October 17, 2007

DocuSign and Document Systems, Inc. Partner to Eliminate Paper from Mortgage Loan Preparation Process

 

New partnership enables fully electronic mortgage packages, easing burden on customers, helping close deals faster

SEATTLE, WA (October 17, 2007) –DocuSign, the leading Web-based electronic signature service, today announced that it has partnered with Document Systems, Inc. (DSI), a leading developer of mortgage technology for compliant loan document preparation and customer contact management, to incorporate DocuSign’s eSignature technology into DSI’s mortgage document preparation services for lenders. This will ultimately eliminate the need for mortgage brokers to print out millions of pages of documents per month simply to obtain a signature, while helping mortgage brokers improve sales performance, reduce expenses and offer better service to their clients.

DSI has incorporated one-click DocuSign “eSignature tags” into its library of some 60,000 documents for closing mortgages. When DSI prepares each package of mortgage documents, it will automatically include DocuSign’s embedded stick-eNote™ eSignature tags that highlight where the customer needs to e-sign or initial. This process allows documents to be sent and signed electronically from within DSI’s DocMagic platform, eliminating the need for hardcopies that need to be mailed or faxed and manually processed. Best of all, the documents are guaranteed to be executed correctly every time with all the signatures in the correct locations with no pages missing. This executional compliance gives DSI customers another important level of transactional assurance, while the fully electronic process helps brokers close deals faster, lock out competitors and improve customer satisfaction.

Currently, the process of gathering signatures on mortgage documents is time-consuming, costly and cumbersome, and takes mortgage brokers away from other high-value tasks. Documents that sometimes contain hundreds of pages are typically printed on paper and faxed or delivered by hand, courier or overnight delivery service. During this process it is easy to miss critical signatures or simply lose pages, which causes the entire document to be invalidated.

Another challenge to this process stems from the fact that mortgage closing documents are regulated at both the national and local levels. That means that documents that are acceptable in one state might not be in another state. At the local level these documents must also adhere to rules that vary from county to county. By having the most extensive document library in the industry, DSI is able to ensure that all documents processed via its system are 100 percent legal anywhere in the United States.

“Mortgage brokers will see tremendous benefit and increase their close rates by having DocuSign and DSI work together,” said Court Lorenzini, co-Founder and Executive Vice President of DocuSign. “With all of the upheaval in the mortgage industry, it’s important for mortgage brokers to utilize proven tools that can lower their risk and increase their efficiency. This partnership will allow mortgage brokers and consumers to have peace of mind knowing their documents and contracts are being executed in a 100 percent legal, secure and compliant manner.”

“DocMagic has offered all-electronic mortgage documents for some time, but the market wasn’t ready to use them,” said Don Iannitti, founder and CEO of Document Systems, Inc. “Now that the market has changed, it will be the brokers leading the industry into these new technologies—as usual. We’re proud to incorporate DocuSign’s functionality, which will make the broker’s job easier and deliver great benefits as we move into the eMortgage world.”

About DocuSign
DocuSign offers a Web-based electronic signature service that provides the simplicity, speed and security required to electronically sign and store documents. Designed from the ground up for enterprise-class usage, this service integrates the technical infrastructure and legal compliance needed to operate an end-to-end electronic signing service that replaces the old pen and paper process. DocuSign customers span a variety of industries and range from the largest corporations to the smallest branch offices. These customers trust DocuSign to help them achieve increased revenue and sales close rates, decreased costs, and acceleration in business velocity. DocuSign also offers a direct positive impact on our global environment by reducing paper consumption and transportation emissions. For more information please visit www.docusign.com. DocuSign and the DocuSign logo are registered trademarks of DocuSign, Inc.

About Document Systems, Inc.
Founded in 1988 and headquartered in Carson, Calif., Document Systems, Inc., is a mortgage technology company that develops software, processes and Web-based systems for the production of compliant loan document packages. Along with its loan document production system, DocMagic®, DSI provides compliance expertise regarding the completion of all applicable forms, and both guarantees and warrants that all agency forms are up-to-date and in compliance with GSE requirements. DSI’s staff includes a team of compliance experts that constantly monitor legal and regulatory changes at federal and state levels to ensure accuracy. DSI is the first company in the mortgage industry to develop a fully integrated mortgage customer contact management system, LoanMagic, that is specifically designed to help loan officers streamline the tasks involved with acquiring leads, managing contacts and gathering all personal and credit information necessary to secure a loan. For more information on DSI, visit the company’s Web site at www.docmagic.com.