eOriginal Inc.’s vault is about to get bigger.
Electronic-contracting technology provider eOriginal Inc. will debut a tool later this month that will enable auto financiers to process legally enforceable electronic signatures post-origination, Jack Stose, vice president of sales and marketing, told Auto Finance News.
Currently, lenders use eOriginal’s eCore On Demand system to originate loans electronically, by binding e-signatures to PDF documents. The technology manages the electronic files as authoritative copies by depositing them in an “electronic vault,” and tracks them through any ownership transfers.
For instance, to originate an auto loan electronically, a dealership finance manager may use a system like DealerTrack Inc.’s Dealertrack or RouteOne LLC’s Routeone —both companies are eOriginal customers — to generate documentation for a car buyer to sign electronically. This e-contract is then deposited into eCore’s vault under control of the dealer. If a finance company acquires the contract, ownership is transferred — and traceable — within the vault. These e-loans may even be securitized; ownership is simply transferred to the appropriate investors.
The new eCore capability allows for electronic completion of transactions mid-contract, like loan modifications, mid-term lease mileage purchases, and payment-restructuring agreements, among other things.
Auto loan customers may access eCore On Demand via their lenders’ proprietary web sites. After entering their username and password and clicking a link to opt-in to the service, a borrower may review and sign documents online as they access other lender services like enrolling for automatic account debit or ordering a lease vehicle condition report, Stose said.
Baltimore-based eOriginal’s technology protects nearly $15 billion in secured electronic assets, $2 billion of which were securitized. Aside from DealerTrack and RouteOne, eOriginal’s customers include Chrysler Financial LLC, Fiserv Inc., and VINtek Inc.
—Marcie Belles
