JOEL - I am not sure which scripture you are talking about in Ephesians, but a lot of this has to do with how we define "born again".
"Born again" to an LDS member is both a physical act as well as a spiritual conversion. It means being baptized(born of water) into the kingdom of God as explained in the book of John:

"Jesus answered and said unto him, Verily, verily, I say unto thee, Except a man be born again, he cannot see the kingdom of God.
Nicodemus saith unto him, How can a man be born when he is old? can he enter the second time into his mother’s womb, and be born?
Jesus answered, Verily, verily, I say unto thee, Except a man be born of water and of the Spirit, he cannot enter into the kingdom of God." (John 3:3-5)

And in Mark:

"He that believeth and is baptized shall be saved; but he that believeth not shall be damned." (Mark 16:16)

LDS believe that baptism requires the proper priesthood authority of God which we believe is found in no other church except the LDS church today. That is one reason why we believe to have the only fully true church.
Being "born again" to other Christians mostly refers to only the spiritual conversion where they have accepted Jesus Christ as their Lord and Savior.
The LDS also believe we must be spiritually born again as stated in John(See also Alma 5:14, Moses 6:64-65), but we believe that it takes both the physical(baptism with proper authority) as well as the spiritual conversion to become part of God's kingdom.