Companies Integrate E-Recording Solution
|March 11, 2010|
Simplifile, a provider of electronic recording, and Rekon Technologies, a software vendor in the mortgage loan servicing industry, announced the integration of Rekon's lien release and assignment processing software with the Simplifile e-recording system.
The integrated solution provides users of the Rekon platform a complete electronic solution from document generation to recording, within minutes. Rekon users can prepare and transmit documents for recording to the Simplifile electronic recording system. Simplifile then automatically submits recordable documents to recording jurisdictions for processing. Once documents are recorded, Simplifile returns the recorded documents to the Rekon software. This integration allows Rekon users to submit documents to their choice of hundreds of counties throughout the United States without ever leaving the Rekon software.
LoanCare, a national provider of full-service subservicing and interim subservicing to the mortgage industry, is the first to take advantage of the solution. As a division of FNF Servicing, Inc., LoanCare subservices approximately 125,000 loans for 90 companies, in 50 states, totaling approximately $15 billion in loan balances.
"We are pleased to add Simplifile into our Lien Release workflow. E-Recording has automated our processes, enabled greater efficiencies, and contributed to fewer compliance exceptions. With the addition of more extensive nationwide coverage through Simplifile, we expect to see further gains and efficiencies," said Heather Butts, Acquisitions/Document Control Supervisor of LoanCare.
Aurora Marsh, CEO of Rekon Technologies, said electronic recording has proven to provide savings of up to 92 percent compared to traditional paper-based processes.
"Simplifile's e-recording network is the largest in the nation. As the Simplifile network continues to expand daily, LoanCare will realize more efficiencies and additional cost savings through e-recording," said Paul Clifford, President of Simplifile. "It is this cost savings and increased efficiencies that reaffirm our dedication to bringing e-recording to every document submitter and recording jurisdiction."