a la mode will bring e-signature technology to tens of thousands of small business customers

SAN FRANCISCO, CA — The benefits promised by e-signature technology vendors and expected by industry watchers have been huge, while the results delivered have been – to put it mildly – disappointing. But one company, a la mode, announced plans today at the annual Mortgage Bankers Association (MBA) Conference & Expo to change all of this by speeding the adoption of electronic signatures by the thousands.

Getting the e-signature technology, once available only to the largest brokerages and originators into the hands of small businesses, will drive electronic mortgages and ultimately electronic real estate transactions by "seeding the market" from the ground up, a la mode Executive Vice President Scott Kinnaird said.

"We are the first company that will push e-signature technology into the hands of tens of thousands of small businesses, working professionals and mortgage service vendors that interact directly with consumers," Kinnaird said. "This will change everything concerning the adoption and real use of e-signatures."

a la mode recently announced it will offer legally-binding and standards-compliant digital-signing capability to its entire customer base of tens of thousands of real estate agents, mortgage brokers, inspectors, loan officers and appraisers, who use the company's XSites Network. The majority of the company's customers are small businesses connected to its network of Appraiser XSites, Mortgage XSites, Agent XSites and Inspector XSites. The software will be distributed to the entire network via a digital signing toolkit and e-signature included.

When the Electronic Signatures in Global and National Commerce Act (ESIGN) became law four years ago this month, many hailed it as nothing less than the dawn of a new era of electronic commerce for the mortgage and real estate industries. However, two things have been sorely lacking, according to Kinnaird: traction and adoption. Until now.

"Fortune 100 companies talk about dipping their toes into e-closings and e-mortgages all the time," Kinnaird said. "But for years, we haven't seen the promise fulfilled. Now, thousands of small businesses and even more working professionals have this capability, which will greatly enhance adoption. And when the cost and efficiency benefits are realized by our XSites Network users and their customers, customers will demand nothing less.

"This is really the last mile in e-closing capability," Kinnaird said.

Many analysts, meanwhile, agree e-signatures are the vital step toward fulfilling the promise of totally online – and hence, paperless – mortgage and real estate transactions.

"This is a significant step for the entire real estate industry," said Frank Cook, publisher of Real Estate Intelligence Report, a respected industry newsletter. "What's different here is that technology that was once only available to the largest firms and mortgage originators is now available to small businesses and individual brokers and agents," Cook added.

a la mode recently signed an agreement to use Wave's eSign Transaction Management Suite (eTMS), which allows a la mode's XSites users to manage business processes and transactions entirely online, without the need for time-consuming and costly ink signatures and paper storage, overnight mail or expensive traditional delivery services. By using eTMS, real estate and mortgage industry professionals can create, sign, store, access and manage the lifecycle of legally-binding electronic records, all within the framework of laws governing e-signature and e-records.

Electronic signatures and related technology will enable all participants in mortgage and real estate transactions to more efficiently process documentation, reduce redundancies, and remove inefficiencies related to data entry, document preparation and transmission. Ultimately, consumers will benefit from higher standards of service and lower costs.

"Years ago, the big players were wrangling over Electronic Data Interchange (EDI) and how to profit from vendors being able to send paperless mortgage documents securely and electronically. We developed a free, secure EDI solution that was instantly adopted by our tens of thousands of appraiser customers, and today pay for play models don't fly," he said.

"We're going to revolutionize e-signatures the way we did EDI," Kinnaird promised. "XSites users are now on a level playing field with the big players when it comes to the efficiency and security of e-closings."

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About a la mode

Founded in 1985, a la mode develops desktop tools, mobile tools, web sites for real estate professionals, mortgage brokers, and appraisers. a la mode's flagship product, WinTOTAL form-filling software for appraisers leads the residential appraisal industry. a la mode's Mercury Network, a vendor management platform for lenders, provides the most experienced local appraisers in an HVCC-compliant, easy-to-use loan ordering and management application. a la mode's mission-critical products are used by hundreds of thousands of appraisers, agents, inspectors, and lending professionals to complete the nation's real estate transactions. The company's state-of-the-art offices are located in Salt Lake City, Oklahoma City, and Washington, DC. To learn more, visit www.alamode.com.