Data-Vision Builds New Doc Delivery and E-Signature Options
Data-Vision will expand into new areas in 2005 while continuing to build on its doc preparation and delivery expertise to include electronic signature and electronic loan folder functionality.
Many of the company's clients are asking the company to provide e-signature options for front-end docs like disclosures, for example, according the company's president Randy Schmidt. Data-Vision won't go as far as to allow e-signing of closing docs due to a lack of legal presidents to substantiate the validity of a true electronic closing at present, but will make inroads in this direction.
"We will take a printed file, convert it to a PDF and send it out to the borrower for review," said Mr. Schmidt. "We have a borrower authentication process. We'll also include a UETA consent form as well. From there the docs will be presented for signatures. The borrower does a click signature. If the document were to change at any point in the process the signature will become invalid."
Mr. Schmidt sees this as the first bastion of achieving a complete e-closing at some point in the future. "There aren't as stringent requirements when dealing with disclosure docs," he said. "So, this type of e-signing is more of an internal decision that they can make and still be safe."
Right now the e-signing module is a separate application, but Data-Vision plans to merge it into one application. The combined solution will make it possible for the user to be able to send a document in a multitude of ways for delivery and electronic signature all within the same platform.
Enhancements to the company's document repository viewing process are also planned as part of its January release. "Right now all of our document history is online and people can log in to get all the document history," Mr. Schmidt noted. "We also have a module that packages the docs for sending. Going forward, we'll bring some statusing back to the desktop level so the user doesn't have to log back in the website for tracking purposes."
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