|/ Rekon Press Releases /
Ingeo Systems and Rekon Technologies Announce Contract with Fifth Third Bank to Expand eRecording Services
Logan, Utah – Feb 3, 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 Fifth Third Bank, a diversified financial services company headquartered in Cincinnati, Ohio, to submit mortgage documents electronically into Ingeo’s network of 314 counties nationwide. Using e-recording technology from Ingeo and Rekon provides Fifth Third Bank with savings in time and costs and ensures the highest levels of security and accuracy.
Initially the documents will be satisfaction of mortgage documents, which are those signed by the mortgage lender acknowledging that a mortgage has been fully paid. These documents must be recorded by the County Recorder to clear the title of the property owned by the person who paid the debt.
With this new technology, Fifth Third Bank is saving time and costs while improving customer service. “Fifth Third Bank constantly looks for ways to improve customer service by leveraging new technologies,” said Tim Tierney, senior vice president and Director of Central Operations for Fifth Third Bank. “This product from Rekon Technologies and Ingeo is just another way the Bank is moving into the digital age.”
Aurora Marsh, CEO of Rekon Technologies, explained that Rekon is the dominant lien release and reconveyance preparation software for loan servicers, being used by over 80% of top residential loan servicers. It is also the first to integrate an electronic recording platform into the existing conventional paper-based document processing system to provide loan servicers a one-stop solution. “In our partnership with Ingeo, we have been able to offer Fifth Third the fastest, most accurate way of electronically recording their payoffs in e-recording counties and to stay abreast of technological innovations so they can remain leaders in their field,” Marsh said.
Karl Klessig, Ingeo’s CEO, explained that Rekon is one of the top servicing software vendors in the country. “We have a long collaborative relationship since we originally integrated Rekon’s capabilities with Ingeo’s system. Our alliance brings a new level of automated servicing to submitting clients,” he said. Currently, Ingeo lists as customers eight of the top ten mortgage lenders in the nation plus a majority of the top 30. In addition, Ingeo has 25 submitting business partners and 35 technology partners on the county side. “Bringing aboard Fifth Third Bank represents a major expansion in the paperless recording of mortgage documents,” Klessig said.
Ingeo and Rekon expect to process a significant portion of these mortgage documents for Fifth Third Bank each month. This number will continue to expand as Ingeo continues to add counties to its nationwide network. Of the top ten most populous counties in the country, Ingeo now has eight in its nationwide network. The other two are in New York where e-recording is not currently allowed. “Not only does Ingeo service more counties than any other e-recoding provider but we cover by far the largest populations,” Klessig said. “Our strategy is to reach all the major population centers so the maximum number of documents can be recorded electronically.” In any given month Ingeo processes more electronic real estate documents than any other recording organization.
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 http://www.rekon.com or calling 626.577.4350.
About Fifth Third Bancorp
Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. The Company has $113 billion in assets, operates 16 affiliates with 1,309 full-service Banking Centers, including 103 Bank Mart® locations open seven days a week inside select grocery stores and 2,358 ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Pennsylvania, Missouri, Georgia and North Carolina. Fifth Third operates four main businesses: Commercial Banking, Branch Banking, Consumer Lending, and Investment Advisors. Fifth Third also has a 49% interest in Fifth Third Processing Solutions, LLC. Fifth Third is among the largest money managers in the Midwest and, as of December 31, 2009, has $187 billion in assets under care, of which it managed $25 billion for individuals, corporations and not-for-profit organizations. Investor information and press releases can be viewed at http://www.53.com. Fifth Third's common stock is traded on the NASDAQ® National Global Select Market under the symbol "FITB."
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.