E-signatures move to front burner.Document Systems, Inc. (DSI (Dynamic Systems Initiative) An umbrella term for a suite of Microsoft products that help manage the Windows environment in large enterprises. DSI was introduced in 2003. ), a developer of mortgage technology for compliant loan document preparation and customer contact management, reports that there has been a marked increase in the number of mortgage lenders seriously exploring electronic signatures in 2006. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Terry Van Bibber bib·ber n. A tippler; a drinker. [From bib.] , president of Safedocs, "the industry will see mainstream adoption of e-signatures in 2007." DSI and Safedocs have an existing alliance through which the companies have been providing digital document work flow solutions and fully electronic mortgage closing packages to lenders for over a year. Van Bibber has been retained by DSI to consult with the company and its in-house legal compliance department on electronic signatures. "There is a great deal of piloting going on right now," Van Bibber said. "People are testing the waters. The number of lenders that are now in conversations about moving into electronic signatures has increased tenfold over this time one year ago. This convinces us that the industry will see mainstream adoption of electronic signatures in 2007." Van Bibber said there are three primary reasons lenders have moved this issue to the front burner now: First, the business community now fully understands the legal aspects of electronic signatures. Many industries have made good use of the freedom that the eSign and UETA UETA Uniform Electronic Transactions Act laws provide. Meanwhile, organizations such as the Mortgage Industry Standards Maintenance Organization (MISMO MISMO Mortgage Industry Standards Maintenance Organization MISMO Maintenance Interservice Support Management Office ), the Property Records Industry Association (PRIA PRIA Public Relations Institute of Australia PRIA Property Records Industry Association PRIA Põllumajanduse Registrite Ja Informatsiooni Amet (Estonian) PRIA Protecting the Rights of Individuals Act PRIA Private Attributes ) and Standards and Procedures for electronic Records and Signatures (SPeRS) have provided industry-specific guidance for the real estate finance industry. Secondly, the technology has now been proven and is in daily use by a number of companies. Finally, the industry pressure to cut costs is increasing and digitizing workflows has been shown to be very cost effective. Taken together, Van Bibber says these three drivers will push e-signatures into the mainstream next year. "Lenders are very interested in this technology right now," said Don Iannitti, founder and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Document Systems Inc. |
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