Next evolution of Rekon software is the most substantial upgrade ever for the industry’s most adopted lien release technology
Pasadena, CA – February 18, 2014. Rekon Technologies, provider of lien release and assignment, and document management software for mortgage servicers and lenders, has launched Rekon WorkFlow, a new version of its Rekon software, the company's flagship product and the industry's most-adopted lien release technology. Rekon WorkFlow offers far greater speed, efficiency, and configurability, as well as even more automation than the previous generations of Rekon software.
"Rekon software revolutionized the way servicers handle lien releases and assignments by automating much of the processes, and now Rekon WorkFlow is taking that automation even further," explained Aurora Marsh, CEO of Rekon Technologies.
One of the most notable new features is Rekon WorkFlow's ability to automatically balance and prioritize workloads. When delegating files, the software automatically evaluates relevant employees' work queues, assesses the time requirements for the file at hand, and assigns those files to the most appropriate staff member based on current workloads. The software evaluates workloads in real time, and covers activity for processors, as well as for signers and notaries.
"All files are not created equal," said Marsh, who explained that while some loans require a lot of detailed work, others require significantly less. "Workload discrepancies can add up to hours of more work per file. Without workload balancing, it's easy to overburden some employees. Rekon WorkFlow allows servicers to be proactive in balancing file allocation, so it never becomes a problem."
Recording offices have different guidelines for the number of signers and witnesses they require. The number of documents that need to be signed and notarized is significant. When servicers don't distribute signature and notarization requests evenly, it's easy for signers and notaries to become overburdened, regardless of the servicer's volume levels. Rekon WorkFlow also takes work queues into account when allocating signature and notarization requests, in order to evenly balance workloads among signers and notaries.
Another major upgrade with Rekon WorkFlow is the software's enhanced ability to fulfill processes automatically. Rekon WorkFlow automatically fulfills numerous manual tasks, like auto-calculating recording fees and auto-generating recording fee checks, freeing users to invest their time in quality control and data verification. Additionally, because Rekon WorkFlow uses an intelligent printing and processing order, documents and checks are printed according to file order, or placed in the software's eRecording queue so that users don't have to rifle through papers to match each check to the proper document.
Rekon WorkFlow also tracks process details much more closely than previous versions of Rekon. It logs start and end times for each event in the lien release and assignment process, which enables servicers to achieve better staff performance, productivity and quality. Users can access the information on-screen in real-time with just a few mouse clicks.
"It is much easier to maximize efficiency and achieve optimum quality with Rekon WorkFlow," said Marsh. "In addition to providing productivity logs, Rekon WorkFlow makes it easy to identify the specific reasons why documents are flagged by internal quality control reviews or rejected by the county. The additional tracking helps servicers to spend less time in the problem and more time in the solution, whether it's training or developing new procedures."
Rekon WorkFlow offers significantly more configurability and can adapt much more easily to unique business processes than previous versions.
"If servicers want to stay current with the industry's constantly changing requirements, they need flexible technologies that enable their staff to adhere to new procedures," said Marsh. "With Rekon WorkFlow, they can change the way loans move through the software to match their new business processes any time there's an adjustment. It's that easy."
More mortgage servicers use Rekon software than any other technology in the market. In fact, it is used by seven of the top 10 mortgage servicers in the country. The previous generation of Rekon software will continue to be supported by Rekon Technologies.
About Rekon Technologies
Rekon Technologies provides mortgage servicers and lenders with advanced technologies for lien release and assignment processing, and for document management and tracking. The company's two central product offerings are Rekon and DokTrak software. Rekon is the industry's most adopted lien release and assignment technology. It is used by seven of the nation's top 10 mortgage servicers and is widely recognized as the industry's de facto standard in lien release technology. Rekon automatically prepares lien releases and assignments according to the unique standards of each of the country's 3,600+ recording offices, significantly reduces recording errors and penalties. DokTrak, the servicing industry's most comprehensive document management and tracking software, empowers lenders to track, manage and maintain file and document locations and post-closing exceptions. Rekon was one of the first companies to offer eRecording capabilities in the 36 states where it is offered. The company was founded in 1994 and is based in Pasadena, California. For more information, visit Rekon.com.