Electronic Signatures Reduce Closing Delays and Enable Straight-Through Processing for Loan Officers
Mission Hills Mortgage Bankers, a California-based mortgage bank, made a proactive initiative to avoid a three day wait for the delivery of disclosure documents that would have been imposed by last year’s Truth in Lending Act (TILA) amendment known as the 3/7/3 Rule. To prevent this ruling from delaying the loan origination cycle, increasing costs and potential closing delays, Mission Hills Mortgage Bankers’ IT staff began a competitive evaluation of web-based electronic signature solutions that would enable loan officers to use straight-through processing. Mission Hills Mortgage Bankers selected eOriginal SmartSign® on the basis of compliance, ease of integration and total cost of ownership.
“The implementation went in without a hitch”, notes Collin Cobb, Mission Hills Mortgage Bankers’ Marketing Manager, who oversaw the training of loan officers. “Mission Hills Mortgage Bankers makes a big effort to set itself apart from its competition by combining our proven business practices with new innovations.”
“Mission Hills Mortgage Bankers joins an impressive group of financial services firms that went through a rigorous selection process before selecting eOriginal because of our compliant e-signing tools and vaulted repository services to better manage the lifecycle of the electronic transactions,” notes Steve Bisbee, eOriginal’s President and CEO. Increasing regulatory, security and audit compliance initiatives, and the desire to protect the asset value of transactions that might enter the secondary market, make eOriginal a strong player in risk management.
About Mission Hills Mortgage Bankers A direct lender originating loans throughout the nation, Mission Hill Mortgage Bankers is a division of Gateway Business Bank. Founded in 1969, Mission Hills Mortgage Bankers is one of the top privately owned mortgage banking firms in the country. For additional information about Mission Hills Mortgage Bankers, go to http://www.missionhillsmortgage.com/, or email inquiry@mhmb.com or call 800-229-3832.
About eOriginal
eOriginal, Inc. provides advanced electronic signature, vaulting and electronic transaction solutions which are tamper-sealed, auditable and legally enforceable. eOriginal SmartSign® enables compliance with the eSignature requirements of the ESIGN Act, UETA and the UCC. eOriginal has provided secure and verifiable execution, delivery and management of commercial loans, leases and other financial industry documentation for over a decade. eOriginal customers, including top-tier financial institutions, have processed millions of electronic signatures on millions of documents without a single system error or legal challenge.
As the holiday season is quickly approaching, the American business community is waiting to see how much consumer spending will happen to spur the economy. While the amount of consumer spending is in question, one outcome is generally considered gospel-consumers are shopping around for the best deals more than ever and their primary tool is the web, shopping online comparing prices between stores, delivery options and looking for the right gift, deal, or idea. When they do find what they want they move directly to payment and arranging shipping.
And, because business people are consumers too, they get frustrated when they can’t have the same experience in their business life. While many of their business processes have been highly automated, the final steps of executing a contract or gaining formal approval degenerates into time consuming, expensive starts and stops as they have to revert to mailing, faxing or express shipping paper to get signoffs.
So, while I was thinking what to get all my family and friends this holiday, looking at what they do, need, or what would just make things a little easier, all this personal shopping led me to ask myself the question, “What are businesses doing this holiday season to give themselves and their customers the same convenience they get in their personal life?
Adding electronic signatures into a company’s business process will be “the gift that keeps on giving”. As over-used as that statement may be, electronic signatures will keep giving back to your company throughout the year by improving efficiencies, saving money, and allowing your team to close more deals faster. Your sales team will be able to get documents delivered, signed, and returned in hours or minutes, instead of days or weeks.
eOriginal’s SmartSign solutions will greatly reduce or eliminate shipping and storage costs since the entire process is completed online and documents automatically stored in our secure eVault. Plus, as an added bonus, all documents can be easily referenced for a quick find. I’m sure those responsible will love not having to flip through file after file, a gift within itself for anyone whoever has ever had to flip through hundreds of documents.
Not only will electronic signatures be a great gift for your company to implement, but an equally great present for your customers. Because your customers will be able to electronically sign your documents almost immediately, they’ll be able to quickly take advantage or your products and services, improving on customer service and satisfaction.
So all you Project Managers, Business Analysts, CEOs, CIOs, IT managers, and every other person looking to give your business that extra edge, you may want to ask how eOriginal® can bring some holiday cheer to your business by talking with us about our SmartSign products and services.
We realize that many businesses are just exploring the idea of adding electronic signatures into their business processes. We also realize that many businesses have already considered utilizing electronic signatures as an option and still have a few unanswered questions. To address these questions, we created this guide “Electronic Signatures: Why Your Company Should Move to a Paperless Process,” to provide a deeper look into electronic signatures and how eOriginal can help your company to grow. It will provide you with a detailed walk-through of the advantages and benefits your business will see by implementing an electronic paperless process. As you read through please let us know if you have any questions leave a comment or contact us; we’ll be more than happy to help out.
