a la mode’s digital signature sparks interest at technology conference

Our new digital signature capability was well received last week when we were invited to discuss the ever-popular topic of electronic real estate transactions at the E-Records and E-Signatures: Emerging Technology and Business Applications in Financial Services conference held Nov. 8-9 at the Crown Plaza Hotel in Washington D.C. The conference, sponsored by the Electronic Financial Services Council and Glasser LegalWorks, focused on the latest developments in electronic signatures and records.

Attendees learned what the mortgage banking industry is doing to facilitate online shopping, ongoing efforts to originate e-mortgages and sell them to Fannie Mae and Freddie Mac and talked with colleagues about the paths they are following to realize the efficiencies and economies that electronic transactions provide for their companies.

Once any company has made the decision to go online, selecting the right signature technology that balances security and authentication with ease of use is a critical decision. Our counsel, Jennifer Sides, discussed our digital signature technology in a panel session entitled, "Which Signature Technology is Right for Your Company?" along with representatives from Wells Fargo and Principal Financial Group.

How our e-signatures work
Launched at the Mortgage Bankers Association annual conference last month, Sides explained that our legally-binding and standards-compliant digital-signing capability uses Wave System's eSign Transaction Management Suite (eTMS), allowing XSites users to manage business processes and transactions entirely online – without the need for ink signatures.

"Our digital signature system creates, authenticates, signs, stores, and provides ongoing access and lifecycle management of digitally signed documents such as Mortgage 1003s and purchase contracts," Sides told the audience.

Using their DirectFax™ Document Manager, mortgage brokers and borrowers can convert paper documents to PDF and/or simply upload existing PDF documents. Once in the loan file, the broker tags the document for signing using the "Signatures" button on the toolbar.

Once the document has been "tagged" for signing, an e-mail is sent to the borrower informing them that a document needs to be signed with a link to get back their personal login area on the broker's XSite. A panel will show the borrower documents related to their loan with an icon indicating which documents need their digital signature. Clicking the "sign" link will prompt the Document Signing Wizard to load and will walk the borrower through the signing process. The authentication and signing process is identified by the registered trademark SmartSignature.

Security issues addressed
With the rise in identity theft on and off the Internet, security and authentication have become crucial issues to address with any digital signing capability. Panel Moderator Frank Supik of Buckley Kolar LLP asked how our technology ensures that the correct user is being authenticated.

"The first step in preserving document integrity is to verify the identity of the parties involved," Sides explained. "Our authentication process requires the collection of certain key information from the individual user, which is then transmitted by Wave to Equifax for a data integrity check. In addition the user is presented with an interactive query questions regarding his or her credit history. Once the individual is authenticated, Wave securely transmits a certificate request to its Certificate Authority (CA). The CA will create the digital certificate immediately and Wave will present it to the user for installation."

Further, unlike many of our competitors, our e-signature platform uses a Public Key Infrastructure (PKI) system, which seals the transaction in the most secure way available today. The PKI system integrates digital certificates, public-key cryptography, and certificate authorities into a total, network security architecture. A typical PKI includes the issuance of digital certificates to individual users and servers; end-user enrollment software; integration with corporate certificate directories; tools for managing, renewing, and revoking certificates; and related services and support.

Just doing our job
Our digital signature system certainly sparked the interest as we were the only company at the conference providing such technology to mass markets. But we think of it as just another service that will help our customers run their businesses more efficiently.

As Sides puts it: "In keeping with a la mode's business objective of providing our customers (mortgage brokers, appraisers, agents and field inspectors) value-added services consisting of best of breed technologies, E-signatures was at the top of the list to maintain our commitment to lead, not follow, as it relates to emerging technologies."