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Lender Optimizes Account Onboarding And Consumer Loan Experiences

West Jordan, Utah-based Mountain America Credit Union, has selected Docutech’s ConformX dynamic document generation engine, Solex eSign and eClose, and print fulfillment services to streamline new account onboarding, and consumer, home equity and short-term mortgage refinance lending process for its branches across the U.S.

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Through Docutech’s ConformX, Mountain America Credit Union will be able to dynamically generate document and disclosure packages for their new account and consumer loan offerings including personal accounts, trusts, business accounts, credit cards, auto loans, student loans, home equity, and short-term mortgage refinance products. Through Solex, the credit union will also be able to offer the convenience of eSign and eClose capabilities online and via in-branch signature pads. The use of these technologies will better enable Mountain America to deliver robust omni-channel financial services, optimize member experience and increase operational efficiency.

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“Docutech understands the legal and compliance nuances of each state,” said Bret Butterfield, VP of Home Equity lending at Mountain America. “Because Docutech will have our member’s loans covered from a compliance standpoint, including eClose and electronic notary services, we can concentrate more of our time on satisfying and elevating our member’s experience.”

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Jade Beckman, VP of Consumer Loans at Mountain America added, “Docutech took much of our regulatory and compliance burden from us by streamlining the document process. This tool has made the whole process much simpler. Document updates that used to take weeks to change are now updated in a day.”

“Mountain America is one of the largest credit unions in the U.S. and given its passion for improving the lives of its membership, we are honored to stand by Mountain America in this pursuit. Docutech is most known in the industry for our ability to streamline and improve compliance for the mortgage lending process. However, our ability to improve the account onboarding and consumer lending process is of increasing interest as credit unionscontinue to diversify their offerings,” said Amy Brandt, CEO of Docutech. “Though Docutech’s technology, Mountain America’s members will be able to reduce the amount of time spent from application to closing – it’s an efficient and enjoyable experience for both the member and thecredit union.”

Docutech Advances “E” Initiatives

Docutech, a provider of document, eSign, eClosing, and compliance technology for mortgage, home equity and consumer lending, announced that its Solex eClosing and eVault solution has been approved by Fannie Mae for eClose, eNote, and eVault functionality. In addition, the Solex eVault has received certification from the MERS eRegistry for all eNote management transactions. And there’s more …

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Solex eClosing and eVault enables lenders to securely close and register electronic notes on the MERS eRegistry and deliver them with full confidence that each mortgage satisfies investor requirements. Leveraging Docutech’s proprietary and enhanced Solex eVault, lenders can securely and automatically store eNotes, register them on the MERS eRegistry and transfer control to investors via direct VPN connectivity to Solex. The MERS eRegistry serves as the legal system of record for identifying the Controller (holder in due course) and Location (custodian) for the Authoritative Copy of every registered eNote in the country today.

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In conjunction with Solex’s Fannie Mae approval and MERS certification, Docutech announced that a top five retail mortgage originator has executed its first eClosing using Solex, including registering an eNote on the MERS eRegistry and delivering it to Fannie Mae.

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The Solex eClosing platform, in partnership with Simplifile, provides lenders with a comprehensive Integrated eClosing solution, with eSigning efficiencies from initial document generation through post-closing. Combined with Docutech’s dynamic document generation engine ConformX, lenders can automatically generate digital, data-driven documents that adhere to rules-based intelligence and meet specific loan criteria. Docutech and Simplifile’s intelligent eEligibility engine analyzes each closing package to be as “e” as it can be, according to state, county, and investor variations. Hybrid options include eSigning of ancillary documents, plus options for SMART Doc eNotes, eNotarization and eRecording.

“We are honored to work side-by-side with leading lenders in the spirit of driving innovation and delivering an exceptional customer experience” said Amy Brandt, Docutech’s president and CEO. “Fannie Mae and MERS have been critical to the actualization and furtherance of eMortgages within our industry. With their backing, we can ensure that our solutions meet the highest standards and are able to comprehensively serve lenders and their customers in the evolution to a fully digital mortgage.

About The Author

Tony Garritano

Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at tony@progressinlending.com.

Docutech’s Harry Gardner Elected Chair Of ESRA Board Of Directors

Harry Gardner, executive vice president of eStrategies for Docutech, was named chair of the board of directors for the Electronic Signatures and Records Association (ESRA) for 2018. Gardner has participated in ESRA’s activities since its inception and joined the organization’s board of directors in January of last year.

