Ingeo Systems Inc., a provider of electronic document recording technology, and Rekon Technologies, a document preparation and management software vendor, recently signed a contract with Cincinnati-based Fifth Third Bank to submit mortgage documents electronically into Ingeo's network of 314 counties nationwide, the companies say.
Initially, the documents will be satisfaction of mortgage documents, which are those signed by the mortgage lender acknowledging that a mortgage has been fully paid. These documents must be recorded by the county recorder to clear the title of the property owned by the person who paid the debt.
"Fifth Third Bank constantly looks for ways to improve customer service by leveraging new technologies," says Tim Tierney, senior vice president and director of central operations for Fifth Third Bank.
Ingeo and Rekon expect to process a significant portion of these mortgage documents for Fifth Third Bank each month. This number will continue to expand as Ingeo adds counties to its nationwide network. Of the top 10 most populous counties in the country, Ingeo now has eight in its nationwide network. The other two are in New York where e-recording is not currently allowed, the company notes.