""SigniaDocs"":http://www.signiadocs.com, a national eMortgage and document solutions provider in Dallas, now provides an automated system to address the warehouse lending process.
[IMAGE] ""Warehouse lending in the paper world has certainly been reduced due to the financial crisis of the past few years,"" said Paul Anselmo, CEO of SigniaDocs. ""Warehouse lenders are understandably risk-averse by nature, and the Ã¢â‚¬Ëœwet funds' advance required for closing under today's slow paper process just adds to their concerns. Being able to shorten a 24-48-hour process down to seconds will certainly provide new comfort.""
SigniaDocs' eVaulting and eClosing system for originating lenders can interface with any warehouse lender's eVault using MISMO standards and the MERS eRegistry and eDelivery systems.
Harry Gardner, chief strategy officer of SigniaDocs, explained, ""During the closing process, as soon as the eNote[COLUMN_BREAK]
is signed, our eVault automatically performs a series of steps: The eNote is registered on the MERS eRegistry on behalf of the lender, a copy of the eNote is delivered to the warehouse lender's eVault, and the lender transfers Control and Location -- the equivalent of ownership in the paper world -- to the warehouse lender. All of this happens within seconds under automated control.""
According to SigniaDocs, the entire warehouse lending process, from origination to investor purchase and replenish of the warehouse line, is complete within a couple of days. An originating lender can turn over a warehouse line every two days instead of the typical 14 days in the paper world.
""CMG Mortgage"":http://www.cmgfs.com/, based in San Ramon, California, recently began originating production eNotes using the SigniaDocs system funded by warehouse lender ""Cooper River Financial"":http://www.cooperriverfinancial.com/ and sold them to Fannie Mae.
Garnder says SigniaDocs has worked closed with Cooper River Financial and CMG to provide them with an eWarehouse solution with maximum assurance and minimum risk.
""SigniaDocs has been great to work with,"" said Kim Callas, COO for CMG. ""They were able to set up our eVault and get us certified on the MERS eRegistry very quickly, and they guarantee the legal compliance of their documents, so we don't have to worry about keeping up with all the regulatory changes. Now we're looking forward to ramping up production over the next few months and making this a standard everyday business process.""