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Ingeo iTax Handles Transfer Tax Requirements

10/30/2008 12:00:00 AM

LOGAN, UT – October 29, 2008. Ingeo Systems, Inc., the nation’s number one provider of electronic document recording technology, recently launched its newest product offering, Ingeo iTax®, a capability designed to handle transfer tax requirements and benefit both submitters and County Recorders. After testing in Milwaukee County, Wisconsin, this innovation in e-recording is now live in Dane, Kenosha, Racine, Rock and Milwaukee Counties. The second wave for the Wisconsin rollout will be Brown, Outagamie, Portage, Sheboygan and Winnebago Counties.

“There are more than 40 states that have a transfer tax,” explained Karl Klessig, Ingeo’s CEO. “So to meet that need in our network of counties, we have designed a new capability that allows the transfer tax to be processed with the deed.” Wisconsin is the first state to come aboard with Ingeo iTax and Washington, Florida, Missouri and Colorado will follow. The requirements are different in each state, but Ingeo is getting good feedback from counties and assessors’ offices in addition to input from a variety of submitters.

“Ingeo iTax will be a boon to title companies because this new capability allows them to e-record purchase money mortgages,” Klessig said. “Since the transfer tax has to be processed with the deed, the ability to e-record provides tremendous benefits.” He explained that Ingeo iTax provides customers with a review process that results in a change in workflow for Ingeo ePrepare. The transfer tax documents are reviewed for authenticity and accuracy, and then the data is entered and stamped. Ingeo customers merely input values and hit “submit.” The stamp goes on as approved and the document is submitted.

Ingeo’s Electronic Document Recording System is composed of two parts: Ingeo ePrepare® for submitters and Ingeo eRecord® for county recorders. With Ingeo ePrepare, digital documents are prepared using standardized XML data, embedding digital and digitized signatures and notaries, and attaching electronic payment advices. Documents that originate on paper, such as loan closing documents, are scanned into ePrepare and placed into their proper recording order. ePrepare integrates with leading loan servicing, title, escrow, 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 is the only provider to offer a service with complete end-to-end capability that can adapt to virtually any submitter’s system output and provide fully automated signing, notarization, delivery, recording, payment and return in conjunction with existing county recording systems.

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

In addition to the 247 County Recorders that Ingeo lists as customers, the company works with nearly all the major county recording system vendors, and now has more than 30 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.

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