First Mortgage Refinancing Said Completed Online

BOSTON (07/07/2000) - A Provo, Utah, man is believed to be the first American to refinance a home mortgage loan from start to finish on the Internet and to secure it with a 21,000 character digital signature.

Ty Jenkins, president and chief executive officer of Docutech Corp., said the man, an employee of ILumin Corp., refinanced a US$199,000 home mortgage last week with Allied Mortgage Capital Corp. Docutech and ILumin collaborated on the online mortgage technology, and ILumin also will participate in what it says is the first online home purchase later this month.

Previously, it was not possible to complete obtaining a home loan or refinancing a mortgage online because such loans require signatures that had to be handled on paper until the ILumin technology was developed, according to the company. Consumers could apply for such loans and obtain approval for them online, but the deal couldn't be closed that way.

Docutech provided the online documents that were signed and reviewed in ILumin's Online Signing Room, a virtual room on the Internet where online documents can be securely posted, reviewed and signed electronically.

Jenkins said his company is marketing its more than 3,000 mortgage-related online documents to mortgage lenders, banks and credit unions. Utilizing digital signatures will become the standard in the future, he said.

"I think the day is going to come when if you don't have a digital certificate, it will be like not having a cell phone (today)," he said.

Within the digital signature room, multiple users whose identities have been verified in advance can gather, review a document, provide a digital signature and complete a transaction. In the future, ILumin officials have said they plan to offer instant messaging and video capabilities to address last-minute details in real time.

ILumin will act as the document repository and Jenkins said each electronic document will be placed in a "wrapper" that will indicate if it has been contaminated or altered.

Docutech, based in Idaho Falls, Idaho, can be reached at +1-208-523-5531 or at ILumin, based in Orem, Utah, can be reached at +1-801-852-8800 or at

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