Fannie Mae: Servicing eNotes
November 13, 2015
Servicing eNotes provides Servicers and Sub-Servicers many advantages to support a growing electronic lending marketplace. As lenders are focused on competitive advantage, operational efficiencies, and faster delivery to the secondary market, eMortgages are a viable solution. Servicing eNotes for your lender partners helps them achieve those goals.
What is an eMortgage and/or eNote? A mortgage loan where the critical loan documentation, specifically the promissory note (called an eNote), is created, executed, transferred, and ultimately stored electronically.
Benefits and Features
- Allows for quicker receipt of notes – instantly
- Ensures accuracy of Note data and eliminates re-keying time and errors
- More transparent and simpler identification and transfer of security interests
- Eliminates lost original notes or unrecorded assignments
- Reduces and/or eliminates shipping and storage costs
- Servicing eNotes for Fannie Mae enables a seamless transition to a new servicer for MSR transfers
- Connectivity to MERS® eRegistry provides complete access for the Servicer/Sub-Servicer to initiate changes
- Immediate assignment of Servicer/Sub-Servicer on MERS® eRegistry during registration of the eNote
- Assists in automating post-closing audit of eNote servicing data
Fannie Mae makes doing business easier through eNotes:
Fannie Mae supports our servicing partners who look to service eMortgages. eNotes enable efficient delivery and transfer of control while eliminating risks associated with paper notes.
- SMARTDoc Format enables rigorous and standardized eligibility, compliance validation, and is recognized by all industry participants.
- Unified system integration with MERS, Fannie Mae, Lender, Servicer, and Warehouse Banks.
- Straightforward system-to-system testing and guided workflows.
- The Guide to Delivering eMortgage Loans navigates Servicers through the process for servicing eNotes including step-by-step considerations.
- An experienced eMortgage team is available to support your strategy and implementation of servicing eNotes.
For more Information go to FannieMae.com:
- Guide to Delivering eMortgages to Fannie Mae
- eMortgage FAQs
- MERS Website
… And more!
Source: Fannie Mae