PASADENA, Calif., Dec. 2, 2013 /PRNewswire/ -- Rekon
Technologies, the leading provider of advanced lien release,
assignment processing, document preparation and tracking software
for mortgage servicers and lenders, has announced that Cole Taylor Bank, a nationwide mortgage lender,
has implemented Rekon Software, the industry's most widely adopted
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 September 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."
About Rekon Technologies
Rekon Technologies provides
advanced lien release, assignment processing, document preparation
and tracking software to mortgage servicers and lenders. Rekon
software, the company's flagship lien release technology,
significantly reduces recording errors and penalties by
automatically preparing lien releases and assignments according to
the unique standards of each of the 3,600+ recording offices across
the country. It is used by 7 of the top 10 financial institutions,
and is nationally recognized as the industry's de facto
standard in lien release technology. Rekon also provides DokTrak, a
document tracking technology that allows lenders to track, manage
and maintain file and document locations, statuses and exceptions.
Rekon was one of the first companies to offer eRecording
capabilities in the 36 states where it is offered. The company was
founded in 1994 and is based in Pasadena,
California. For more information, please visit
www.Rekon.com.
About Cole Taylor Bank
Cole Taylor Bank is a premier
commercial bank headquartered in Chicago with assets of $6.0 billion as of September 30, 2013 and is a wholly-owned
subsidiary of Taylor Capital Group., Inc. (NASDAQ: TAYC). For
more than 80 years, Cole Taylor Bank
has been successfully meeting the banking needs of closely-held
companies and the people who own and manage them by focusing on a
relationship-based approach to business. Through its national
businesses, Cole Taylor provides a
full range of financial services, including asset based lending,
commercial equipment financing, and residential mortgage lending.
Visit www.ColeTaylor.com for more information.
About Cole Taylor Mortgage
Cole Taylor Mortgage is a
division of Cole Taylor Bank, a
Chicago-based commercial bank with
$6.0 billion in assets as of
September 30, 2013. The division
originates residential loans in 44 states through a combination of
retail mortgage branch locations in 14 states and independent
mortgage bankers and wholesale lenders throughout the U.S. Visit
www.ColeTaylorMortgage.com for more information.
Press Contact:
Jeri
Yoshida
Strategic Vantage Mortgage Public Relations
(310) 396-8813
JeriYoshida@StrategicVantage.com
SOURCE Rekon Technologies