E-recording Firm Reaches Coverage in 28 States
|January 19, 2010|
Ingeo Systems Inc., a provider of electronic document recording technology, reported year-end figures show its e-recording network covers county populations in excess of 114 million in 28 states plus the District of Columbia.
“In 2009 our strategy focused on adding large population counties to our network,” said Karl Klessig, Ingeo’s CEO. “Of the 50 counties we added, 27 have populations of greater than 200,000 and of those, 11 are greater than 500,000, three are in the one million range, and two are more than two million each.”
A comparative analysis of Ingeo and its nearest competitor showed that Ingeo records into 82 counties where the competition is absent. These significant counties represent nearly 54 million in population. In addition, Ingeo is currently implementing its e-recording capability into 43 new counties with population totaling an additional 20 million. Combined, this is a total of 125 counties where Ingeo is the sole e-recording provider, and the population of these counties totals nearly 74 million.
“Right now, with more than 114 million in coverage, Ingeo covers 38% of the U.S. population,” Klessig said. With our new counties targeted to go live by the end of the second quarter, our coverage will be nearly 45 percent and by year-end, more than 54 percent.”
Ingeo’s current network includes eight of the top ten population counties in the country with the two that are absent located in New York where e-recording is not yet allowed. However, Ingeo is working with that state on legislation that will soon open the advantages of electronic document recording to New York’s population of nearly 20 million.
“Currently we’re talking to officials in a major county about a pilot program,” Klessig said. “Hopefully it will launch early this year to bring the benefits of cost and time savings, accuracy, and security to almost a million residents of the county.”
Ingeo also is working with officials in California to open more counties there to e-recording.
“Although Ingeo has been recording in several California counties since 2004, we’re now working with state and county officials to expand e-recording to more counties in the near future,” Klessig explained.
Ingeo covers more than 92 percent of Iowa’s population, almost 87 percent in Nevada, more than 70 percent in Arizona and more than 50 percent in California, Colorado, Florida, Illinois, Missouri, New Jersey, Pennsylvania, Texas, Utah, Washington and Wisconsin.
“Not only does Ingeo serve more than 320 counties nationwide, but we cover by far the largest populations,” Klessig said. “Our strategy is to continue to reach all the major population centers so the maximum number of documents can be recorded electronically. This is critical for our customers, both recorders and submitters.”
Ingeo also services most 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. Ingeo also has alliances with 25 business partners on the submitting side. Ingeo’s Electronic Document Recording System reduces processing costs and time while improving data accuracy. Ingeo’s e-recoding solution uses open platform technologies, providing flexibility in integration with existing solutions while allowing users to capitalize on previous investments in technology.