SOURCE: Wave Systems Corp.

Wave Systems Corp.

March 24, 2011 08:32 ET

eSignSystems' New SmartSAFE Release Improves Efficiency & Transparency of Electronic Mortgage Transactions

eSigning and eVaulting Software Includes Full Integration With MERS Electronic Registry 7.0; New Safeguards Help Protect Warehouse Lenders Through Funding

LEE, MA--(Marketwire - March 24, 2011) - (MBA National Technology in Mortgage Banking Conference) -- eSignSystems, a division of Wave Systems Corp. (NASDAQ: WAVX), will debut the latest version of its award-winning SmartSAFE™ Bundle for creating, signing, storing, accessing and managing the lifecycle of electronic mortgage documents during next week's MBA National Technology in Mortgage Banking Conference and Expo 2011 (at the Westin Diplomat Resort & Spa in Ft. Lauderdale, Fla.).

Traditional mortgage lending processes utilize antiquated, paper-intensive work processes that are slow and cumbersome. Frustration with these inefficiencies has led many lending institutions to adopt electronic mortgages, which reduce and can even eliminate physical paper handling. This lowers costs, accelerates work processes, mitigates risk and improves regulatory compliance. 

"During the foreclosure crisis of the last few years we saw many instances where the original and subsequent paperwork was lost, destroyed or misfiled when loans were bought and sold," commented Kelly Purcell, Executive Vice President for Wave's eSignSystems division. "Mortgages are sold several times throughout the life of a loan, and electronic mortgages address the problem of the 'lost note,' while improving efficiency in the process."

Electronic mortgages simplify and speed the mortgage process. All required paperwork is originated in electronic form, and is transferred along with any change of loan ownership. Quality and compliance is improved because the original data from the loan application and disclosure is reconciled with the loan closing documents. Electronic mortgages offer the added benefit of giving all secondary market participants, from the buyer, sellers and servicers, real-time access to all loan data.

"Widespread adoption of electronic mortgages effectively puts the documents and signatures in the hands of both the current owner of the mortgage and the consumer," Purcell added. "The enhancements we've made to SmartSAFE 5.04 make electronic mortgages a reality for today's lender."

The Mortgage Electronic Registry System (MERS®) was created by the banking industry as an electronic means to easily identify and track individual mortgage loans and the information related to those loans. MERS eRegistry tracks where official copies of electronic mortgage documents are stored and who services each loan.

SMARTSAFE 5.04: INTEGRATION WITH MERS eREGISTRY 7.0, IMPROVED REPORTING, CAPACITY & 64-BIT SUPPORT
The latest version of SmartSAFE offers enhancements that streamline electronic mortgages. These include:

  • ADDED PROTECTIONS FOR WAREHOUSE LENDERS THROUGHOUT FUNDING - The SmartCLOSE™ module expands the SmartSAFE Bundle, integrating electronic delivery and electronic registration with MERS eRegistry7.0. SmartSAFE 5.04 features added functionality to firmly establish Transfer of Control (ownership of the loan) at the initial stages and throughout the funding process. The originating lender can now fund a loan within 24 hours versus the average 17 days for paper-based mortgages.

  • IMPROVED REPORTING - The SmartCLOSE module features a simplified MERS eDelivery report that now includes expiration notices. Recipients can see high-level completion status for pending tasks. Transaction logs show MERS inquiry calls. 

  • GREATER CAPACITIY FOR FOLDERS - SmartSAFE has been expanded to hold more than 4 billion folders.

  • SUPPORT FOR 64-BIT OPERATING SYSTEMS - Customers can now run the latest Microsoft operating systems on the latest hardware platforms to optimize performance. The SmartSAFE Bundle has been fully tested and certified to run on top of 64-bit Windows operating systems.

For additional information on SmartSAFE, or to arrange a briefing or demonstration at the MBA show, contact David Hunter at 609-297-4037 or dhunter@esignsystems.com.

The MBA National Technology in Mortgage Banking Conference & Expo 2011 is the industry's leading technology-focused event and a forum to learn about the newest industry solutions. The conference focuses on relevant topics, including legal/regulatory updates, eMortgages, investor reporting changes and advances such as mobile computing. This year's conference includes session tracks on data quality, eLending, legal/regulatory issues and technology innovation.

About eSignSystems
eSignSystems, a division of Wave Systems Corp. (NASDAQ: WAVX), is a leading provider of lifecycle management of electronic legally binding signed documents, contracts and digital transactions. SmartSAFE Bundle 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.

Safe Harbor for Forward-Looking Statements
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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