LOGAN, UT, October 31, 2008
/24-7PressRelease/ -- Ingeo Systems, Inc., the nation's number one provider of electronic document recording technology, recently launched its newest product offering, Ingeo iTax , a capability designed to handle transfer tax requirements and benefit both submitters and County Recorders. After testing in Milwaukee County, Wisconsin, this innovation in e-recording is now live in Dane, Kenosha, Racine, Rock and Milwaukee Counties. The second wave for the Wisconsin rollout will be Brown, Outagamie, Portage, Sheboygan and Winnebago Counties.
"There are more than 40 states that have a transfer tax," explained Karl Klessig, Ingeo's CEO. "So to meet that need in our network of counties, we have designed a new capability that allows the transfer tax to be processed with the deed." Wisconsin is the first state to come aboard with Ingeo iTax and Washington, Florida, Missouri and Colorado will follow. The requirements are different in each state, but Ingeo is getting good feedback from counties and assessors' offices in addition to input from a variety of submitters.
"Ingeo iTax will be a boon to title companies because this new capability allows them to e-record purchase money mortgages," Klessig said. "Since the transfer tax has to be processed with the deed, the ability to e-record provides tremendous benefits." He explained that Ingeo iTax provides customers with a review process that results in a change in workflow for Ingeo ePrepare. The transfer tax documents are reviewed for authenticity and accuracy, and then the data is entered and stamped. Ingeo customers merely input values and hit "submit." The stamp goes on as approved and the document is submitted.
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. ePrepare integrates with leading loan servicing, title, escrow, document management and recording applications.
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.
Sharyn Wilson Woods
swoods@ingeo.com
435-755-9837
About Ingeo Systems, Inc.
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.
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