Monday, May 06, 2013
More on electronic recording
An astute blog reader responded by email to my post from Friday on the volume of electronic recordings during the month of April by suggesting I calculate what portion of our overall volume of certain document types was attributable to electronic recording. I did and found the results quite interesting. We track electronic recordings by four categories: discharges, deeds, mortgages and all others.
In April 2013, we recorded a total of 1662 discharges of which 895 were recorded electronically - that's 54% of all discharges. A similar percentage resulted with mortgages, as well. In April, we recorded 1290 mortgages of which 707 were recorded electronically - that's 55%. The portion of deeds recorded electronically was less but still more than I expected. Of the 582 deeds recorded at the registry, 149 were recorded electronically - that's 26%.
So far this year electronic recording has consistently accounted for 40% of our overall recordings. But that method of recording also accounted for 54% of all discharges and 55% of all mortgages recorded.
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2 comments:
Interesting results.
It makes sense that mortgages/discharges have more electronic recording because they tend to come from institutional sources which have the resources to implement it. It's a little less obvious that mortgages and discharges would have the same levels, because the institutions holding and originating mortgages may be different. But perhaps that consistency speaks to a somewhat uniform adoption of electronic-recording technology across those institutions. I agree that it's surprising how many deeds are electronically recorded (I wonder how many of those are also institutional).
It will be interesting to see how these trends progress. Thanks Dick!
I too was surprised by the high percentage of mortgages recorded electronically. As for deeds, many that get recorded by any means are not arms length sales. Rather, they are gifts or "administrative transfers". I'll look at all the deeds recorded in April and determine for a future post the percentages of "no consideration" deeds recorded electronically and by other methods.
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