Tuesday, December 03, 2013

Electronic Recording Statistics for November

The decline in the number of refinancings has also dragged down our volume of electronic recording since the majority of mortgages are now recorded by that method.  In November 2013, we recorded a total of 4315 documents of which 1475 were done electronically.  This accounts for 34%.  For the year, the electronic recording percentage was regularly at 39% so this is a significant drop.  I don't believe that it represents a cutback by users on e-recording technology; it's just a reflection of the refinancing slump.  Since every new mortgage typically results in a discharge of an old one, that also cuts into the number of discharges being recorded.

Of the 1475 documents recorded electronically this month, 447 were discharges, 134 were deeds, 390 were mortgages and 503 were other types.  Our monthly averages for the first eleven months of 2013 show how much higher discharges and mortgages have been in other months.  From January through November 2013, the monthly average of discharges was 764, of deeds was 165, of mortgages was 601, and of other documents 634.

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