Ingeo Systems, Inc., the nation’s number one provider of electronic document recording technology, and Rekon Technologies, the leading document preparation and management software vendor in the mortgage loan servicing industry, recently signed a contract with Fifth Third Bank, a diversified financial services company headquartered in Cincinnati, Ohio, to submit mortgage documents electronically into Ingeo’s network of 314 counties nationwide. Using e-recording technology from Ingeo and Rekon provides Fifth Third Bank with savings in time and costs and ensures the highest levels of security and accuracy.
Initially the documents will be satisfaction of mortgage documents, which are those signed by the mortgage lender acknowledging that a mortgage has been fully paid. These documents must be recorded by the County Recorder to clear the title of the property owned by the person who paid the debt.
With this new technology, Fifth Third Bank is saving time and costs while improving customer service. “Fifth Third Bank constantly looks for ways to improve customer service by leveraging new technologies,”
Aurora Marsh, CEO of Rekon Technologies, explained that Rekon is the dominant lien release and reconveyance preparation software for loan servicers, being used by over 80% of top residential loan servicers. It is also the first to integrate an electronic recording platform into the existing conventional paper-based document processing system to provide loan servicers a one-stop solution. “In our partnership with Ingeo, we have been able to offer Fifth Third the fastest, most accurate way of electronically recording their payoffs in e-recording counties and to stay abreast of technological innovations so they can remain leaders in their field,” Marsh said.
Karl Klessig, Ingeo’s CEO, explained that Rekon is one of the top servicing software vendors in the country. “We have a long collaborative relationship since we originally integrated Rekon’s capabilities with Ingeo’s system. Our alliance brings a new level of automated servicing to submitting clients,” he said. Currently, Ingeo lists as customers eight of the top ten mortgage lenders in the nation plus a majority of the top 30. In addition, Ingeo has 25 submitting business partners and 35 technology partners on the county side. “Bringing aboard Fifth Third Bank represents a major expansion in the paperless recording of mortgage documents,” Klessig said.
Ingeo and Rekon expect to process a significant portion of these mortgage documents for Fifth Third Bank each month. This number will continue to expand as Ingeo continues to add counties to its nationwide network. Of the top ten most populous counties in the country, Ingeo now has eight in its nationwide network. The other two are in New York where e-recording is not currently allowed. “Not only does Ingeo service more counties than any other e-recoding provider but we cover by far the largest populations,”
