Rethinking Mortgage Operations: Reducing Complexity across the Property Recording Workflow

Annie: Hello, everyone, and welcome to today's webinar, Rethinking Mortgage Operations: Reducing Complexity Across the Property Recording Workflow." My name is Annie Triboletti. I will be your moderator kicking things off today.

So joining us today are Andy Singleton and Jim DeGaetano. Andy is a sales engineer in the Real Estate Services Group at CSC, and Jim is a director of Real Estate Services at CSC as well. So with that, I'd like to welcome in Andy and Jim.

Andy: Thank you, Rachel, and thanks, everyone, for joining us today. Just real quick before we get into the presentation, I just wanted to run over something real quick. For those of you that may not be familiar with CSC, Jim and I work in the eRecording and Real Estate Services side of things. But there's a lot of entities and a lot of services that we provide for a host of different types of industries, if you will.

We're the trusted partner of choice for more than 90% of the Fortune 500 companies, more than 90% of the 100 Best Global Brands, more than 75% of the PEI 300, and we work with over 10,000 law firms. And Jim will get into some of those other services here momentarily.

And here, on this slide, we just illustrate our global footprint. We have a presence in 5 continents. And over 25 states, we have offices and locations in. And then, at this point, I'm going to turn it over to Jim. Thank you.

Jim: Thanks, Andy. So here we get a look at CSC's Solutions. It's a detailed listing of the services that we provide. And as you can see, we are very strong in business administration and compliance. This has to do with entity formation, entity management, registered agent services, business license management. We're also very active in fund solutions. And you can see eRecording listed under Transactions and Lending there in the middle. We are listed there along with UCC services.

Andy and I, as part of the eRecording Group, are teamed with the UCC Group as we form the Collateral Services Group here at CSC. CSC is also a leader in domain security and brand protection. We call that digital brand services.

So we find that many of our eRecording customers also use us for some of these other solutions. And they're able to consolidate multiple services with one vendor, which means that they only have to manage one vendor rather than multiple vendors, which reduces their vendor management costs.

So today we're going to cover and discuss lenders and loan servicers and service providers. That's really going to be the focus as to how these groups, these firms use eRecording for document preparation and document recording. Of course, we also work with a wide variety of other types of submitters, that being title companies, law firms, and contractors, the variety is endless.

But today we're really going to focus on how lenders, loan servicers use eRecording to optimize the speed of recording, the efficiency of recording, to centralize their operations, and something that they really value, document security.

Andy: Thanks, Jim. So why CSC? Why use us for eRecording? So, well, as we previously mentioned, CSC is the world's leading provider of business, legal, tax, and digital brand services to companies around the globe.

But more specifically, our eRecording system helps to bridge the gap between submitters and county recording offices, enabling an easier document creation and faster recordation process. We were the first to market with an eRecording solution, and our services remain the benchmark for speed, efficiency, and security.

So here we're going to start to get into the basics for eRecording. For those of you that may not be familiar with eRecording or are not currently eRecording, but you're considering it, here are some basics to it.

So, again, we were the first to market eRecording way back in 2002 in a very small county in central Pennsylvania called Lancaster County. We currently partner with nearly 2,500 counties nationwide, which encompasses over 90% of the U.S. population. We have well over 10,000 customers. That's a large scope of entity types that eRecord with us, but certainly includes some of the largest banks in the nation and all the major title insurance underwriters.

And the eRecording basics include it allows you to record more quickly, more securely, and more cost-efficiently for sure. It's easy to set up, simple to use. And we're a certified electronic recording service provider who utilizes industry standards established by PRIA, or otherwise known as Property Records Industry Association.

As I mentioned earlier, a lot of entity types eRecord with us, including lenders, title companies, law firms, and many other entities who transmit documents over our secure web-based application to county recording offices nationwide.

Jim: So there are two ways to use CSC's eRecording platform. And the name of our platform is ePrepare. So you'll hear us referring to ePrepare throughout the discussion here.

The first, and this is really our mainstream eRecording, is called Level 2. Level 2 and Level 3 are defined by PRIA and other industry standards. But Level 2 is where you will scan and upload your document as a PDF or a TIF image into CSC's platform. You'll input a few data items to create a package, and then that package is transmitted to the county for recordation. The package will contain your document and the data items required by the county.

