eOriginal Launches Datalytics Auditing and Compliance Solution
eOriginal Inc. has announced the launch of a fully-electronic, disruptive mortgage platform. eOriginal has spearheaded the collaboration of several integration partners to deliver a fully digital process that includes eNotarization, eRecording, eWarehousing, eCustodian services and integration with Mortgage Industry Standards Maintenance Organization (MISMO) compliant SmartDocs and Forms.
Ahead of the mortgage technology adoption, eOriginal pioneered what is believed to be the first all-digital paperless home purchase and mortgage transactions in the U.S. in July of 2000 through a patented process. The entire homebuying process—from closing the loan, recording the documents and delivering the package to the secondary mortgage market—took less than three hours to complete.
“eOriginal is and has been ready for end-to-end digital mortgage for more than 15 years,” said Stephen Bisbee, CEO and president of eOriginal Inc. “Now that the marketplace has caught up to us, we are excited to see how our eMortgage platform will empower marketplace lenders and lending industries—providing consumers with anticipated innovation and supporting the requirements of regulators like the Consumer Financial Protection Bureau.”
eOriginal has also announced the debut of Datalytics, a real-time asset-level auditing and compliance solution for the financial services industry. Originally driven by the increasing demand for detailed real-time monitoring in support of eOriginal’s electronic mortgage solution, Datalytics provides analysis, monitoring and reporting of origination data for faster audit request response and to prevent errors and resubmissions. The solution provides a full chain of custody for data across the loan process at the asset-level, which will enable an unprecedented level of insight and due diligence while saving time, reducing risk and decreasing costs.
The new solution complements eOriginal’s eAsset Management Platform, one of the most secure platforms on the market for managing electronic business transactions and protecting financial assets post-signature throughout their lifecycle.
Incorporating origination data into a configurable dashboard with intuitive drill down capabilities, Datalytics provides asset-backed security (ABS) buyers with asset-level data and document association with confirmation that there have been no modifications and alerts if there are any.
“Datalytics is a vital solution that has been missing in financial services practices dealing with governance, risk management and compliance,” said Bisbee. “Overlapping regulations tend to complicate efforts in completing business deals—or transactions. With Datalytics, the consolidation of auditing programs and elimination of manual processes helps bring order to a fully digital environment.”
The enhanced level of insight offers organizations in the banking and financial services industries unparalleled advantages that solve industry-specific problems by:
►Providing real-time, ongoing audit reporting capabilities.
►Eliminating the requirement to create custom one-time databases pulling documents from multiple silos—an expensive and time intensive process.
►Anomaly detection to minimize errors and resubmissions.
►Data and document integrity checking.
►Build securitization pools and monitor tranches, including alerts for any anomalies.
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