""Rekon Technologies"":http://www.Rekon.com has installed the latest edition of its namesake software for one of the top three mortgage lenders in the nation.[IMAGE]
The California-based company provides software solutions to loan servicers and lenders that prepare, record, manage, and track loan documents, such as assignments, lien releases, and UCC terminations. The latest version of the Rekon software is designed to reduce assignment backlogs and ensure clean titles for foreclosure proceedings.
Rekon did not disclose the name of the lender involved in its latest project, but said the client completed more than 125,000 assignments in the first full month of installation.
With the escalating volume of foreclosures today, mortgage servicers need to ensure they can establish a clear and clean title for delinquent properties. Valid assignment of mortgages supports successful foreclosure[COLUMN_BREAK]
proceedings by publicly documenting the owner of record and safeguarding the right to foreclose.
Rekon says by installing the latest version of its software, the top-three lender will avoid costly backlogs of mortgage assignments that can delay loss mitigation efforts. The company notes that recent analysis reveals up to 45 percent of servicers' assignment volume can be sent electronically.
Rekon software creates assignments for lenders and servicers in the more than 3,600 recording districts in all 50 states. The software maintains an up-to-date status on the regulations and requirements for preparing lien release and assignment documents in all recording districts nationwide.
Additionally, Rekon can electronically record assignments in more than 650 counties in the 36 states that offer eRecording for mortgage documents. Rekon says the software's eRecording capabilities can dramatically reduce manual assignments and assignment expenses.
""Rekon's software is used by the largest servicers in the country and it consistently and accurately handles the growing volume of mortgage assignments facing the industry without a need to outsource, thus giving servicers and lenders of all sizes direct control over their assignment preparation costs,"" said Aurora Marsh, CEO of Rekon Technologies.
Marsh added, ""By installing the latest edition of the Rekon software, our top tier lender customer can avoid any backlog of assignments and safeguard its right to foreclosure and sell or transfer loans, including pools of loans, with clear and clean titles.""