National Mortgage Outsource Service Providers and Lenders Announce Participation with Ingeo's Electronic Recording System.Business Editors LOGAN, Utah--(BUSINESS WIRE)--June 30, 2003 Mortgage industry participants to prepare and submit digital lien releases for paperless recording Ingeo Systems Inc. announced today the completion of recently executed contracts with several outsource service providers to the mortgage industry and a national mortgage lender -- Peelle Management Corp., DOCX, American Release Corp. (ARC), and Charter One Mortgage Corp. -- enabling them to prepare and submit digital lien release documents for electronic recording to county recorders' offices that are electronic recording-enabled. "These new participants represent a major expansion in the electronic recording of mortgage documents, and confirms our leadership position," said Todd Hougaard, president and founder of Ingeo. "No other technology provider in the industry has more lenders and processors submitting electronic documents or as many counties receiving and recording them as Ingeo." County recorders' offices that can currently accept digital lien release documents for recording include: Maricopa County, Ariz.; Fairfax County, Va.; Lancaster County Lancaster County is the name of four counties in the United States:
Area, 52,586 sq mi (136,198 sq km). Pop. and Wisconsin. Peelle Management Corp. has national coverage as an outsourced service provider to lending institutions Noun 1. lending institution - a financial institution that makes loans financial institution, financial organisation, financial organization - an institution (public or private) that collects funds (from the public or other institutions) and invests them in and anticipates submitting to all electronic recording-enabled counties within a few weeks of software installation this summer. The other organizations mentioned will initiate submission of electronic documents shortly. DOCX, an innovator in providing outsourcing solutions for document creation and recordation, has selected Ingeo's solution to complement DOCX's new e-Release(TM) product. "We are really excited about our new alliance with Ingeo and the added benefits their e-recording utility brings to the marketplace," said Lorraine Brown, president of DOCX. "Electronic recording of lien releases will reduce our paper document workflow by at least 20 percent," said Norm Harrison, president of Peelle Management Corp. "With a two-year streak in unprecedented refinancing Refinancing An extension and/or increase in amount of existing debt. of mortgages, electronic recording is a significant step in curbing the amount of paper being generated in the business." ARC has been working toward implementation of the electronic recording process for lien releases since their sister company, Rekon Technologies, partnered with Ingeo last year. "Our integrated recording solution is the right answer proving our commitment to enhanced services Enhanced service is service offered over commercial carrier transmission facilities used in interstate communications, that employs computer processing applications that act on the format, content, code, protocol, or similar aspects of the subscriber's transmitted information; for our clients," said Tina Lindsey of ARC. Completion of the Ingeo/Rekon integration solution paves the way for all Rekon clients, as well as ARC, to participate in electronic recording processes. Peelle, DOCX and ARC are outsource providers in the mortgage industry. Their processing document volume is significant. All are strong advocates of paperless recording, as are other partner lenders. "We are currently increasing our use of e-commerce," said Donald W. Courtney, senior vice president at Charter One Mortgage. "Charter One is a big supporter of paperless recording." Ingeo's Electronic Recording System provides software to both the county recorders' office and to mortgage servicers and outsource service providers. Electronic SMART documents are prepared, signed, notarized, and electronic payments are prepared using Ingeo's ePrepare application. Electronic documents are securely submitted to Ingeo's eRecord application for recording by the county recorders' office, creating an electronic bridge. Ingeo's applications comprise the only electronic recording solution in the market that is compliant with existing and emerging standards. Ingeo's proven solutions use open platform technologies providing flexibility in integration with existing solutions while allowing users to capitalize on Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. previous investments in technology. County recorders County Recorder may mean any of the following, in the context of a county:
1. When a business or person revises their payment schedule for repaying debt. 2. Replacing an older loan with a new loan offering better terms. Notes: When a business refinances they typically extend the maturity date. boom without adding staff or requiring additional budget. "Installing Ingeo's solutions is a win-win proposition for all the parties involved in the recording of land records," said Hougaard. About Ingeo As a leader in the digital document industry, Ingeo helps businesses and government agencies increase efficiency by providing secure electronic document solutions. Ingeo's products currently enable the electronic recording of electronic SMART documents by facilitating their electronic preparation, execution, management, validation, payment and recording, saving time and money for both the submitting and recording organizations. More information about Ingeo and its products can be found at www.ingeo.com or by calling 435/755-9837. About Peelle Management Peelle Management Corp. has been providing assignment and reconveyance The transfer of real property that takes place when a mortgage is fully paid off and the land is returned to the owner free from the former debt. reconveyance n. preparation and recording for many of the nation's top mortgage servicers since 1985 and is recognized as one of the leading firms in this field. Peelle has been an innovator in using optical imaging to facilitate a workflow system for reconveyance processing that enables processing to be prioritized based on statutory compliance dates rather than the traditional FIFO (First In First Out) A storage method that retrieves the item stored for the longest time. Contrast with LIFO. See traffic engineering methods. FIFO - first-in first-out method. Peelle looks forward to electronically recording releases as a means of bringing the industry a step closer to the long awaited paperless environment. In the face of ever increasing labor costs, the increased efficiencies of the electronic process should help to minimize price increases in this competitive market. For more information about Peelle and its services, go to www.peelle.com or call 800/233-5004. About DOCX DOCX is a leader in providing document creation and public records to the lending community. In addition to offering outsourcing of lien release and assignment processing, DOCX offers software applications and national information databases. Many of the current solutions in the marketplace today have imbedded imbedded, adj See embedded. DOCX utilities for document creation and recordation solutions. More information about DOCX can be found at www.docx.com or by calling 888/DOCX-NET. About ARC ARC is a state-of-the-art service provider in the mortgage servicing Mortgage servicing The collection of monthly payments and penalties, record keeping, payment of insurance and taxes, and possible settlement of default , involved with a mortgage loan. industry, tailoring lien release, assignment and document tracking services while supporting document preparation/processing with anticipation to market conditions and evolving technology. An existing relationship with Rekon Technologies (a sister company) allows ARC to increase efficiencies in lien release, assignment and document tracking software by automating services ensuring maximum data throughput to/from clients, creating exponential 1. (mathematics) exponential - A function which raises some given constant (the "base") to the power of its argument. I.e. f x = b^x If no base is specified, e, the base of natural logarthims, is assumed. 2. value. For more information about ARC, go to www.richmondmonroegroup.com or contact Tina Lindsey at 417/739-1178 or 805/559-6638. About Charter One Mortgage Charter One Mortgage Corp., headquartered in Richmond, Va., is a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Charter One Bank, N.A., Cleveland. Charter One Mortgage originates and services a complete line of mortgage loans, including FHA See Federal Housing Administration. FHA See Federal Housing Administration (FHA). , VA, conventional, fixed and adjustable rate mortgages This article is about the US mortgage type. For an international perspective, see Variable rate mortgage. An adjustable rate mortgage (ARM) is a mortgage loan where the interest rate on the note is periodically adjusted based on an index. and jumbo loans Jumbo Loan Any residential or commercial mortgage with a loan amount exceeding the guidelines of Fannie Mae and Freddie Mac. Notes: Rates tend to be slightly higher on jumbo loans because lenders generally have a higher risk. . Together Charter One Mortgage and Charter One Bank rank among the largest retail mortgage lenders nationwide. The Charter One Mortgage servicing portfolio includes loans with a total outstanding principal balance of more than $27 billion, ranking the company among the country's top 25 mortgage servicers. More information about Charter One Mortgage can be found at www.charteronemortgage.com. |
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