And through mainstream eRecording, you can record all document types, deeds, mortgages, lien releases, assignments, modifications, subordinations, whatever the county will accept. But these are documents that you've prepared outside of our system, and then you've uploaded them as completed, executed documents in a PDF or TIF format into our system, and you transmit to the county for recording.

And then we get to Level 3, and this is a component of our eRecording platform that lenders, i.e. mortgage servicers, really value because our Level 3 eRecording service contains document templates for lien releases and assignments, both commercial and residential, for all counties in the country.

So using Level 3, the customer, the lender will enter data to generate a lien release or an assignment document. If the document is going to a county that eRecords, they will electronically sign and notarize the document in our platform, and then they'll transmit the document to the county for recordation. So it's a paperless process, completely electronic. Or if they just want to print the document to paper, or it has to be printed to paper because it's going to a non-electronic county, that can be done as well. Prepare the document and then print it to paper. So the Level 3 eRecording service is something that is widely used by lenders that work with CSC.

So this is how eRecording works. First step is you'll either upload your document or prepare your document in CSC, and then you'll transmit it to the county for recording. Once it records, CSC will advance payment of the recording fees directly to the county on your behalf. And the benefit for our submitters is that this eliminates the need to prepare checks, and it also eliminates the possibility of a rejection for a payment error.

Once the document records at the county, it is returned back to your eRecording account in ePrepare. You'll receive the image of the recorded document plus the recording information, like recorded date, instrument number, book page, recording fees, and any other data or information that the county returns.

That day, or every day, I should say, or every evening, you'll receive an invoice that lists every document that you recorded that day, its recording information, its recording fees. And then at the bottom, you'll get the sum total of recording fees paid out for all the documents recorded that day.

And our eRecording system is used as a self-service system. So it's you, the submitter that is going into the system and doing the work to upload documents or prepare documents and send them to the counties and receive them back. And we work in our system in hand-key mode, but we do have integrated solutions available for those customers that do a fair amount of volume in the system. This is the set of automated transmission of data and automated return of the recorded document and the recording information.

Andy: Thanks, Jim. Some good stuff here. In addition to the Level 2 and Level 3 eRecording that Jim just mentioned, we also offer additional services or what we call comprehensive solutions related to our ePrepare application and to the eRecording and paper recording services. Here, we have listed here the full-service lien release processing. That's something that we'll show, Jim will show later on in a coming slide here.

But a couple other ones that I'll mention here is the BNL or borrower notification letter service. Those are generated on letterheads that you provide us, and CSC mails those out to your borrowers along with the recorded lien release attached to it.

We also offer custom email notifications. That allows you to choose between two templates, and you can provide your own email notifications to your clients, letting them know that their documents have been recorded. And you can also include attachments of your recorded documents to those notices as well.

We offer property search services. This is something relatively new. We brought this in about three years ago. You can order detailed property reports with transaction history via APN, address, or owner name. You can generate and receive detailed reports, summary reports, and something new called an enhanced transaction history report. But you can also request and retrieve images, such as the last transfer document, the deed, and the last finance document is the mortgage or deed of trust.

Moving on is our eTrustee services. You can generate sub reconveyances, prepared in ePrepare are routed within our platform to our trustee services partner. And those documents are executed by the trustee and transmitted to the county for review and recordation. These are available in all the states that require this service, such as Arkansas, Arizona, California, Idaho, Montana, Nebraska, Nevada, Oregon, Utah and, of course, Washington.

Then we have our fee calculator. That will actually generate calculations for county recording fees and taxes and such. You input a few data points, and then it will generate what the fees and taxes are associated with the packages that you're trying to prepare and record.

And then, lastly, is our certified copy feature. This is something that's relatively new to our offerings. You can request certified copies in select jurisdictions and select states. And just as it sounds, in addition to the recorded document, you'll receive a certified copy that's been digitally signed by the county and delivered to you immediately via email.

One thing that's not listed here, that I'd be remiss not to mention, is our deed of trust lookup service in Colorado. We have that service in place where it's a lookup service to pull the original deed of trust from the county records. It marries it to your release and then presents it to the public trustee, where it is processed, and then ultimately routed to the county recorder for review and recordation.

