Ellie Mae adds Wave e-signature software to loan origination system

Source: Wave Systems

Wave Systems (NASDAQ: WAVX) announced today that it has licensed its eSign Transaction Management Suite (eTMS) for integration into the eFolder of the Encompass Mortgage Automation System, Ellie Mae Inc.'s first electronically-signed mortgage document solution.

Wave's trusted electronic signature solution can be used to automate thousands of eFolder transactions monthly by eliminating the ink signatures and document transportation costs of faxes or other types of delivery service.

The solution can produce better tracking and control of the mortgage origination and disclosure process and help address many compliance issues, a growing concern of both originators and investors within the mortgage industry. Wave's eTMS will provide Ellie Mae originators and consumers with new levels of convenience, compliance and security capabilities throughout the loan origination and disclosure process. Additionally, Wave's EMBASSY Trust Suite products support the industry-standard Trusted Platform Module hardware security chips that are widely available in newer PCs, enhancing authentication and assurance of eSign's solution.

As a result of the agreement, Ellie Mae's Encompass loan origination system will incorporate Wave's eSign Transaction Management Suite (eTMS) to manage digital and electronic signature processes such as creating, signing, storing, accessing and managing the lifecycle of legally binding electronic documents. Wave's eTMS is an integrated suite of applications that provide functionality to help meet many technical and legal requirements for transactions (signing and record retention) governed by ESIGN, UETA, Revised Article 9 of the UCC, SPeRS and GPEA. The resulting trusted signature solution will add borrower authentication, electronic signing and document management of signed documents to the Encompass eFolder, which is a critical component of the Encompass system.

"According to a recent broker survey we conducted, 84 percent of our originator base is interested in supporting an electronic signed solution," explained Ellie Mae chief strategy officer Jonathan Corr. "We're committed to listening to our customers and proactively responding with solutions to meet their needs. The addition of e-signature capabilities to Encompass illustrates this commitment. The time for e-signatures has certainly come, and we'll help make e-signatures more commonly accepted through Encompass, which is already licensed by over 140,000 mortgage originators."

The increasing regulatory scrutiny from consumer advocacy groups and the investment community is driving additional demand for services and solutions that improve compliance in the origination process. Investors are concerned with compliance issues and the risks associated with the purchase of improperly disclosed loans. Ellie Mae and Wave Systems have worked closely on ways to address many of these concerns by expanding the power of Encompass with Wave's trusted electronic signature capabilities that offer new levels of convenience and compliance and security capabilities for the loan origination and disclosure process.

"The demand for authenticated electronic disclosure products and services right now is significant, and many loan originators are looking for these value-added services from their existing vendor relationships. The solution must be easy to use and provide trust and security for the borrower," said Kelly Purcell, executive vice president of Wave's eSign Systems division. "Additionally, the providers of these services are looking to reduce traditional paper and transportation expenses through technology solutions. Ellie Mae has shown a real commitment to creating these services by leveraging its current infrastructure and expansive relationships within the mortgage industry."

Ellie Mae's Encompass eFolder Electronic Disclosure Offering addresses many of the recent industry concerns and needs regarding the loan origination and disclosure process. Ellie Mae is creating yet another competitive advantage for its originators and ePASS partners. Third party originators can now offer a secure, easy-to use application process for borrowers, and simultaneously deliver a compliant originated loan to the investor, all under the trusted provider name of Ellie Mae.

"By packaging the e-signature tool with state e-disclosures, Encompass will also offer its brokers an e-origination solution they can leverage immediately to add efficiency and save money for each loan they originate," added Corr of Ellie Mae.

Empowering Secure and Paper-Free Loan Origination & Management

Ellie Mae's initial integration will offer the following Wave eTMS solutions, for users to access from directly within the Encompass eFolder.

SmartSAFE - A secure e-Vaulting storage and lifecycle management solution for electronically-signed documents. Once created, these contracts are verified for authenticity and deposited into the secure SmartSAFE(TM)document repository, ensuring that all electronic documents remain free from tampering.

Additionally, the SmartSAFE continuously updates the status of the contract's execution. SmartSAFE is also designed to enable authorized individuals to manage, search, transfer and share electronic files, signed or unsigned, via the Web, as required by the ESIGN law. Users can access and print certified copies, while archived signed documents remain untouched.
  • SmartSignature Server - A server side electronic signing application that allows organizations to customize the signing experience for their users. SmartSignature Server can connect to existing web applications or create a new interface for signers, introducing an electronic signing component that is fully integrated with the SmartSAFE solution. SmartSignature Server's web services transparently administer the required user authentication, signing ceremony and document submission to archive and vault all electronically-signed documents. The experience can be an extension of your current applications or a new signing interface. Documents are time stamped and expiration dates are checked, providing important transaction history.
  • SmartConnect Web Services - SmartConnect Web Services further extend the power of Wave's eTMS by offering web services from user applications to the SmartSAFE. For example, these web services can eliminate the need for user interaction with the SmartSAFE to determine if documents have been received or signed. Such transactional data can be retrieved via a web service and used to populate other systems such as CRM and workflow applications.

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