Madison Capital LLC, a long-established mid-size leasing and finance company, was looking to completely streamline its business process. Utilizing an online lease origination system, Madison had begun the transition from all-paper leasing to electronically generated lease documents, but continued to print leases to paper for final signature and storage purposes.
Madison selected eOriginal’s on-demand eLeasing solution providing the ability to add electronic signature and electronic vaulting to its current business process, thus eliminating the print-to-sign requirement while ensuring the continued legal integrity and negotiability of contracts. The eOriginal solution was implemented without IT involvement, additional personnel, or extraordinary up-front budget requirements. Because the eOriginal software is a hosted solution, Madison simply adjusted its internal processes to allow the documents generated by the existing system to be shared with the required signers as PDFs from a secure portal, where each signer can log on, preview documents, and apply an electronic signature to execute the documents.
Instant email notification manages the workflow process and lets Madison know when all signatures have been applied and the lease is ready to fund, which is also done electronically. Once signed, the leases are deposited into the eOriginal electronic vault, which maintains the electronic originals via controlled access managed by a Madison administrator—thus ensuring that the documents remain legally admissible, enforceable and negotiable as required by law.
Madison cut overall processing time by nearly 30 percent, errors and omissions are significantly reduced and missing signatures are virtually eliminated. Leases are finalized in one day rather than a week or more, and there are no more lost documents or errant shipments. Closing rates are up 40 percent, and brokers and vendors are being paid within minutes of closing, rather than days or even hours. Reaction from customers, vendors and other constituents who are party to the lease has been 100 percent positive.
For more information: www.eoriginal.com, Samantha Moritz, 410-625-5147, firstname.lastname@example.org
Stewart Title Co., the fourth-largest title company in the US, has more than 6,200 locations across the country that issue title insurance and manage real estate escrow and closing transactions. Like many in this market, the company was swimming in a sea of paper. Although steps had been made towards automating the mortgage closing process through the Sureclose Transaction Platform, that allows parties to share documents and receive updates, Stewart recognized a completely paperless closing process would require e-signatures and e-vaulting.
The challenge was to find a solution that could handle document review, signing, notarization/witnessing, recording, and manage negotiable instruments (mortgage notes). It also needed to be easy-to-use for consumers and notaries and had to be web-based, to provide electronic closing capabilities to anyone, anytime, anywhere.
To address all these requirements, Stewart turned to Silanis Technology. The eClosingRoom, powered by Silanis’ ApproveIt platform, supports the variety of document types and signing environments involved in a mortgage closing. Using only a browser, customers are able to review and e-sign non-notarized documents from the comfort of their home prior to arriving at the closing. This significantly reduces the amount of time spent at the closing table making buyers and sellers happy. At the closing table, parties sign in person using a signature pad while notaries sign with a password-protected file that contains a captured, digitized handwritten signature, the Notarial seal or stamp and a digital certificate.
As the first Title Company to offer an eClosing platform, Stewart Title has forged new ground, making eMortgages a reality. The elimination of paper enables title offices to eliminate the cost and inconvenience of managing paper, reduce errors and omissions and lead to a significant increase in transaction capacity at each office—without adding resources.
More information: www.silanis.com, Andrea Masterton, 604-787-7453, email@example.com