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ESRA was founded in 2006 with the mission to lead and advocate the use of electronic records across multiple industries. The organization strives to develop and promote progressive eSignature-related public policy as well as inform and educate its members, lawmakers and the general public on changing regulations. ESRA currently comprises approximately 40 member-companies and organizations of electronic signature and document technology providers and users across the globe.

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“I’m honored to have been elected to serve as chair of the board of directors for 2018 and pleased to help ESRA as we move forward in this very critical year,” said Gardner. “Of course, improvement is always the main goal. We’re constantly looking to build up ESRA’s membership and to further expand our legislative and educational impact to see the full realization of the value proposition of eSignature technology across industries.”

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Gardner joined Docutech in 2016, building on more than 18 years of mortgage technology experience and standards development leadership. A leading player in the development of and education around mortgage technology standards, Gardner has written articles for many publications, including a series inMortgage Banking Magazine as the “eMortgage Evangelist.” At Docutech, Gardner collaborates with the leadership team to define and execute the electronic document and eSignature product strategy.

eClose: Moving Toward The Holy Grail

A fully paperless eClose has long been the Holy Grail for the mortgage industry. Just as Sir Galahad embarked on a quest to find the Holy Grail that would bring the ultimate benefits of self-actualization and salvation, brave lenders and tech vendors have been working tirelessly to achieve fully electronic closings and reap their invaluable benefits.

Not only do eClosings offer a wealth of operational benefits for lenders—improved efficiency, cost savings, tighter security and compliance, just to name a few— but they also enable lenders to extend more convenience and transparency to their customers. For lenders, they truly are the Holy Grail worth questing after.

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Luckily, eClosings are seeing more traction within the industry than ever before, but there’s still some distance to journey before they become standard. The first important step is understanding where the industry is currently and where it still needs to go before it can get its hands on the Holy Grail.

The Current State of eClose

A majority of eClosings today are hybrids between a standard paper closing and a full eClosing, meaning part of the process takes place electronically, but some portion still involves paper, usually for the notarized and title documents. Hybrid eClosings indicate progress for the industry and are still preferable to an entirely paper-based process, as transferring even part of the closing to digital brings business benefits to the lender and an improved experience to the borrower.

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Now it’s time for pioneers in the industry to address the handful of obstacles that remain on the path to eClosing.

(1) eNotarization

eNotarization is the aspect of eClosing that has perhaps most complicated the industry-wide transition to paperless closings.

This difficulty can be traced to confusion and lack of consistency in the current legal environment. While there is an existing legal infrastructure to confirm the validity of electronically notarized documents, notary legislation is controlled on a state level, which has resulted in a patchwork of differing laws.

While some states simply accept the ESIGN/UETA legal infrastructure, others have crafted their own legislation, and still others have yet to proclaim whether or not they will recognize eNotarization. This issue has been complicated even further now that some states recognize remote eNotarization—similar to standard eNotarization except the notary witnesses the closing ceremony via webcam instead of in person.

Due to differing state laws, title underwriters have been hesitant to insure loans closed with remote eNotary, because of the risk that a county recorder might notice that the notary was from a different state than the borrower and refuse to record the loan. As a result, investors have also been hesitant to purchase loans that have been remotely eNotarized unless they’re working in the few states, like Virigina and Montana, that have explicitly passed laws around the practice. Fannie Mae and Freddie Mac’s official policies initially stated that they would accept remotely-notarized loans only for borrowers and properties in the same state as the remote notary. More recently, those policies seem to be evolving toward acceptance of a remotely-notarized loan “as long as the title underwriter insured it,” regardless of location.

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The most straightforward solution would be for all states to simply accept the legal validity of electronic notary signatures under the existing ESIGN/UETA legislation. Only once the legal landscape has become more standardized across states will eClosings become the norm.

(2) Widespread Misconceptions

While most lenders and consumers recognize the benefits of conducting closings electronically, commonly held misconceptions among all parties involved have also impeded eClose traction. Luckily, this is an easy obstacle to overcome, as addressing it simply requires a little more education.

