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[Music] please be advised that this reported webinar has been edited from its original format which may have included a product demo to set up a live demo or to request more information please complete the form to the right or if you are currently not on CC global there is a link to the website in the description of this video thank you hello everyone and welcome to today's webinar 20/20 vision in the evolving world of ear according my name is Annie Tribble Eddie and I will be your moderator joining us today are Kevin kinderman and Matt Mehta Kevin is the market director for CFCs real estate division where he defines product positioning and marketing strategy to maximize revenue and strategic growth under Kevin's leadership the CSC electronic recording network has grown exponentially securing CSE's presence as the market leader that is a national consultant and manager based out of Wilmington Delaware for CSE Matt is dedicated to CFCs electronic document recording program he joined CFC in 2015 and currently works with leading title underwriters real estate firms and lending institutions throughout the country and with that let's welcome Kevin and math thanks Jenny well hello everyone Thank You Annie again for for bringing us in and welcome everybody to the presentation today what you're seeing now is a few of the things that we plan to cover with you today some of which include the growth that we've seen throughout the country with regards to counties being able to accept be recording and electronically transmitted documents and from there we would like to transition to more into the challenges that certain counties have face whether they have never recorded before if they had already been recording in just the process workflow and how they needed to make transitions and from there we'll discuss a little bit of the turnaround times with the increased volume of documents that we've seen and the statistics behind the recording times to actually have them placed on record and lastly we'll go into a little bit of the things that we've seen regarding remote online notarization and chronic execution of documents of more widespread acceptance of those execution techniques and you know where we feel that the industry may go with regards to that but before we get into even all of that I want to give you guys a little bit of background on CSC in and of itself CSC is a global company and from that we service over 10,000 law firms just here in the US over 180,000 corporate customers globally 65% of the world's most recognizable brands so when you think to yourself coca-cola Apple Google in some way they take advantage of the services that CSC is able to provide them and even through to the financial markets with you know helping different lenders secure recording processes or searching mechanisms and things like that what you're seeing now is kind of our footprint so we're spread like I said all over the globe from Australia the Asia Pacific over into Europe and here in the US where we are headquartered and our flagship location being located in Wilmington Delaware we are well versed in the the needs of every company be it large or small so anybody from a fortune 1000 down to a mom-and-pop shop in your local town would have something that they need that CC is able to provide them to take it off their plate and make their processes in their their workflow a little bit more manageable for themselves and here we have some of the services to see if he's able to provide so if you'd like us to access your register to agent and handle your service of process we're definitely able to do that protecting your digital brand services making sure that your Internet domains remain secure and that you you maintain that that domain and that doesn't expire your corporate filings like your annual reports your business license maintaining that and then kind of more focused on our industry in and of itself being able to do your real estate recording your searching of title chain DCC searches and files filings as well are all things to see if he's able to provide you and really come to be able to be a one-stop shop for anything that you may or may not need not just to keep your company in good standing with you know your secretary state's office but just to make your workflow as easily manageable as possible so we're going to move along and talk a bit about some of the recent growth that we've seen within our recording network there's been significant expansion both from new counties adopting electronic recording that hadn't in the past and the expansion has really occurred within these these last two months of March and April we've been so impressed and we'll talk in the next slide about how many counties have done that but you know in the midst of all these changes and challenges and the crisis that we've all sort of been experiencing it's been so impressive that counties have not only adapted to that but they've also decided to implement an entirely new process altogether and begin accepting documents electronically so very happy about that and glad to see so many counties embracing technology and growing the network I'll be recording one of the other things that has changed over the last couple months is the document count so specifically the number of documents file electronically and I suppose any of us could say well that was you know probably the the safest way or most predictable way of getting documents submitted and recorded at the county considering the number of closings there were or staffing scenarios where scheduling was difficult so we'll provide a little more info on those document increases and just substantial growth we've seen in all sorts of new document submitters implementing ear according and then finally the growth has also been with the expansion of additional document types so although county may have already implemented here according there may have been limitations