Jim: Okay. Moving on to paper recording. In addition to electronic recording, CSC has a Paper Recording team. Our team will handle your paper documents for recording with the counties, and we can do this in all counties, all recording jurisdictions nationwide.

So you can send us your paper documents. Well, backing up here, you can do eRecording or use our paper recording service using our ePrepare, eRecording platform. So you'll create your orders in ePrepare for paper recording. You'll ship the documents to CSC. You can track the status of your document in the work list in ePrepare. And then once the document records, CSC will upload it back into your ePrepare account, and you'll see it in the work list, where you'll receive an image of the recorded document along with the recording information, just as you do for your eRecorded documents.

So we have many customers that use us for both electronic recording and paper recording, and they really value the ability to handle all of their document recordings, whether they're electronic recordings or paper recordings in one platform. Again, increased centralization and better tracking of the document recording process.

If you're using our Level 3 service, where you're preparing lien releases or assignments, it works like this. You'll prepare, let's say your lien release document, and you know you want to use CSC to paper record it. When you print it, you'll indicate that it's going to CSC for fulfillment. And if you're going to do this all the time, you can set that as a default. And then once you click Print, our system will place a barcode on the document containing the order information. And then it'll also create an order in the system. You'll see your package in the work list and with the status of Order Created.

And then once the document is received by CSC, the status will change to Order Received by CSC. And then once we ship it out to the jurisdiction, the status changes to that. And then once it's recorded, you'll see that the package is now in the Recorded status, and you will receive the recorded document and the recording information back.

So, again, it enables you to handle all of your document recordings from one platform. Our Paper Recording team has been doing this for a long, long time and has a high level of expertise. And you can receive consolidated billing for both your eRecording and your paper recording from CSC. And just as we do on the electronic side, for paper recordings, we will also advance payment of the recording fees directly to the county on your behalf and then invoice you later for reimbursement.

Andy: Hey, Jim, real quick, if you don't mind me mentioning just a continuation, real quick on the paper recording, is that we have often worked with customers, and I think it's discussed later on in the slides, but for customers that have a project-based situation, and oftentimes we incorporate our Paper Recording team for such events like that. So just thought it'd be a good idea to mention that while we're here on the slide. For anyone that might have a project-based situation and you're not really for sure where to turn to, we can help you in that respect, certainly through our Paper Recording team. Thanks, Jim.

Jim: Absolutely. We're going to touch more on full service later on. And when we do help customers out or perform full services for customers, it is this Paper Recording team that is performing that work. So we'll move on to the next slide.

Andy: Thanks, Jim. Yes, I'll speak to this one real quick. We're always going live with counties, to go live for eRecording, to accept eRecording. We're approaching 2,500 counties now that currently eRecord with CSC. Our most recent one or ones are listed right here as well.

But I'm going to call out Hamilton County, Ohio. That's something that we just went live within the past month. That's the Cincinnati, Ohio market, borders Kentucky. And it kind of helps to bridge and open things up in that area of the country. It's been a big to-do list on our end for a number of years here. But that is one of the last remaining triple digit, 100,000-plus populated counties to hold out for eRecording.

So the point being is that our coverage encompasses there, again, over 90% of the U.S. population, 2,500 or nearing 2,500 counties that you'll have access to eRecord with. But as we just mentioned, in the previous slide, for those counties that don't accept eRecording, you can still use us for paper recording.

Jim: Yeah. And something too, when you look at the map, you can note that just about every state in the country is eRecording, and many of them at a very high percentage. Those that are in teal, over 75% up to 100% of the population or the way of looking at it is counties are eRecording. So we've got very good coverage.

And just as lenders and title companies have adopted eRecording for the benefits it generates, so have the counties because they derive very similar benefits from eRecording as opposed to handling paper documents for recording. So just wanted to make a note of that.

Andy: Thanks, Jim. And one last note to that, the state of Vermont remains the last state to adopt legislation for eRecording. However, we have heard that they are currently debating legislation to allow for eRecording. So, hopefully, that last outlier state will be joining us shortly, and it will close out the entire nation for eRecording.

I'm going to go ahead and move on to the next slide here. And just who do we work with, right? So we mentioned earlier all the different entity types that we work with. But here are the different financial institution types that typically reach out to us and eRecords in some way, shape, or form.

