Rekon Technologies has announced that Cole Taylor Bank has implemented Rekon Software's lien release technology. Cole Taylor Mortgage, a division of Chicago-based Cole Taylor Bank, recently entered the in-house servicing sector by acquiring office space, furniture and fixtures and some servicing rights from Ohio-based Liberty Savings. The company went “live” with its in-house mortgage servicing operations on Sept. 1, 2013 and implemented Rekon as part of its efforts to run an efficient and compliant servicing operation at Cole Taylor Mortgage.
“Rekon is an integral part of our servicing strategy” said Sean Mansell, senior vice president of Servicing at Cole Taylor Mortgage. “The lien release process must be executed effectively. State regulations demand that releases adhere to very strict time frames. The automation provided by Rekon will help us to effectively and efficiently comply with all applicable state regulations. This is a critical component of our servicing platform build out.”
There are more than 3,600 recording offices throughout the country, and each has its own requirements. “It’s nearly impossible for servicers to handle their lien releases with efficiency when they’re using manual processes,” said Aurora Marsh, CEO of Rekon Technologies. “The sheer number of regulations presents thousands of opportunities for mistakes that can lead to delays, which in turn can result in noncompliance, fees, fines or even litigation. That’s why they chose Rekon.”
With Rekon, the company will find that lien releases and assignments are processed quickly, consistently, and according to guidelines and regulations, regardless of the county handling the recording. “One of the ways you can differentiate yourself in the servicing space is to develop highly automated functions in the back office, and that’s exactly what we plan to do at Cole Taylor Mortgage,” Mansell added. “We expect this technology to be a big differentiator for us.”