SOURCE: Wave Systems Corp.

October 20, 2008 09:28 ET

Wave Introduces Advances to Its Electronic Signature and Vaulting Software for Mortgage Industry

Electronic Transaction Management Suite (eTMS) Now Offers Integration With Mortgage Electronic Registry System (MERS®) and Document Notarization

LEE, MA--(Marketwire - October 20, 2008) - Wave Systems Corp. (NASDAQ: WAVX) today announced enhancements to its electronic signature and vaulting software, offering mortgage lenders a complete solution from origination to closing that can address many critical shortcomings of traditional paper processing. With the latest enhancements to eTMS, lenders can now securely deliver, track and sign disclosure documents electronically. Closing documents can be signed and notarized in a secure environment and the note then registered through MERS, the industry endorsed system for electronically tracking mortgage ownership and servicing rights.

E-Mortgages are designed to offer lenders protection against borrowers claiming not to have understood their debt obligation. With e-signing and e-mortgages, lenders can now require electronic initialing on key line items -- a critical feature for refuting borrower calls to nullify the loan. eTMS, now with its optional SmartClose module, adds critical functionality to enable true e-Mortgages.

The new SmartClose module includes integration with MERS® for electronically tracking mortgage ownership, servicing rights and electronic notary functionality for critical documents. SmartClose adds robust administration, notification, management and reporting tools to the SmartSAFE surrounding MERS transactions. Users can pre-configure profiles to allow for the automation of transactions and notification responses. In addition, users can set up MERS profiles for themselves or delegates. The system is more than a transaction engine; it is designed to provide key reporting and auditing mechanisms on MERS history via the SmartSAFE or Web services.

Electronic Notarization

The SmartClose module also offers electronic notarization through integration of the World Wide Notary's DigaSign application with SmartSAFE. Notaries can download documents requiring electronic notarization directly from the SmartSAFE, perform the notarization via the DigaSign application and seamlessly upload notarized documents back to the SmartSAFE. The integration with DigaSign allows enterprises to leverage mobile electronic notaries to complete the document notarization requirements online or offline.

"SmartClose is a significant addition to our software suite, offering lenders and mortgage platform providers a more seamless roadmap to true electronic mortgages," said Kelly Purcell, executive president of Wave Systems' eSign division. "By integrating with MERS and World Wide Notary, eTMS is now designed to offer one-stop-shopping for lenders, from disclosure through notarization to closing and note registration. Additionally the notarization integration can be utilized outside of the mortgage industry in areas such as insurance and banking where eSignatures are enabling paperless transactions as well."

SigniaDocs to Utilize SmartClose

SigniaDocs, a provider of comprehensive eMortgage services based in Houston, has already incorporated the SmartClose Module in its hosted eMortgage services offering.

"We worked directly with World Wide Notary to embed their DigaSign eNotary process into our electronic documents," said Tim Anderson, president SigniaDocs. "Wave's Smart SAFE application and the SmartSigning Room can be used to support electronic signature processes that are designed to meet requirements for non-notary documents, including the ability for the notary to apply his or her digital signature and seal right on our documents. This was our last requirement to supporting a total legal and compliant paperless eClosing process."

SmartClose also affords lenders multiple signing choices. Lenders can use the SmartSignature™ Server, a server-side component that allows organizations to customize the signing experience or the SmartSigning Room™, an optional component of the SmartSAFE that enables an organization to offer signers a secure, personal environment to execute documents. The two different signing applications are fully integrated into a robust, compliant electronic vault offering users significant flexibility -- documents can be signed at home or at work and those requiring a notary to be present can also be processed through eTMS.

To see a demonstration of SmartClose at the Mortgage Bankers Association National Conference in San Francisco, Oct. 19-22, contact Kelly Purcell at (602) 615-8092. Demonstrations will be available in the Moscone Lounge, 35th Floor, the Westin, 50 Third Street (Between Market and Mission Street), San Francisco, CA. To view the eMortgage demo, visit www.esignsystems.com

About Wave Systems

Wave provides software to help solve critical enterprise PC security challenges such as strong authentication, data protection, network access control and the management of these enterprise functions. Wave is a pioneer in hardware-based PC security and a founding member of the Trusted Computing Group (TCG), a consortium of nearly 140 PC industry leaders that forged open standards for hardware security. Wave's EMBASSY® line of client- and server-side software leverages and manages the security functions of the TCG's industry standard hardware security chip, the Trusted Platform Module (TPM). TPMs are included on tens of millions of PCs and are standard equipment on many enterprise-class PCs shipping today. Using TPMs and Wave software, enterprises can substantially and cost-effectively strengthen their current security solutions. For more information about Wave and its solutions, visit http://www.wave.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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Contact Information

  • For more information please contact:

    Company:
    Kelly Purcell
    602-840-1199
    602-615-8092
    Email Contact

    Wave IR Contact:
    Jaffoni & Collins
    David Collins
    Ratula Roy
    212-835-8500
    Email Contact