With the increasing frequency and complexity of data breaches, perhaps the biggest worry among lenders is that eClosings could be less secure than paper closings. However, digital mortgage processes actually have the potential to be more secure, as there’s less manual data management and better authentication methods to confirm the borrower’s identity. And it’s always important to remember that regardless of the method used to sign the final documents, on paper or electronically, lenders must store and secure the borrower’s personal information in the same back-end LOS systems, so eClosings don’t introduce any new issues related to data breaches.

Borrowers are generally happy to embrace eClosings, since many of them are already familiar with completing financial transactions online and would prefer the convenience of this method. However, they may also have security concerns, so lenders should make it a point to be transparent during the process to ensure borrowers feel comfortable.

(3) Technology

Technology solutions supporting eClose exist today, but they vary in their areas of focus and don’t yet comprehensively address every need at the closing table. Solutions that focus on eNotarization or remote notarization lack tight integration with document generation and employ manual tagging for signature points, introducing opportunity for human error if a signature point is missed.

There have been recent announcements of “completely electronic closings,” which indicate good progress toward a completely paperless process. However, in each case a lot of manual work and document handoffs were necessary to pull together all of the closing documents into a single eSigning event. Still, as the industry develops greater integration between lenders’ loan origination systems, doc generators, title production systems, closing agents, and electronic notarization and recording, we will continue to move toward more seamless solutions where document assembly and tagging will be performed automatically.

These developments attest to the hard work technology vendors have been putting into heralding in the age of eClose with optimal technology. The increasing prevalence of APIs and vendor partnerships are also facilitating the transition.

Additionally, there are still individual solutions that lenders can use to take some of the paper out of the process. Since eClosings hinge so significantly on documents, the most important feature to have in today’s lending environment is integration between the doc source and eSign platforms.

The industry is closer than ever to possessing the Holy Grail of mortgage lending: a fully paperless eClosing. All that remains of the quest is to overcome some difficult but conquerable obstacles, and then the entire industry will reap the benefits of eClosings.

About The Author

Harry Gardner

Harry Gardner is executive vice president of eStrategies for Docutech, a leading provider of compliance and documentation technology. Founded in 1991, Idaho Falls, Idaho-based Docutech offers a wide range of solutions to institutions all over the world. From document generation and imaging support to eDelivery, digital signatures and print fulfillment, Docutech sets the standard in providing market-proven technology and unrivaled client service to you, your workforce and your clients.

Docutech, Veri-Tax Streamline Day 1 Certainty Process

Docutech, a provider of document and compliance technology for the mortgage and consumer lending industries, and Veri-Tax, a national verification provider, have expanded their integrated services to enable lenders to easily obtain the tax transcripts needed to enroll in Fannie Mae’s Desktop Underwriter (DU) validation service. Once enrolled in DU, lenders are able to receive Fannie Mae’s Day 1 Certainty, which frees them from representations and warranties for validated loan components.

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Veri-Tax is authorized to provide 4506-T tax transcripts through the Fannie Mae DU validation service. By expanding the integration between Veri-Tax and Docutech, lenders that use Docutech’s ConformX platform can easily satisfy Fannie Mae’s requirements by placing and retrieving tax transcript orders seamlessly within ConformX, where borrower information is already stored, while shortening the loan process by days.

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Fannie Mae’s DU validation service is designed to provide its customers with enhanced loan origination controls, improved processes and certainty around the borrower’s income, asset and employment information. When a lender opts in to use the DU validation service and obtains an eligible verification report from a vendor such as Veri-Tax, DU will use the data on the report to validate the borrower’s information and provide the lender with Day 1 Certainty for the loan.

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With the partnership between Veri-Tax and Docutech, lenders are able to use ConformX to submit tax transcript requests through Veri-Tax for simple 4506-T fulfillment, saving several days in the loan process.

Docutech President and Chief Operating Officer Amy Brandt said, “We’ve been very pleased with the success of the ongoing partnership between Docutech and Veri-Tax. Our integrated service allows shared customers to easily satisfy IRS requirements by automating the verification process and enabling lenders to place and retrieve tax transcript orders within our flagship software ConformX, where borrower information is already stored.”

Veri-Tax CEO of Customer Happiness Nick Lim added, “We are pleased to enrich our partnership with Docutech, especially as we’ve become a Fannie Mae authorized report supplier. We believe the combination of our ‘customer happiness’ differentiation and the innovative Fannie Mae Day 1 Certainty benefits  the robust Docutech platform and offers compelling value of protection, speed and efficiencies for our shared customers.”

