As a result of the contract, a la mode will offer legally-binding and standards-compliant digital signing capability from Wave to all its real estate agents, mortgage brokers and appraisers using a la mode's XSites network. Currently a la mode has thousands of real estate professionals, most of them small businesses, connected to its network of Appraiser XSites, Mortgage XSites, Agent XSites and Inspector XSites products. The software will be distributed to the entire network with the digital signing toolkit and e-signature included. Wave believes this places a la mode's customers at the forefront of digital signing in the real estate and mortgage sector.
“With tens of thousands of WinTOTAL users in the appraisal industry, we believe that adoption by the majority of appraisers in the United States will be almost automatic”
Financial terms of the agreement were not disclosed.
"Digital signatures will be a reality on all of a la mode's network XSites for mortgage professionals, real estate agents, inspectors and appraisers," said Scott Kinnaird, EVP of a la mode. "Critical mortgage and home buying and selling documents that currently take days and weeks to execute, can now be signed real time, online, using technology once only available to the largest brokerages and mortgage originators. This can result in significant small business cost savings through the elimination of document transportation, processing and delays in closings," Kinnaird said.
a la mode will use Wave's eSign Transaction Management Suite (eTMS), which is designed to allow organizations to manage business processes and transactions entirely online, without the need for time-consuming and costly ink signatures and paper storage, overnight mail or expensive traditional delivery services. eTMS is designed to be flexible, with modular components that can be easily customized to suit a la mode's specific requirements. By using eTMS, the real estate and mortgage industry can create, sign, store, access and manage the lifecycle of legally-binding electronic records, all within the framework of federal and state laws governing e-signature and e-records, including ESIGN, UETA, Revised Article 9 of the UCC, and industry association standards such as SPeRS and USPAP.
a la mode's flagship product, WinTOTAL, is used by more than 50 percent of the nation's appraisers, according to a la mode estimates, to analyze properties and create the required appraisal forms as electronic documents. a la mode's XSite Order Manager software manages the delivery and workflow of those documents over the Web, with secure delivery directly to the client.
According to company data, a la mode's servers delivered more than 17.3 million electronic mortgage transactions in the past 12 months, making it the highest volume electronic document management system in the mortgage industry. "With tens of thousands of WinTOTAL users in the appraisal industry, we believe that adoption by the majority of appraisers in the United States will be almost automatic," Kinnaird said. "And by distributing easy-to-use signing and workflow tools, even to non-clients, street level, small business real estate professionals - the ones without the resources and IT departments of the biggest brokerages and originators - are now on an even playing field."
Kelly Purcell, vice president of Wave's eSign Systems Group, said, "We believe that a la mode's success with electronic documents in this market is remarkable. This joint offering layers on top of that what we have designed to be a complete, end-to-end solution for customers and represents what we believe is a large potential market for both companies. Wave's eTM Suite is an emerging leader in e-vault, e-sign, PKI-based identity and integration services, and we believe that a la mode is the established leader in valuation workflow technology products and services. Together it is our plan to form a unique solution in the marketplace."
Built on a la mode's net.X(TM) data backbone technology, the XSites Network (formerly the Mercury Network) connects appraisers, loan officers, and management companies. It is designed to be a simple and elegant solution to workflow problems, particularly XML data access and compliance reviewing, which have be an issue with generic internet portals and legacy report-conversion products. XSites Network appraisers are available and connected in every county in the United States.
Wave's eTM Suite consists of SmartSignature(TM), SmartSAFE(TM), SmartIdentity(TM) Services, SmartConnect(TM), the SMARTDoc(TM) Mortgage Banking Module and the EMBASSY(R) Trust Suite of software solutions.
The SmartSignature application uses digital certificates in a point and click signing process. SmartSAFE stores digitally-signed, legally-binding contracts in a document repository. SmartIdentity Services validates the identity of parties involved through a PKI-based identity application using an Equifax(R) patented process and automated digital certificate issuance. The eTM Suite SmartConnect solution offers web services for integration with other applications such as workflow, legacy systems and CRM.
"SmartSignature also supports the use of a Trusted Platform Module security chip, compliant with the specifications defined by the Trusted Computing Group - giving Xsite-users the option of using hardware based authentication to increase security," said Scott Schrader, president of Wave's eSign Systems Group. The eTM Suite is also enhanced with modular functionality addressing industry specific opportunities, including banking, mortgage, insurance and government processes. For more information on these solutions, please link to www.esignsystems.com or www.wave.com/signonline/signonline.html.
About a la mode
a la mode, founded in 1985, develops desktop, mobile, and Web tools for real estate appraisers, agents, inspectors and mortgage lenders. Each year, over half of the nation's home appraisals are created with a la mode's WinTOTAL software and delivered electronically through its server network, which handles nearly a million and a half paperless mortgage transactions a month. a la mode XSites allow real estate professionals to deploy a professional Web presence that manages transactions and communications with their clients and provide an integrated platform for their own day to day processes. Learn more at http://www.alamode.com.
About Wave Systems
Consumers and businesses are demanding a computing environment that is more trusted, private, safe and secure. Wave is the leader in delivering trusted computing applications and services with advanced products, infrastructure and solutions across multiple trusted platforms from a variety of vendors. Wave holds a portfolio of significant fundamental patents in security and e-commerce applications and employs some of the world's leading security systems architects and engineers. For more information about Wave, visit http://www.wave.com.
Safe Harbor for Forward-Looking Statements
Except for the statements of historical fact, the information presented herein constitutes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. . Such factors include general economic and business conditions, the ability to fund operations, the ability to forge partnerships required for deployment, changes in consumer and corporate buying habits, chip development and production, the rapid pace of change in the technology industry and other factors over which Wave Systems Corp. has little or no control. Wave Systems assumes no obligation to publicly update or revise any forward-looking statements.
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