2nd Top 10 Servicer Electronically Records Lien Releases
Pasadena, CA – January 9, 2006 – Rekon Technologies, a software provider for lien release and reconveyance preparation, has announced that a second top 10 servicer is electronically recording lien releases and reconveyances in more than 20 counties across America. With the Rekon-ACS eRecording system, this lender is the fifth residential mortgage loan servicer to harness the Rekon system to prepare and submit lien releases and reconveyances to county recorder offices electronically and by conventional paper means.
This lender is recognized in the industry as one of the premier, low-cost servicers who constantly strives to gain competitive advantages through strategic technology plans. With eRecording, they are able to increase processing turnaround times in their lien release preparation which improves customer satisfaction as it provides homeowners and clients the assurance that their loans will be processed in a timely manner.
A spokesperson from the top national lender says “This is a wonderful achievement for us and the mortgage loan servicing industry in general. Lenders and servicers struggle daily with meeting tight deadlines to prepare and record lien releases in the 3600+ counties nationwide. Having the technology of electronic recording alleviates the difficulties and reduces errors in recording these documents at county offices. Implementing the Rekon-ACS eRecording system automates the lien release preparation process and allows us to offer even higher plateaus of service to our customers and clients.”
“This milestone represents more than just a breakthrough for one servicer; it represents a change in the servicing industry as a whole as it provides a hope to both servicers and county offices in managing the widely varying volumes of loans that result from fluctuating interest rates which can overwhelm both sides of the spectrum. More significantly, it represents an increasing acceptance of the electronically recorded document,” comments Aurora Marsh, Executive Vice President of Rekon Technologies.
Utilizing the Rekon-ACS eRecording system, this lender’s lien releases and reconveyances can be prepared and recorded in a matter of minutes in counties that support electronic recording. A data file from their servicing system is transferred directly to Rekon, which then populates the necessary fields for the preparation of a lien release. When the lien release or reconveyance is ready for submission to the county recorder’s office, the lien release document is transmitted electronically, via the Rekon-ACS eRecording system for recordation. Within minutes the lien release or reconveyance can be confirmed as recorded and an image of the lien release with the recording book, page and/or instrument number is returned to the lender for data retention.
The number of recorders that support eRecording of lien releases and reconveyances is growing with many of the participating recording districts being larger ones. As new county recorders come on board, they are added to the Rekon system and are immediately available to eRecording-enabled servicers for electronic recordation. This leverages the benefit of Rekon, a dual-delivery lien release preparation system. The Rekon-ACS eRecording system integrates seamlessly with conventional paper lien release and reconveyance processes. Traditional lien releases are prepared and signed on paper before being mailed to the county’s office for recording in public records, which can take between 3-7 days on average. With electronic recording, the delivery process can be shortened to within minutes of preparation. Also, because electronically recorded lien releases prepared by Rekon are tracked and monitored in the same way as conventionally recorded paper documents, the overhead of maintaining duplicate preparation systems is avoided.
Rekon was the first software available for large scale lien release and reconveyance preparation since the early 1990s, and today it is the dominant system for loan servicers. Rekon Technologies continues to lead the industry in technological advancement as it is 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.
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. The DokTrak software provides solutions to the 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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