Freddie Mac has released a list of companies that were granted access to use eNotes, its eMortgage solutions technology. eNotes simplify the mortgage process by allowing companies to create, sign, and store electronic promissory notes.
The Joint GSE eMortgage Outreach Survey Findings on the State of Industry Adoption, a joint survey conducted by Freddie Mac and Fannie Mae with supervision from the Federal Housing Finance Agency, found that lenders are more inclined to lead the eMortgage process. The report also found that warehouse banks, servicers, and title/settlement partners would embrace the technology if requested by their lending partners.
Digital Delivery, eSign Systems, Fiserv, and Pavaso were all approved to use eNotes. DocMagic and eOriginal are currently undergoing the full review process, but have provisional approval to use the system.
Samuel E. Oliver III, VP of Transformation Management at Freddie Mac, mentioned that the eMortgage solution had to adhere with certain conditions before being brought to vendors. "The eNote is a critical document that needs to meet the 'transferable record' requirements of electronic transactions laws. In other words, it has to be a single, unique, unaltered, authoritative copy and there are special technology requirements that the mortgage industry has designed to comply with these requirements," he said. "Whether sellers build, buy or license it, the system must facilitate the creation, signing, transfer and storage of the eNote to comply with these requirements. That's why we took the extraordinary step of publishing this list of approved vendors."