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VAULTING SOLUTIONS
Conquering the final frontier of the eMortgage
I Executive Summary
MERS advanced electronic vaulting is the means to that end, it’s important to
Mortgage Electronic understand the concept behind the solution. In order for the validity of
Registration System. MERS
was created by the mortgage any electronic document to be upheld in a court of law, or for any
banking industry to
streamline the mortgage electronic document to be sold or transferred to a new secured party,
process by using electronic the financial institution must be able to show the documents under its
commerce to eliminate
control to be the legally binding Authoritative Copies. For example,
there must be a unique copy of the eNote, which can be proven to be
unaltered since the time of signing.
What is it?
In the next section, we’ll examine these and other specific criteria
financial institutions should be looking at when evaluating an electronic
vaulting solution.
eCore™ Vault-in-a-Box® – is a
pre-configured eCore advanced It’s also in the institution’s best interest to choose a vaulting solution
electronic vault that resides at
a finance source’s data center that can easily interface and/or adapt to existing systems already in
to accept and manage in-
use. The provider should make available developer toolkits and the
bound electronic original
documents transferred from necessary application programming interface (API) calls that will allow
various internet origination
channels. Includes hardware for interfacing or integration with existing systems.
and software delivered in one
system.
A single vaulting solution should meet compliance and security needs
eCore™ On Demand – is an in a cross section of industries. Since the electronic signature is the key
On-Demand web service with
eCore™ Enterprise advanced to a completely electronic process, the electronic vault must support
electronic vaulting functions
available on a pay-per-use integration with available e-signature vendors and their technologies.
transaction basis. This on- The solution also needs to work with all the various front-end e-signing
demand vault is accessed via
the web and documents are approaches at use in the industry today, including:
securely controlled. eCore™ On
Demand has low
implementation costs and the • Electronic signature pads
ability to upgrade to eCore™
• Online click-thru – “I Agree”
• Online e-signature services
• Digital signatures (PKI)
The same rating agencies and legal counsels that have signed off on
electronic vaulting in automotive finance and equipment leasing (see
“Success in Action” sidebar) – both of which have similar secondary
market needs and business requirements – have come to the same
conclusion with regard to mortgage as well. Therefore, the groundwork
is already laid for transitioning electronic mortgages into the secondary
market and throughout the mortgage lifecycle.
V Conclusion
About eOriginal
Copyright © 2007, eOriginal, Inc. Electronic Original, eOriginal eCore, Vault-in-a-Box, Certified Print and Paper Out are
registered trademarks of eOriginal, Inc.