Val Daly

Director of Customer Services

If you are reading this article, you are probably looking to improve workflow, increase productivity and cut costs.  Most likely, you are evaluating electronic signature products as one means to achieve this goal.  With the plethora of electronic signing vendors available, how do you know which one is right for you?  Most importantly, how do you know when you need more than just an eSignature?

Let’s start with a simple definition of an eSignatures.  An electronic signature, by definition of the Uniform Electronic Transactions Act (UETA), is any “electronic sound, symbol, or process attached to or logically associated with a record and executed or adopted by a person with the intent to sign the record.”  That’s a broad definition, leading to a wide variety of electronic signature solutions ranging from clicking an ‘I Agree’ button, embedding an image or text that describes the signer, to embedding a digitized version of a hand-written signature (often referred to as a biometric signature) and anything in between.

Each of these eSignature approaches are valid methods of electronic signing.  Which approach is right for you depends on a variety of factors:

•  How closely do you need or want to mirror the paper signing process (very often a comfort factor for your signers)?
•  Do you need to capture signatures on specific areas within your documents?
•  Will your signers be signing at a point of presence facility or will they need to sign remotely anywhere, anytime?

Once you have identified the eSigning approach that meets your needs, you need to ask yourself one more question – is eSigning enough?

Sometimes an esignature alone is ample; however, very often, it is not.  An eSignature process alone will not protect against scenarios in which signers may execute multiple versions of the same document or generate multiple, indistinguishable copies creating confusion as to which one is the original opening the door for possible fraud.  An eSignature process does not address the management and control of the electronically signed document throughout its lifecycle nor will it address the ability to electronically securitize or assign the document if necessary…but an Electronic Original^® process will.

An Electronic Original process not only offers full electronic signing capabilities, but it also manages the electronically signed document in a secure repository, or electronic vault, establishing control and uniqueness of the electronically signed document.  To further secure the document, it is digitally sealed, making content and signature revisions readily identifiable.  Access to the vaulted document is controlled and all activities are recorded in a sealed audit trail.  Furthermore, Electronic Original documents may represent electronic chattel and are rated the same as paper chattel and may be electronically securitized or assigned.

To learn more about the Electronic Original process and whether it is right for you, check out The Electronic Original Company^®, our knowledgeable staff can help you determine if you need more than eSigning.

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Stephen Walker is a new addition to our sales and marketing team and recently went through the onboarding process.  This process inspired his first blog post below.  Welcome, Steve! 

Author:  Stephen Walker
eOriginal Sales and Marketing Manager

If your organization is like most around the country, your new hire “onboarding” process is difficult, cumbersome, and un-friendly to the environment. The average company has many forms that the new hire must read and sign prior to appearing for their first day of work. Included among these are the various federal and state forms that are required, such as the Form I-9 & W4 withholding form. These forms and policies, when coupled with your required corporate forms can present a tremendous challenge and a real waste of training time for your new employee. In addition, the amount of paper generated and stored from multiple employee hirings in any given year is tremendous and does have a cumulative negative effect on the environment and to the conservation of resources.

Fortunately, technology has provided a solution, electronic signatures and eVaulting. Imagine how much wasted time and effort could be recovered by sending your new hire an employment packet via a secure email link delivered from your own web site. The soon to be employee logs onto your site through a secure link and enters a password that has been provided to him or her prior to signing on. The prospective employee can review and sign all required policies and forms with an electronic signature. The forms can then be digitally signed and housed in a secure tamper proof electronic vault where their audit history can be verified if ever needed for purposes of non-repudiation. The ability to sign documents electronically and securely store them can help human resources professionals take advantage of technology to vastly increase onboarding productivity and thus better assist their organization in automating the onboarding process. There are several ways in which electronic onboarding can assist in the process for bringing New hires aboard but one of the most important is corporate socialization of the new employee.

