Lien Release and Reconveyance Preparation or Processing Software System: Rekon Technologies

/ Rekon /

In today's world, preparing a lien release or assignment can be a monumental task. The United States has more than 3,600 different recording districts, each of which can have widely differing recording requirements, fees and penalties, resulting major difficulties for lenders and servicers to meet compliance timeframes for processing these document. Many of these difficulties include:

Inability to track the lien release or assignment
Confusion about document formats and requirements
Rejections from county recorders
Difficulties with fees and procedures for your lien release or assignment
Unmanageable signature blocks and by lines
Inability to track the release or assignment
Inadequate reporting, monitoring and management of the lien release or post-closing department
Despair with managing multiple investors, each of whom may different procedures and requirements, resulting in further confusion and lengthy processes to complete a lien release

The Rekon system alleviates everything in the world of lien release and assignment preparation. No other software is as comprehensive and foolproof as Rekon. Whether you want to automate your existing lien release department or bring your outsourcing in-house for the first time, Rekon is the answer. The system is constantly updated with the latest forms and requirements. Users are regularly notified of fee changes and are kept abreast of the changing environments.

The current version of the Rekon system is Rekon2000. It operates on the Windows platform and is supported by a SQL server backend, for secure, stable data storage and management. Full system requirements are available at request. To find out more about Rekon2000, please call us at 626-577-4350 or send e-mail to sales@rekon.com

Some of the benefits available with the Rekon2000 system are:

1. Effortlessly Prepare Lien Release and Assignment Documents.

Before Rekon, many departments spent precious time spent poring over the laws of every recording venue in every state, in order to determine procedures and requirements on preparing the lien release and assignment documents. However, Rekon2000 has been programmed with all the requirements of every recording district in the United States. Rekon2000 ask all the right questions and only the required questions necessary for preparing the lien release. Processors simply fill in the answers, save the data and move on to the next loan. Specialists by regions are not required when using Rekon2000. With Rekon2000, one data-entry staff member can generate more than 150 precise lien release or assignment documents per day.

2. Print and Collate Documents Without Worry

The Rekon2000 print queue management revolutionized lien release processing, freeing up your time in collating and sorting documents to other areas of the department. With Rekon2000, you can print a document individually after data-entry or in bulk at the end of your day's production. You can set up whether or not cover letters need to be printed, whether the documents should be printed in data-entry order, or by state and county for easier check processing and many other configurations.

You also won't have to worry about your documents when they have to be re-printed one year later for re-recording. Because Rekon2000 is constantly updated with the last county requirements and form changes, re-printing the document tomorrow or 5 years later will result in a conforming lien release or assignment. No more will you have to re-enter loan information into new forms with new requirements to meet new guidelines, just go to Print > Reprint and your loan is ready for re-submission.

3. Lien Release Electronic Recording Enabled

Of course, no lien release processing system is complete without the latest technological advancement: Electronic Recording, also known as eRecording. eRecording provides servicers the ability to submit their lien release electronically to the county without ever printing and mailing. The lien release is transmitted directly to the county for recording and returned with an image of the recorded lien release complete with recording information. We are currently enabled in many recording districts, with a rapidly growing list of recording districts coming on board. You can find out more about eRecording on our eRecording Update page.

4. Interface With Your Servicing System

Rekon2000 can accept electronic information from your servicing system. You can automatically download payoffs into the Release Module and pools of loans into the Assignment Module. This provides reduced data-entry time, increases efficiency and lowers typographical errors.

Additionally, Rekon2000 can upload the status information back to your servicing system for better customer service and tracking.

5. Automated Bulk Processing

Rekon2000 can also process your lien release and assignment in bulk with no human intervention, i.e., if your servicing system houses all necessary information to prepare a lien release or you use our DokTrak system to store this information, Rekon2000 can automatically import the loan from your servicing system or interface to DokTrak, data-enter it and print, without a user ever touching the loan. Schedule the task to run daily on your SQL server and when you walk into your office in the morning, you'll find all your loans were already processed the night before and is ready for signing, sealing, stamping and it's out the door. Pair this process with eRecording and you'll find that you will have your lien releases auto-bulked and auto-recorded, all hands free.

6. Easily Manage Signature Blocks

If you service for a multitude of investors or your company has gone through many acquisitions, mergers and name changes, management of signature blocks, by lines, vestings and Power of Attorney information can be a nightmare requiring hours of work and brute memorization of company history. With Rekon2000, signature block management becomes effortless and can be managed by one person rather than by several.

7. Prepare Checks for Recording Fees

Since, Rekon2000 has a database of every recording district in the United States (including the proper mailing address and the entity to whom the check should be made payable), it also comes equipped with all the necessary fields to keep track of recording fees in each venue. Therefore, with the Rekon2000 fee auto-calculation feature, one employee can generate as many as 1000 checks per day.

8. Track Movement of Documents

Tracking documents can never be easier in Rekon2000. You can store statuses of all your loans, providing you with a quick snapshot of where your documents are in the department. You can view the exact dates that the file was received in your department, when it was data-entered, printed, sent for signatures and most importantly when the loan was sent for recording. And finally, with an unlimited memo field for each loan number, you will be able to store as much historical information you want such as transmittal numbers, overnight tracking numbers or problems in gathering information to prepare the document. The status and memo tracking ability can be invaluable to your company especially in maintaining that your department has in good faith attempted to release loans on time.

Additionally, a read-only version of Rekon can also be installed for the Customer Service Department, providing them with "real time" access to the status of every loan number in the system. Customer Service will never again have to contact your staff for answers regarding the status of the release process.

9. Order and Track Custodial Documents

You can also use Rekon2000 to order and track your custodial files. Rekon is programmed with a variety of forms for ordering Custodial Documents. If you (or your vaults) require different forms, the desired format can easily be created to meet your specific needs. By ordering your custodial files through Rekon2000, you will be able to track and determine when loans are ready for data-entry and which loans need to be re-ordered from your custodian.

10. Advanced Reporting

Rekon2000 generates a variety of invaluable reports. With the click of a mouse, you can produce vital, easy-to-read reports on production statistics, processing time, investor performance, problem files, your compliance percentages, much more. And, if you need a custom report, you may either build a custom report through our Adhoc Reporting module, or have us custom build one for you.