Stewart to Empower Lenders to Conduct Complete Electronic Mortgage Transactions through SureClose?
San Diego, CA, October 19, 2003 – Silanis Technology, the leading provider of solutions that automate the Business Approval Process, announced today the addition of Silanis’ ApproveIt Transferable Records Manager into Stewart Title’s strategy for facilitating end-to-end electronic mortgage transactions through SureClose, Stewart’s secure real estate communication and transaction management system (TMS).
The addition of the Transferable Records Manager capability ensures that Stewart Title’s lender customers that want to take full advantage of time- and cost-efficient electronic transactions will be able to manage the post-closing electronic delivery and transfer of ownership of their electronic mortgages through SureClose. Moreover, the solution provides assurance to lenders that the requirements of authoritative copy, ownership, and transferable records as prescribed by E-SIGN, UETA, and UCC Art. 9 are met, with no additional investment into technology by the lender. Lenders will now be able to close loans electronically, store electronic files, and transfer documents electronically to their investors, resulting in reduced document-in-transit costs, eliminated data re-keying errors and faster closing and loan delivery times to investors.
“Stewart Title is dedicated to enhancing the real estate transaction process,” said Stewart Morris Jr, president and co-CEO of Stewart Information Services Corp. “With e-signature technology, we intend to reduce the time and cost to close for the lender and to improve the customer experience in buying, selling, and in borrowing using e-mortgage technology.”
Stewart Title and Silanis have been working together to refine the paperless mortgage closing process through the integration of Silanis' ApproveIt Web Server solution into SureClose. To make it even easier for its lender customers to leverage the full benefits of the electronic mortgage, Stewart Title has expanded its license of Silanis' solutions to include the ApproveIt Transferable Records Manager. By hosting this solution and integrating it into SureClose, lenders will be able to process totally electronic mortgages, from eClosing through eDelivery to secondary market lenders and investors.
"The addition of support for transferable records management and the further integration of our solutions helps to strengthen the opportunities for electronic transactions within the mortgage market," said Michael Laurie, vice-president and co-founder of Silanis. "As the bridge between origination and recording, Stewart plays a critical market role. This addition only helps to add value for their lender customers.”
Stewart Information Services Corp. (NYSE-STC) is a technology driven, strategically competitive, global real estate information company. Stewart provides title insurance and related information services through more than 6,900 issuing locations in the United States and several international markets. Stewart meets the needs of the real estate and mortgage industries through the delivery of information services required for settlement using e-commerce. These services include title reports, flood determinations, document preparation, property reports, background checks and online property auctions. Stewart also supplies post-closing services to lenders, automated county clerk land records, property and land ownership mapping, and GIS for governmental entities. Stewart provides expertise in tax-deferred exchanges. More information about Stewart can be found at http://www.stewart.com/.
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 [email protected]