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 — March 24, 2011 (MBA National Technology in Mortgage Banking Conference) — eSignSystems, a division of Wave Systems Corp. (NASDAQ: WAVX; www.wave.com) will debut the latest version of its award-winning SmartSAFETM 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 SmartCLOSETM 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@example.com.
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.
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.
About Wave Systems Corp.
Wave is a pioneer in hardware-based PC security that provides software to help solve critical enterprise PC security challenges such as data protection, strong authentication, network access control and the management of these enterprise functions. Wave is a founding member of the Trusted Computing Group (TCG), a consortium of more than 100 companies that forged open standards for hardware security. Wave’s EMBASSY® line of client- and server-side software leverages and manages the security functions of the TCG’s industry standard hardware security chip, the Trusted Platform Module (TPM) as well as hard drives that comply with TCG’s “Opal” self-encrypting drive (SED) standard. Self-encrypting drives are a growing segment of the data protection market, offering increased security and better performance than most existing software-based encryption solutions. TPMs are standard equipment on many enterprise-class PCs shipping today and have shipped on an estimated 300 million PCs worldwide. Using TPMs and/or SEDs and Wave software, enterprises can substantially and cost-effectively strengthen their current security solutions. Visit http://www.wave.com for more information.
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This press release may contain forward-looking information within the meaning of the Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities Exchange Act of 1934, as amended (the Exchange Act), including all statements that are not statements of historical fact regarding the intent, belief or current expectations of the company, its directors or its officers with respect to, among other things: (i) the company’s financing plans; (ii) trends affecting the company’s financial condition or results of operations; (iii) the company’s growth strategy and operating strategy; and (iv) the declaration and payment of dividends. The words "may," "would," "will," "expect," "estimate," "anticipate," "believe," "intend" and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the company’s ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. Wave assumes no duty to and does not undertake to update forward-looking statements.
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