The vast majority of company web sites provide only general information to prospective employees, such as mailing address and telephone numbers for the main reception desk or human resources department. They are not yet tailored to provide a new hire with specific information pertaining to their new role in your organization. End to End electronic signature and vaulting solution providers such as eOriginal provide both the HR professional and the new hire with the ability to electronically sign and securely store as many documents as needed to comply with corporate governance and regulatory demands. The new hire has the ability to print or download watermarked copies of his or her offer letter, employment agreement, non-compete or NDA or any other pertinent documents and the Human Resource professional and the company have secure, digitally signed and wrapped documents that can stand up to authenticity challenges. The documents remain under the control of the company and can be destroyed if needed through a certified process that is audit trail verified. Electronic delivery and signing of these materials are much more effective than paper and can often replace most or all of the need to send post office mail or over-nighted forms. Documents that don’t necessarily need to be signed but do require an acknowledgement of receipt or agreement to uphold such as a corporate handbook or guidebook can be set up for that as well.

Automated & electronic onboarding can save your organization a great deal of time & money as well as providing a secure, enforceable legally compliant process. It is also a great way for Human Resources departments to participate in your company’s green initiative.

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Scott Palubinsky

Sales and Marketing Coordinator

The FHA is experiencing unprecedented growth increasing their market share from 3% to 35% in a relatively short period of time. This growth has prompted the FHA to seek efficiency enabling them to be more competitive and responsive to the industry’s trends. Realizing the benefits associated with a paperless process, the FHA is working to establish guidelines and procedures for the use of electronic signatures and records for the FHA insurance case binders.

What does this mean for the mortgage industry?  Margo Tank, Partner at Buckley Sandler LLP and counsel to the Electronic Signature and Records Association (ESRA), believes that FHA’s decision to embrace technology is significant for the agency and for the mortgage industry for a number of reasons:

• Forward Thinking.  The FHA’s thought-leadership in developing a set of guidelines designed to expedite the use of electronic records and signatures will establish the FHA as an innovative leader in the mortgage industry.
• Accelerate Electronic Adoption.  Many lenders are ready to embrace the use of electronic signatures and records but have been slow or reluctant to do so due to a lack of regulatory guidance and acceptance. Agency guidance will with out a doubt drive the use and acceptance of electronic signatures and records by the numerous entities that are part of the mortgage loan process.
• Flexibility and Improved Customer Service.  Through the incorporation of electronic signatures and the acceptance of electronic records, the FHA can be responsive to market demands and the need for change in the industry to stay competitive. Greater efficiency and reduced processing costs will enable the FHA to better serve its clients.
• Enhanced Data Security.   Electronic signature processing and records management will make sensitive customer information more secure. In today’s world, clients want the assurance that their information is protected.

In developing these guidelines, FHA understands the benefits of increased efficiency. Their goal is to move to a entirely paperless process, allowing them to fully realize the many benefits of technology, including transparency and reduced costs.

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In today’s world, most of us do everything online, from ordering a new pair of shoes to paying off credit card bills.  Technology and products like eOriginal’s SmartSign® Web esignature solution provide the ability to quickly and seamlessly migrate from a cumbersome paper process to a streamlined online process helping to make these conveniences possible.  However, with the instant gratification and convenience of online processing comes a fear of identity theft.  Therefore, it is increasingly important to know that the person you are contracting with or selling goods and services to is exactly who they say they are.  Now, with the help of cutting edge technology, eOriginal can assist you in verifying, in real-time, that the person signing your deal is in fact who they claim to be.  

eOriginal SmartSign® Web dramatically reduces potential losses and fraud attempts.  With eOriginal’s OFAC and Patriot Act Complaint third party verification feature, you always feel secure.  In order to comply with the Patriot Act and other government regulations, many companies within and outside the financial services industry are now bound by new requirements to verify against Patriot Act Complaint databases.  eOriginal can now alleviate that burden by verifying potential signer information against different data sources that include the Social Security Administration, Regional Bell Operating Companies, credit header data, government watch lists, and many other proprietary sources. 

Not only does SmartSign offer the ability to provide such OFAC user screenings it also challenges a potential signer with “out-of-wallet” security questions.  Such protective questions are critical for customers in various high value markets.  If requested, SmartSign will authenticate the identity of the signer by asking personal and/or historic questions.  The correct signer can quickly and easily answer these questions without delay of the verification process.  SmartSign therefore provides an additional barrier to help protect your signers from identity theft.  

Third party identity verification is just one of the numerous security features that eOriginal’s SmartSign Web offers to help cut costs, streamline paperless processes, and help companies “go-green.”

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