Docutech Expands Its Operations

Docutech has expanded its operations with the opening of a new office in Scottsdale, Arizona. In addition to the corporate headquarters in Idaho Falls, Idaho, the new office will serve to support the company’s growth initiatives with key roles in Operations, Finance, Sales and Marketing.

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Leading operations for Docutech is newly appointed President and Chief Operating Officer Amy Brandt, who holds more than 20 years of executive level experience in the mortgage and software industries. As President and COO, Brandt oversees daily operations, including business strategy and optimization, innovation, product development and execution, go-to market strategies, and client and employee growth and retention.

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“Docutech is committed to continuing to innovate and provide the technology and services needed to help drive the digital evolution of the mortgage and consumer lending industries,” said Brandt. “Our operations expansion into the Scottsdale market is a reflection of our commitment to support the digital evolution of the industry and the growth of our leadership position.”

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Docutech’s innovative solutions enable lenders to quickly generate and customize loan documents, significantly reduce operational costs, improve overall productivity, and optimize the customer experience. Docutech’s flagship solution, ConformX, is a document generation engine that integrates with Loan Origination Service (LOS) platforms to seamlessly produce compliant loan origination documents. In addition, ConformX offers lenders a range of complimentary technology capabilities to optimize the lending process and improve compliance, including Solex eSign enabling documents to be signed anytime, anywhere, through any device.

“At Docutech, we are driven to deliver best-in-class enterprise digital lending document and compliance solutions and service. We carefully selected Scottsdale, Arizona for the expansion of our operations given the area’s depth of industry talent,” said Ty Jenkins, Founder and CEO of Docutech. “We are thrilled to be part of this community and look forward to ongoing growth and to continue to serve the evolving needs of the lending industry and their customers.”

Docutech’s new office will be located in the Lincoln Towne Centre building at 4250 N. Drinkwater Blvd. in Old Town Scottsdale.

About The Author

Tony Garritano

Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at tony@progressinlending.com.

Docutech Names Amy Brandt As President And COO

Docutech has named Amy Brandt as its new President and Chief Operating Officer. In this role, Brandt will be responsible for leading all aspects of daily operations, including sales, customer support, marketing and product development.

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Bringing more than 20 years of mortgage and software industry experience to Docutech, Brandt most recently served as President of Originations and Corporate Technology at New Penn Financial. At New Penn Financial, Brandt oversaw all origination channels, including direct-to-consumer products, third party originations and retail. Prior to New Penn Financial, Brandt served as Chief Operations Officer of Prospect Mortgage, where she enhanced day-to-day operations and transformed the lender’s technology infrastructure.

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“Docutech has experienced significant success by providing industry-leading document and compliance services to financial institutions over the past two decades,” said Ty Jenkins, founder and CEO of Docutech. “As we continue to expand our product and service offerings as an enterprise lending solutions leader, Amy brings the leadership and expertise needed to optimize Docutech’s operations to better serve our customers and realize our growth potential.”

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In addition to her executive career, Brandt is currently a Board Member of Sun to Water Technologies, and she is a Scholar Rescue Fund Advisory Board Member with the Institute of International Education. She is a former Board Member with Source Corp Inc. and a former Board Member and Capital Founder with Bluebeam Software Inc. Amy is also the former Chair of Your Music America and was a Federal Housing Policy Council Member with the Financial Services Roundtable. Brandt holds a Juris Doctorate from Arizona State University College of Law and a Bachelor of Arts in Political Science from the University of Southern California.

“Docutech is well-positioned to be the premier provider of enterprise-wide lending solutions to financial institutions of all sizes,” Brandt said. “I look forward to leading Docutech to provide the highest level of value, service and innovation to banks and lenders in the coming years.”

Integration Furthers Adoption Of eSigning

Black Knight Financial Service’s LoanSphere Empower loan origination system (LOS) and LoanSphere Expedite Portal will be integrated with Solex, a mobile-capable e-sign solution designed to support digital mortgage capabilities. Solex is delivered by Docutech, a provider of compliance and document technology solutions for mortgage, home equity and consumer lending. The integration with Empower and the suite of e-mortgage solutions available in the Expedite Portal provides users with a more flexible and convenient electronic closing experience.

