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Ellie Mae Adds Wave Systems' Electronic Signature Software to Encompass By James Comtois Increasing regulatory scrutiny from consumer advocacy groups and the investment community is driving demand for services that improve compliance in the mortgage origination process. Investors are concerned with compliance issues and the risks associated with the purchase of improperly disclosed loans. As a result of this increased need for compliance improvement, a Lee, Mass.-based provider of technology infrastructure products and a Dublin, Calif.-based mortgage origination software provider have joined forces to offer a compliant electronic signed software service. Wave Systems Corp. has licensed its eSign Transaction Management Suite for integration into the e-folder of Ellie Mae's electronically signed mortgage document system, the Encompass Mortgage Automation System. Wave's electronic signature software can be used to automate thousands of e-folder transactions monthly by eliminating the ink signatures and document transportation costs of faxes or other types of delivery service. As a result of the agreement, Ellie Mae's Encompass loan origination system will incorporate Wave's eTMS to manage digital and electronic signature processes such as creating, signing, storing, accessing and managing the lifecycle of legally binding electronic documents. Wave's eTMS is an integrated suite of applications that provide functionality to help meet many technical and legal requirements for transactions (signing and record retention) governed by ESIGN, UETA, Revised Article 9 of the UCC, SPeRS and GPEA. The resulting trusted signature software will add borrower authentication, electronic signing and document management of signed documents to the Encompass e-folder. Wave's eTMS will provide Ellie Mae originators and consumers with new levels of convenience, compliance and security capabilities throughout the loan origination and disclosure process. "According to a recent broker survey we conducted, 84% of our originator base is interested in supporting an electronic signed solution," said Ellie Mae's chief strategy officer Jonathan Corr. "The time for e-signatures has certainly come and we'll help make e-signatures more commonly accepted through Encompass, which is already licensed by [more than] 140,000 mortgage originators." "The demand for authenticated electronic disclosure products and services right now is significant and many loan originators are looking for these value-added services from their existing vendor relationships. The solution must be easy to use and provide trust and security for the borrower," said Kelly Purcell, executive vice president of Wave's eSign Systems division. "Additionally, the providers of these services are looking to reduce traditional paper and transportation expenses through technology solutions." Ellie Mae's Encompass e-folder electronic disclosure offering addresses many of the recent industry concerns and needs regarding the loan origination and disclosure process. Third-party originators can now offer a secure application process for borrowers and simultaneously deliver a compliant originated loan to the investor, all under the trusted provider name of Ellie Mae. "By packaging the e-signature tool with state e-disclosures, Encompass will also offer its brokers an e-origination solution they can leverage immediately to add efficiency and save money for each loan they originate," added Mr. Corr. Ellie Mae's initial integration will offer the following Wave eTMS services for users to access from directly within the Encompass e-folder: SmartSAFE, a secure e-vaulting storage and lifecycle management solution for electronically signed documents; SmartSignature Server, a server side electronic signing application that allows organizations to customize the signing experience for their users; and SmartConnect Web Services.

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