eSignLive Introduces the ApproveIt eTransaction Suite
A complete solution that facilitates and manages online disclosure presentment, document signing and control of negotiable instruments
March 9, 2003 — MBA National Technology in Mortgage Banking Conference, Orlando, FL., March 9, 2003 - Building on the success of Silanis’ ApproveIt technology, which is used to create legally enforceable electronic documents in financial applications, including mortgage and auto lending, insurance, and banking, Silanis today introduces the ApproveIt eTransaction Suite. Designed to meet the specific needs of the lending and leasing markets, the ApproveIt eTransaction Suite enables the financing industry to create and manage legally enforceable electronic transactions that include negotiable instruments, chattel paper and documents of title. Banks, lenders, investors and other financial organizations can now come together electronically and realize the speed and efficiency benefits of completely electronic transactions. This includes an opportunity to automate and drastically shrink the lengthy and complex loan document life-cycle required by the range of parties involved in origination, closing, servicing and secondary marketing or securitization of the transactions.
The ApproveIt eTransaction Suite is comprised of two key products that facilitate eContracting and eTransferable Records Management and Control. The eContracting function is handled by the Silanis ApproveIt Web Server, a product that many insurance, banking, auto and mortgage lenders are using for the electronic presentment of disclosures, and signing of legally enforceable electronic contracts and other supporting documents. The new addition to the ApproveIt family is the ApproveIt Transferable Records Manager, a product that is tightly integrated with ApproveIt Web Server to create, manage and transfer documents such as mortgage notes and auto loan and lease contracts.
A critical feature of the ApproveIt eTransaction Suite is the adherence to legal requirements of all phases of the lending and leasing process, including compliance with the consumer consent and e-signature elements of ESIGN, and the specific signature and electronic record requirements of UETA and UCC 9-105. In addition, the solution addresses the fundamental business requirements for electronic signatures and electronic document retention, control, and transfer associated with lending throughout origination, closing, servicing and secondary marketing or securitization.
“A significant number of legally enforceable documents are already being created today using our technology,” says Michael Laurie, vice president of Silanis technology. “In order for lenders and leasers to realize the full benefits of this technology, they need to address the remainder of their financial strategy which involves the sale or securitization of the obligations into the secondary market. The ApproveIt eTransaction Suite enables organizations to implement a fully automated financial strategy that eliminates the barriers introduced by creation, transfer and management of paper documents.”
All components of the ApproveIt eTransaction Suite are built around a single guiding principle of working the way people work today. Adoption is made easier for organizations, as the solution does not force them to re-engineer processes or take on new roles and responsibilities. Built to address how people interact within today’s business processes, the ApproveIt eTransaction Suite provides organizations with the choice of using unique configurations to address their respective roles in the financing process. This flexibility is critical, as different parties are responsible for various phases of the process.
“Lenders, leasors, title companies, and other service providers can now take advantage of an electronic transaction process to reduce the time and cost of executing documents using Silanis’ technology,” says Stewart Morris Jr, President of Stewart Title. “We see this as a process improvement that will clear the way for a better experience and reduced costs for the consumer, lender and other parties while reducing the paper necessary to get a deal done.”
Silanis Technology is the leading provider of solutions that automate the Business Approval Process. The company’s award winning desktop and server-based solutions leverage electronic signature and approval technology to achieve total automation. With over 1,000 customers across government, mortgage, auto finance, insurance, banking and FDA regulated industries, Silanis has over a decade of experience in developing and delivering solutions that work the way organizations do. Silanis' flagship customers include the US Joint Chiefs of Staff, US Army Medical Command, GMAC CM, and Stewart Title.
Mary Ellen Power
(514) 337-5255 ext. 1117