DocuSign provides electronic signatures services, while eOriginal provides electronic contracting software. The partnership aims to provide a fully electronic loan transaction, with bank notes automatically flowing into a secure electronic vault for securitization and management, the companies said.
Once a loan document has been created and executed within the DocuSign system, the master record is automatically placed in a secure eOriginal vault for management of transferable assets, securities and critical source documents, according to a description of the partnership.
The companies’ products comply with Federal Financial Institutions Examination Council guidance, which financial institutions are expected to conform to by the end of 2006.
The real estate and mortgage industries have ramped up interest in cutting more paper from mortgage and real estate transactions. A number of companies and leaders have joined together under the Paperless Now initiative, which aims to open education, communication and collaboration. PaperlessNow.org aims to serve as a one-stop shop for information products, services, companies, trends and the latest news related to digital real estate transactions.