eOriginal committed to supporting broad electronic mortgage adoption
eOriginal, Inc., the trusted expert in digital transaction management, has been selected as the technology solution provider for the Fannie Mae next generation electronic vault (eVault). Fannie Mae is committed to enhancing the digital mortgage revolution and removing obstacles to eMortgage adoption through a modern, secure, and scalable platform. eOriginal’s hosted platform enables the secure management of electronically signed assets (eNotes) throughout their post-execution lifecycle.
“With eMortgage, lenders and borrowers get freedom from paper-based processes at the closing table, leading to a better borrower experience and increased operational efficiencies for lenders ,” said Cindy McKissock, Vice President of Customer Digital Experience at Fannie Mae. “We continually look for ways to help lenders who want to deliver an end-to-end digital mortgage experience. In addition to investing in new eVault infrastructure, we are also simplifying eMortgage adoption by transitioning to the MISMO SMART Doc™ Version 3.0 format in 2017. This will reduce complexity and allow lenders and technology solution providers to adopt eMortgage with greater ease.”
“With increasing pressure from borrowers for a better mortgage experience, and ever-increasing scrutiny on compliance by regulators, it is time for lenders who are still bound to paper to take the steps to embrace the digital mortgage process,” commented Simon Moir, general manager of digital mortgage at eOriginal. “Fannie Mae’s commitment to electronic mortgage is further evidence that the industry is ready for a digital transformation that can improve the borrower experience and deliver operational and capital efficiencies to the lender.”
By utilizing eOriginal’s hosted solution, Fannie Mae will accelerate deployment and greatly reduce costs for ongoing support efforts. The movement to cloud-based/vendor-hosted solutions is an industry best-practice that the lending community is embracing.
“As Fannie Mae continues to see the accelerated adoption of eMortgages, we are investing in the digital mortgage ecosystem now to meet the needs of the industry,” said Michael Cafferky, Fannie Mae’s eMortgage Product Manager. “The eMortgage process supports our customers’ desires to provide a better solution to borrowers, eliminate inefficiencies in the mortgage process, and increase velocity of capital through faster delivery into the secondary market. Everyone wins with an eMortgage process.”
The legal basis for eSignatures was established under the Electronic Signatures in Global and National Commerce Act (ESIGN), enacted by Congress on June 30, 2000. Forty-seven states, the District of Columbia, and the U.S. Virgin Islands also have adopted laws based on the Uniform Electronic Transactions Act (UETA), a model for state statutes that was made available in 1999 by the National Conference of Commissioners on Uniform State Laws. The remaining three states (WA, IL, and NY) each have their own statutes to address electronic signatures. These laws serve as the legal infrastructure to support the creation of valid, enforceable closing documents and eNotes.