Insurance & Technology News
CoreLogic Deploys eSignSystems for Streamlined Electronic Signing Throughout Loan Modification Process
(Marketwire Via Acquire Media NewsEdge) LEE, MA -- (Marketwire) -- 12/05/12 --
eSignSystems, a division of Wave Systems Corp. (NASDAQ: WAVX), today announced that CoreLogic® has launched AuthoSign™, a comprehensive electronic document management and signing capability built upon eSignSystems technology. AuthoSign is a custom deployment of eSignSystems' SmartSAFE electronic signing and management software that has been integrated directly into IntelliMods™, a complete loan modification decisioning solution from CoreLogic. CoreLogic is a leader in providing comprehensive data, analytics and services to financial services and real estate professionals.
CoreLogic provides tremendous time and cost savings through its automated and customizable loan modification decisioning and delivery solution. IntelliMods from CoreLogic can upload a single loan or an entire loan portfolio within minutes to qualify loan modifications, output documents, and send them to the borrower. This presents significant cost savings for the mortgage banking industry, which has completed more than 5.82 million permanent loan modifications since 2007 as reported by HOPE NOW.
The AuthoSign integration with IntelliMods shortens the loan modification process by several days, and even weeks, for significant time and cost savings over traditional paper-based loan modification decisioning systems. Additionally, AuthoSign tracks and creates action alerts for each individual participating in the mortgage process and hosts the entire signing ceremony online. Every transaction is logged for retrieval by IntelliMods, ensuring comprehensive tracking of every user and signer's activity within AuthoSign. Additionally, management of the entire process is even easier with the detailed tracking, compliance and alerts. This simplifies and speeds up the loan modification process, and keeps all stakeholders informed on the status of the loan modification decisioning and signings.
"CoreLogic is committed to increasing quality and reducing cost and turnaround time for our clients," said Sapan Bafna, Senior Director at CoreLogic. "By including the eSignSystems' technology as part of CoreLogic IntelliMods, we can offer our customers an easy to use and secure electronic SigningRoom. Plus, AuthoSign tracks electronic documents throughout their lifecycle, and creates an enforceable, legally-binding electronic record."
Maintaining an electronically signed record is essential to the integrity of a legally binding transaction. With AuthoSign, all records are verified and authenticated from eDelivery through eSignature and eRetention. This ensures that the access or signing credential (i.e., digital certificate, username or password) is verified and that the records remain free from tampering. Additionally, AuthoSign continuously updates the status of the loan modification's execution for real-time reporting.
AuthoSign also supports signer access to electronically signed documents as required by the ESIGN act. To meet the ESIGN act's legal and compliance requirements, users may access and print certified copies, while the actual archived, eSigned document is left untouched. Authorized individuals can manage, search, transfer and share electronic files, signed or unsigned, via the Web. All records are available to all interested parties in a secure and compliant environment.
"With the Treasury Department requiring a Single Point of Contact for all loan modifications, AuthoSign provides IntelliMods with a secure and compliant tool to manage, track and execute every aspect of the loan modification process, with audit trails from the beginning to the end of the transaction," said Kelly Purcell, EVP of eSignSystems. "CoreLogic even broke new ground as the first integrator to utilize a powerful new PDF text tagging feature of the SigningRoom, which expands their customers' ability to effectively identify and sign within PDF documents."
By integrating eSignSystems SmartSAFE technology into the IntelliMods loan modification decisioning solution, CoreLogic is providing better security and privacy for all parties involved in the transaction. In addition, traditional document transportation and storage costs are reduced dramatically, and the cycle time of loan modification is reduced by days or even weeks.
About CoreLogicCoreLogic (NYSE: CLGX) is a leading residential property information, analytics and services provider in the United States and Australia. Our combined data from public, contributory and proprietary sources spans over 700 million records across 40 years including detailed property records, consumer credit, tenancy, hazard risk and location information. The markets CoreLogic serves include real estate and mortgage finance, insurance, capital markets, transportation and government. We deliver value to our clients through unique data, analytics, workflow technology, advisory and managed services. Our clients rely on us to help identify and manage growth opportunities, improve performance and mitigate risk. Headquartered in Irvine, Calif., CoreLogic operates in seven countries.
About eSignSystemseSignSystems, a division of Wave Systems Corp. (NASDAQ: WAVX), is a leading provider of lifecycle management of electronically signed, legally binding documents, contracts and digital transactions. SmartSAFE 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 StatementsExcept 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.
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Source: Wave Systems Corp.
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UPDATED 6:00 PM EST - Dec 04, 2013
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