With large investors including Wells Fargo, Texas Capital Bank, Ginnie Mae and the Federal Home Loan Banks signaling their intention to purchase and accept eNotes in the near future, some perceived barriers to eMortgage adoption are quickly falling away. That’s one reason MERSCORP Holdings, which owns and operates the MERS eRegistry, is holding an eMortgage Boot Camp this year on November 15.
MERS hosted its first eMortgage Boot Camp earlier this year as part of its annual conference, and the overwhelming response from attendees convinced the company that it needed to add another opportunity for mortgage industry professionals to learn about eMortgages. Consequently, MERS is hosting a second eMortgage Boot Camp in Irvine, California – and it is open to all industry professionals, not just MERS members.
“Our Members were thrilled with the eMortgage Boot Camp we presented in June, giving it a 100% approval rating,” said Brendon Weiss, chief operating officer at MERSCORP Holdings. “Many of our members are past the point of determining whether they should move forward with eNotes. Now they want to know how to execute on the strategy – and that is exactly what the Boot Camp is designed to help them with.”
When MERS started planning the first Boot Camp, it had no idea how much the industry would shift in six months — especially after Ginnie Mae announced that it was planning to accept digital collateral in 2019 – and other key players continue to engage with eMortgages.
“Ginnie Mae has witnessed a consistent and modest trend toward adoption of eMortgages, but strongly believes that this trend has now reached an inflection point that we must act on,” said Angel Hernandez, manager of MBS policy and program development at Ginnie Mae.
And other companies have also recognized that tipping point. Texas Capital, which has been funding eNotes for over 18 months, has indicated that it will expand its involvement from being a warehouse lender for eNotes to funding and purchasing them. Donnie Martin, director of warehouse lending, said that their specific plan is to purchase their first eNote this quarter and then begin actively purchasing eNotes next year.
The MERS eMortgage Boot Camp will equip attendees with end-to-end knowledge of the eMortgage process, including operational, technical, and strategic game-planning, to prepare them to gain executive buy-in.
“Ginnie Mae is excited to participate in the MERS eMortgage Boot Camp because it provides a platform for participants to obtain a comprehensive perspective of the benefits and considerations associated with eMortgage adoption,” Hernandez said.
It’s called Boot Camp for a reason, with sessions that include real-world applications from a range of companies already originating, servicing, funding, or purchasing eMortgages. The sessions include:
- Why eMortgages? Delight your Borrowers, Enjoy Efficiencies, and Get Ahead of the Curve
An originator, a warehouse lender, a servicer, and an investor will share the benefits each of them realizes from eMortgages. Speakers include Kara Lamphere, COO at Mid America Mortgage, Bob Smedley, senior vice president at People’s United Bank, Martin Schroeter, executive vice president of Arclight Funding, and Shane Hartzler, director of eMortgage strategy and operations at Fannie Mae. Simon Moir, general manager, digital mortgage at eOriginal will moderate.
- The Changing Landscape: How Barriers to Adoption are Decreasing
Hear from leaders at Ginnie Mae, the Federal Home Loan Bank of Des Moines, the Mortgage Bankers Association, Ellie Mae and Wells Fargo Funding about the progress being made in eNote adoption and eNotarization legislation.
- Road Map to Implementation: How to Gain Buy-In, Engage Trading Partners, and Re-Design Your Processes
This is your chance to hear about implementation from people who have navigated the process or are in the midst of researching it. This session features professionals from AmeriHome Mortgage, Bank of America Merrill Lynch, Pingora Loan Servicing, LoanCare, Land Home Financial and Deutsche Bank explaining their processes, timelines, and best practices.
- eMortgage Preparedness: How to Answer Your Legal Team’s Questions
David Whitaker, partner at DLA Piper, will moderate as Brian Blake, associate at Blank Rome, and Lukas Sosnicki, partner at Dykema, share their insights on how to discuss eNotes with your legal team and address their questions.
The MERS eMortgage Boot Camp will also provide attendees live tech demos of MERS eRegistry and MERS eNote Solutions, with an originator and a settlement agent weighing in on how they utilize the technology. Freddie Mac will also be onsite sharing pointers about how to become an approved seller/servicer of eMortgages.
MERSCORP Holdings is committed to educating the industry on this important topic so it is providing this opportunity to its Members and other industry participants at cost – only $295. This allows financial institutions of all sizes to attend – and possibly send several people to become equipped to lead this initiative.
Don’t miss this opportunity to learn from industry experts who are fully immersed in eMortgages as well as connect with other industry participants who are also in the discovery stage. Click here to register.