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SigniaDocs Offers eNotarization, Identity Fraud Protection for Mortgages

Two Texas companies, ""SigniaDocs"":http://www.SigniaDocs.com, a provider of electronic mortgage services, and ""World Wide Notary"":http://www.wwnotary.com, a provider of electronic notarization, announced on Monday that they have integrated their platforms to support eSignatures and eNotarizations for any mortgage document or document set.
According to SigniaDocs, the partnership with World Wide Notary allows the company to now offer complete eClosing processes and ends the need to print documents for notarization. SigniaDocs says it is one of the first to effectively support eSigning for notaries.
The seamless integration of data, from loan origination systems through MERS registration (Mortgage Electronic Registration Service), eliminates many errors that can result from fragmented paper-based systems. The resulting blend of capabilities means that lenders essentially never have to print mortgage documents requiring signatures by borrowers, so mortgage transactions remain electronic from start to finish, SigniaDocs explained.
The streamlined electronic process allows borrowers to review and click-to-sign their mortgage documents, now with an eNotarization when necessary. According to SigniaDocs, this provides borrowers with better transparency and understanding of their transaction, and allows for the closing to be completed within minutes. SigniaDocs says that the eSigning process is far simpler, faster, more secure and accurate than the vast majority of paper-based signings that routinely take more than an hour to finalize.
Speaking of the two companies' integrated platforms, Bob Rice, CEO for World Wide Notary, said, ""With our combined pricing model, any mortgage company can participate in eMortgages with virtually zero start up costs and at very economical price points per loan.""
Tim Anderson, president of SigniaDocs, added, ""Adoption of eMortgages has been slow because borrowers are inconvenienced when asked to do some documents electronically and still have to paper-out and ink sign others with a notary. This has been referred to as a ‘hybrid’ eMortgage because most systems today still do not support eNotary. Now we can keep virtually all the documents and processes totally paperless and deliver the same customer experience to the borrower, from eDisclosure to eClosing.""
Anderson adds that for jurisdictions that support eRecording, lenders never have to paper-out any documents. The legal version can be retained in SigniaDocs’ secure eVault indefinitely for future reference for reporting, audit requirements, second mortgages or refinances on the loan, or other actions that may be required.
Anderson also notes that with SigniaDocs' electronic process, lenders are protected from transaction pitfalls, like missing signatures or expired notary commissions, thanks to inherent capabilities that are lacking in paper ones.
Anderson explained, ""We’ve seen the trend lately where borrowers later claimed that certain provisions of their loans were not adequately explained to them. Especially in light of the pending new RESPA requirements, lenders can customize a specific disclosure that borrowers must execute with eInitials to acknowledge their understanding of their interest rate, terms, and other specifics. This additional measure of protection can be of great assistance if challenged later.""
SigniaDocs also recently announced that it now supports integration to an ""Equifax"":http://www.equifax.com ID verification engine to offer lenders a new level of security in electronic mortgage transactions. According to SigniaDocs, a recent report said the number of identity fraud victims increased 22 percent to 9.9 million adults in the United States in 2008, and is becoming a growing concern for mortgage lenders.
The technology, called Equifax Secure’s eIDverifier, is a remote authentication process providing verification of online mortgage applications, making them as secure as off-line, one-on-one identity verification, SigniaDocs explained. With this capability, SigniaDocs said users are ensured that borrower identification is complete, secure, and compliant with the Federal Trade Commissions’ Fair and Accurate Credit Transactions Act’s (FACTA) red flag rules.
Anderson said, ""The Obama Administration is taking steps to make certain these [identity] concerns don’t hamper the housing recovery."" Anderson also noted that all financial institutions regulated by the Office of the Comptroller of the Currency, the FDIC, Office of Trift Supervision, and National Credit Union Administration are all required to comply with FACTA.

About Author: Carrie Bay

Carrie Bay is a freelance writer for DS News and its sister publication MReport. She served as online editor for DSNews.com from 2008 through 2011. Prior to joining DS News and the Five Star organization, she managed public relations, marketing, and media relations initiatives for several B2B companies in the financial services, technology, and telecommunications industries. She also wrote for retail and nonprofit organizations upon graduating from Texas A&M University with degrees in journalism and English.
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