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National Mortgage Outsource Service Providers and Lenders Announce Participation with Ingeo's Electronic Recording System

6/30/2003 12:00:00 AM

Ingeo Systems, Inc., announced today the completion of recently executed contracts with several outsource service providers to the mortgage industry and a national mortgage lender - Peelle Management Corp., DOCX, American Release Corporation (ARC), and Charter One Mortgage Corp.- enabling them to prepare and submit digital lien release documents for electronic recording to county recorders' offices that are electronic recording-enabled. "These new participants represent a major expansion in the electronic recording of mortgage documents, and confirms our leadership position," said Todd Hougaard, president and founder of Ingeo. "No other technology provider in the industry has more lenders and processors submitting electronic documents or as many counties receiving and recording them as Ingeo." County recorders' offices that can currently accept digital lien release documents for recording include: Maricopa County, AZ; Fairfax County, VA; Lancaster County, PA; DuPage County, IL; Washington & Racine Counties, WI; Orange and San Mateo Counties, CA; and, Washoe County, NV. An additional group of counties will become electronic recording-enabled by Ingeo within the next few months. Later this fall another group of counties will have been electronic recording-enabled by Ingeo and will join this group, including counties in California, Illinois, Minnesota, North Carolina and Wisconsin. Peelle Management Corp. has national coverage as an outsourced service provider to lending institutions and anticipates submitting to all electronic recording-enabled counties within a few weeks of software installation this summer. The other organizations mentioned will initiate submission of electronic documents shortly. DOCX, an innovator in providing outsourcing solutions for document creation and recordation, has selected Ingeo's solution to complement DOCX's new e-Release T product. "We are really excited about our new alliance with Ingeo and the added benefits their e-recording utility brings to the marketplace" said Lorraine Brown, president of DOCX. "Electronic recording of lien releases will reduce our paper document workflow by at least 20 percent," said Norm Harrison, president of Peelle Management Corp. "With a two-year streak in unprecedented refinancing of mortgages, electronic recording is a significant step in curbing the amount of paper being generated in the business." ARC has been working toward implementation of the electronic recording process for lien releases since their sister company, Rekon Technologies, partnered with Ingeo last year. "Our integrated recording solution is the right answer proving our commitment to enhanced services for our clients," said Tina Lindsey of ARC. Completion of the Ingeo/Rekon integration solution paves the way for all Rekon clients, as well as ARC, to participate in electronic recording processes. Peelle, DOCX and ARC are outsource providers in the mortgage industry. Their processing document volume is significant. All are strong advocates of paperless recording, as are other partner lenders. "We are currently increasing our use of e-commerce," said Donald W. Courtney, senior vice president at Charter One Mortgage. "Charter One is a big supporter of paperless recording." Ingeo's Electronic Recording System provides software to both the county recorders' office and to mortgage servicers and outsource service providers. Electronic SMART documents are prepared, signed, notarized, and electronic payments are prepared using Ingeo's ePrepare application.

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