LOGAN, UT, February 01, 2009
/24-7PressRelease/ -- Ingeo Systems, Inc., the nation's number one provider of electronic document recording technology, and Visionet Systems, a provider of products, management and process consulting and business process outsourcing to the mortgage and insurance industries, announced an integration partnership that streamlines and automates transaction-based processes associated with the electronic recording of real estate documents.
Ingeo has integrated its e-recording system with Visionet's VisiRelease , a lien release mortgage software product for efficiently processing mortgage loan releases and assignment documents for liens, residential loan mortgages and trust deeds. "This alliance between Ingeo and Visionet is invaluable to both companies," said Karl Klessig, Ingeo's CEO. " Visionet's customers get the benefit of submitting into all of nearly 300 counties in Ingeo's nationwide network and Ingeo's counties increase the number of submitters they can service electronically."
"Visionet is always striving to enhance its solution for the customer's benefit," said Arshad Masood, President of Visionet. "We are pleased to partner with Ingeo to enhance electronic recording capabilities of our VisiRelease offering." Visionet currently is live in a number of Ingeo counties and the company is working with Ingeo to connect with all as soon as possible.
Ingeo's Electronic Document Recording System is composed of two parts: Ingeo ePrepare for submitters and Ingeo eRecord for county recorders. With Ingeo ePrepare, digital documents are prepared using standardized XML data, embedding digital and digitized signatures and notaries, and attaching electronic payment advices. Documents that originate on paper, such as loan closing documents, are scanned into ePrepare and placed into their proper recording order. Ingeo ePrepare integrates with leading loan servicing, title, escrow, document management and recording applications. The system has the versatility to process Level 2 and Level 3 documents and to handle intermixed document types.
Ingeo eRecord receives the documents and, after an examination and validation review, processes each document according to established business rules in each recording office. Endorsement and receipt information is electronically embedded into the document, along with the recorder's digital signature, and is returned to the submitter electronically as an officially recorded document. Using configurable business rules, eRecord adapts to different recording requirements, fee structures and state legislation required within various recording jurisdictions. Ingeo is the only provider to offer a service with complete end-to-end capability that can adapt to virtually any submitter's system output and provide fully automated signing, notarization, delivery, recording, payment, account reconciliation and return in conjunction with existing county recording systems.
Ingeo eRecord and Ingeo ePrepare use open platform technologies, providing flexibility in integration with existing solutions, while allowing users to capitalize on previous investments in technology. When fully integrated, the electronic document recording process takes seconds.
In addition to all the County Recorders that Ingeo lists as customers, the company works with nearly all the major county recording system vendors, and now has 27 technology partners that have integrated their county recording systems with Ingeo, allowing their county customers to benefit from Ingeo's electronic document recording system. When fully deployed, this will represent more than 450 counties across the nation, representing more than 50 percent of the population that has access to electronic document recording capabilities. In addition, Ingeo has partnerships with more than 20 business partners on the submitting side.
Ingeo's Electronic Document Recording System reduces processing costs and time while complying with industry standards and improving data accuracy. In any given month Ingeo processes more documents than all other recording organizations combined. In the marketplace, Ingeo's system services a majority of the national submitters, including nine of the top ten and the majority of the top 30 lending institutions in the U.S. This is in addition to regional and local submitters in counties where Ingeo has county recording available.
About Ingeo
As a leader in the electronic document industry, Ingeo Systems, Inc. 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.
About Visionet Systems: Cranbury, N.J.-based Visionet Systems is a full service mortgage consulting and business process outsourcing company that delivers products in the best-of-breed philosophy. Using a combination of consulting, metrics-based technology solutions and business process outsourcing, Visionet Systems helps lenders identify and remove inefficient processes to improve profitability. Founded in 1995, the company's customers include mortgage lenders and servicers. For more information, visit http://www.visionetsystems.com
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