Silanis e-signatures will be used by consumers to complete mortgage applications over the Web
Livonia, Mich. – Jan. 21, 2002 – Silanis and Quicken Loans today announced the first fully electronic mortgage application process for the Web. As of Summer 2002, Silanis’ ApproveIt? Web Server will be used to provide consumers with the ability to electronically review and e-sign loan application documents on the QuickenLoans.com site immediately after being pre-approved.
Although Quicken Loans has delivered loan documents electronically for several years, consumers previously were required to print, sign and courier the forms back to Quicken Loans in order to complete the process. By offering consumers a fast and legally binding e-signature alternative, Quicken Loans eliminates up to five days from the loan application process. The end result is a shorter turn-around time for loan approval and quicker funding for the consumer.
“Our goal is to deliver an unparalleled customer experience, to make the mortgage process as quick and simple as possible,” said Kevin McCallum, Systems Architect, Quicken Loans. “It was clear that e-signatures were the answer-the challenge was finding a solution that didn’t involve any downloads and would be easy for consumers to use. We chose Silanis from among 35 vendors because they could deliver a solution that simplified the borrower’s experience, while also meeting our legal and IT requirements.”
ApproveIt Web Server is a zero-download, server-based solution that does not require consumers to have any special software, other than a Web browser, to e-sign. The solution also snaps into Quicken Loans’ back-end loan origination systems and works behind the scenes to secure the transaction and ensure a legally enforceable, E-Sign-compliant process.
ApproveIt Web Server will also be key to cutting Quicken Loans’ overhead costs. The most obvious paper-related savings are shipping and handling. However, getting rid of paper also has spillover effects, eliminating everything from the need to manually verify signatures in paper forms returned by the borrower, to re-keying data into automated systems, to eliminating the need to scan paper records into an archiving system.
“Based on our research, many financial institutions already have the IT infrastructure in place to easily integrate ApproveIt Web Server into their loan processes,” says Silanis president Tommy Petrogiannis. “This means lenders can get up and running in less than a quarter, and see fast return on investment.”
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Founded in 1992, Silanis Technology Inc has ten years experience in developing and deploying electronic signature and approval management software to over 900 organizations in the financial, government and manufacturing industries. The company has acquired a deep understanding of business approval processes, and has become a veritable expert in process automation. A privately held company, Silanis is backed by New York’s Lehman Brothers Venture Capital in addition to leading Canadian capital investors. (www.silanis.com)