Digital Mortgage Solutions for Today's Business - Rebecca Perkovich and Ridaa Mian Chippa Fannie Mae June 3, 2020

 
Digital Mortgage Solutions for Today's Business - Rebecca Perkovich and Ridaa Mian Chippa Fannie Mae June 3, 2020
Digital Mortgage Solutions
for Today’s Business

Rebecca Perkovich and Ridaa Mian Chippa
Fannie Mae

June 3, 2020
Digital Mortgage Solutions for Today's Business - Rebecca Perkovich and Ridaa Mian Chippa Fannie Mae June 3, 2020
By the

Current Digital
                                                     NUMBERS           Investors
                                                                       Ginnie Mae – 2020 roadmap calls for

Closing Landscape
                                                                       securitizing eNotes

                                                                       Aggregators – Wells and Penny Mac
                                                                       have started pilot programs in
                                                         21            correspondent, several smaller
                                                   TSPs providing      aggregators already purchasing
                                                      various          eNotes
2020 is off to a strong start. The industry saw      eMortgage
unprecedented eNote deliveries in 2019.             capabilities       FHLBs working with MERS to
                                                                       accommodate their collateral program
                                                                       for eNotes using the new Secured Party
                                                                       Field.

                                                          20
                                                  servicers and sub-      2019 saw the highest
                                                    servicers with        number of eNotes
                                                        eVault            registered.
                                                     capabilities
                                                                          There is broader cross-
                                                                          section of lenders also
                                                                          originating.

                                                                          Does not take into account
                                                           18             thousands of hybrid closings
                                                     warehouse            that cannot be tracked
                                                       lenders
                                                      currently
                                                   funding eNotes
                                                     vs. 1 in 2015
Digital Mortgage Solutions for Today's Business - Rebecca Perkovich and Ridaa Mian Chippa Fannie Mae June 3, 2020
eMortgage basics
eClosing
The act of closing a mortgage loan electronically using a secure electronic environment where some or
all of the closing documents are executed and accessed online. It can be a hybrid process where some
documents (e.g., Note, Security Instrument) are printed and wet-signed while others are signed
electronically.

eMortgage
A mortgage where the critical documentation, specifically the promissory note (eNote), is created,
executed, transferred, and ultimately stored electronically. It often includes a wet-signed security
instrument.

eNote
An electronically signed promissory note. An eClosing produces an eMortgage if the promissory note
(eNote) is signed electronically.
Digital Mortgage Solutions for Today's Business - Rebecca Perkovich and Ridaa Mian Chippa Fannie Mae June 3, 2020
eNotarizations
Remote Online Notarization (RON)                 In-Person eNotary (IPeN)
•   The signer connects with the closing agent   •   The signer sits down in-person with the
    and a notary via audio/video technology          closing agent to execute most or all of
                                                     documents electronically (typically on a
•   Can close 24/7 at their convenience, no
                                                     laptop or tablet device)
    scheduling required, borrowers close when
    they want                                    •   This is commonly used for hybrid model so
                                                     that the borrower can sign some docs in
•   No travel involved to execute closing
                                                     person when needed
    documents 100% electronically (from a
    computer, tablet, or mobile device)          •   As the name suggests, travel is usually
                                                     required by notary or signer in order to
                                                     execute the documents electronically
Digital Mortgage Solutions for Today's Business - Rebecca Perkovich and Ridaa Mian Chippa Fannie Mae June 3, 2020
Digital Mortgage Solutions for Today's Business - Rebecca Perkovich and Ridaa Mian Chippa Fannie Mae June 3, 2020
Digital Mortgage Solutions for Today's Business - Rebecca Perkovich and Ridaa Mian Chippa Fannie Mae June 3, 2020
Lender eNote Journey
Follow the journey of an eNote as it efficiently moves from close to delivery, helping to get more buyers into homes faster.

      Package                    eNote                  Registered                   eNote                     eNote
       signed                 transferred              electronically               delivered                 accepted

  Borrower reviews          The eNote is              The lender’s               The lender                Fannie Mae eVault
  closing package           automatically             eVault initiates           transmits a copy          sends an
  and electronically        transferred from          electronic                 of the eNote to           acceptance
  signs the eNote           the eClosing              registration of the        Fannie Mae’s              message back to
                            platform to the           eNote with the             eVault and                the lender through
  and closing               lender’s eVault.          MERS eRegistry.            initiates transfer        MERS.
  documents                                                                      of Control &
  (where permitted)                                                              Location through
  inside an eClosing                                                             MERS.
  platform.
Digital Mortgage Solutions for Today's Business - Rebecca Perkovich and Ridaa Mian Chippa Fannie Mae June 3, 2020
What are the possibilities?
• Better borrower experience

• Significantly reduces risk by eliminating
  manual processing steps                     Lower costs              Better borrower
                                                                         experience

• Streamlines business processes and
  reduces loan production timelines

• Increases velocity of capital                        Operational efficiency

• Greater transparency throughout the
  process
Digital Mortgage Solutions for Today's Business - Rebecca Perkovich and Ridaa Mian Chippa Fannie Mae June 3, 2020
Readiness Review
Digital Mortgage Solutions for Today's Business - Rebecca Perkovich and Ridaa Mian Chippa Fannie Mae June 3, 2020
Readiness Review
Readiness Review
eMortgage Team
Rebecca Perkovich                                             Ridaa M. Chippa
rebecca_perkovich@fanniemae.com                               Ridaa_J_Mian@fanniemae.com
                    Rebecca Perkovich is a Product                                  Ridaa Mian Chippa is a Product
                    Development Manager on Fannie Mae’s                             Development Manager on Fannie Mae’s
                    eMortgage Team. She is responsible for                          eMortgage Team. She is responsible for
                    customer and industry outreach,                                 customer and industry outreach, managing
                    managing Fannie Mae’s eVault and                                key marketing and educational activities,
                    interfacing applications, and assisting                         and improving the digital mortgage
                    Fannie Mae customers with their efforts                         customer experience. Ridaa has a BA in
                    to transition to electronic documents                           Economics and International Relations
                    and closings.                                                   from Simmons College, and a Master of Arts
                    Rebecca has a BA from the University of                         in General Management from Harvard
                    Virginia and a Master of Public Policy                          University Extension School. Ridaa joined
                    from The College of William and                                 Fannie Mae in 2011 and has worked in the
                    Mary. Prior to joining Fannie Mae,                              Multifamily and Single-Family business
                    Rebecca worked at the Office of                                 lines. Prior to joining Fannie Mae, Ridaa
                    Financial Stability for seven years                             worked in Private Wealth Management and
                    helping to implement the government’s                           Corporate Merchandising. In her spare time,
                    Troubled Asset Relief Program (TARP).                           she enjoys traveling and spending time with
                                                                                    her husband and two children.
eMortgage Resources
We’ve created digital mortgage resources to support you
and your business. Visit us! eMortgages and eClosings

•   The Reinvention of the Digital Mortgage
•   eMortgage Readiness Checklist
•   Guide to Delivering eMortgages to Fannie Mae
•   Technology Service Providers List

Fannie Mae eMortgage Team
 eMortgage_Info@Fanniemae.com
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