CSC Solution Supports eRecording in Compliance with CFPB
FOR IMMEDIATE RELEASE
August 17, 2015
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Public Relations Manager
(302) 636-5400 x65526
CSC News Room
CSC Solution Supports Recording of eMortgages in Compliance with CFPB Initiative
WILMINGTON, DE, August 17, 2015: Corporation Service Company® (CSC®)recently announced that is has enhanced its services so that its electronic recording solution fully supports the recordation of eMortgages in conjunction with the eMortgage and eClosing initiatives from the Consumer Financial Protection Bureau (CFPB). eMortgages can now be electronically recorded in every one of the recording jurisdictions that CSC records in.
CSC's eRecording capabilities not only support the CFPB's eClosing pilot initiative, but also the recommendations put in place by the CFPB's "Know Before You Owe" mortgage disclosure rule, which will take effect later this year. Knowing what the fees are, knowing the status of the documents throughout the recording process, sharing of information, and return of documents and recordation information are all easier through CSC's service.
"CSC is proud to share the CFPB's goal of improving the borrower's experience," said Mark Rosser, vice president for CSC. "During transactions of this magnitude, things move fast, there are a lot of pieces of paper, and it's often a nerve-wracking experience for borrowers. Electronic mortgage recording removes many of those pain points and creates a more precise, transparent, and streamlined process, in most cases reducing recording times by as much as two to three weeks."
Lenders providing eMortgages also benefit by using CSC. The CSC ePrepare® system automatically adapts to local requirements and prompts submitters for the necessary information. CSC is also working with industry leaders to ensure that documents are promptly returned to all parties involved and are made available to support industry collaboration efforts.
CSC has made a number of enhancements to its applications in recent years, including the launch of a mobile app that lets clients monitor the recording status of documents, inspect document details, review rejections and more. The app is available for iOS® and AndroidTM systems.
CSC pioneered the eRecording process more than a decade ago and today provides electronic recording capabilities covering approximately 90% of the population where eRecording is permitted.
Watch the eRecording video
To learn more about the benefits electronic recording provides for eMortgages and eClosings, please watch this video.
Corporation Service Company® (CSC®), a privately held business and legal services organization, provides matter management, corporate compliance, and trustee services for companies and law firms worldwide; digital brand services for top global brands; and due diligence and transactional services for the world's largest financial institutions. Founded in 1899, CSC has more than 2,000 employees throughout North America, Europe and the Asia-Pacific region. To learn more about CSC eRecording services, visit www.erecording.com.