GMD Aligns with E-Signature Vendor for Docs
Sensing a growing demand to adopt e-signatures both at the point-of-sale and at closing, document preparation vendor Guardian Mortgage Documents and electronic signature and biometric signature validation vendor Communication Intelligence Corp. have formed an alliance to seamlessly integrate e-signatures with mortgage documents.
"It's been a long haul to get e-signature technology adopted," said Guido DiGregorio, chairman and CEO at CIC. "There have been several factors have inhibited adoption. In order to do e-signatures, especially with financial applications, you have to have a complete enough solution to address all the lender's needs with the e-signature as one component within the actual document.
"We integrated two factors, the document generation and delivery, through Guardian and the e-signature and authentication through our company. Our technology speaks to validating the process and the authentication of that process. Also, it has a high acceptance rate among real people.
"This is the biggest transaction in a person's life and it has a lot of legal parameters," said Mr. DiGregorio. "So we need to make sure everyone will accept this technology and that it is legally binding. I just came back from a technology summit and interacted with top-level executives and there is no question that those associated with mortgage had a heightened awareness and appreciation for what automation can do.
"This technology enhances the value of data and creditworthy applicants. There's plenty of lending to de done despite this downturn. What's going on in the industry now just heightens the demand for this technology."
"The industry is picking up in this area of e-signatures," added Tim Anschutz, vice president of marketing at Guardian. "A lot of people have viewed a document solution and e-signatures as two separate initiatives. The power of combining this is huge. The lender can now go through just one implementation to realize e-signature pickup.
"Previous to this year there was a lot of banter and talk about e-signatures, but we've seen a change over the past year to action. Instead of talking about how we should do this, lenders are saying we want to do this and here are our specs. If you look at the technology considerations on the plate of most lenders today in terms of budget, e-signatures have been in the top two or three. It's all about creating efficiencies. Up until now when we've talked about integrating e-signatures with documents one of the things we run into is lenders asking if you and your business partners have the ability to perform.
"Does the e-signature vendor have experience?" noted Mr. Anschutz. "CIC is well established and has had a lot of success in the insurance world. The confidence level is extremely high."
CIC has provided e-signature technology to large Fortune 500 companies. The company's first major deployment dates back to 1995, and involved handwritten biometric signature verification and digital certificates to authenticate personnel for the loan pooling and transfer of mortgages through JPMorgan Chase to Ginnie Mae. (c) 2007 Mortgage Servicing News and SourceMedia, Inc. All Rights Reserved. http://www.mortgageservicingnews.com/ http://www.sourcemedia.com/