You have your types of financial institutions that include bank and deposit institutions and credit unions, investment and brokerage firms, and insurance companies, and, of course, non-bank financial companies. And typically, their core functions are to act as an intermediary between savers and borrowers. They facilitate monetary transactions and manage capital. They also provide products and services, including checking accounts, loans, and investment services.

And, Jim, just one quick note before I pass it on to you. I may have practiced that word intermediaries 20 times this week. I think this is the first time I said it right the first time. So kudos to me as I pass it on to you.

Jim: Okay. Very good. Thanks, Andy. Right. And of the list of financial institutions, the banks and the credit unions and the non-bank financial institutions, i.e. mortgage bankers, are our biggest customers. We see the most of those types.

And so with mortgage companies, they generally break down into two categories, mortgage banker and mortgage broker. And it's the mortgage bankers that we see utilizing our eRecording service primarily. Mortgage bankers are those that originate their own loans, underwrite their own loans, close their own loans using their own funds.

Mortgage bankers, some retain servicing and operate a servicing portfolio. There are many others that release servicing on their loan sales and do not operate a loan servicing portfolio. Those that do retain servicing are those that typically will sell most or all of their loans directly into the secondary market, and putting those loans into a Fannie Mae or a Freddie Mac or a Ginnie Mae MBS pool or into a private Wall Street MBS pool.

And those mortgage bankers that don't operate a servicing portfolio typically sell their loans to a larger correspondent lender, who services loans. And then that correspondent lender in turn will sell that loan directly into the secondary market and retain the servicing on that loan.

And we did a little research on this. And per the research, there are 4,800 companies in the U.S. that qualify or are recognized as licensed mortgage bankers. In the other category, you have mortgage brokers. And these are companies that originate loans, but then work with a wholesale lender. Usually they will commit the loan to a wholesale lender that underwrites funds and closes the loan.

Mortgage brokers do not service mortgages. And it's the wholesale lender that bought the loan from the broker that sells the loan into the secondary market. And there are many more mortgage brokers out there. And the research indicates there are 18,800 licensed mortgage brokers in the U.S. currently.

Andy: Thanks, Jim. And you kind of mentioned some of these types of lenders in your last slide here, but I'll just mention a few of them here. The retail lenders, of course, that's where the loans originate by the company's employees and directly to the consumers. And then we have the correspondent lenders, who buy closed loans from mortgage bankers and sell them in the secondary market, which you just kind of spoke to momentarily.

Of course, the wholesale lenders, those that buy loans originated by mortgage brokers, but underwrites, closes, and funds those loans. And they, too, sell loans in the secondary market. Then we have the portfolio lender, a depository that originates mortgages for its portfolio. And then, lastly, the warehouse lenders who provide funding that enables mortgage bankers to originate, close, and fund loans. And they also provide, typically, a warehouse line of credit.

So just, again, a wide range of types of entities that we work with in the eRecording space. And I'll add here, Jim, perhaps, the subservicers, right, and service companies and things like that, that can be added to this list as well.

Jim: Right. Yeah, the subservicers hold a lot of servicing out there. There are some large ones, and there are some smaller ones. Obviously, they typically do not lend or make loans. But they have a servicing platform, and lenders will contract with them for the subservicer to service loans on their behalf on their servicing platform.

And then we also work with a lot of service providers that provide services to lenders, and they will perform these services for lenders. For example, there are service providers that do lien release processing, and they will use our Level 3 eRecording service to prepare and record those documents.

So yeah, there are all kinds of variations of entities that perform services in the mortgage industry.

Andy: And I'll just close out here real quick, Jim, us knowing that over half of the top 20 mortgage providers use our CSC services in some way, shape, or form, whether it's just eRecording, just paper, or a combination of both, using our lien release processing and things like that. So some of those current top 20 mortgage providers are happily using us right now. So I'm going to transition it over back to you on the next slide, Jim.

Jim: Okay. Yeah. And this is kind of a big picture, 30,000-foot look at the industry. Obviously, we work in an industry that is just huge in size. If you look at it from dollar amounts, there are $13 trillion in outstanding mortgage loans. If you look at it by units, almost 87 million active mortgage loans in the U.S., and there are 5,000 mortgage servicers.

