SYS-CON MEDIA Authors: Zakia Bouachraoui, Liz McMillan, Carmen Gonzalez, Roger Strukhoff, David Linthicum

News Feed Item

eSignSystems' New SmartSAFE Release Improves Efficiency & Transparency of Electronic Mortgage Transactions

eSigning and eVaulting Software Includes Full Integration With MERS Electronic Registry 7.0; New Safeguards Help Protect Warehouse Lenders Through Funding

LEE, MA -- (Marketwire) -- 03/24/11 -- (MBA National Technology in Mortgage Banking Conference) -- eSignSystems, a division of Wave Systems Corp. (NASDAQ: WAVX), will debut the latest version of its award-winning SmartSAFE™ Bundle for creating, signing, storing, accessing and managing the lifecycle of electronic mortgage documents during next week's MBA National Technology in Mortgage Banking Conference and Expo 2011 (at the Westin Diplomat Resort & Spa in Ft. Lauderdale, Fla.).

Traditional mortgage lending processes utilize antiquated, paper-intensive work processes that are slow and cumbersome. Frustration with these inefficiencies has led many lending institutions to adopt electronic mortgages, which reduce and can even eliminate physical paper handling. This lowers costs, accelerates work processes, mitigates risk and improves regulatory compliance.

"During the foreclosure crisis of the last few years we saw many instances where the original and subsequent paperwork was lost, destroyed or misfiled when loans were bought and sold," commented Kelly Purcell, Executive Vice President for Wave's eSignSystems division. "Mortgages are sold several times throughout the life of a loan, and electronic mortgages address the problem of the 'lost note,' while improving efficiency in the process."

Electronic mortgages simplify and speed the mortgage process. All required paperwork is originated in electronic form, and is transferred along with any change of loan ownership. Quality and compliance is improved because the original data from the loan application and disclosure is reconciled with the loan closing documents. Electronic mortgages offer the added benefit of giving all secondary market participants, from the buyer, sellers and servicers, real-time access to all loan data.

"Widespread adoption of electronic mortgages effectively puts the documents and signatures in the hands of both the current owner of the mortgage and the consumer," Purcell added. "The enhancements we've made to SmartSAFE 5.04 make electronic mortgages a reality for today's lender."

The Mortgage Electronic Registry System (MERS®) was created by the banking industry as an electronic means to easily identify and track individual mortgage loans and the information related to those loans. MERS eRegistry tracks where official copies of electronic mortgage documents are stored and who services each loan.

SMARTSAFE 5.04: INTEGRATION WITH MERS eREGISTRY 7.0, IMPROVED REPORTING, CAPACITY & 64-BIT SUPPORT
The latest version of SmartSAFE offers enhancements that streamline electronic mortgages. These include:

  • ADDED PROTECTIONS FOR WAREHOUSE LENDERS THROUGHOUT FUNDING - The SmartCLOSE™ module expands the SmartSAFE Bundle, integrating electronic delivery and electronic registration with MERS eRegistry7.0. SmartSAFE 5.04 features added functionality to firmly establish Transfer of Control (ownership of the loan) at the initial stages and throughout the funding process. The originating lender can now fund a loan within 24 hours versus the average 17 days for paper-based mortgages.

  • IMPROVED REPORTING - The SmartCLOSE module features a simplified MERS eDelivery report that now includes expiration notices. Recipients can see high-level completion status for pending tasks. Transaction logs show MERS inquiry calls.

  • GREATER CAPACITIY FOR FOLDERS - SmartSAFE has been expanded to hold more than 4 billion folders.

  • SUPPORT FOR 64-BIT OPERATING SYSTEMS - Customers can now run the latest Microsoft operating systems on the latest hardware platforms to optimize performance. The SmartSAFE Bundle has been fully tested and certified to run on top of 64-bit Windows operating systems.

For additional information on SmartSAFE, or to arrange a briefing or demonstration at the MBA show, contact David Hunter at 609-297-4037 or [email protected].

The MBA National Technology in Mortgage Banking Conference & Expo 2011 is the industry's leading technology-focused event and a forum to learn about the newest industry solutions. The conference focuses on relevant topics, including legal/regulatory updates, eMortgages, investor reporting changes and advances such as mobile computing. This year's conference includes session tracks on data quality, eLending, legal/regulatory issues and technology innovation.

About eSignSystems
eSignSystems, a division of Wave Systems Corp. (NASDAQ: WAVX), is a leading provider of lifecycle management of electronic legally binding signed documents, contracts and digital transactions. SmartSAFE Bundle enables companies to manage business processes and transactions entirely online. Organizations can address certain regulatory compliance issues, improve productivity and efficiency in processing transactions, and achieve significant cost savings through the elimination of document transportation costs, processing and storage. For more information, visit www.esignsystems.com.

Safe Harbor for Forward-Looking Statements
Except for the statements of historical fact, the information presented herein constitutes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include general economic and business conditions, the ability to fund operations, the ability to forge partnerships required for deployment, changes in consumer and corporate buying habits, chip development and production, the rapid pace of change in the technology industry and other factors over which Wave Systems Corp. has little or no control. Wave Systems assumes no obligation to publicly update or revise any forward-looking statements.

