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ComplianceFinanceNovember 16, 2020

Organization data definitions

Organization Data makes it easier to understand the purpose and business relationships of the vault and transactions therein. Prior to explicitly defining these properties, such information was typically inferred from the Organization Full Name.

Three main types of Organization Data are Vault Primary Purpose, Vault Functionality and Roles / Participants.

Terms and definitions are subject to change as customer use cases evolve and new use cases emerge.

Vault Functionality

Indicates the primary functionality used.

Vault Functionality Primary Use Case
eSign and eAsset Management Transactions are created when unsigned documents are uploaded, and SmartSign is used to collect eSignatures on loans, leases and associated documents. Once signed, the authoritative copy of the note is maintained within the system. Transactions may be transferred into and out of the vault.
eDeposit and eAsset Management Transactions are created when signed documents are deposited from a supported eSignature partner system (e.g. DocuSign or Adobe). The authoritative copy of the note is maintained within the system. Transactions may be transferred into and out of the vault.
eAsset Management Only Transactions are transferred into and out of the vault.
eSign Only Transactions are created when unsigned documents are uploaded, and SmartSign Web is used to collect eSignatures on documents that are not financial instruments (i.e. not leases or loans). Example types of documents include Application Forms, NDAs, Disclosures, HR documents, etc.
Mortgage eAsset Management Transactions are received into the vault (e.g. via MERS eDelivery) containing signed Mortgage documents.
Mortgage Origination with eOriginal Closing Room Mortgage transactions containing a SMART Doc eNote document are created and signed using the eOriginal Closing Room. Vault is integrated with MERS eRegistry.
Mortgage Origination with Third Party Closing Room Mortgage transactions containing a SMART Doc eNote document are created and signed using a third party Closing Room. Fully signed transactions can then be registered and eDelivered via MERS.
Mortgage Originations with DocuSign Mortgage transactions containing a SMART Doc eNote document are created and signed using DocuSign. Fully signed transactions can then be registered and eDelivered via MERS.

Vault Primary Purpose

Indicates the primary purpose of the vault.

Vault Primary Purpose Primary Use Case
Origination Vault is used to originate digital loans and leases, and for the originator to manage fully signed transactions.
Origination with Collateralization Vault is used to originate digital loans and leases, and for the originator to manage fully signed transactions. All the fully signed transactions in the vault are pledged as collateral to a Secured Party (funding partner).
Origination by Platform
 Vault is used by the Customer to originate digital loans and leases on behalf of a third-party.
Mortgage Origination
 Vault is used to originate mortgages using SMART Docs and to register mortgages with MERS.
Collateralization
 Vault is used to pledge transactions as collateral to a Secured Party (funding partner).
Mortgage Collateralization Vault is used to receive and manage transactions pledged to the Customer, typically a Mortgage Warehouse Lender.
Buyer Vault is used to receive transactions which the Customer has purchased from another Customer on the system.
Buyer (Under Originator’s Purchase Agreement) Vault is used to receive transactions which the Customer has sold to a third-party, where the Customer licenses the vault on behalf of the buyer under a Purchase Agreement.
Mortgage Buyer Vault is used to purchase Mortgage transactions.
Securitization Vault is used to receive transactions which have been securitized or syndicated.
Aggregation Vault
 Vault is used to receive, manage and organize transactions as an intermediate step in a transaction’s lifecycle.
Custodian Vault is used by a Custodian to receive and manage transactions on behalf of the Custodian’s client.
Service Provider Vault is used by a Service Provider to receive and manage transactions while performing a service such as Verification.
General Documents Vault is solely used with SmartSign to sign documents which are not financial instruments, such as application forms, disclosures, NDAs or HR documents.
Partner – Test or Demo Vault is used by an eOriginal partner, for demonstration or testing purposes.

Roles

Participants are business entities that are involved with the transactions in the Organization (vault), as defined by their Role.

Role Role Definition
Asset Owner or Controller Owner of the transactions, if the owner of the transactions is not the Customer of the vault.
Secured Party Secured Party to whom transactions have been pledge as collateral.
Custodian Custodian which has access to / management of the contents of the vault.
Servicer Provider Provider of a service such as Verification which has access to / management of the contents of the vault.
Servicer An organization that manages borrower engagement on behalf of the asset owner.
Indenture Trustee, Grantor Trustee, Collateral Custodian, Owner Trustee, Underlying Trustee, Registered Agent An organization with named and defined roles in a securitization or syndication.

Why Has Organization Data Been Extended?

In future releases, Organization Data will be a foundation of new functionality that is better aligned with financial services use cases. It is important, therefore, that this information is correct.

Contact eOriginal for more information or to make changes
If you have additional questions, or the Organization Data on your vault needs to be updated, please contact eOriginal support. Contact options are here:
eOriginal Customer Support: 1-866-364-3578
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