So the research indicates currently there's about 430,000 to 450,000 new mortgages originated every month. And if you look at a payoff rate of 10%, and payoff rates, they go up and they go down, but in the average year, you could say it's around 10%. That means 8.69 million mortgages pay off each year. And when mortgages pay off, the servicer prepares and files a lien release with the counties so those lien releases can be in the county land record system.

But even though there are 5,000 mortgage servicers, servicing is highly consolidated or maybe concentrated is a better word to the top 50 servicers. The top 50 servicers own a majority of the loans in this country. Some good news is that less than 1% of the mortgages are seriously delinquent. And just looking at current rates, we're sitting at around 6.55% for a 30-year fixed-rate mortgage.

Andy: Yeah. I think I just read, Jim, either last night or this morning, it's just slightly up, 6.6% is the latest thing. I just want to chime in real quick, Jim, on that last one. Let me go back to it real quick.

Something that caught my eye is that we process 1.8 million lien releases annually. Break that down on 150,000 lien releases that we're part of or we're facilitating through our platforms monthly. So astonishing number, not just one document type, right? So, for the audience, you can imagine how many documents that are coming or flowing through our system securely and accurately every day.

Jim: Okay. So this is an interesting slide here. With many of our bank customers, it's not uncommon to see multiple departments within the bank utilizing eRecording, each department with their own account to record their documents. As Andy sort of pointed out, we do a lot of lien release business. The lenders really value our Level 2 service.

And so we start here with lien releases. And many banks have more than one servicing portfolio. They may have a commercial loan servicing portfolio and a residential loan servicing portfolio. And then within residential loans, there can be further breakdowns. On the residential side, you can see banks that have a bank loan servicing portfolio, a consumer lending portfolio, and then maybe the mortgage operation has a servicing portfolio.

And we've seen where banks have set up an eRecording account with us for each one of these respective departments so that they can prepare and record their lien releases. So banks have really embraced our level three service to prepare and record their lien releases in an optimal manner.

Likewise, we see banks having multiple eRecording accounts for assignments, whether it's by department or by purpose of the assignment. We see them setting up an account for their assignments out of MERS, default assignments. And then we see sometimes a separate account to prepare and record assignments for servicing transfers or servicing sales.

And we also see accounts set up for assignments on new loan sales. And this might be or can be where they're preparing assignments that aren't even recorded. They're prepared, and then they're placed with a document custodian or in a loan file archive.

And then sort of continuing, many banks have an eRecording account for their loss mitigation group to record modifications. And then, further down the line, we see accounts that are set up to handle documents recorded with default and foreclosure and REO documents.

So it's not just the lien release departments that are using us for eRecording. It's all up and down the line in many areas within the banks that value the speed and document security and efficiency of eRecording documents with CSC. And that includes kind of an obvious one, loan origination documents. The banks set up accounts for their loan origination teams to eRecord first mortgages. Usually those are refinance mortgages or home equity documents, HELOCs and seconds. And, again, the banks like the speed and the efficiency of getting their documents to the county, reducing their gap risk, getting their lien recorded, and getting the documents back in a quick fashion.

And then lastly, the banks, as Andy sort of alluded to earlier, we work with banks and lenders on portfolio and special projects. We can support large-scale recording and portfolio initiatives. Some banks have come to us and said, "We need some help with our portfolio, maybe determining lien position." Or, "Gosh, we've got to figure out if releases were recorded on these mortgages or not." And so we can assist with search services in that regard.

We can also assist lenders with assignment projects. Sometimes they'll come to us and say, "We have an assignment project, and we want to set up an account to prepare and record assignments." Or they can say, "Hey, we've got this project. We would really like your help. Can we outsource this work to you? We'll send you the order information, and CSC, you prepare it for us, and then we'll get these recorded."

So we do projects like that. We also see that with lien release projects or backlogs. Or some folks are just looking to kind of outsource this service in general on an outgoing basis.

So CSC is there to help. We have a lot of expertise and a lot of flexibility to accommodate lenders' needs.

On this slide, we kind of look at the same thing but from a different angle. As covered on the previous slide, the highest volume of eRecording we see from lenders is for lien release processing for payoffs in both the residential and commercial servicing portfolios. But we also see a heavy volume of assignment recording through CSC, and then for the multiple purposes cited on the last slide. And as we also mentioned, lenders are recording a large volume of HELOC second mortgages and refi first mortgages through our eRecording system.

