eOriginal's Digital Transaction Management Solution for Westgate Resorts Utilizes Equiant as e-Document Custodian
BALTIMORE, MD. — Through a collaboration with eOriginal, Inc., the experts in digital transactions, Equiant, a Scottsdale, Ariz.-based receivables servicing provider, has been selected to provide document custody services for Westgate Resorts, an Orlando-based timeshare resort developer and operator with 28 resorts in seven states. The custodial agreement completes the seamless Digital Transaction Management (DTM) solution Westgate has implemented in partnership with eOriginal Inc., DocuSign Inc., and Informa Software. The all-digital Westgate Resorts Timeshare System enables Westgate Resorts to digitally integrate all business process—from sales presentations to customer contract execution—while providing a legally-binding, securely vaulted management solution with a robust audit trail for the signed contracts and loans.
“Equiant had a strong willingness to work closely with all parties involved to implement this new process,” said John Willman, Westgate’s treasurer and vice president of Mortgage Services. “Equiant understood the efficiencies that could be gained for Westgate and the ease with which electronic documents could be reviewed during the file check-in process.”
“Equiant has invested heavily in improving both functionality and security for our clients,” said Peter Moody, vice president of business development. “All customer data is stored at a Tier IV Gold data center, considered the most secure facility in the United States, and we have also invested in technological solutions to facilitate electronic processing of documents and loan servicing. We are excited to be part of Westgate’s ground-breaking advances.”
Westgate Resorts’ eDocs, a custom electronic closing application, provides workflow, electronic signature support, and document security, speeding up the funding process. Its advantages include the elimination of the need to pulling documents from file drawers, sorting and organizing and reviewing for completeness, as well as shipping original paper documents to the custodian. At the custodian, the check-in process is quicker and more efficient because the documents can be reviewed on a computer monitor and don’t require filing. “The feedback we have received from Equiant and our lenders is all positive,” Willman says.
An essential element in the eDocs solution is eOriginal’s eAsset® Management Platform with a secure path to manage Electronic Original® documents throughout their lifecycle, ensuring the ability to pledge, sell, and securitize the electronic assets. “Through the full integration of secure, transparent and compliant technology processes, the Westgate model paves the way for industry and investor confidence in a true end-to-end digital timeshare mortgage process that not only creates better customer experiences, but also accelerates the funding cycles for vacation ownership companies and opens up access to capital via the secondary markets,” said Stephen Bisbee, CEO and president of eOriginal Inc. “We appreciate Equiant’s enthusiasm and cooperation in providing document custody services electronically.”
The all-digital solution provides continuous integration for county official records while complying with state notary and management requirements and providing an in-depth profile of the document’s history from inception.
Since the agreement began in December 2015, implementation has been smooth. “Certifying Westgate’s custodial documents and field verifications through eOriginal’s platform has been a seamless process for my team,” said Becky Fader, operations manager at Equiant. “eDocuments have reduced document exceptions and eliminated shipping costs to send documents to Equiant to prepare for certification. Overall, we have been very pleased with the initial findings and process flow with eDocuments through the Westgate and eOriginal relationship.”
“Equiant is always seeking the best-of-breed technology partners, and eOriginal is no exception,” Moody says. “The use of eDocs has allowed us to diversify our document custody offering. Equiant expects the marketplace to follow in Westgate’s footsteps with eSignature, and we are prepared to provide the custodial and certification services, as the ‘end’ of the end-to-end solution.”
About eOriginal Inc.: Founded in 1996, eOriginal is the trusted expert in digital transaction management solutions, specializing in the post-execution management of financial asset documentation. eOriginal SmartSign® and eAsset® Management Services enable an end-to-end solution for fully electronic transactions that must be managed with the highest levels of security and compliance throughout their lifecycle. By treating every transaction as having assets that must be verifiably secure, legally compliant and enforceable, eOriginal provides its customers and partners with eCertainty®. For more information, please visit http://www.eoriginal.com. eOriginal®, eAsset®, eOriginal SmartSign® and eCertainty® are trademarks of eOriginal, Inc. and are registered in the United States or in other jurisdictions.
About Equiant: Equiant is one of the leading timeshare servicers in the United States with a serviced portfolio that exceeds $1.3 billion and includes more than 125,000 individual consumer loans and 400,000 dues-related accounts. Equiant’s product suite includes receivables and maintenance fee servicing, invoicing and payment processing, point of sale merchant processing, delinquency control, on-site transitional staffing, document custody, trustee services, and analytic reporting.
About Westgate Resorts: Founded in 1982 by David A. Siegel, Westgate Resorts is one of the largest privately owned timeshare companies in the world and one of the largest resort developers in the United States. Westgate features 27 themed destination resorts with over 13,500 luxury villas and hotel rooms in premier locations throughout the United States, such as Orlando, Florida; Park City, Utah; Las Vegas, NV; Gatlinburg, Tennessee; Myrtle Beach, South Carolina; Williamsburg, Virginia; Miami, Florida; Branson, Missouri; Mesa, Arizona; and Tunica, Mississippi. Most Westgate Resort locations feature a variety of unique restaurant, retail and spa concepts, including the Drafts Sports Bar and Grill, Westgate Smokehouse Grill, Edge Steakhouse, Westgate Marketplace and Deli, and Serenity Spa by Westgate. For more information about Westgate Resorts, visit www.westgateresorts.com.