Silanis Announces a Comprehensive, Electronic Vault Management Platform for the Mortgage Industry

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Silanis Technology, the leader in enterprise electronic signature solutions for the financial industry, today announced a new electronic vault management platform for the mortgage industry. Named ApproveIt® Transferable Records Manager, the platform manages electronic mortgage processes, including MERS e-note registry, secure document storage and authoritative copy control of e-notes from electronic closing to transfers between lenders and the secondary market. Moreover, the platform handles the flow and exchange of electronic documents while meeting all compliance requirements, mortgage standards, and investor policies.

Silanis removes the risks, development hurdles, and costs of moving paper-based, mortgage processes into the electronic world

- Silanis Technology, the leader in enterprise electronic signature solutions for the financial industry, today announced a new electronic vault management platform for the mortgage industry. Named ApproveIt® Transferable Records Manager, the platform manages electronic mortgage processes, including MERS e-note registry, secure document storage and authoritative copy control of e-notes from electronic closing to transfers between lenders and the secondary market. Moreover, the platform handles the flow and exchange of electronic documents while meeting all compliance requirements, mortgage standards, and investor policies.

"Silanis removes the risks, development hurdles, and costs of moving paper-based, mortgage processes into the electronic world," said Michael Laurie, co-founder and vice-president of Silanis, and a past member of both the Mortgage Bankers Association Board of Directors Technology Steering Committee and a current board member the Electronic Signatures and Records Association.

ApproveIt Transferable Records Manager introduces a standardized approach for communicating with the MERS e-note registry, and has been subject to legal review with regards to its ability to control transferable records as required by ESIGN & UETA, explains Laurie. It's also the only product on the market to offer a comprehensive and flexible solution in one convenient platform.

"When we first began designing ApproveIt Transferable Records Manager for our customers, we quickly realized it had to do more than just register MISMO-compliant e-notes with MERS and securely store electronic documents," said Laurie. "It also had to manage and track the movement of electronic documents as they changed owners, and it had to transfer e-notes between e-vaults with the assurance that they are the authoritative copies.

"Another requirement that came out of our discussions with customers is the need to have the same flexibility that exists in the paper world with regards to who takes custody of the documents, and how loans are pooled. ApproveIt Transferable Records Manager delivers on all fronts."

As an enterprise solution that is designed to support the way financial institutions operate today, ApproveIt Transferable Records Manager gives lenders the flexibility to take custody of and store electronic contracts in their own secure, electronic vault where they maintain management and control. ApproveIt Transferable Records Manager is also ideal for document custodians and mortgage service provider platforms since its unique registry architecture allows the electronic documents to be segregated into sub-groups and stored in their own corresponding e-vaults for management and tracking. Because the system's multiple, distributed e-vaults are supported by a common management structure, deployment and administration costs are kept to a minimum.

ApproveIt Transferable Records Manager supports all MISMO-compliant SMARTDocs and Adobe PDF™ generated by today's document preparation systems and can interoperate with any web-based, electronic signature and e-closing system. This includes Silanis' own ApproveIt® Web Server and solutions from other providers.

ApproveIt® Web Server fully automates transactions requiring the presentation, signing and delivery of regulated or legally enforceable documents over the web. As a zero-download solution, only a web browser is required to electronically deliver, review, and sign documents over the web or in a point-of-sale environment. The solution is ideal for: closing a real-estate/mortgage transaction; signing real estate agent contracts at a real estate agent's office; presenting and signing loan applications over the web; and reviewing and signing non-notarized documents over the web prior to closing.

The benefit of using the ApproveIt platform is that it provides financial institutions, mortgage lenders, real-estate brokers and service providers with a SINGLE, enterprise solution that they can license to support ALL of their needs for electronic signatures, document delivery, and electronic vault management. Silanis' ApproveIt platform has also been in production for processing loan applications since 2002, and mortgage and real estate closings since 2005.

About Silanis
Founded in 1992, Silanis Technology Inc. is the largest and most experienced provider of electronic signature solutions. More than 1,100 government and commercial organizations, representing two million users, depend on Silanis' solutions to accelerate operations, improve service, and reduce costs. The company's solutions not only eliminate the inefficiencies of paper, they provide reliable and auditable business records needed to demonstrate compliance with applicable laws, standards, regulations and policies. http://www.silanis.com.

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