Ingeo Systems\' Alliance with Rekon Technologies Moves Electronic Document Recording to New Level

    /24-7PressRelease.com/ - LOGAN , UT - April 20, 2005 - Ingeo Systems, Inc., the nation's number one provider of electronic document recording technology, and Rekon Technologies, maker of the Rekon system, a loan servicing software that easily prepares a lien release or reconveyance with streamlined efficiency, announced today the implementation of a new integration level of their technology products.

"This deployment will provide a more secure delivery of documents and will allow digitized signatures in addition to the digital signatures that are currently handled," explained Karl Klessig, Ingeo's CEO. "This is yet another improvement that ensures Ingeo's leadership position in the marketplace. We were one of the first companies to electronically record title records and today our company performs this service in more states and counties than all other providers combined," he explained.

"Since the announcement of our product integration in 2002, Ingeo and Rekon have been working together to reduce costs and sharply improve efficiencies in the mortgage loan servicing industry by providing an integrated solution for the electronic recording of a lien release or reconveyance," said Aurora Marsh, Executive Vice President of Rekon Technologies. "With this new level of integration, the attainment of 100 percent adoption of electronic recording becomes a foreseeable reality as this integration opens the doors for increased volumes and demands for electronic recording for all document types, not only the lien release or reconveyance."

Integration of Ingeo's technology products with Rekon Technologies' Rekon system has given mutual customers direct access to electronic document recording of their lien releases and reconveyances, bringing increased value to the creation and submission of non-origination documents. The integration of Ingeo's ePrepare solution with Rekon Technologies' system allows existing Rekon clients to sign, notarize, prepare electronic payment, and submit digital documents to counties for official recordation. At each stage of the preparation and recording process, digital documents are able to move effortlessly between people for review and approval.

"Because Ingeo offers secure electronic document recording solutions that enable the preparation, execution, management, validation, payment and recording of digital documents and transactions, it makes sense to integrate Rekon's system with Ingeo's technology so our clients can also record lien releases and reconveyances electronically in addition to their paper documents," explained Aurora Marsh. "Why manage two document preparation systems? With this integration, our clients don't have to — one system does it both. And now, with the new level of integration with Ingeo, which offers digitized signature and increased security, we will see more counties and servicers more willing to come on board. This is a win-win situation for the industry as a whole."

Klessig said that Ingeo's partnership with Rekon has proven to be invaluable to both companies. "Rekon's clients have caught the vision of electronic recording with this seamless solution in place. We've made it very easy for them to save time and money by removing the paper from the recording process."

Rekon Technologies is a leading software vendor and MISMO subscriber specializing in the mortgage loan servicing industry to target unique operational needs of this industry in the servicing of loans from post-closing to payoffs. The flagship of Rekon's system is a streamlined lien release and assignment-processing software used by a large client base of the major loan servicers including eight of the top 10 residential servicers.

"Because Reconveyance Departments are under tight deadlines to prepare a reconveyance or lien release days after the loan is paid off, there is a need to have a system that manages and maintains the regulatory changes and requirements for the preparation of a lien release, while providing the capability to track, manage and report on the progress of the loan from payoff to sent to record," Marsh explained. "The Rekon system enhances productivity and minimizes compliance issues by automating the entire lien release operation from requesting the documents from the custodian, to data-entry, to printing, to signing and witnessing, to processing checks for the recorders, to packaging them for shipping and finally to receiving the officially recorded lien release. Nearly one in two lien releases are processed or tracked through the Rekon system."

Marsh also said that the Rekon system has been a solid part the mortgage loan servicing industry for many years. "It has seen the rise and fall of industry changes through many refinancing booms and has provided a stable solution to Reconveyance Departments across the nation," she continued. "When fully utilized and in place, our clients have peace of mind knowing that their customers' loans are being efficiently handled."

Ingeo's Electronic Recording System is currently composed of two main products: ePrepare, used by document preparers and submitters, and eRecord, used by document recording jurisdictions, including county recorders, clerks and registers of deeds. With ePrepare, digital documents are prepared using standardized XML data, embedding digital or digitized signatures and notarizations, and attaching electronic payment advices. ePrepare integrates with leading loan servicing, document management and recording applications.

eRecord receives the documents and, after an examination and validation review, processes each document according to established business rules in each recording office. Endorsement and receipt information is electronically embedded into the document, along with the recorder's digital signature, and is returned to the submitter electronically as an officially recorded document. Using configurable business rules, eRecord adapts to different recording requirements, fee structures and state legislation required within various recording jurisdictions.

"Ingeo's ePrepare and eRecord use technology neutral platform technologies, providing flexibility in integration with existing solutions, while allowing users to capitalize on previous investments in technology," explained Klessig. "When fully integrated, the electronic document recording process only takes seconds."

In the marketplace, a majority of the national submitters, including six of the top 10 and the majority of the top 30 lending institutions in the U.S. are using Ingeo's ePrepare. This is in addition to scores of regional submitters in countries where Ingeo has county recording in place. Major counties across the nation are using eRecord to process tens of thousands electronic documents per month.

In addition to the county recorders that Ingeo lists as customers, the company works with nearly all the major county recording system vendors, and now has 14 partners that have integrated their county recording systems with Ingeo, allowing their county customers to benefit from Ingeo's electronic document recording system. "When fully deployed, this will represent more than 450 counties across the nation, representing more than 50 percent of the population that has access to electronic document recording capabilities," Klessig explained. Ingeo's electronic document recording system reduces processing costs and time while improving data accuracy. In any given month Ingeo processes more documents than all other recording organizations combined.

"Ingeo is the only provider in the U.S. to offer a service with complete end-to-end capability that can adapt to virtually any submitter's system output and provide automated signing, notarization, delivery, validation, recording, payment and return in conjunction with existing county recording systems," said Klessig. "Ingeo has integrated its system with most submission and recording applications available today, including those managed by outsourcing services."

Ingeo's applications comprise the leading electronic recording solution in the market that is compliant with existing and emerging standards. Ingeo's senior management team is actively involved with PRIA and MISMO to ensure adherence with all industry standards. Ingeo works with and actively supports general industry standards, such as those from the World Wide Web Consortium, and industry specific organizations, such as MBA, NACRC, IACREOT and REFSMO. Ingeo's security and operational procedures have been audited and accepted by some of the largest financial institutions in the U.S.

As a leader in the electronic document industry, Ingeo helps businesses and government agencies increase efficiency by providing secure electronic document recording solutions. Ingeo's services enable the preparation, execution, management, validation, payment and recording of digital documents and transactions, facilitating the automation of many repetitive, paper-based processes, saving both time and money for submitting and recording organizations. More information about Ingeo and its services can be found at http://www.ingeo.com.

About Rekon
Rekon Technologies is a software company based in Pasadena , California recognized nationally as one of the key providers of software systems to the mortgage loan servicing industry. The Rekon system is known for its advanced, infallible method of lien release and assignment document preparation. Doktrak provides solutions to the ever-ubiquitous problem of file and document tracking. More information about Rekon Technologies and its products can be found at http://www.rekon.com.

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