Interface enhances digital closing capabilities for mortgage lenders
SAN DIEGO, Oct. 20, 2003 - Document Systems, Inc. (DSI), a developer of software, tools and Web-based systems for the production of compliant loan document packages, and Safedocs, a Walnut Creek, Calif.-based, end-to-end Web-based closing and post closing solution utilizing biometric signatures and digital notary seals, today announced at MBA's 90th Annual Convention & Expo, the completion of a custom interface between the Safedocs System™ (SDS) and DSI's DocMagic®. This interface creates the most widely accepted document closing solution in the industry that will significantly reduce the cost of lending by lowering the cost to fund real estate loans.
The alliance creates a compliant, secure solution that allows more than 10,000 existing DSI clients to immediately start digitally executing closing loan packages. Safedocs is the original 1999 application service provider (ASP) closing model that reduces integration time to days rather than months for any loan origination system (LOS) or stand-alone application. DSI and Safedocs have created the only truly local, state and federally compliant document solution that incorporates the industry's best biometric authentication technology that has been used to execute millions of legal documents.
The interface brings together flexible document printing capabilities, a library of industry standard documents and the ability to create customized documents. It enables remote closings, digital recordings, history of loan documents throughout the closing process and the delivery of post closing documents.
The SDS safely and seamlessly sends, tracks and executes loan documents between lender, title and escrow firms, recorders and secondary investors. The interface between Safedocs and DSI enables lenders using the SDS digital solution for the loan closing and post closing workflow to retrieve compliant documents from DocMagic, a closing loan document production software system that provides an efficient system for producing and delivering customized loan documents. While in the SDS, lenders are able to securely upload compliant digital documents from DocMagic into the SDS and then execute them for the closing and post-closing workflow process. Once the documents are brought into the SDS, they are biometrically signed, digitally notarized, sealed and wrapped to protect them from tampering and digitally stored.
"Our relationship with Document Systems, Inc. enables us to offer the lending industry a solution that is cost effective, flexible to integrate new and existing technologies and is available today," said Terry Van Bibber, president of Safedocs. "The ability to seamlessly transfer and deliver electronic documents into an ASP model is a proven solution that will reduce the cost of lending and the need for paper documents."
"This interface is important in that it delivers eMortgage capabilities today with technology our customers already have in place and are comfortable with," said Don Iannitti, president and CEO of Document Systems, Inc. "With this competitive edge, our customers will increase market share over competitors who may not have the capability of digitally closing loans."
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