Wall Street for repackaging, the speed with which the transaction is consummated and the documentation routed to the investment bankers becomes crucial. Every aspect of the mortgage process is automated except for recording. My sense is that the mortgage industry is applying pressure on conveyancers to remove that speed bump by moving to electronic recording as quickly as possible. In a strange way, the current real estate slowdown has also contributed to this newfound interest in e-recording. A lawyer doing ten closings per day two years ago didn’t have time to learn and adopt new technologies; with only ten closing each week these days, that same lawyer has more time to investigate a new way of doing things.
While this registry does not endorse or recommend any intermediary company, you may obtain information about the respective services they provide by calling Paula Steger of eRX at (214) 887-7473, Paul Roth of Simplifile at (781) 552-1148, Greg Brown of Ingeo at (770) 643-9920 or Mike Agen of Stewart Title at (800) 732-5113. For general information about electronic recording and how this registry has implemented it, visit our blog at www.lowelldeeds.com/blog or call me at (978) 322-9000 or send me an email at firstname.lastname@example.org.
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