Baltimore, MD (Vocus/PRWEB) – August 6, 2009 -eOriginal, Inc., a leader in enabling end-to-end paperless transactions, announced today that Pioneer Services, the Military Banking Division of MidCountry Bank, has joined eOriginal’s high-level financial institution client list and is using the electronic signature and vaulting solution of SmartSign® Web and eCore® On Demand. Transactions for Pioneer Services will now be executed electronically and managed throughout their lifecycle within the eCore® electronic vault.
“eOriginal’s electronic signature solutions go beyond document generation and basic electronic signatures” said, Samantha Moritz, eOriginal’s director of sales and marketing. “In addition to electronically signing each loan transaction, eOriginal ensures that each signed document is authenticated and protected using digital signatures to create tamper-evident seals around all documents placed under the control of the electronic vault. Important documents may be maintained in an authenticated electronic format for their full legal life.”
Once the contracts are electronically signed, eOriginal’s vaulting technology creates a digitally sealed audit trail for the complete lifecycle of each deposited document. This secure audit trail provides the highest level of non-repudiation of the evidentiary record for events such as access, signing, reuse, print, or view requests by any user or external system. Actions affecting admissibility or enforceability including new versions, additional electronic signatures, assignment, and custody transfers – are tracked and permanently recorded in the audit trail.
The resulting document is a legal, tamper-proof eContract that eliminates the need for any physical paper processing. The eContracts are true electronic finance documents that are tamper-evident, auditable, legally enforceable, admissible, and negotiable. eOriginal electronic signature and vaulting solutions are also compliant with ESIGN, UETA and UCC Revised Article 9-105.
For additional information on the news that is the subject of this release (or for a demonstration), contact John Jacobs at 410-625-5149, or visit www.eoriginal.com.
About eOriginal
eOriginal, Inc. provides advanced electronic signature and vaulting solutions which enable organizations to eliminate paper while legally protecting their assets as Electronic Original® documents are managed and transitioned throughout their lifecycle. eOriginal technology and processes create legally binding electronic signatures and electronic documents that are tamper-evident, auditable and legally enforceable. eOriginal technology provides compliance for managing electronic signatures and transferable records under E-Sign, UETA and the UCC. eOriginal customers, including top-tier financial institutions, have processed more than 5 million electronic signatures on documents without a single system error or legal challenge.
About Pioneer Services
Pioneer Services, the Military Banking Division of MidCountry Bank, provides financial services and award-winning education to members of the Armed Forces. For more than 20 years, Pioneer Services has been a leader in military lending, offering military loans and award-winning financial education programs through a network of offices and on the Internet. Pioneer Services is proud to support military families and communities through a variety of partnerships, programs, and sponsorships. For more information, visit PioneerServices.com.
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.
Automation of Dealer Finance Transactions with electronic signatures for 12,000 Dealers will Speed Transactions for Customers and Dramatically Reduce Costs
eOriginal, Inc., a leader in electronic signatures, eVaulting and electronic transactions, announced today that a leading US Automotive Finance Company selected eOriginal SmartSign® Web to enable the creation and completion of electronic dealer finance transactions. The adoption of electronic signatures among their 12,000 plus dealers will significantly reduce the funding cycle, eliminate incomplete loan documentation and decrease associated transaction processing costs.
The dealer finance company will initially deploy electronic signatures for the documentation executed among the 12,000 dealers in their network. The solution will allow for consistent implementation, support and the adoption of standardized processes across all dealers.
The conversion to electronic signatures will transition the dealer finance company from paper based processes and the substantial costs related to paper reproduction, storage and manual processing to an end – to-end efficient electronic process. This transition will improve customer service, lower costs and improve the “re-write” rate. Dealers are constantly re-writing deals because of lost documents and omitted signatures. With eOriginal’s SmartSign® Web electronic signature and vaulting solution, documents are never lost and signatures can never be missed or omitted.
eOriginal’s SmartSign® Web and eCore® Vaulting technology was selected after a thorough review of marketplace options. The ability to centralize and electronically manage documentation was a significant driver in the decision to adopt electronic signatures. A key competitive advantage for the dealer finance company choosing eOriginal’s solution over other vendors was eOriginal’s secure and legally compliant electronic vault. eOriginal ensures that each signed document is authenticated and protected using digital signatures to create tamper-evident seals around all documents placed under the control of the electronic vault. Important documents may be maintained in an authenticated electronic format for their full legal life.
Speak to a Sales Associate
Intellectual Property
Integration
Compliance
Security
Professional Services
Securitization
