Promoting Electronic Mortgage Transactions- Getting Started
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1 Promoting Electronic Mortgage Transactions- Getting Started Brenda B. Clem, CMB Street Resource Group, Inc. ewarehouse Director Cell:
2 emortgage Terminology and Process Overview emortgage Terminology and Process Overview Making the business case for e / going digital SMARTDocs The Legality and Security of emortgages The MERS eregistry and evault ewarehouse Considerations Investor Delivery
3 GSE Update Complete policy alignment between Freddie and Fannie Update the enote document format from MISMO SMARTDoc V1.02 to MISMO V3.4. Both Freddie and Fannie are working to finalize enote specification and publish by the end of Q SMARTDoc V1.02 was the initial implementation and can be consumed by both GSE s and technology providers. The MISMO I-Guide for the V3.4 verifiable profile is under review. Will enable ability to programmatically QC and verify data. Continue investigation, education and outreach in support of electronic notarization (enotary) and remote notarization Expand industry partnerships, outreach and education to support adoption and implementation of enotes/eclose/evaults.
4 Industry Updates- as of 9/12/2017 MERS Registrations to Date: 342,702 Number of enotes registered this year: 1,716 Number of enotes registered in 2016: 6,376 Number of companies active on the eregistry: 65 Number of Lenders registering at least 1 enote this year: 20
5 emortgage Transaction Flow Consumer APPLY SUPPLY SUPPORTING DOCUMENTS PREVIEW DOCUMENTS SIGNING CEREMONY MAKE MORTGAGE PAYMENTS B2C Disclosures esign Lender APPLICATION PROCESSING PRE- CLOSING CLOSING POST- CLOSING SERVICING INVESTOR DELIVERY B2B Preliminary Decision Order Services Order Closing SIGNING ROOM Closing Package Lien Release MERS eregistry / edelivery Vendor Underwriting Credit Appraisal Flood Mortgage Insurance Title - Preliminary SETTLEMENT AGENT INVESTOR Record Deed/Mortgage COUNTY RECORDER
6 MERS eregistry and edelivery enote is originated and signed in secure closing room The system to identify the current Controller (holder) and Location (custodian) of the Authoritative Copy of an enote The industry s response to some of the requirements imposed by UETA and E-SIGN legislation Designed to help satisfy safe harbor statutes of ESIGN and UETA regarding the control and location of transferable records edelivery securely sends copies of the enote to other participants of the MERS eregistry Authoritative copy of the enote goes to the evault
7 evault- A user interface and system interfaces, including to the MERS eregistry Functionality to view and print a copy of an enote and see the associated data (Controller, Location, Servicer, relationship to enote, loan status, other documents) Security (authorized access, transaction audit trails, back ups, etc) Complies with Investor requirements Provided as part of a vendor s solution Who needs an evault? Lender, Warehouse Lender, Investor, Servicer, Document Custodian, any party who will be holding/owner of the enote
8 Warehouse Banks Funding enotes-freddie Mac FirstFunding, Inc. James F. Dunkerley, President (214) Guaranty Bank & Trust Jim Harrison, Sales Manager (214) Merchants Bank of Indiana Michael Dunlap, President and COO (317) Santander Stephen Wojnar, Market Director (617) Texas Capital Bank Donald (Donnie) L. Martin, Executive Vice President (972)
9 Warehouse Banks Funding enotes- Fannie Mae Merchants Bank of Indiana Mike Dunlap, President & COO (317) ArcLine Lending LLC Martin Schroeter, EVP ewarehouse (215) Benchmark Bank Garrett McCourt, Account Executive (972) FirstFunding, Inc. James Dunkerley, President (214) Guaranty Bank and Trust N.A. Paul Parkinson, SVP Warehouse Lending (214) Origin Bank Ken Johnson, SVP (972) Santander Bank, N.A. Stephen Wojnar, Market Director (617) Texas Capital Bank, N.A. Donnie Martin, EVP (972)
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