Are You Ready for eMortgages?
Mellex Title Services, LLC. is. Find out how and why this electronic transition of mortgage banking will benefit you. Besides being good for the planet, of course!
Heaps of paper documents, copies, signatures, faxes, and more paper documents have been the way of things in the world of home mortgages. Each step and element of this decades-old process has a specific purpose designed to keep all parties involved safely and accurately represented in the acquisition exchange at hand.
However, all of the shuffling, copying, faxing, filing, and exchanging leave room for error, time delays, and even less than ideal customer service. It also lends itself to hefty operating costs, the need for substantial quantities of paper, proper storage facilities for sensitive files and documents, printing, and the staff to carry out all of the detailed steps.
By shifting the mortgage process to an electronic one, everyone involved will benefit from the efficiency, cost savings, timeliness, and accuracy eMortgage processes bring. But making the electronic transition is something that has been the topic of many discussions for some time now in the mortgage industry.
Closing the Gap
For a complete eMortgage system, technology must be in place for each step including origination, processing, closing, and recording. According to Florida Land Title Association (FLTA), some lenders have already been using electronic processes to close their loans, and the number of those lenders doing so is expected to increase in the next few years.
A step that has been holding back the widespread use of electronic closing is the recording aspect of the deal. Electronic recording, or e-recording, allows title companies to record and warehouse the loan closing files. Currently, some title companies like Mellex Title Services in Sunrise, Fla., are using e-recording in the counties that are equipped for the technology. However, not all counties in Florida and across the country are participating in e-recording.
Experiencing the Benefits
The good news is, however, that once all Southeast Florida counties are on board with the technology, Mellex National Title is ready to deliver its clients the seamless, efficient service of e-recording.
“We already e-record in the counties that do it,” says Melanie Levine, CEO and president of Mellex. “I think this ability allows us to give our real estate customers the best service. Everything is very streamlined, efficient, and convenient.”
E-recording eliminates the cost and time associated with the creation, copying, filing, and storing of hardcopy paper closing documents. As a result, post-closing process costs are reduced and less paper and other resources are consumed.
“We look forward to being able to provide this level of service to our clients in every Southeast Florida county when it becomes available,” adds Levine.
Until then, Florida residents considering a deal in the real estate arena can look forward to the not-so-distant future of a completely electronic mortgage process. In the meantime, those who purchase homes in participating e-recording counties can turn to Mellex Title Services to experience a glimpse of the streamlined, secure process of e-recording for their loan closings.
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Written by Erin King, exclusive to the club you should join, Club Cabeza, follow us on Twitter. Need help amplifying your message or getting the word out? We can help, email us and find out how, or join our fan page.
