Turning Browsers into Borrowers

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Turning Browsers into Borrowers

• Sending eDisclosures to Consumers

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• AGENDA

IntroductionAnthony Garritano ComplianceChris
Christensen Technical and Privacy Challenges
Randy Prakken Case StudyStonecreek Funding Jon
McGuire
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UETA ESIGN What does it mean?

• UETA Uniform Electronic Transactions Act (state
  solution)
• ESIGN Electronic Signatures in Global and
  National Commerce Act (federal
  solution)
• Makes electronic records as legally enforceable
  as paper documents.
• Makes electronic signatures as legally
  enforceable as wet or signed signatures.

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ESIGN and UETA Quick Overview

• Electronic Signature
• Consumer Consent to Process
• Reasonable Demonstration Test
• Document Access and Record of Acceptance

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eSignature - Defined

• Electronic signature means any sound, symbol or
  process attached to or logically associated with
  a record and executed or adopted by a person with
  the intent to sign the record. UETA
   2(8) 15 U.S.C.  7006(5).
• An electronic record is A record created,
  generated, sent, communicated, received, or
  stored by electronic means.
  UETA  2(7) 15 U.S.C.  7006(4).
• Purposes
• Confirms the accuracy of the document.
• Confirms receipt or review of the document.
• Confirms agreement or consent to the documents
  terms.
• Confirms agreement or consent to a process.
• UETA and ESIGN make no attempt to distinguish
  among these different uses for a signature, or
  to set different standards of proof or
  attribution depending on the signatures purpose.

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eSignature - Examples

• eSignature can be
• Typed names
• Click through on a software programs dialog box
  combined with some other identification
  procedure
• Recorded voice
• PIN
• Password
• Biometric measurement (retina scan, fingerprint
  matching, voice recognition)
• Digitized image of a handwritten signature
• Cryptographic system, like a digital signature

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Consumer Consent to Process

• For federally-related disclosures, ESIGN requires
  consumers to consent electronically to receive
  documents electronically.
• Consent must be given prior to receiving
  documents.
• Prior email or paper documentation consenting to
  receive eDocs
• Built into the eDelivery process
• What consumer needs to be told about process
• Rights to non-electronic copies
• Rights to withdraw consent and consequences
• Extent of consent
• Withdrawal process
• How to obtain paper
• Hardware and software

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Reasonable Demonstration Test

• ESIGN requires that the consent include a
  reasonable demonstration of the ability to
  receive the electronic information.
• ESIGN  101(C)
• What is a reasonable demonstration
• Pre-certify that recipient has necessary hardware
  and software
• Send notification using same technology required
  to receive electronic information

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Document Access and Record Retention

• If a regulation requires that a record be
  retained, then it must accurately reflect the
  information set forth and remain accessible to
  all persons who are entitled for the period
  required.
• Recipient must be able to store or print the
  electronic record. UETA  8 15 U.S.C.
  7001 (d), (e)
• What does it require
• Audit log
• Archive the process
• Secure the data
• Logical access
• Physical access
• Revision control

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Technical and Privacy Challenges with eSignatures

• Delivering eDisclosures to Consumers
• Unpredictable hardware and software
• Home or office
• Available viewing software
• Printing capabilitylegal and/or letter
• Recipient Authentication
• Recipient verification
• Single or Multi-factor authentication
• Secure login
• Secure document delivery
• Reasonable demonstration test
• Email violates Gramm-Leach-Bliley
• Document access for 90 days
• Record retention
• Logging deliveries and responses
• Associating records with documents and consent
  verbiage

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Converting Browsers Into BorrowersCase Study

• Challenge
• Getting retail leads from the Internet to commit
  to Stonecreek Funding
• Solution
• SwiftSend Delivery
• SwiftSend eDisclosures
• SwiftSign eSignatures
• Result
• Higher applicant commitment rate
• Lower cost per loan
• Better efficiency for loan officers and
  administrative staff

We can get buy-in prompted by our loan officer
right at the time of application for a fraction
of what we had been paying.
Jon McGuire, Director of Business Applications