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“Docutech is dedicated to providing lenders with an easy-to-use, comprehensive e-sign process that will enable them to manage their document needs more efficiently while maintaining the highest level of compliance and showing their customers a more modernized loan experience,” said Ty Jenkins, CEO of Docutech. “Given the high volume of lenders utilizing Black Knight’s services, these integrations will bring the mortgage industry one step closer to electronic mortgage processes becoming more widely adopted.”

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Utilized by six of the top 20 lenders in the U.S., Empower is available as both an ASP- and lender-hosted loan origination system that supports retail, consumer direct and wholesale channels and helps lenders electronically capture, process and close loans. This integration is also available with Empower Now!, a version of the LOS,  that helps mid-market lenders reap the benefits of the powerful Empower LOS, with a greatly streamlined implementation process, resulting in reduced timelines and cost.

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The Solex e-sign integration with Empower offers an interface to ConformX, Docutech’s powerful document generation engine, enabling lenders to generate dynamic documents by auto-populating data stored in the LOS. Lenders can then access and administer Solex’s e-sign functionalities directly in the platform to support an accessible, streamlined electronic closing process.

The Expedite Portal is an integrated document collaboration and distribution service that facilitates the secure management, delivery and signature of electronic mortgage documents. The integration of Solex will give joint customers of Black Knight and Docutech access to Solex’s capabilities within the Black Knight platforms, enabling lenders to maintain a seamless document workflow, while providing borrowers with an intuitive e-sign experience that can easily be completed from any device, anywhere, at any time.

“By integrating both Empower and the Expedite Portal with Docutech’s Solex e-sign solution, we are further delivering on the digitized loan process consumers want,” said Jerry Halbrook, president of Black Knight Origination Technologies and Enterprise Business Intelligence. “Together, Black Knight and Docutech are committed to offering innovative lending solutions that facilitate an easier, more convenient loan process for both lenders and consumers.”

About The Author

Tony Garritano

Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at tony@progressinlending.com.

Stearns Lending And New Penn Financial Go Live With eSignature Technology

Stearns Lending and New Penn Financial have gone live with Docutech’s Solex application, the all-new eSignature solution designed for clients leading the new Digital Mortgage age. Solex provides borrowers with an intuitive, easy-to-use eSign experience while giving lenders an auditable platform with the industry’s most trusted eVault.

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Solex allows users to quickly and easily sign loan documents from their computers, smartphones or tablets. Tight integration with Docutech’s ConformX document engine creates a seamless workflow for generating, delivering and signing loan documents electronically.

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The ability to push eSignatures to a mobile setting is one that lenders need in today’s economy. California-based Stearns Lending, LLC and Pennsylvania-based New Penn Financial selected Solex to provide versatile eSignature capabilities. These lenders embraced Docutech’s Solex software for its innovative and comprehensive mobile eSignature capabilities.

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“Borrowers today expect to conduct financial transactions anywhere at any time of day,” said Erik Knight, Vice President of Operational Risk and Compliance for New Penn Financial. “With the mobile eSignature capabilities provided by Solex, we can meet our customers’ expectations and bring them closer to their dream purchases quicker and more efficiently.”

Along with its advanced mobile and web-based functionality, Solex offers a host of other beneficial features for lenders, including robust two-factor authentication for security and single sign-on integration with financial institution lending portals for borrower convenience. The integration into ConformX also ensures that eSigned disclosures and documents meet all regulatory requirements.

“As the mortgage industry is increasingly optimized by mobile technology, Docutech is at the forefront, providing solutions that can comprehensively meet financial institutions’ document-related needs,” said Ty Jenkins, founder and CEO of Docutech. “With Solex, lenders like Stearns Lending and New Penn Financial can leverage mobile technology to cultivate a more efficient, compliant and cost-effective loan process.”

The Real Vote That Lenders Need To Cast

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The November election is not the only choice lenders face as they make decisions regarding the future of the mortgage industry. As the legal obstacles to electronically-signed loan documents fall and more consumers demand electronic documents for their home-buying process, lenders must evaluate and decide which of the two formats best serve their needs.

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On one side is the dynamic data-driven Securable, Manageable, Archiveable, Retrievable and Transferable document (MISMO SMART Doc). On the other side is the Adobe Portable Document Format (PDF).

Which format will win the hearts and implementations of lenders everywhere? While it’s too soon to know for sure, there are some key differences between the formats lenders should know.

Understand the Issues – What is Different Between the Formats?

