Baltimore, MD (PRWEB) September 29, 2008
In response to the increased stress on lenders' servicing infrastructures due to the unprecedented spike in processing loan modifications, eOriginal announced today the release of a significant new product enhancement to relieve the pressure on harried lenders and third-party loan servicing companies. As more mortgages and other consumer loans become distressed, customer service and collection departments are scrambling to cope with thousands of new requests each month to modify the terms of delinquent loans as an alternative to default, foreclosure or repossession. The eOriginal service offering may be used for mortgages, equity loans, vehicle loans, leases and other finance documents that need to be signed and can be operational in a matter of weeks.
The service is available now through the eOriginal® eCore™ On Demand (EOD) Software as a Service (SaaS) offering already in high volume production. Delivered through a plug-in web services interface that may be quickly embedded in existing lender or servicer web sites or portals, the solution provides options for single sign-on user authentication, document presentation, opt-in/consent, electronic signatures and the state-of-the-art eOriginal eCore electronic vault for compliance, security, auditing and access control for the signed documents. The service greatly reduces printing, paper, faxes, shipping, copying, distribution, QA, signature collection expenses and many of the other soft costs associated with mending or restructuring distressed loans. Clients can process more transactions without the need to hire additional administrators and IT staff or purchase any hardware or software.
"A fundamental challenge facing loan servicing organizations today is their inability to quickly develop and deploy solutions addressing unexpected changes in market conditions. More financial organizations are relying on outsourced point solutions to solve critical near-term problems as their IT team priorities and projects were determined months ago. The eOriginal loan document signature service provides rapid deployment of a complete solution with very little diversion of internal resources," explained Jack Stose, vice president of sales and marketing for eOriginal. "Our customers over the years have used our technology to securely close billions of dollars in new electronic loans. Now, we're also helping them stabilize their existing paper portfolios by fully automating their traditional loan modification processes."
The offering may also be used to process legally enforceable electronic customer signatures on forms such as:
- Refinancing Agreements and Renewals
- Add-on product sales (Insurance or Warranty)
- Payment schedules of balances due
- Soldiers and Sailors Act and other payment restructuring Agreements
- End of Term
- Transfer of Equity
- Auto Debit Enrollment
- Lease Odometer Statements
- Lease Voluntary Surrenders
- Rewrites/Renewals (Bankruptcy, Delinquency, Total Loss Affidavits)
- Opt-in to Electronic Statements
Once executed, banks, finance companies and loan servicing firms may maintain their signed documents in the SAS 70 Type II hosted eOriginal eCore™ electronic vault or transfer the documents to their own vault or secure repository or that of a third party custodian. eOriginal offers the service on a transaction fee basis with a low up-front investment.
eOriginal, Inc. provides advanced electronic signature and vaulting solutions which enable financial services companies to eliminate paper while legally protecting their assets as documents are held and transitioned throughout their lifecycle. eOriginal technology and processes create legally binding electronic signatures and electronic finance documents that are tamper-evident, auditable and legally enforceable. eOriginal technology provides compliance for managing electronic signatures and transferable records under E-Sign, UETA and the UCC. eOriginal customers, including top-tier banks, have processed more than 5 million electronic signatures on finance documents without a single system error or legal challenge. For more information, please visit http://www.eoriginal.com or call Pattie Newton-Pupo at (410) 625-5146.
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