Review of Model II and III

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Review of Model II and III
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Model I

• Sent as a TIFF image
• File name for unique reference
• Connection via Virtual Private Network
• Recorded image text file returned

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Model II

• Paper origination
• Wet sign / notarized
• Image original
• Attach pertinent XML data
• Secure transmittal to county
• Recorded image and information returned.

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Model III

• No Paper!
• Signed and notarized digitally
• XML data is complete document
• Secure transmittal to county
• Recording data returned to submitter

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Complexity- Cost - Participation
Model 3
Model 1
Model 2
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Lenders / Brokers
Model 3 integration points
Courthouse
Title Agent
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Lenders / Brokers
Model 2 integration points - A
Title Agent
US Recordings / E-recording service provider
Courthouse
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Lenders / Brokers
Model 2 integration points - B
Title Agent
US Recordings / E-recording service provider
Courthouse
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Model II vs. Model III

• One data standard for multiple documents
• Less technology integration required back to
  origination
• Greater immediate participation
• Useful application beyond short term benefit

• Data standard for each document type
• Greater integrity between document and data
• Paperless
• It is the future

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What is the rest of the country doing?

• Model 1 - 3
• Model 2 only 120 (70 Iowa)
• Model 3 only 27
• Model 1,2 31
• Model 2,3 33
• Model 1,2,3 6
• Total 220 / 190 Model 2 (86)
• Information provided by PRIA October, 2006

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Thank you