Incorporation of Medallion’s Proprietary Data Mining Into eSignSystems’ Electronic Vault Yields Key Loan Audit and Compliance Capabilities for Loan Originators
LEE, MA–(Marketwire – April 18, 2012) – eSignSystems™, a division of Wave Systems Corp. (NASDAQ: WAVX), announced today that Medallion Analytics has licensed and implemented the SmartSAFE™ electronic vault for use in its web-based mortgage audit and analytics solutions. SmartSAFE provides lifecycle management of electronically signed, legally-binding documents and records, meeting ESIGN and UETA compliance. The combination of Medallion and eSignSystems’ technology gives loan originators a break-through solution to automate the entire pre- and post-close loan origination audit and compliance process.
Medallion Analytics is a leading mortgage technology company providing compliance and control solutions across the entire loan origination process powered by proprietary quality control audit and data analytics tools. Medallion delivers the next generation of paperless mortgage processing with unique technologies that extract and analyze content from mortgage documents by converting images into usable information. All data is housed in the secure electronic vault licensed from eSignSystems.
“Lenders using Medallion’s solutions can identify data integrity and compliance issues in real time, eliminating manual reviews that drive up costs and processing time,” said John Ralston, Vice President, Product Management, Medallion. “Our technology allows for dramatically faster processing for borrowers while helping lenders reduce their cost while improving quality and compliance. The electronic vault is critical to Medallion’s solutions, as it assures the integrity of the documents and the data, which is critical for accuracy and compliance.”
Ralston said selecting eSignSystems’ SmartSAFE was an easy choice.
“We evaluated several partners, but none offered the full suite of electronic vaulting and e-signature capabilities we needed. eSignSystems’ powerful functionality and experience in the marketplace definitely contributed to our decision,” he said.
eDeliver, eSign & Conduct MERS eRegistry Transactions
Medallion has also licensed the SigningRoom application from eSignSystems to simplify the entire eDelivery and eSigning process. Users can now electronically sign and “seal” electronic documents securely with user name and password, making it convenient for all parties to remotely access and electronically sign important documents related to closing a loan. In addition, Medallion has also incorporated eSignSystems’ SmartCLOSE™, an optional module that extends the power of the SmartSAFE to include electronic integration to the MERS® eRegistry to register and track eNotes. MERS® is the industry-endorsed tracking tool for electronic mortgages.
“Medallion offers a revolutionary approach to mortgage closing — and one that brings efficiencies to the customer and end user alike,” said Kelly Purcell, Executive Vice President of Wave’s eSignSystems Division. “We’re pleased to have licensed our e-vault and e-signature applications to Medallion. Combined with Medallion’s unique data extraction technology, lenders can now more effectively capture and analyze information required throughout the origination process much faster and easier, significantly improving quality and compliance at the same time.”
eSignSystems, a division of Wave Systems Corp. (NASDAQ: WAVX), is a leading provider of lifecycle management of electronically signed, legally binding documents, contracts and digital transactions. SmartSAFE enables companies to manage business processes and transactions entirely online. Organizations can address certain regulatory compliance issues, improve productivity and efficiency in processing transactions, and achieve significant cost savings through the elimination of document transportation costs, processing and storage. For more information, visit www.esignsystems.com.
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Except for the statements of historical fact, the information presented herein constitutes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include general economic and business conditions, the ability to fund operations, the ability to forge partnerships required for deployment, changes in consumer and corporate buying habits, chip development and production, the rapid pace of change in the technology industry and other factors over which Wave Systems Corp. has little or no control. Wave Systems assumes no obligation to publicly update or revise any forward-looking statements.
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Mike Schultz, Message Infusion, LLC
David Hunter, eSignSystems