ALLTEL forms strategic alliance with Ingeo Provides increased productivity to mortgage industry
|March 7, 2003|
LITTLE ROCK, Ark. - ALLTEL has formed a strategic alliance with Ingeo, a provider of digital-document technology, to streamline and automate transaction-based processes associated with the electronic recording of land records in the mortgage industry.
"This alliance provides ALLTEL mortgage clients with opportunities to further increase productivity by leveraging digital processes, as well as participating in business-to-government digital commerce," said Bruce Andrews, executive vice president at ALLTEL Information Services. "We are looking forward to working with Ingeo to create additional efficiencies for the mortgage industry."
ALLTEL and Ingeo will distribute Ingeo's ePrepare product, the electronic document preparation tool of its Electronic Recording System, through three channels: (1) as an optional interface to ALLTEL MaxMilion Lien Release, a comprehensive, rules-driven workflow application designed for lien release preparation and processing; (2) as a partner application in Mortgage PhD™, a nonexclusive, web-based platform that facilitates open and flexible exchanges of information and services; and (3) via data transfer and exchange using XML data to facilitate integration with the ALLTEL Mortgage Servicing Package (MSP) with access to Mortgage PhD. MSP is ALLTEL's core mortgage servicing system that gives mortgage bankers the ability to automate all areas of loan servicing.
Ingeo's Electronic Recording System uses advanced digital document technology based on the mortgage industry's document standards endorsed by national recording, banking and mortgage industries. Digital signatures verify document content and signer identity, providing important non-repudiation for submitted and recorded records.
Ingeo's Electronic Recording System provides an electronic bridge to counties that are able to receive digital lien releases for electronic recording. The electronically submitted documents can be recorded by Ingeo's eRecord application in connected county offices reducing recording time to as little as 45 seconds instead of days or weeks.
"Ingeo's products save time and labor by eliminating paper in the preparation and recording processes," said Todd Hougaard, president of Ingeo and innovator of its electronic recording solution. "The cost savings will be immediately recognized by ALLTEL clients using ePrepare."
As a leader in the electronic document industry, Ingeo helps businesses and government agencies increase efficiency by providing secure electronic document solutions. Ingeo's products enable the preparation, management, and validation of digital documents and transactions, facilitating the automation of many repetitive, paper-based processes, saving both time and money. More information about Ingeo and its products can be found at www.ingeo.com.
Fidelity National Financial (NYSE: FNF) has announced plans to acquire the financial services division of ALLTEL Information Services and the transaction is expected to close before the end of the first quarter of 2003.
Forty-eight of the top 50 U.S. banks rely on ALLTEL Information Services' products and services. ALLTEL provides loan-servicing automation for more than 20 million mortgage loans, with balances exceeding $2 trillion. More than 34 percent of the total dollar volume of outstanding U.S. consumer loans, including mortgages, is processed on ALLTEL Information Services' software applications. ALLTEL is the leading provider of deposit solutions in the United States with more than 108 million deposit accounts worldwide processed on ALLTEL deposit systems. ALLTEL products are available through application service provider, centralized/distributed application management, facilities management, infrastructure management and software license delivery models.