Ingeo and Visionet announce e-recording partnership MortgagePress.comIngeo Systems, Visionet Systems, e-recording, VisiRelease, Arshad Masood, Karl Klessig, ePrepare, eRecord
Ingeo Systems Inc., a 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 10 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. For more information, visit www.ingeo.com or www.visionetsystems.com.
