Silanis Technology Inc. today announced that Stewart Information Services Corp. will extend the use of Silanis’ ApproveIt electronic signature platform for its internal operational processes. The real estate information and transaction management company expects its internal processes to benefit from significant time and cost reductions, as has its settlement and title services since integrating Silanis’ solutions in 2004.
“Early results from a cross-section of Stewart offices have demonstrated that a closing can be conducted in as few as 15 minutes when the consumer has had access to SureClose® and the eSignature solution,” said Travis Wright, president and director of business development for Stewart Transaction Solutions. “Stewart’s decision to standardize on Silanis’ electronic signature solutions demonstrates our ongoing commitment to investing in technology that will increase our own productivity and effectiveness, and thus improve customer service.”
In 2004, Stewart Title Co. and Silanis co-developed the patent-pending eClosingRoomTM, which is integrated with the SureClose® online transaction management system, becoming the first and only system to handle all real estate closing documents electronically. Prior to the closing meeting, homebuyers electronically review all closing documents and electronically sign all non-notarized documents. The remaining documents can then be electronically signed in the presence of a notary using the system’s eNotary capability. The electronically signed documents are also made available to participating county recorders, where permitted by law.
Homebuyers benefit because they can take the time they need to review the documents in advance of the closing meeting, thereby reducing their time at the closing. Settlement agents benefit because they can process closings faster and therefore accommodate a larger volume of closings at the end of each month. And lenders will benefit because they will receive a QA’d eMortgage package within minutes after closing and eliminate paper-related, processing costs.
In 2006, Stewart plans to use Silanis’ enterprise signing platform for a variety of internal processes, including employee hiring and on-boarding processes. The platform will enable Stewart to increase its productivity and operational efficiency, while maximizing its investment in other IT applications by ensuring that processes requiring signature approvals remain electronically connected and do not fall back to paper.
Stewart can also expect to decrease its cost of doing business as paper, shipping, handling, data verification, scanning and data re-keying will be reduced, and in many instances eliminated entirely.
Stewart chose Silanis as its preferred electronic signature partner because of the success of the eClosingRoomÔ, as well as for the flexibility and scalability provided by Silanis’ solutions. The Silanis ApproveItÒ platform is designed to integrate with enterprise and vertical business applications, business portals, and content management systems.
ApproveItÒ Desktop integrates seamlessly with common native formats, including Microsoft WordÒ, Microsoft ExcelÒ, Adobe PDFTM, and IBM WorkplaceTM forms, while the ApproveItÒ Web Server is an enterprise business application server solution for external applications with legally enforceable records and audit logs. In addition, the ApproveItÒ Transferable Records Manager provides a solution for controlling the access, transfers, and ownership of high-value, eNote transactional records.
“At the end of the day, whether widespread paperless transactions are three, five or eight years down the road, when we get a seamless transaction it’s better for all the participants,” said Wright in an interview with Real Estate Technology News (February 8, 2006).
Founded in 1992, Silanis Technology Inc. is the largest and most experienced provider of electronic signature solutions. More than 1,100 government and commercial organizations, representing two million users, depend on Silanis’
solutions to accelerate operations, improve service, and reduce costs. The company’s solutions not only eliminate the inefficiencies of paper, they provide reliable and auditable business records needed to demonstrate compliance with applicable laws, standards, regulations and policies. http://www.silanis.com.
Stewart Title Co. and Stewart Transaction Solutions are wholly owned subsidiaries of Stewart Information Services Corp. (Stewart) (NYSE-STC), a technology-driven, strategically competitive, real estate information and transaction management company. Stewart provides title insurance and related information services required for settlement by the real estate and mortgage industries through more than 8,500 policy-issuing offices and agencies in the United States and international markets. Stewart also provides post-closing lender services, default management solutions, automated county clerk land records, property ownership mapping, geographic information systems, property information reports, flood certificates, document preparation, background checks and expertise in tax-deferred exchanges. More information can be found at http://www.stewart.com.
Mary Ellen Power