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PASADENA, CA, March 28, 2013 /24-7PressRelease/ -- A top 20 U.S. bank-holding company with nearly $80 billion of assets, has signed up to use Rekon software to electronically record lien releases and mortgage assignments in most of its east coast markets. Rekon is the namesake software of Rekon Technologies, the nation's largest provider of lien release, assignment processing and document preparation software for mortgage lenders and servicers.
The Buffalo, NY-based bank-holding company, with more than 700 branches, already automated the preparation of lien releases and assignments with the installation of Rekon software. But the bank manually sent its documents to counties to be recorded, a costly and time-consuming process that can lead to recording delays and compliance fines.
Late last year three suburban counties in New York--Nassau, Rockland and Westchester--began accepting the electronic recording of mortgage documents, which gave the bank the needed electronic volume to justify upgrading to the eRecording capability within Rekon's software. The bank operates in five eastern states with counties that have eRecording capabilities: New York, New Jersey, Pennsylvania, Virginia and Florida.
Electronic recording of lien releases and assignments is gaining momentum at the county government level and among servicers and lenders around the country as they incorporate eRecording into their business models. Today more than 650 recording districts in 38 states offer eRecording of these mortgage documents. A recent lender analysis showed that up to 50 percent of servicers' lien release and assignment volume, depending on their loan portfolio, could be transmitted electronically to recording districts.
Rekon's technology empowers banks and servicers to accurately create lien releases and mortgage assignments in more than 3,600 recording districts in all 50 states. The software provides up-to-date requirements, fees and deadlines for preparing compliant lien release and assignment documents in all recording districts nationwide.
"Rekon's eRecording capability lets our clients smoothly and accurately handle the increasing volume of lien releases and mortgage assignments from refinancing, home purchase loans, short sales and foreclosure activity in an orderly process, while avoiding costly recording delays," said Aurora Marsh, CEO of Rekon Technologies. "Electronic recording in more populous regions like New York enables them to process and record mortgage documents within 24 to 72 hours of payoff or settlement, compared to weeks using only a manual, paper-based system."
About Rekon Technologies
Rekon Technologies provides advanced software solutions to loan servicers and lenders that prepare, record, manage and track loan documents, such as assignments, lien releases, UCC terminations and trailing documents, among others. Rekon software is used by the largest servicers in the industry and is designed to handle growing volumes of document preparation and recording in the more than 3,600 recording districts in all 50 states. The company's flagship product and namesake Rekon is a fully automated system for document preparation and management, integrated with imaging and eRecording capabilities, that processes loans from payoff to recording in a paperless environment from anywhere in the world. Rekon also offers DokTrak, the most versatile document tracking and management technology product available for managing documents from post-closing to payoff. Rekon Technologies is based in Pasadena, California.
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