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E-Vaulting Solutions

ApproveIt® Transferable Records Manager.

E-Vaulting and authoritative copy management of transferable instruments.

ApproveIt Transferable Records Manager is an enterprise solution designed to protect the value of electronic contracts throughout their lifecycle. The solution manages the secure transfer and storage of transferable records, such as promissory notes and chattel paper, between e-vaults, with the assurance that they are authoritative copies; that is, the electronic originals.

ApproveIt Transferable records is used by mortgage lenders, title companies, document custodians and investors to manage authoritative copies of electronic promissory notes from closing through securitization. It is also used by auto and equipment finance lenders, document custodians, and investors, to manage authoritative copies of e-chattel from financing through securitization.

Compliance by Design

ApproveIt Transferable Records Manager is both powerful and flexible allowing organizations to comply with the legal requirements for transferable records in various financial applications and processes. The solution assures legal control of the transferable records during creation, storage, and transfer by:

  • Maintaining a single authoritative copy of the record which is unique and identifiable
  • Allowing only the secured party or its designated custodian to transfer, store, or change the identified assignee of the authoritative copy
  • Assuring the record cannot be altered, except as permitted, and identifying unauthorized revisions and non-authoritative copies

The solution provides the platform to implement high volume, batch and interactive transactions with full integrity, authentication and audit trails, and provides secure access control and privileges to authorized parties involved in the transferable records lifecycle.

ApproveIt Transferable Records Manager is based on three primary components:

Registry: Controls all transactions that can be performed by TRM and maintains a secure audit trail of the assignment and transactions of any registered Transferable Record.

Secure Storage Manager (SSM): Manages access to the custodial database to provide electronic vault storage of the Transferable Records.

Connectors: Web applications communicate through the Connector to provide secure authentication and access to the registry for batch or interactive operations.

The solution works with web-based, e-closing applications such as Silanis' ApproveIt Web Server or other solutions that generate an executed electronic loan package containing an e-note or e-chattel.

Any transferable record created in the transaction is sent to the Registry for initial registration and storage through a Connector. A separate portal application with secure access is used by the lender and required third parties to manage, audit, and transfer assignment of the Transferable Records as necessary. The Registry provides several core operations for Transferable Records including:

  • Registration
  • Custody Transfer
  • Registry Transfer
  • Convert to Paper
  • Termination

The Secure Storage Manager (SSM) works with the Registry to manage access and control storage of the transferable records in an electronic vault.. >>

Security and Administration

Authentication and integrity is essential to maintaining legal rights over the Transferable Records managed by the solution. As such, the solution uses a three-level security architecture:

  • USER ACCESS is strictly controlled by digital certificate credentials, which are required to access and execute the Registry operations.
  • SECURE AUDIT TRAILS are captured throughout each transaction, using digital certificates assigned to each organization involved in a transaction, and are stored in the Registry.
  • DOCUMENT SECURITY ensures that any alteration to a document can be detected and any document outside of the control of the Registry can only appear as non-authoritative.

User access security is administered by an administration module assigned to each organization authorized to manage Transferable Records stored in an electronic vault managed by the Registry. Users can be assigned privileges within the Registry. A Registry Administrator handles each organization's account and digital certificates, and assigns administration modules to each organization.

Supported Platforms

Loan Management Systems: The solution is independent of the system used to originate the loan. It supports Adobe PDF and MISMO SMART Docs directly and can be interfaced to the document preparation system.

Configurations: The solution’s security allows the Registry and SMM to reside in separate locations supporting in-house, outsourced and ASP implementations.

Databases: The solution supports MS SQL Server for both the Registry and for the electronic vault managed by the Secure Storage Manager.

Application Server: The Registry and SSM runs on BEA Weblogic Application Server on Windows 2000 Server. SSM can also run on Java Servlet. The Connectors require a JVM.

Additional Application Server platforms and databases can be made available as required.