Science & Technology
Science and Technology
Science and Technology
Fri, July 24, 2009
Thu, July 23, 2009 Wave Systems Corp.: eSignSystems Named One of Top 50 Service Providers for 2009 by the Editors of Mortgage Technology Magazine
LEE, MA--(Marketwire - July 23, 2009) - eSignSystems, a division of Wave Systems Corp. (
"Mortgage Technology is an authoritative voice in the industry and we're honored to have been included in this year's Top 50 list," said Kelly Purcell, eSign executive vice president. "There's been growing interest in electronic mortgages in recent months, including interest resulting from the housing market crisis. Many lenders are under significant pressure to trim costs and boost efficiency. We believe that moving to electronic mortgages makes abundant sense and can be a better, more efficient and less costly way to do business."
Recent enhancements made to the eSign Transaction Management Suite (eTMS) have addressed specific needs eSignSystems has been hearing from its customers. "Many of our customers are looking for a single solution for every step of the eMortgage, from origination through closing," said Purcell. "The eTMS solution is designed to provide that, along with the flexibility of starting with any single phase of the eMortgage cycle, whether it's electronic disclosures or electronic delivery. You can begin by addressing one step in the process and continue to use our platform in other areas as your needs expand."
Service providers selected for inclusion on the Mortgage Technology Top 50 list are required to demonstrate customer satisfaction, functionality, market share and a viable revenue model, according to the editors.
"eSignSystems has a long tradition as an innovator in the electronic signature and vaulting space, beginning in the late '90s when they were first to market with a software suite that enabled both electronic signing and vaulting," said Anthony Garritano, editor of Mortgage Technology. "Today, eSign has continued along in that spirit of innovation, helping to both educate and grow the eMortgage industry, by responding to the demands of the market."
Overcoming Barriers to eMortgage Adoption
Electronic mortgages have long promised lenders greater efficiency, security and lower costs, but barriers stood in the way of widespread adoption. Traditionally, the electronic mortgage space has been dominated by service providers that developed their own proprietary electronic systems. Many of these systems limit flexibility and choice by bundling document or closing services with electronic signatures. Or, lenders have had to turn to third parties that offer only one business model: software as a service (SaaS) or licensing. This limited flexibility to choose and modify both service providers and/or business models can be costly and cumbersome. Plus, in order to facilitate electronic closings, a solution must be compliant with the industry-endorsed system for electronically tracking mortgage ownership and service rights -- the MERS® eRegistry.
Recent enhancements to eTMS are designed to address barriers to adoption. Recently, eSign announced integration with MERS through its optional SmartClose module, adding robust administration, notification and reporting tools to its SmartSAFE electronic vault for MERS transactions. Unlike many bundled systems, lenders can use eTMS with many existing service providers. Furthermore, to streamline adoption, eTMS is already integrated with multiple document providers and origination platforms. Lenders using eTMS can still choose to add other providers as their needs change. In addition, many of eSign's existing partners offer eTMS as software as a service, allowing the lender to begin with a hosted model and optionally migrate to licensing model overtime. Therefore, eTMS can suit a variety of business models, whether by licensing the software directly from Wave through eSign or using the solution through one of eSign's partners.
About Wave Systems Corp.
Wave provides software to help solve critical enterprise PC security challenges such as strong authentication, data protection, network access control and the management of these enterprise functions. Wave is a pioneer in hardware-based PC security and a founding member of the Trusted Computing Group (TCG), a consortium of more than 100 companies that forged open standards for hardware security. Wave's EMBASSY® line of client- and server-side software leverages and manages the security functions of the TCG's industry standard hardware security chip, the Trusted Platform Module (TPM) and supports the self-encrypting drive standard, Opal. TPMs are included on an estimated 300 million PCs and are standard equipment on many enterprise-class PCs shipping today. Using TPMs and Wave software, enterprises can substantially and cost-effectively strengthen their current security solutions. Self-encrypting drives are a growing segment of the data protection market, offering increased security and better performance than existing software-based encryption solutions. For more information about Wave and its solutions, visit [ http://www.wave.com ].
Safe Harbor for Forward-Looking Statements
This press release may contain forward-looking information within the meaning of the Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities Exchange Act of 1934, as amended (the Exchange Act), including all statements that are not statements of historical fact regarding the intent, belief or current expectations of the company, its directors or its officers with respect to, among other things: (i) the company's financing plans; (ii) trends affecting the company's financial condition or results of operations; (iii) the company's growth strategy and operating strategy; and (iv) the declaration and payment of dividends. The words "may," "would," "will," "expect," "estimate," "anticipate," "believe," "intend" and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the company's ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. Wave assumes no duty to and does not undertake to update forward-looking statements.
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