with what types of documents they were able to process electronically and we've seen over a dozen counties expand their document types so you know we're able to process the or mortgages or UCCS or even registered land documents and some of the Massachusetts registries these are further expansions of the e recording network so pleased to report on some of those items as well and here you'll see that the specific growth that we've seen in March and even in April there were 53 counties that implemented e recording over the last two months I guess in in that March and April and you'll see the number one county here was Alameda County California so we say number one county but this was basically the largest county remaining that had not implemented electronic recording so they had a population of about 1.6 million people and we're just super excited that that large county with many many many document filings had implemented e recording we also see now the state of conduct the Kentucky implementing these processes and many counties going live there even Utah County Utah has expanded you know the number of vendors that they're accepting documents from electronically and and finally one of the things I'll comment about is city of Providence in Rhode Island ear according is new in that state of Rhode Island and the city of Providence is the largest recording jurisdiction by population in that state so very happy that many of the local law firms have jumped on the inflammation implementation that you recording so quickly so excited about that I'm going to transition over to Matt here and Matt's going to talk with us a bit about some of the challenges that we faced over the last couple months and really the solutions that have been developed and utilized to face those challenges thanks Kevin you know really great info and I mean I personally was was dumbfounded when I saw the rapid increase in adaptation that the counties were displaying with with bringing on e recording in jurisdictions that previously had not e recorded at all I was really you know something wonderful to see but what we're taking a look at now is some of the things that we've noticed were you know initial hurdles or speed bumps in the road for many counties when we were all forced as a nation to begin to work remotely and and to begin to acclimate to what we were now deeming the the new normal some of the things that the counties had never anticipated I mean obviously I would never think that accounting would have to physically close their doors prevent people from having to come in and record their documents physically but that did indeed happen and the great thing to see was that only maybe about a dozen or so counties that were experiencing what everyone was actually had to close down operations completely just because they did not either had the resources or the the technology in place to be able to continue their workflow but in and above that what we did here at CSC to help anyone really was you know with access to Internet is we developed our co vid 19 awareness page and we congregated all of the information that we were getting from different counties that we have relationships with we were populating all of that information onto that page that there would be one centralized location for anybody that needed that information to go to to see if there would it be any type of delay in any of the recording processes with any of the counties that that we connect with in really any County around the u.s. beyond that it was a great thing to see how the counties were so agile in adapting to the technological requirements that come along with you recording and putting the necessary pieces in place for them to be able to continue their workflow where most counties did implement such things as a Dropbox or still accepting physical mail but only maybe having the capability to check either one of those items two two maybe three times a week ear according was still an implementation that they made that would allow them to continue their workflow processes as normal maintain their recording turnaround times which will speak to a little bit in greater detail a little bit later on but in and above that certain counties around the u.s. or certain states that require what's called an no you or memorandum of understanding which is an added certificate so to speak or allowing document submitters to submit documents electronically a lot of counties implemented a fast-track system to get submitters approved more quickly so that they themselves would not be impeded at all with getting their documents recorded and over and above that we saw a real continuity between not just the industry now itself but the industry association so your local l TAS your lenders your title underwriters and us even as the vendors we're able to all come together to put out you know different webinars everyone can take advantage of to increase their awareness of the availability of different strategies and tools that are available to them to make their workflows much easier not just with the obstacles that we're facing with the pandemic but just in general as well once things do get back to our our you know pre coded normal these are still tools that will be in place that will allow them to make the most efficient use of their time as possible with that I do want to bring it back to Kevin so that he can speak a little bit more to the actual statistics that we've seen regarding recording times and there and and the increased document counts that we've seen across the nation thanks Matt I think you hit the nail on the head there there was a great deal of continuity and while all of us may have felt like we were scrambling you know when this thing really hit us in the middle of March many of us were trying to compile a list of county office closures where we've been notified where we hadn't amongst other information and it was it was stressful you know there was a lot happening but to see how everyone