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
Readiness Review
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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