Last week, eOriginal attended the Electronic Signature and Records Association’s (ESRA) annual conference, eSignRecords2016. As the premier trade association dedicated to the advancement of electronic signatures and records, ESRA elected to hold this years’ event at the historic Ronald Reagan Building and International Trade Center in Washington, D.C. In the seat of global power, the theme of the 2016 conference, Powering Innovation. Together, resonated with attendees and aligned strongly with eOriginal’s goals as a leader in digital transaction management.
For the fourth consecutive year, eOriginal was excited to be a gold sponsor of the event. We also exhibited and enjoyed speaking with attendees from various industries to discuss the value and best practices of the advancement of eSignatures and records.
Electronic Mortgage: The Search for the Holy Grail is Over
At the event, Steve Bisbee, eOriginal’s president and CEO participated on the panel, eMortgage – The Holy Grail. In the session, panelists focused on how implementing a total electronic process will support the Consumer Financial Protection Bureau’s (CFPB) Compliance Management System (CMS) mandate and provide electronic proof of evidence to ensure lenders’ ability to defend against for future compliance audits or borrower challenges. Steve presented alongside:
- Nancy Pratt, VP Partner Affairs and Government Regulations, Pavaso
- Noerena Limon, Office of Mortgage Markets, CFPB
- Tim Anderson, Director of eServices, DocMagic.
As noted during the presentation, there is a segmentation in the mortgage industry between lenders and the title world, which isn’t the case in other industries. When it comes to electronic mortgage, the holy grail is the blending of the entire process from start to finish and creates an integrated ecosystem of third party providers—from origination and notarization, all the way to deed transfer and securitization—in a secure and compliant fully digital environment.
Accelerating the Digital Transformation of Financial Services
Another highlight of eSignRecords2016 was the keynote presentation on the second day of the conference that was given by Jon Barlow, founder and former CEO of Eaglewood Capital Management and an eOriginal advisory board member. The presentation focused Marketplace Lending’s role in facilitating the flow of institutional capital and allowing investors to achieve in weeks what took early investors months to accomplish.
An interesting point raised in the keynote was the concept that the growth and the institutionalization of Marketplace Lending, as well as the institutionalization process within Marketplace lending, is at the epicenter of several very compelling forces that are converging to force greater adoption of digital technology within the lending industry and within financial services more broadly. Among these are new compliance and risk management requirements, increased use of securitization as a funding mechanism for digital loans, and greater mobile usage.
Whether it’s the rise of Marketplace Lending or the evolution of electronic mortgage, one thing is certain, the value of eSignatures and electronic records has never been more important. We look forward to this conference each year because it brings together industry leaders across a variety of verticals that share insights and wisdom on best practices. ESRA has played a pivotal role in guiding the government, public and private organizations through digital transformation and we look forward to continuing to support the need for organizations to understand the rapidly growing area of digital transaction management.