Ingeo Launches iTax REET in Washington State: Web Service Allows Counties to Process Real Estate Excise Tax Affidavit Data Electronically
Ingeo's new capability, Ingeo iTax REET, is a web service that allows Counties to process Real Estate Excise Tax (REET) affidavit data electronically, saving time and costs while increasing security and efficiency.

LOGAN, UT, August 07, 2009 /24-7PressRelease/ -- Ingeo Systems, Inc., the nation's number one provider of electronic document recording technology, announces the availability of Ingeo iTax REET, a new web service capability that allows counties to process Real Estate Excise Tax (REET) affidavit data electronically, saving time and costs while increasing security and efficiency. Ingeo's initial launch of this new product version is in Washington State with plans to expand next into Ohio and then other states in the company's nationwide network.

"With Ingeo iTax REET, counties can submit REET Data electronically to the Department of Revenue with an online single affidavit submission, a bulk file upload or through Ingeo's REET Web Service," said Karl Klessig, Ingeo's CEO. "We've created a new business environment that reduces manual processing time of REET data, improves the REET audit process and enhances customer service."

The product comes in two versions. If the County has a Land Record Management System (LRMS) in place that can handle tax affidavits, including routing them to the Assessor's tax management program, the Ingeo package will deliver the documents electronically to the LRMS, including the payment when it is required.

If the County LRMS does not have the capability to receive and process tax affidavits, the Ingeo iTax system will route them to the Assessor's Office for review and approval, and upon acceptance will deliver the tax payment. Upon receipt and acknowledgement of the payment, the mortgage documents are automatically routed to the County Recorder's office along with the tax affidavit copy where normal Ingeo recording and payment will occur. If the Assessor's office has a tax management program available, the Ingeo iTax REET service can be integrated with it so that the data is automatically uploaded. All funds are escrowed separately to ensure that funds are available for payment at the appropriate notification point. All processing and delivery are done using secure connections.

Ingeo's initial launch of iTax was last fall in Milwaukee County, Wisconsin. Currently, six counties in that state are using Ingeo iTax to process the transfer tax with the deed. With Ingeo iTax, County Recorders process tax documents and payments in conjunction with the electronic recording of mortgages. "Wisconsin is the first state to come aboard with Ingeo iTax and Florida, Missouri and Colorado will soon follow," Klessig said. "Now we have adapted the product to meet the requirements for REET affidavits in Washington State and we're getting good feedback from counties and assessor's offices in other states to continue our expansion."

Ingeo's Electronic Document Recording System is composed of two parts: Ingeo ePrepare for submitters and Ingeo eRecord or iRecord for County Recorders. With Ingeo ePrepare, digital documents are prepared using standardized XML data, embedding digital and digitized signatures and notaries, and attaching electronic payment advices. Documents that originate on paper, such as loan closing documents, are scanned into ePrepare and placed into their proper recording order. Ingeo ePrepare integrates with leading loan servicing, title, escrow, document management and recording applications.

Ingeo eRecord/iRecord receives the documents and, after an examination and validation review, processes each document according to established business rules in each recording office. Endorsement and receipt information is electronically embedded into the document, along with the recorder's digital signature, and is returned to the submitter electronically as an officially recorded document. Using configurable business rules, eRecord/iRecord adapts to different recording requirements, fee structures and state legislation required within various recording jurisdictions.

Ingeo is the only provider to offer a service with complete end-to-end capability that can adapt to virtually any submitter's system output and provide fully automated signing, notarization, delivery, recording, payment and return in conjunction with existing county recording systems. Ingeo eRecord/iRecord and Ingeo ePrepare use open platform technologies, providing flexibility in integration with existing solutions, while allowing users to capitalize on previous investments in technology. When fully integrated, the electronic document recording process takes only seconds.

In addition to almost 300 Counties that Ingeo lists as customers, the company works with nearly all the major county recording system vendors, and now has more than 30 technology partners that have integrated their county recording systems with Ingeo, allowing their county customers to benefit from Ingeo's electronic document recording system. When fully deployed, this will represent more than 450 counties across the nation, representing more than 50 percent of the population that has access to electronic document recording capabilities. Ingeo also has partnerships with 25 business partners on the submitting side.

Ingeo's Electronic Document Recording System reduces processing costs and time while improving data accuracy. In any given month Ingeo processes more documents than all other recording organizations combined. In the marketplace, Ingeo's system services a majority of the national submitters, including all of the top ten and the majority of the top 30 lending institutions in the U.S. This is in addition to regional submitters in Counties where Ingeo has county recording available.

Press Release Contact Information:

sharyn woods
Ingeo Systems, Inc.
Marketing Communications
1300 N 200 E, Suite 118
Logan, Utah
USA 84341
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Fax: 435-755-9625
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