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Ingeo Announces First All-digital Electronic Recording System

6/11/2001 12:00:00 AM

Ingeo Systems Inc. announced today the release of version 2.0 of the Ingeo Electronic Recording System, the first all-digital document recording system, encompassing the digital preparation and recording of mortgage and real estate documents through county recording offices. Prior releases of the Electronic Recording System were used to gain critical feedback on features and workflow during several pilot projects. Building on the success of the pilot projects, the new 2.0 release is intended for full-scale implementation. "With the release of version 2.0, we are now ready to take all the paper out of the recording process," says Todd Hougaard, Ingeo's president and CEO. "Removing the paper allows transactions to be completed in seconds instead of hours or days." With an improved, easy-to-use interface, document preparation and recording is fast, accurate, and efficient. The Electronic Recording System covers the entire recording process, including document preparation, transmission, and recording. The system is composed of two applications: ePrepare and eRecord. ePrepare is a web-based service allowing subscribers to create, review, digitally sign and notarize, and electronically submit mortgage and real estate documents. Documents are created using templates customized to match their paper-based counterparts, based on county business rules. Using the templates results in documents with fewer errors and rejections, saving time and money. Role-based access allows documents to be routed effortlessly from person to person based on individual responsibilities. eRecord is a server-based application that resides in county recording offices. Using a secure Internet connection, eRecord receives incoming electronic documents. The recording process can be done automatically, without any human intervention, or manually, with a simple interface that walks through each step of the process. eRecord can be customized to include specific county business rules, resulting in seamless integration into existing processes. Using the latest standards in digital communication, documents within Ingeo's system are both human and machine readable. The electronic documents contain necessary recording data for integration with existing electronic systems, as well as display elements that make them accessible to the people who work with them. Documents also include digital signatures and notarizations to verify content and signers. The compact XHTML format results in quick and efficient transfers between originators and recording offices. The release of Ingeo's Electronic Recording System opens the door for completely paperless document recording, increasing recording accuracy, reducing time requirements, and saving money.



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