IMM has partnered with eOriginal to bring transferrable records management with vaulting and transaction services to customers using Document Exchange, IMM’s cloud-based remote eSignature solution.
“Today, more secondary market loan portfolio purchasers, such as the Federal Home Loan Bank (FHLB) and Federal Reserve Board (FRB), require electronically signed documents to be managed by authoritative copy functionality,” said John Levy, IMM co-founder and EVP and ESRA (Electronic Signature & Records Association) board member. “Therefore, institutions that pledge or collateralize loan portfolios, as well as those selling loan portfolios to third party investor markets, are increasingly seeking these services. Through our relationship with eOriginal, IMM’s financial institution customers can now meet the needs of investors by generating, electronically vaulting and managing authoritative copies.”
Authoritative copy documents secure and record the ownership or transfer of the original electronic document. Following the creation of an authoritative copy, subsequent copies stored within other systems, such as imaging or enterprise content management systems, are automatically marked and designated as a “copy.” eOriginal’s transferable records services enable the control of electronic assets in accordance with the requirements of UETA and ESIGN, as well as the Uniform Commercial Code requirements for the creation, sale, pledging, pooling, syndication or securitization of authoritative copy documents.
“In a highly regulated environment, it is crucial for financial institutions to establish and maintain control of transferable, electronically signed documents sold or pledged to investors,” said Steve Bisbee, president and CEO, eOriginal. “IMM is now making it simple to create and electronically manage legally binding authoritative copies from records signed with its Document Exchange solution. This is facilitating improved security and compliance for IMM customers while also ensuring they retain full accessibility and control of their documents and contracts.”