began to connect with one another share information it was it was impressive and the thing that we really noticed was for all of those submitting companies or counties that had already worked to best practices from some of the industry associations specifically the one that we list here and I'll mention is Altos pillar 4 which addresses some best practices for recording specifically in dealing with even rejections even Priya has put documentation together with 11 best practices for e recording companies organizations counties that had adopted these processes before we went through this crisis they were that much more to the advantage and being able to adapt to the to the situation and frankly they were able to optimize the processes because they knew what they were and they were able to sort of step up and provide even greater service which will we'll talk about here in a moment so with some of the average recording times that we've researched we do want to preface some of this information this is a group of documents that have been submitted by various companies law firms title companies banks throughout the country what we've done is we've measured the average recording time for electronic submissions in the months of January and February and we've compared them to that the documents that were electronically recorded in March and April and this just goes to prove the great work that the county recording offices did the most impressive statistic all counties in Florida that re recording their average ear according time in March and April increased so that the speed was better in those two months by 23% so they're averaging less than a day in average recording time whereas they were just over a day with their average time in January in February Illinois was another state that actually improved its average e recording time over those two months compared to the first two months of the year they're averaging point seven days four all year according submissions so again this is across the board stat for all counties within a state but very very impressive numbers New York perhaps the hardest hit state in dealing with the pandemic very impressive that in genuine February they were at one point three days further average e recording speed and during March and April they were at one point three three so just a fraction fraction of a delay in the speed recording document so overall just phenomenal results very grateful to the counties and for the recording offices and dealing with all the challenges that came with this situation and adapting to help all of us so much more so there's a few stats about average recording times well it makes sense to as we as we see the adoption and use of e recording that that's sort of a necessary step in the evolution of you know where we're heading we're heading toward a completely digital and electronic transaction where there's an electronic closing that occurs now this this final piece that we maybe hadn't had legislation in place for of remotely online notarizing a document that piece is now getting satisfied where we're able to utilize technology for that that one of those last steps of the closing process and I think we'll see an even greater number of digital mortgages and fully electronic closing transactions we wanted to provide a little bit of information just with what the latest is on specifically remote online notarization because there's been a blitz of states that have put executive orders in place to at least provide temporary authorization for remote online notable acts but also wanted to comment on something a few of us have likely heard about which is Ren which is a remote in-person notarization and this is a bit it's an alternative notarization process where it authorizes a notary in certain states right to witness a wet signature through the use of audio-video technology and then if they witnessed that wet signature through a video recording they're then later able to use a wedding you know signature and notary seal once they've received the physical documents so that's a unique variation that is available in certain states at least as a temporary solution to complete and execute these documents but we know that to date and again these numbers do change a bit day to day because of the movement that's happening there's 23 states with a executive order in place again large majority of those are temporary orders that are able to be used during you know this emergency 24 hour by statute where 19 states have put permanent legislation in place and then there's another five that have not addressed this as a state level yet but it's important to note that all of us if we're considering the adoption of remote online notarization that were sure the other parties involved and related to these transactions specifically the GSE right so Fannie or Freddie this is in accordance with some of the guidelines that they want their lenders to follow the title underwriter so if policies issued we need to make sure that the underwriter is okay and comfortable and authorizes the use of remote online notarization for the transactions that they're there insuring and then finally the counties so there's these three parties it's almost as if it's a three-legged stool each of the three need to be need to be considered and you'd need to be sure that they have each given sort of their blessing that that rond transactions are authorized and permitted and acceptable for the transactions that you're conducting last comment is just there's a congressional bill being reviewed a federal act it's called secure and it stands for securing and enabling commerce using remote electronic notarization tact it basically would authorize every notary in the u.s. to perform remote online notarization x' and that will certainly assist states individual states as they adopt their own legislation put that in place but if that is at a federal level that will certainly continue and further the movement of remote online notary