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. (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.