|/ Rekon Press Releases /
Bank of Oklahoma Offers eRecording Services through Agreement with Ingeo Systems and Rekon Technologies
Logan, Utah – July 22, 2010. Ingeo Systems, Inc., the nation’s number one provider of electronic document recording technology, and Rekon Technologies, the leading document preparation and management software vendor in the mortgage loan servicing industry, recently signed a contract with Bank of Oklahoma, a $23 billion regional financial services company based in Tulsa, Oklahoma, to submit lien releases electronically into Ingeo’s nationwide network of e-recording counties. Using e-recording technology from Ingeo and Rekon provides Bank of Oklahoma with savings in time and costs and ensures the highest levels of security and accuracy.
“Bank of Oklahoma has seen a significant savings in processing time with e-recording. The automation allows documents to be recorded timely, eliminating the possibility of late filings,” said Ben Cowen, Sr. Vice President at Bank of Oklahoma.
“We are pleased to offer Bank of Oklahoma the ability to automate and streamline their business process so they can better achieve their goals,” stated Aurora Marsh, Rekon Technologies’ CEO. The Rekon software gives Bank of Oklahoma the technological advantage to automate the creation, management, recording and tracking of lien release and assignment documents in over 3,600 counties nationwide across all 50 states. “We have seen clients process over 6,500 loan documents per day with over 99% successfully recorded within statutory guidelines with the Rekon system,” said Marsh.
“By adding electronic recording to this successful business model, documents can be processed and recorded within 48 hours of payoff or settlement compared to weeks in the paper world,” explained Marsh. With the Rekon-Ingeo integration, Bank of Oklahoma adds electronic recording to the existing nationwide paper process supported by the Rekon software. The integrated ability to transmit these documents to the electronically enabled county network directly from the Rekon software eliminates redundant systems and improves turnaround times.
Karl Klessig, Ingeo’s CEO, explained that by using the Ingeo-Rekon integration, Bank of Oklahoma is bringing the many benefits of e-recording to its vast customer base. “Now, Bank of Oklahoma can submit documents into Ingeo’s nationwide network of e-recording enabled counties,” he said. The company’s county network has by far the highest population coverage of any provider in the industry. “We have eight of the top ten most populous counties in the country,” Klessig said. The other two are in New York where e-recording is not currently allowed. “Our average population coverage in the states where we do business is currently more that 51% and we expect that number to be close to 75% by year end.”
This agreement also brings Bank of Oklahoma into a vast network on the submitting side. “Many of the top mortgage lenders in the country are working with Ingeo and Rekon on the electronic recording of mortgage documents,” Klessig said. “In fact, Ingeo counts among its submitting customers eight of the top ten mortgage lenders in the nation plus a majority of the top 30. This is in addition to many regional and local submitters.” Ingeo and Rekon expect to provide Bank of Oklahoma with an ever-increasing network of counties to record into as they continue their rapid expansion of their county coverage.
Rekon Technologies offers software technology solutions to the loan servicing industry, providing tools to track, manage, prepare and record loan documents such as lien releases, assignments, UCC terminations, trailing documents and others. Rekon Technologies’ flagship product and namesake “Rekon” is a fully automated workflow driven document preparation and management system, integrated with imaging and eRecording solutions to process loans from payoff to recording in a truly automated and paperless environment from anywhere in the world. Meanwhile, the DokTrak software is considered to be the most versatile document tracking and data warehousing technology solution, especially in resolving the gap between origination and servicing, including the processes of post closing and file certification for securitization. More information about Rekon Technologies and its products is available by visiting visiting http://www.rekon.com or calling 626.577.4350.
About Bank of Oklahoma
Bank of Oklahoma is a $23 billion regional financial services company based in Tulsa, Oklahoma. Assets of the organization are centered in seven bank subsidiaries, including Bank of Oklahoma, Bank of Albuquerque, Bank of Texas, Bank of Arkansas, Bank of Arizona, Colorado State Bank and Trust, and Bank of Kansas City. More information can be found at www.bankofoklahoma.com.
As a leader in the electronic document industry, Ingeo helps businesses and government agencies increase efficiency by providing secure electronic document recording solutions. Ingeo’s services currently enable the preparation, execution, management, validation, payment and recording of electronic documents and transactions, facilitating the automation of many repetitive, paper-based processes, saving both time and money for submitting and recording organizations. More information about Ingeo and its products can be found at http://www.ingeo.com.