|Streamlined electronic loan modification signing system deployed|
Streamlined electronic loan modification signing system deployed
AuthoSign is a custom deployment of eSignSystems' SmartSAFE electronic signing and management software that has been integrated directly into IntelliMods, a loan modification decisioning solution from CoreLogic.
IntelliMods will now be able to upload a single loan or an entire loan portfolio within minutes to qualify loan modifications, output documents, and send them to the borrower. This presents significant cost savings for the mortgage banking industry, which has completed more than 5.82 million permanent loan modifications since 2007 as reported by HOPE NOW www.hopenow.com.
The AuthoSign integration with IntelliMods shortens the loan modification process by several days, or possibly weeks, for significant time and cost savings over traditional paper-based loan modification decisioning systems. Additionally, AuthoSign tracks and creates action alerts for each individual participating in the mortgage process and hosts the entire signing ceremony online. Every transaction is logged for retrieval by IntelliMods, ensuring comprehensive tracking of every user and signer's activity within AuthoSign.
Maintaining an electronically signed record is essential to the integrity of a legally binding transaction. With AuthoSign, all records are verified and authenticated from eDelivery through eSignature and eRetention. This ensures that the access or signing credential (i.e., digital certificate, username or password) is verified and that the records remain free from tampering. Additionally, AuthoSign continuously updates the status of the loan modification's execution for real-time reporting.
AuthoSign also supports signer access to electronically signed documents as required by the ESIGN Act. To meet the ESIGN Act's legal and compliance requirements, users may access and print certified copies, while the actual archived, eSigned document is left untouched. Authorized individuals can manage, search, transfer and share electronic files, signed or unsigned, via the web. All records are available to all interested parties in a secure and compliant environment.
[This article was posted on December 18, 2012, on the website of ABA Banking Journal, www.ababj.com.]
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