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Simplifile and Rekon Technologies Finalize Integrated E-Recording Solution
Mar 09, 2010 (04:03 PM EST)
LoanCare First To Take Advantage Of New Automated Process
PROVO, Utah, March 9 /PRNewswire/ -- Simplifile, the leader in electronic recording, and Rekon Technologies, a leading software vendor in the mortgage loan servicing industry, today announced the integration of Rekon's lien release and assignment processing software with the Simplifile e-recording system.
The fully integrated solution provides users of the Rekon platform a complete electronic solution from document generation to recording, within minutes. Rekon users instantly and seamlessly prepare and transmit documents for recording to the Simplifile electronic recording system. Simplifile then automatically submits recordable documents to recording jurisdictions for processing. Once documents are recorded, Simplifile returns the fully recorded documents to the Rekon software. This tight integration allows Rekon users to quickly and easily submit documents to their choice of hundreds of counties throughout the United States without ever leaving the Rekon software.
LoanCare, a leading national provider of full-service subservicing and interim subservicing to the mortgage industry is the first to take advantage of the fully integrated solution. As a division of FNF Servicing, Inc., LoanCare subservices approximately 125,000 loans for 90 companies, in 50 states, totaling approximately $15 billion in loan balances.
"We are pleased to add Simplifile into our Lien Release workflow. E-Recording has automated our processes, enabled greater efficiencies, and contributed to fewer compliance exceptions. With the addition of more extensive nationwide coverage through Simplifile, we expect to see further gains and efficiencies," said Heather Butts, Acquisitions/Document Control Supervisor of LoanCare.
"Completing this integration provides a tremendous benefit to Rekon software users," said Aurora Marsh, CEO of Rekon Technologies. "Electronic recording has proven to provide savings of up to 92% compared to traditional paper-based processes; thus, we are seeing a rapid growth in industry adoption."
"Simplifile's e-recording network is the largest in the nation. As the Simplifile network continues to expand daily, LoanCare will realize more efficiencies and additional cost savings through e-recording," said Paul Clifford, President of Simplifile. "It is this cost savings and increased efficiencies that reaffirm our dedication to bringing e-recording to every document submitter and recording jurisdiction."
Simplifile provides innovative, simple, and secure electronic recording services via the Internet. Simplifile's customers include title companies, servicers, national lenders, banks, attorneys, and county and state government jurisdictions. Simplifile's electronic recording system accelerates document recording and simplifies document workflow processes that reduce costly overhead associated with traditional submission and recordation methods.
Simplifile is focused on building the industry's de facto electronic recording network. As such, Simplifile provides a streamlined and scalable approach to electronic recording tailored to organizations of all shapes and sizes. For more information on how Simplifile can benefit your organization, visit www.simplifile.com or call 801.373.0151.
Rekon Technologies offers software technology solutions to the loan servicing industry, providing tools to track, manage, prepare and record loan documents such as lien releases, assignments, UCC terminations, trailing documents and others. Rekon Technologies' flagship product and namesake "Rekon" is a fully automated workflow driven document preparation and management software, integrated with imaging and eRecording solutions to process loans from payoff to recording in a truly automated and paperless environment from anywhere in the world. Meanwhile, the DokTrak software is considered to be the most versatile document tracking and data warehousing technology solution, especially in resolving the gap between origination and servicing, including the processes of post closing and file certification for securitization. More information about Rekon Technologies and its products is available by visiting www.rekon.com or calling 626.577.4350.
"Rekon" is a registered trademark of Rekon Technologies.
"Simplifile" is a registered service mark of Simplifile, LC.