Creating a paperless recording environment for lenders, title companies and counties

International Journal of Micrographics & Optical Technology, 2003

ACS has announced a new service offering that is claimed to provide "the first secure, Internet-based exchange connecting organizations and counties to facilitate electronic recording of land records, such as deeds and mortgages". Called eRX, the offering allows participating members to create, sign, notarize, edit, transmit, and record documents in a paperless environment. It also handles the fees associated with these business-to-government transactions.

ACS' eRX is said to be the first implementation of an open exchange that provides a single interface point for lender and title company members to reach any county member nationwide. The solution also features electronic signature technology provided by Silanis Technology. It is also the first Internetbased recordation exchange that is compliant with the digital identity standards ofthe Liberty Alliance Project, an association of Fortune 500 companies formed to deliver and support a federated network identity solution for the Internet.

"Title companies and other businesses involved in real estate transactions see eRecording as a rapidly evolving market. eRX advances this market much in the way shared ATM networks were a major enhancement to early, proprietary bank card systems," said John Brophy, Group President of ACS State and Local Solutions. "Counties reduce the manual processing effort associated with paper processing and what used to take days or even months now takes minutes or hours, eliminating risks for the title companies and significantly reducing the post-closing costs for lenders."

ACS provides land record systems and solutions for county recorders and is a leading provider of document management and mortgage process solutions for some of the nation's largest mortgage lenders. The company believes that broad base of skills and customers makes ACS uniquely positioned to provide this service to the real estate finance industry. The first subscribers to eRX include Flagstar Bank and Flagstar Title Co. The initial site for the eRX implementation will be in Oakland County, Michigan.

"Oakland County, Michigan, is very pleased to offer this enhanced service to our clients and we also benefit from the tremendous efficiencies it brings to our operations," said the Honorable Cx William Caddell, Oakland County Clerk/Register of Deeds.

While Oakland County is the first ACS land record client that is a member of eRX, ACS plans to offer eRX services to its more than 700 county client in the coming months. ACS is also creating alliance agreements to enable other counties and companies to participate in eRX.

Flagstar Bank is, one of the top mortgage lenders in the country with a nationwide network of brokers and correspondents through which it purchases mortgage loans. "eRX gives us the ability to electronically file deeds, mortgages and lien releases and turn our work around faster and more accurately, reducing our operating expenses," said Mark Hammond, president and CEO of Flagstar. "With a single interface, we'll be able to record with counties nationwide and receive the recorded documents and data back electronically. Trailing document issues become a thing of the past with this innovative approach to electronic recording."

Contact ACS. Web:

www.acs-inc.com.