eSignLive Drives the Market for Electronic Mortgage Closings
Developing the standards, products, alliances, and customers to drive electronic mortgage closings by year-end
MBA National Technology in Mortgage Banking Conference, Phoenix, AZ, March 14, 2004 — Silanis is driving the market toward electronic closings. The leader in automating business approval processes, Silanis is involved in developing industry standards. As a result, Silanis is developing products, forming alliances and working with customers to drive end-to-end electronic mortgage transactions by the end of 2004.
Delivering Total Solutions
Silanis is the only vendor that delivers proven solutions for automating approvals within all phases of the mortgage process. Silanis has a broad suite of compatible solutions, including ones that are used today by consumers to review and approve mortgage application documents over the web, straight through to products that document custodians use to manage transferable records, like the mortgage note. These same solutions are currently in-use by lenders for the automation of consumer signing and the management of electronic chattel within the auto finance market. In addition, Silanis also develops electronic approval solutions that can be leveraged across the lender’s enterprise for the automation of approvals within other departments, such as procurement and human resources.
Developing and Supporting Standards
The advancement of standards within the mortgage industry has positioned market players, such as lenders and custodians, to leverage technology to achieve the benefits of automation.
Silanis is actively involved in the development of mortgage industry standards and is an active participant in the Mortgage Electronic Registration System (MERS) E-Registry Development Advisory Team. Silanis also sits on the Mortgage Industry Standards Maintenance Organization (MISMO), the Mortgage Bankers Association Board of Directors Technology Steering Committee (MBA BoDTech) and the Board of the Secure Identity Services Accreditation Corporation (SISAC), and is a Drafting Committee Observer with Standards and Procedures for Electronic Records and Signatures (SPeRS), an initiative of the Electronic Financial Services Council.
As an active industry standards participant, Silanis is committed to supporting emerging market standards. Support for the recently announced Version 1.2 of the MISMO SMART Doc standard is supported in the company’s ApproveIt Web Server product, which is used for mortgage application and closing documents by many lenders.
Silanis will also support the MERS eNote Registry, which is due to come online in April of 2004. Using the Silanis ApproveIt Transferable Records Manager, lenders will be able to register mortgage notes with the MERS eNote Registry. ApproveIt Transferable Records Manager can also be used to manage mortgage notes throughout their lifecycle with the product’s eVaulting functions.
Connecting the Market
“Silanis is connecting borrowers, lenders, and investors in a completely electronic process,” said Michael Laurie, vice president of Silanis. “This allows lenders to streamline processes, fund loans faster, and drive down the overall cost of lending while providing better customer service.”
Silanis is optimally positioned to connect the market for electronic closings. As a partner of choice for customers such as Stewart Title, Silanis is delivering solutions that are in use today to streamline e-mortgage processes. Through alliances with eLynx and ACS, Silanis is also working toward connecting critical market players to facilitate end-to-end transactions.
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. Government customers include NIH NIAID, USPS OIG, US Mint, and an enterprise license with both the US Joint Chiefs of Staff and the US Army.
Mary Ellen Power
(514) 337-5255 ext. 1117