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January 19th 2012 – The development of electronic signature and esignature solutions is changing the way companies do business, but some companies are hesitant to adopt them because they question electronic signatures legality.
Following are tips from the leading electronic signature provider Sertifi, for electronic signature deployments:
- It must show the person had intent to sign the record. Intent incorporates the recording of actions taken by signers that show they knew and agreed that they were signing, and intended to be bound by their signature.
- It is an electronic sound, mark or symbol.
- It is logically associated with, or affixed to a record. This means the system managing the signing must be able to attach the signature to the document in a way that ensures the signature cannot be removed or modified.
- It must be attributable to a person. When the signer makes a mark in a distinctive manner or correctly answers a series of security questions, the writing becomes attributable to the signer.
Traditionally, documents were drafted on paper and the client authenticated them by signing in ink. Since its adoption in 1996 by the National Conference of Commissioners on Uniform State Laws, 46 states in the U.S. have enacted the Uniform Electronic Transactions Act. These laws set legal requirements for electronic signatures.
An esignature has been as legally binding as a hard copy signature since the Federal Electronic Signatures in Global and National Commerce Act was signed in 2000.
With over 10,000 real estate agents on the Sertifi platform, the paperless world is coming quickly to real estate transactions. However a majority of ele
ctronic signatures used are for transactions to execute purchase and sales agreements and not loan agreements. In regards to electronic loan agreements – Fannie Mae set out detailed standards for the purchase of electronic loan documents beginning in 2002. The Guide to Delivering eMortgage Loans to Fannie Mae (V. 2.0) is accessible at http://www.efanniemae.com/sf/guides/ssg/relatedsellinginfo/emtg/pdf/emtgguide.pdf.
Sertifi is an approved electronic signature provider for Freddie Mac and Fannie mae. With Fannie Mae and Freddie Mac buying the majority of residential loans originated today- and their eSignature interpretation similar, using Sertifi to close deals electronically provides a huge cost savings. Using eSignatures in real estate transactions can save the average Realtor over 7 hours per week and dramatically speed up the time to close. As adoption continues to improve, we will be seeing more and more loan agreements signed using electronic signature technology.
Late last week, John Foley of Information Week wrote an article on Electronic Signatures and the increasing demand for such a solution as more companies are looking for ways to switch over to an eco-friendly/paperless environment. Sertifi was mentioned in the article as one of the leading Esign vendors!
If you think about it, can you imagine a sales organization that isn’t looking to drive revenue and/or increase sales efficiencies by coordinating the signing process and decreasing the time to close? We can’t!
Sertifi’s most recently created feature – an Address Book Plug-In - is now available upon request to any Enterprise Plan account. With the Address Book feature activated, individuals that you send request for signatures to, on a regular basis, will automatically be added to your personal address book. Ask Sertifi Sales about adding the time saving Address Book feature to your Enterprise Plan account today!
Capture your customer and decision-makers attention as they are completing the contract signing process or at the point of sale by utilizing Sertifi’s Inline Ad Server Engine. Cross promote and up-sell products and services by displaying relevant ads after the contract signing process is completed, helping driving more sales opportunities. Contact Sertifi Sales for more information.
This week Sertifi’s Electronic Signature Service solution was mentioned by Adams Drafting, a blog on effective contract drafting. As our growing list of clients experience and AdamsDrafting.com mentions, Sertifi combines a feature rich solution with the easiest to use E-signature service in the market.
Check out the blog posting…
http://adamsdrafting.com/system/2008/04/29/more-signature-automation-solutions/
Today, mankind proudly celebrates Earth Day. Such celebration will ideally make us more aware of the environmental impact our actions and lifestyles have on planet Earth.
One of the most discussed and studied ways that we impact our environment is by the emission of Carbon Dioxide (CO2). Since the inception of the Industrial Revolution, the resulting deforestation and oil/coal/gas extraction from the Earth has created a CO2 level skyrocket effect. The Environmental Protection Agency notes that CO2 emissions rose from 280 parts per million (ppm) during the Industrial Revolution to 382 ppm in 2006 – an increase of CO2 emissions by about 1.9 ppm/year. The increase of CO2 and other greenhouse gasses emissions – which absorb and emit heat – result in a steady increase in the earth’s overall temperature known as the Greenhouse effect. The Vulcan Project, lead by Kevin Gurney and assistant professors at Purdue University, have created a map of CO2 emissions. From this map, it is evident that cities with higher populations have more emissions especially during the winter months. The effects of this increase in temperature result in rapid global climate changes and extreme conditions. As theorized, what Company XYZ does in Denver today could drastically impact a small European village relying on “normal” rainfall during their upcoming growing season.
There is hope! Businesses can all help limit CO2 emissions by reusing and recycling goods, becoming more energy efficient, and switching over to renewable energy sources such as solar & wind power. But, such “drastic” actions take some changes in current infrastructure that some organizations are more willing to partake in than others. Without being said, the easiest/quickest way for your organization to help the environment (while cutting costs) is to go paperless. As you know, many organizations have been promoting paperless environments for some time – has your organization started the transition?
By having all existing documents and forms signed electronically, Sertifi’s customers have greatly decreased their need for paper. Aside from making a small step towards limiting deforestation and reducing a Carbon footprint, utilizing Sertifi’s solution allows for better time and document management which obviously saves more than just planet Earth.
Welcome to the Sertifi blog! We are very excited about the opportunities in front of us and working hard to encourage people around the world to use electronic signatures. The culture at Sertifi is composed of unique individuals who were born and raised in a variety of countries including India and Greece. The managment team is comprised of entrepreneurs who have experience starting, funding, and growing successful start-ups.
We are looking forward to the next few years and the change and impact we will have on businesses around the world. As you grow, we grow!
Founded in 2005, Sertifi provides the leading On-Demand Electronic Signature Service enabling organizations to quickly deliver and execute business documents and contracts online. Our solutions take paper processes and transform them into a lower cost electronic environment allowing organizations to close business faster, accelerate sales cycles, track contracts in real-time, and improve sales efficiency. By delivering our solutions on the most robust on-demand technology platform, Sertifi provides unparalleled security and reliability to our customers.
