Digital Mortgage Solutions for Today's Business - Rebecca Perkovich and Ridaa Mian Chippa Fannie Mae June 3, 2020
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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
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.
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
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.
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
eMortgage Team Rebecca Perkovich Ridaa M. Chippa firstname.lastname@example.org 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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