For lenders that are recording origination documents, we can set up automated return of the recorded document images and the recording data to their system or archive. This way, you have the recorded documents and the recordation data readily available for use or processing down the line. This is particularly handy when you are maybe preparing assignments or lien releases or modifications later in the loan's life cycle.

Also, as mentioned previously, lenders engage CSC for services for various needs and projects, whether it's a big document recording project, an assignment project, search services for portfolio cleanup, or for outsourcing needs. And as I said, we can do full-service document preparation for assignments or lien releases, or we can help you set up an account with CSC to perform those projects.

And to reiterate a point made previously, CSC's eRecording platform contains an array of services that act as really adjunct services to assist your document recording needs. These services include search services, trustee services, borrower notification letters, the county fee calculator, and more.

Used with our eRecording platform with some of CSC's other services, like UCCs or digital brand services or registered agent services, means you can utilize CSC as one vendor to manage multiple services, and you can engage with CSC in a deep and productive partnership rather than managing surface-level relationships with several vendors with the associated probably higher vendor management costs.

Andy: Thanks, Jim. And on this slide, it's essentially summarizing what Jim had mentioned. This is just an example of how a national bank can use eRecording, and we have many that do just this, right? We have many that set up individual accounts for all of their various departments that have their own designated there, again, ePrepare account, which is our application designated for their individual, whether it be their lien release team, their HELOC team, their commercial team, residential, so on and so forth, their loan mods, and things like that.

But this is just summarizing what Jim had just mentioned, what would the business needs be for a company of that size. And it's to do just that, record multiple mortgage document types nationwide. They like to support both electronic and paper recordings. They're looking to standardize lien release processing at scale, and they want to integrate recording into enterprise operations. And this just lists out the type of documents, right? And there, again, mortgages, HELOCs, releases, assignments, subordinations, loan mods, and more.

We can prepare the lien releases, both residential and commercial. We have templates for all 50 states, all 3,600 counties. You can have electronic and paper output. It's a cost-effective support for high-volume processing. There, again, we work with all types, the big volume submitters and those that have ebbs and flows in their workflow. But ePrepare and CSC allow you to centralize everything into one single platform, as Jim mentioned, eRecording, paper recording, our property search feature, trustee services, BNL, of course, the county fee calculator.

But one of my favorite things is the reporting and integration aspect of it. So within our ePrepare application, we have a report hub that has a suite of types of reports that you can go in and help generate at any point in time. You can schedule these reports. You can even customize your own report to include only details that are pertinent and required for you.

We have integration capabilities, which I'll speak to here in a moment, for automated data processing. And, of course, all of this will improve accuracy and operational efficiency.

And as we've mentioned a few times, beyond just eRecording, we have our UCC team, which Jim will speak to here momentarily, that we often collaborate with. And then, of course, among many other services, CSC provides our registered agent and digital brand services as well.

So the business outcomes for this is, there again, centralization with fewer vendors, one vendor, one due diligence process, and we can do it all for you. We have the automated data processing, greater control and tracking, streamlined accounting, certainly for faster turnaround times and improved compliance. Most importantly, enhanced document security and, of course, increased efficiency.

So moving on to my next slide, here's the integrated services. For our larger volume submitters that don't want to hand-key all the time, we have the capability to do integrated services, connecting your system with ours. We can integrate directly with loan servicing and mortgage platforms to automate the lien releases and assignment processing from a data intake until and through recording. We have a support team. We have a dedicated Integration Support team for API, data requirements. It provides you sample XML files.

We can set up a UAT testing environment where you can work with our team to test documents and test the integration. And once you're comfortable, then we can move it over to your established ePrepare account. We can provide you with data mapping and testing assistance again.

So what would it look like without the integration? Well, you're going to have to manually input that data all the time, and, of course, that could lead to potential errors and rejections ultimately. But with the integration, that'll automate that data transfer, which eliminates that hand-keying.

Manual document preparation. Well, you can automate document generation within our application. Multiple systems and touchpoints. You can connect and do everything within our one system called ePrepare. There, again, higher risk of errors. Through the automation process, this will improve accuracy and ultimately fewer rejections.

