The momentum surrounding the digital mortgage process continues to grow, with technology vendors developing new products and solutions at every turn. However, piecing together the various components into a seamless process that integrates well with every other solution is a challenge that is hindering wider adoption.
While some companies are new to the digital mortgage landscape, MERSCORP Holdings has operated the MERS eRegistry since 2004 and understands the complexity — and the potential — of digital implementation.
The company recently partnered with eOriginal to launch an eNote solution that expands their MERS eSuite, enabling the creation, execution, vaulting and management of the electronic promissory note, or eNote, to mortgage originators across the industry.
“Our members asked for this because they’ve been able to take resources that had been dedicated to building infrastructure for regulatory implementation and shift them to finding ways to improve the borrower experience and finding efficiencies that would decrease the cost of origination,” said Brendon Weiss, COO of MERSCORP Holdings. “Ultimately, MERS’ goal is to help in the digital transition and we’ll continue to work with any and all vendors that are looking to make sure this transition occurs.”
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Based on Member feedback, MERSCORP was motivated to launch a product that empowers small to mid-size originators, who may not have the resources to take advantage of the latest tech solutions. The implementation process is especially convenient for originators who are already MERS System Members, since MERS is one of their approved vendors.
The combination of MERS eRegistry and MERS eNote Solutions provides originators one integrated solution available with a single implementation effort.
Homestead Funding Corp., headquartered in Albany, New York, was one of the first companies to inquire about the eNote offering. “MERS eNote Solutions’ digital closing room is very user-friendly, providing us the confidence to move forward with eNotes. We anticipate that this new technology will provide benefits to our closing agents and borrowers in the near term,” said Jane Borbee, senior vice president of operations for Homestead Funding Corp.
“The new MERS eNote Solution platform allows easy access for closing agents, and can be deployed immediately – benefiting our customers and helping Homestead Funding Corp. with the digital transition.”
MERSCORP leverages all the expertise it gained from developing and managing the MERS eRegistry to ensure the same high level of security with the eNote Solution. Because the MERS eRegistry is the national mortgage registry and legal system of record for identifying the controller and location for the authoritative copy of registered eNotes, MERSCORP already has highly secure systems and infrastructure in place to safeguard data.
The addition of MERS eNote Solutions means lenders now have access to a secure, compliant and easy closing solution as part of their digital mortgage process.
“As a growing originator looking to remain competitive in an industry that is rapidly moving digital, we are thrilled to have a partner like MERSCORP Holdings take a leadership position by launching this new service,” Borbee said.