SMART Docs and PDF-based documents both reach the same outcome – a legally binding loan document. However, each format uses a different technology and provides different benefits to the end user.

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From a technology standpoint, an electronically signed SMART Doc is a single electronic document with five sections. These sections are XML-based and the creation, viewing, signing and storage are all typically completed in a Web-based environment.

PDF Documents on the other hand, are often created in another application and converted to the PDF format which is then viewed within a Web browser or through stand-alone utilities like Adobe Reader.

While there are significant differences, eSigned SMART Docs and eSigned PDFs each have benefits useful to the lender. The choice is driven by each lenders’ individual needs, but it is also important to consider that the two types of eDocuments are not mutually exclusive. For example, a SMART Doc can include an embedded PDF file that has been electronically signed.

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Many advocates of the SMART Doc tout the format’s native Web structure and data integrity. The SMART Doc Version 1.02 format has also been implemented by most eClosing technology providers. Most importantly, it is the only electronic note format currently accepted by Fannie Mae.

SMART Docs are data-driven and system agnostic. They do not require proprietary software to implement, and the format can automatically extract loan data. SMART Docs also provide an extra level of data security with an Audit Trail feature that can track every change made to the document and provides a secure record of all signatures, deliveries and modifications.

The challenge to SMART Doc eNotes has often been around implementation. Lenders and financial organizations trying to consolidate technology formats for electronic documents across all departments have also struggled since few industries outside mortgage lending use XML for binding legal documents. The required XHTML View (for SMART Doc Category 1 eNotes) can also create inconsistent displays on different Web browsers, and print rendering can be inconsistent. This is a headache for consumers who want a simple process to view, print and sign documents.

eSigned PDF documents, which have been in use longer than SMART Docs, are the most widely used format by mortgage lenders and other financial services, even though most investors still do not accept them. These documents are also legally binding (remember, the legal foundations of ESIGN and UETA are technology-neutral), and eSigned PDF files are accepted by many industries outside of mortgage lending. PDF documents are arguably easier to implement and present a consistent display across all Web applications. In addition, all eSign providers can electronically sign PDFs. PDF documents are also easy for the borrower, since free PDF reader software is readily available for home computers, allowing borrowers to easily receive, view, save and print the documents for their own records. However, it is more difficult to embed data into PDF Documents in a standardized format, something that SMART Docs were designed for from the start.

Is There a Third Party?

While the selection of SMART Doc or PDF sounds like an all-or-nothing decision, there have been recent changes to the proposed formats that incorporate the best of both formats. The MISMO SMART Doc V3 protocol (an inherent part of the MISMO Version 3.x Reference Model XML specifications) includes both the native XML Data section and a View section that can contain any file format, including PDF, images, Microsoft Word and others. This closes the gap between the formats by providing a consistent, standardized structure for all loan documents – disclosures, closing and title – with XML data along with an easy-to-use PDF view for consumers.

Fannie Mae and Freddie Mac are also looking hard at ways to facilitate broader eMortgage adoption, per their FHFA Scorecard mandate, and moving to SMART Doc V3 with PDF View is one consideration. In addition, the MERS® eRegistry allows for registration of PDF or SMART Doc V3 eNotes through the Data Point registration method, eliminating one of the biggest obstacles to embracing one format over another. These considerations are being vetted within the MISMO eMortgage Workgroup, which will meet in person in Crystal City, Virginia during the week of September 12 – see www.mismo.org to register and join us there.

While neither PDF nor SMART Doc 1.02 answer the industry’s need for a universal intelligent electronic document format, SMART Doc V3 with a PDF View provides a universal View format coupled with intelligent, standardized XML data. Widespread adoption could be spurred on by broad investor acceptance, which could be led by GSE acceptance and an associated timeline for required delivery.

Today’s top document vendors can already dynamically generate multiple output formats. Adding the SMART Doc V3 to their systems would be relatively easy, and would provide lenders nationwide with the data security, technology and usability needed to propel electronic loan documents into the mainstream.

About The Author

Harry Gardner

Harry Gardner is executive vice president of eStrategies for Docutech, a leading provider of compliance and documentation technology. Founded in 1991, Idaho Falls, Idaho-based Docutech offers a wide range of solutions to institutions all over the world. From document generation and imaging support to eDelivery, digital signatures and print fulfillment, Docutech sets the standard in providing market-proven technology and unrivaled client service to you, your workforce and your clients.