And lastly, manual updates after recording. With eRecording, your recording documents, the data are going to return automatically to you. That's the recording images, the recording fees, all the recording data, and so on and so forth will flow right back into your environment through that integration.

So I'm going to turn it back over to Jim right now.

Jim: Okay. Thanks, Andy. Good information on integration. And in addition to integration for lien releases and assignment, we can also set up integration for really any document type. If you're doing a good volume of, say, mortgages with us, we can set up integration where you can transmit the mortgage documents and the required data into our system for automation in that regard.

But as we've been focusing, we are back to lien release processing, and as we've focused, CSC provides end-to-end lien release processing. And we have many lenders and mortgage servicers, ranging from the very largest to medium-sized to small, that utilize CSC to prepare and record their lien releases.

We developed our Level 3 service in 2003, and we've continued to refine it and enhance it over the years. And lenders using our Level 3 recording service for their lien releases have less than a 1% rejection rate at the counties.

As Andy mentioned, many of the nation's top mortgage servicers utilize CSC's eRecording service. And the reason being is that they value the cost efficiency of CSC's eRecording service and find it to be the most cost-efficient solution available in the industry. CSC is an end-to-end solution for preparing a lien release and recording it electronically or as paper all from one platform.

And as we've mentioned before, we have the adjunct services needed for lien release processing, again, whether it be borrower notification letters or search services or trustee services or the county fee calculators. Using CSC's platform enables lenders to centralize and control their process to a higher degree and better satisfy compliance requirements. And our platform also provides for greater document security. And it keeps notary logs for your notaries, as well as containing an array of standard reports for you, as well as the ability to develop customized reports, which you can schedule for automatic generation.

All in all, it's really the best and most cost-efficient solution for lien releases available. And please know that CSC is always continuing to enhance it, refine it, and expand it so that we can offer you the best service in the industry.

And while I'm on that point, I just want to make a shout-out to our Customer Support team. They are highly valued and highly rated by our customers. And we consistently, from year to year, receive NPS scores in the high 70s from year to year.

Andy: Thanks, Jim. So as we wind down here, just what are some takeaways from CSC eRecording, right? So for those of you that may not be familiar with us or eRecording in general, here are some takeaways from this webinar.

First and foremost is faster recording, right? So when you're eRecording, your documents are instantly transmitted to the counties for their review and processing. It allows you to protect your lien position by shortening the gap risk. Also, it can help you meet state lien release filing deadlines. And, ultimately, it'll resolve document rejections in hours instead of days. Instead of waiting for your documents to come back to you by mail, coming back to you right away, the rejections and their messages, and you can prepare and resubmit them instantly.

Most importantly, greater security and control, right? You're in possession of the original documents at all times. The counties are working off that PDF or TIF image, that scanned image of that document. So you're in possession of the original at all times. There's no risk of documents being lost, damaged, or altered in transit. Of course, with that, you have complete visibility into accurate document status, from submission through recording.

Improved operational efficiency. Eliminate the manual accounting payment process and check preparation. CSC is advancing those fees. You no longer have to write checks, and heaven forbid, you get a rejection solely because the check amount was wrong. Reduce recording fee payment errors again. This will help you streamline accounting processes and, ultimately, lead to fewer document rejections and efficient handling in hours, again, not days.

Lastly, better reporting and visibility. You can track your document status in real time within our ePrepare application. We have our standard reporting right out of the box, as I mentioned earlier, but we have a lot of customization to our reports as well. And then, to that last point, you can customize reports that can be designed and scheduled at your leisure. You can do it weekly, daily, quarterly, whatever you want. You can set the date range and the parameters to how often you want to receive your reports and what type of reports that you want to receive as well.

Jim: Okay. That brings us to our cousins in collateral services, UCC services. CSC has long been a leading provider in UCC services. And so we work with many lenders in this regard. I should say that the lenders use the UCC platform to prepare their UCCs, file their UCCs, track and monitor their UCCs, and they also perform UCC searches within our UCC platform.

So we, for many, many years have been a leader in providing UCC services. And our platform is top-notch, and our team is top-notch. It's a highly experienced team, both on the operation side and the customer support side. So can't say enough about our UCC team. They also receive very high NPR (sic) ratings from year to year. So if you have interest, we have quite a few customers that use CSC for both UCC services and eRecording services.