Encomia and SigniaDocs Inc. are partnering to offer mortgage originators electronic document processing using SMART Doc and industry-approved e-commerce standards.
SigniaDocs has developed a SMART Doc system built on Encomia’s EC3 electronic mortgage suite, allowing originators to implement paperless mortgage within all existing processes and systems, the companies said in a press release.
The system, based on Mortgage Industry Standards Maintenance Organization (MISMO) e-commerce standards, includes traditional errors and omissions (E and O) insurance.
Encomia SMART Doc customers can automatically review loan documents for Truth in Lending Act and high-cost compliance disclosures on the local, state and federal levels. The software also provides customizable smart fields, automatic Mortgage Electronic Registration Systems Inc. (MERS) registration and data transfer from other popular loan origination software, including Calyx Point, Data Trak, Empower and Encompass.
Encomia’s chief executive officer, Andrew M. Dubinsky, said the ability to create and transfer eMortgages to any eVault or investor will give companies a “considerable competitive advantage.”