HOUSTON - (Oct. 17, 2002) - Stewart Title Co. today announced that it has selected Silanis' ApproveIt Web Server product as a key component for their electronic closing platform, SureClose®. The Silanis solution will provide Stewart Title agents and customers with the ability to electronically sign title and closing documents for both residential and commercial real estate transactions.
Stewart Title Co. is a wholly owned subsidiary of Stewart Information Services Corp. (NYSE-STC). Stewart has more than 6,200 locations throughout the United States that issue title insurance and manage real estate escrow and closing transactions. Through the introduction of electronic closing capabilities within its SureClose platform, Stewart will be able to rapidly deploy these services to meet the needs of its lenders and to take advantage of the expanding e-mortgage initiatives throughout the United States.
"With electronic signatures, we want to accomplish two things," said Stewart Morris Jr., president and co-CEO of Stewart Information Services Corp. "We want to make signing quicker and more convenient for the thousands of home sellers, buyers and refinancing customers who choose Stewart as their title insurance and closing professionals. And we want to provide our lender customers with the benefits of managing the post-closing process using an electronic loan package rather than a paper package."
According to Darren Ross, director of e-Commerce for Stewart Title, "The capability and flexibility of the Silanis technology combined with their history of success both in and outside the mortgage industry was key in our decision making process."
Stewart Title has been a key supporter of the mortgage industry's e-mortgage initiatives, including active participation in the Mortgage Industry Standards Maintenance Organization (MISMO) and the Mortgage Electronic Registration System® (MERS).
"Stewart Title's implementation of electronic signatures represents a significant advancement in e-Mortgage initiatives," said Michael Laurie, vice-president and co-founder of Silanis. "As the bridge between origination and recording, all ensuing parties touched by the lending process can finally benefit from the efficiency and cost-savings provided by electronic signatures."
Silanis Technology Inc. is a leading developer and provider of electronic signature and approval management software to over 900 organizations within the financial, government, manufacturing, aerospace, pharmaceutical and healthcare sectors. Hundreds of thousands of people are signing their documents electronically using Silanis' solutions, including the entire U.S. Joint Chiefs of Staff, 40,000 U.S. Army Medical Command (MEDCOM) personnel, and General Motors Acceptance Corporation Commercial Mo.rtgage Division (GMACCM). A privately held company, Silanis was founded in 1992.
Stewart Information Services Corp. is a technology driven, strategically competitive, global real estate information company. Stewart provides title insurance and related information services through more than 6,200 issuing locations in the United States and several international markets. Stewart meets the needs of the real estate and mortgage industries through the delivery of information services required for settlement using e-commerce. These services include title reports, flood determinations, property appraisals, surveys, document preparation, property reports and background checks. Stewart also supplies post-closing services to lenders, automated county clerk land records and GIS for governmental entities. Stewart provides expertise in tax-deferred exchanges. More information about Stewart can be found at www.stewart.com.