All brands are the property of their respective owners.
For more information please contact:

Company:
Kelly Purcell
602-840-1199
602-615-8092
[email protected]

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
Moroccanoil®, the global leader in oil-infused beauty, is thrilled to announce the NEW Moroccanoil Color Depositing Masks, a collection of dual-benefit hair masks that deposit pure pigments while providing the treatment benefits of a deep conditioning mask. The collection consists of seven curated shades for commitment-free, beautifully-colored hair that looks and feels healthy.
The textured-hair category is inarguably the hottest in the haircare space today. This has been driven by the proliferation of founder brands started by curly and coily consumers and savvy consumers who increasingly want products specifically for their texture type. This trend is underscored by the latest insights from NaturallyCurly's 2018 TextureTrends report, released today. According to the 2018 TextureTrends Report, more than 80 percent of women with curly and coily hair say they purcha...
The textured-hair category is inarguably the hottest in the haircare space today. This has been driven by the proliferation of founder brands started by curly and coily consumers and savvy consumers who increasingly want products specifically for their texture type. This trend is underscored by the latest insights from NaturallyCurly's 2018 TextureTrends report, released today. According to the 2018 TextureTrends Report, more than 80 percent of women with curly and coily hair say they purcha...
We all love the many benefits of natural plant oils, used as a deap treatment before shampooing, at home or at the beach, but is there an all-in-one solution for everyday intensive nutrition and modern styling?I am passionate about the benefits of natural extracts with tried-and-tested results, which I have used to develop my own brand (lemon for its acid ph, wheat germ for its fortifying action…). I wanted a product which combined caring and styling effects, and which could be used after shampo...
The precious oil is extracted from the seeds of prickly pear cactus plant. After taking out the seeds from the fruits, they are adequately dried and then cold pressed to obtain the oil. Indeed, the prickly seed oil is quite expensive. Well, that is understandable when you consider the fact that the seeds are really tiny and each seed contain only about 5% of oil in it at most, plus the seeds are usually handpicked from the fruits. This means it will take tons of these seeds to produce just one b...
Steaz, the nation's top-selling organic and fair trade green-tea-based beverage company, announces its 2017 "Mind. Body. Soul." tour, which will bring authentic experiences inspired by the brand's signature Mind. Body. Soul. tagline to life across the country. The tour will inform, educate, inspire and entertain through events, digital activations and partner-curated experiences developed to support the three pillars of complete health and wellness.
The platform combines the strengths of Singtel's extensive, intelligent network capabilities with Microsoft's cloud expertise to create a unique solution that sets new standards for IoT applications," said Mr Diomedes Kastanis, Head of IoT at Singtel. "Our solution provides speed, transparency and flexibility, paving the way for a more pervasive use of IoT to accelerate enterprises' digitalisation efforts. AI-powered intelligent connectivity over Microsoft Azure will be the fastest connected pat...
There are many examples of disruption in consumer space – Uber disrupting the cab industry, Airbnb disrupting the hospitality industry and so on; but have you wondered who is disrupting support and operations? AISERA helps make businesses and customers successful by offering consumer-like user experience for support and operations. We have built the world’s first AI-driven IT / HR / Cloud / Customer Support and Operations solution.
ScaleMP is presenting at CloudEXPO 2019, held June 24-26 in Santa Clara, and we’d love to see you there. At the conference, we’ll demonstrate how ScaleMP is solving one of the most vexing challenges for cloud — memory cost and limit of scale — and how our innovative vSMP MemoryONE solution provides affordable larger server memory for the private and public cloud. Please visit us at Booth No. 519 to connect with our experts and learn more about vSMP MemoryONE and how it is already serving some of...
Darktrace is the world's leading AI company for cyber security. Created by mathematicians from the University of Cambridge, Darktrace's Enterprise Immune System is the first non-consumer application of machine learning to work at scale, across all network types, from physical, virtualized, and cloud, through to IoT and industrial control systems. Installed as a self-configuring cyber defense platform, Darktrace continuously learns what is ‘normal' for all devices and users, updating its understa...
Codete accelerates their clients growth through technological expertise and experience. Codite team works with organizations to meet the challenges that digitalization presents. Their clients include digital start-ups as well as established enterprises in the IT industry. To stay competitive in a highly innovative IT industry, strong R&D departments and bold spin-off initiatives is a must. Codete Data Science and Software Architects teams help corporate clients to stay up to date with the mod...
As you know, enterprise IT conversation over the past year have often centered upon the open-source Kubernetes container orchestration system. In fact, Kubernetes has emerged as the key technology -- and even primary platform -- of cloud migrations for a wide variety of organizations. Kubernetes is critical to forward-looking enterprises that continue to push their IT infrastructures toward maximum functionality, scalability, and flexibility. As they do so, IT professionals are also embr...
Platform9, the leader in SaaS-managed hybrid cloud, has announced it will present five sessions at four upcoming industry conferences in June: BCS in London, DevOpsCon in Berlin, HPE Discover and Cloud Computing Expo 2019.
At CloudEXPO Silicon Valley, June 24-26, 2019, Digital Transformation (DX) is a major focus with expanded DevOpsSUMMIT and FinTechEXPO programs within the DXWorldEXPO agenda. Successful transformation requires a laser focus on being data-driven and on using all the tools available that enable transformation if they plan to survive over the long term. A total of 88% of Fortune 500 companies from a generation ago are now out of business. Only 12% still survive. Similar percentages are found throug...
When you're operating multiple services in production, building out forensics tools such as monitoring and observability becomes essential. Unfortunately, it is a real challenge balancing priorities between building new features and tools to help pinpoint root causes. Linkerd provides many of the tools you need to tame the chaos of operating microservices in a cloud native world. Because Linkerd is a transparent proxy that runs alongside your application, there are no code changes required. I...