Listen to this articleBelow is our recent interview with Mike Romano, SVP Business Development at SigniaDocuments:
Q: For those who haven’t heard of it, what is the best way to describe SigniaDocuments?
A: SigniaDocuments, part of Evolve Mortgage Services, is the only mortgage document engine built entirely of Category 1 SMART Docs®. SigniaDocuments is not “another doc company” and is the result of doing due diligence on millions of loans and seeing the mistakes of other doc companies.
Q: Can you give us insights into your services?
A: SigniaDocuments supports SMARTDocs® the source data, documents and audit trail are all contained within the documents and travel as one. We support all loan programs across all 50 states, delivering compliant and accurate mortgage documents, backed by a Lloyd’s of London insurance wrapper. Custom business rules and logic can be built at the data level within the documents so the concept of true intelligent or “self-validating” compliant documents can actually happen. Virtually eliminating the “stare and compare” process with static dumb paper or imaged documents because in today’s processes data gets updated separately from the documents. Additionally, downstream document classification and extraction tasks become unnecessary.
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Q: What’s wrong with the current way we process loans? Why do we need to change it?
A: Through our diligence business, we see the mistakes of manually tagging documents and filling out static forms and calling them an “e” mortgage. You cannot scale with manually tagging documents, or trusting a 3rd party to review packages to tag documents for signature. We also know AI platforms to automate tagging are not 100% accurate. We see missed signatures and improperly placed signature tags all the time through our diligence business and it can affect the salability of that loan and slow the liquidity process. Further, during this rush to convert to eMortgages lenders are forgetting the backlog of loans that will be stuck at closing waiting to get signature tags applied to the Closing Package. We build the documents dynamically based on the loan parameters as opposed to filling out static PDF forms, and our documents are automatically tagged because we are building each document dynamically. Signature points are just another data element. Every word and every paragraph is dynamically developed, there are never any issues or concerns with character limits. With competitors, if there is a long legal description or entity name, the signature lines are truncated or misplaced. Our documents will adhere to those intricacies and move signature lines with it. To deliver an eNote to the agencies, the Note has to be in SMARTDoc® format. However, we are the only provider building all documents to be SMART because all documents are important and are reviewed by someone upstream.
Q: What is the difference between going “paperless” Vs. supporting a true eMortgage process?
A: Simply electronically viewing and/or signing documents is not a true eMortgage. Using PDFs means that someone or some tool still needs to try to scrape data off of the files for use in data entry or to collect data for delivery to the Agencies. With SigniaDocuments, you get automated due diligence, not stare and compare because the data is the document. The borrower actually signs the data with a viewer so documents can be read and compared electronically. With dynamically created documents, lenders do not run the risk of missed signatures that result in loan buybacks. Further, SigniaDocuments has rep and warrants through Lloyd’s of London, if there is an error with something we created, our clients are covered.
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Q: What are your plans for the future?
A: Continue getting the word out and educating the market on the value of SMARTDocs® and what a true eMortgage means. With the recent changes to the world and the industry, there is a tremendous demand for eMortgage solutions, and we want to keep the industry from making mistakes by going with fragmented providers using old technology. This is an opportunity to truly change the industry. With SigniaDocuments, the QC piece can take place before closing and the loan can be sold the next day with full rep and warrants, no other doc provider can deliver that. Our mission has always been to change the way loans are bought and sold and we will continue on that path.
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